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Riot Reports $104.5 Million Q3 Profit, Reversing Prior Losses

Riot Reports $104.5 Million Q3 Profit, Reversing Prior Losses

Riot Platforms surpassed expectations with record revenue and announced a major Texas data center expansion, reflecting its shift toward diversified large-scale operations.

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Fact Check
The statement is overwhelmingly supported by multiple, consistent, and highly authoritative primary sources. The company's official press release on its corporate website, the syndicated version on GlobeNewswire, and a post from its official X account all explicitly state a Q3 net income of $104.5 million. This figure is further corroborated by reputable secondary news sources reporting on the announcement. The sources that do not contain the specific profit figure are irrelevant because they are either stock quote pages or pre-announcement earnings previews. There is no conflicting evidence presented, leading to a high degree of confidence in the statement's truthfulness.
Summary

Riot Platforms reported third-quarter net income of $104.5 million, or $0.26 per diluted share, reversing a year-ago loss of $154.4 million and beating analyst estimates for a $0.12 loss. Revenue surged to a record $180.2 million, primarily driven by a $93 million increase in Bitcoin mining revenue. The company mined 1,406 BTC in the quarter at an average cost of $46,324 per coin, as Bitcoin's price rose 6.4%. Riot also announced plans for 112 megawatts of core and shell development at its Corsicana, Texas data center campus, aiming to become a large-scale, multifaceted data center and mining operator. As of Sept. 30, Riot held 19,287 BTC valued at about $2.2 billion, including 3,300 held as collateral.

Terms & Concepts
  • Bitcoin Mining: The process of validating Bitcoin transactions and adding them to the blockchain, rewarded with newly minted bitcoins.
  • Net Income: A company’s total profit after accounting for all expenses, taxes, and costs.
  • Quarterly Earnings: Financial results reported every three months, reflecting a company's performance over the quarter.