Blockchain
Riot Blockchain, Inc. (NASDAQ:RIOT) Q1 2024 Earnings Call Transcript
Riot Blockchain, Inc. (NASDAQ:REVOLT) Q1 2024 Earnings Call Transcript May 1, 2024
Riot Blockchain, Inc. beats earnings expectations. Reported EPS is $0.81, expectations were $-0.21. RIOT is not one of the 30 most popular stocks among hedge funds at the end of the third quarter (see details here).
Operator: Greetings and welcome to the Riot Platforms Q1 2024 Financial Results Conference Call. At this time all participants are in listen-only mode. The formal presentation will be followed by a short question and answer session. [Operator Instructions] Please note that this conference will be recorded. It is my pleasure now to introduce your host, Phil McPherson, Vice President of Capital Markets and Investor Relations. Thanks, Phil, you can get started.
Phil McPherson: Thanks, Devin. Good morning and welcome to Riot Platform’s Q1 2024 earnings call. My name is Phil McPherson and joining me on today’s call is Jason Les, CEO; Colin Yee, CFO, and Jason Chung, Executive Vice President of Business Development and Strategy. Riot’s first quarter 2024 press release and earnings presentation can be found on the Riot Investor Relations website, which is intended to supplement the remarks prepared today and which include a discussion of certain non-GAAP items. The non-GAAP financial measures provided should not be considered a substitute for or superior to financial performance measures prepared in accordance with GAAP and are included as additional clarifying elements to help investors better understand the Company’s performance in the first quarter.
A software engineer working in a futuristic office, programming algorithms to mine cryptocurrency.
During today’s call we will make forward-looking statements regarding potential future events. These statements are based on management’s current expectations and assumptions and are subject to risks and uncertainties. Actual results may differ materially due to factors discussed in today’s earnings press release, comments and responses provided on today’s call, and in the risk factors section of our Form 10-K, Form 10-Q, including for the quarter ended March 31. 2024, which will be filed today after the market closes and other documents filed with the Securities and Exchange Commission. With that said, I’d like to turn the call over to Jason Les, CEO of Riot Platforms.
Jason Les: Thanks, Phil, and good morning everyone. Riot unveiled its Q1 2024 press release and earnings presentation this morning, both available on the investor relations section of Riot’s website. Riot’s primary strategic goal has been to develop a leading vertically integrated Bitcoin mining company. Built on the three key pillars of developing and owning operations of significant scale; be a low-cost producer of Bitcoin; and build a balance of strength. By focusing on a vertically integrated strategy, we will be better able to build these pillars. Over the past three years we have focused on developing this strategy at scale. It all started with the acquisition of our Rockdale facility, its development and operations teams, and low-cost fixed power contracts.
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The strategy continued with the acquisition of ESS Metron and the introduction of our engineering segment, which helps control the bottleneck in the supply of electrical equipment and build the Bitcoin mining infrastructure. Finally, the development of our facility in Corsicana has expanded our portfolio of access to energy capacity and purpose-built Bitcoin mining facilities. The benefits of this strategy are evident today. As a result, we see other miners in the space moving towards a similar strategy. Because Riot has developed this strategy most comprehensively and at scale, we are able to further build out facilities like Corsicana, while others who have not already ordered key pieces of electrical equipment face over 18 months of supply chain constraints.
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