Riot Platforms (RIOT) Shares Climb as Q3 Earnings Beat Estimates on Record Revenue

Riot Platforms reported a remarkable turnaround in its Q3 results, achieving a net income of $104.5 million, which equates to 26 cents per diluted share, compared to a loss of $154.4 million the previous year. This success comes on the back of record quarterly revenue of $180.2 million, more than doubling year-over-year, primarily due to a $93 million increase in bitcoin mining revenue. The company mined 1,406 bitcoin at an average cost of $46,324 per coin, coinciding with a 6.4% rise in bitcoin prices during the quarter. Additionally, Riot announced plans for a 112 megawatt expansion at its Corsicana, Texas data center, reinforcing its commitment to becoming a large-scale, diversified data center and bitcoin mining operator. The firm currently holds 19,287 bitcoin, valued at approximately $2.2 billion, as of September 30.

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