Riot Platforms (RIOT) Stock Up 5% Premarket After Bitcoin The mining company unexpectedly posted a profit in the third quarter on record revenue.
Net income was $104.5 million, or 26 cents per diluted share, compared with a loss of $154.4 million, or 54 cents, a year earlier. The company was expected to post a loss of 12 cents per share, according to Zacks Equity Research.
Revenue more than doubled to $180.2 million from the prior-year quarter, driven primarily by a $93 million increase in bitcoin mining revenue, the company said. Riot mined 1,406 bitcoins during the quarter at an average cost of $46,324 per coin.
The revenue increase at Riot, one of the first mining companies to report, was primarily driven by a bitcoin price that rose 6.4% in the quarter and increased operating capacity. The company recorded a market value gain of $133 million on its bitcoin holdings, currently 19,287 BTC valued at approximately $2.2 billion as of September 30.
The Castle Rock, Colorado company, which develops and operates large-scale data centers, also announced the start of 112 megawatts of core and shell development at its Corsicana, Texas data center campus, following land acquisition and design completion milestones.
CEO Jason Les said these developments mark a critical step toward Riot’s transformation into a large-scale, multifaceted data center operator that leverages its land and energy assets.
Riot held 19,287 bitcoins (3,300 held as collateral) valued at approximately $2.2 billion as of September 30.
UPDATE (October 31, 09:50 UTC): Add revenue drivers, market value in the fourth paragraph.
