The Colorado-based company said its revenue for all of 2024 totaled $376.7 million, up 34% from $280.7 million in the same period of 2023.
Cryptocurrency miner Riot Platforms (NASDAQ:RIOT) produced fewer Bitcoin (BTC) last year as the cost to produce the digital asset rose sharply.
The Colorado-based company said its revenue for all of 2024 totaled $376.7 million, up 34% from $280.7 million in the same period of 2023. The company said the increase was driven largely by a $132 million increase in its Bitcoin mining revenue during the year.
However, Riot Platforms produced only 4,828 Bitcoin in 2024, down 27% from 6,626 BTC mined during the same 12-month period in 2023. Management attributed the decline to soaring costs to mine Bitcoin, which rose to $32,216 in 2024 from $3,831 per Bitcoin in the previous year.
Riot Platforms said the soaring costs to mine Bitcoin were due to rising power expenses as well as the impacts from a halving event that occurred in April 2024, reducing the available supply of Bitcoin by 50%. Engineering revenue last year totaled $38.5 million, down 40% from $64.3 million a year earlier. The decrease was due to a manufacturing contract for a government client that took longer than anticipated.
Halving Event Impacts
Management at Riot Platforms said the company maintained an “industry-leading financial position,” with $439.1 million in working capital, including $277.9 million of cash on hand at year-end 2024. Riot Platforms held 17,722 Bitcoin, valued at approximately $1.65 billion as of Dec. 31, 2024. RIOT stock has declined 43% over the last 12 months.
Is RIOT Stock a Buy?
The stock of Riot Platforms has a consensus Strong Buy rating among eight Wall Street analysts. That rating is based on seven Buy and one Hold recommendations assigned in the last three months. The average RIOT price target of $18.57 implies 85.89% upside from current levels. These ratings are likely to change after the latest financial results.
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