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Riot Blockchain third quarter revenue falls short of analyst estimates

The Block

Quick Take

  • Bitcoin miner Riot Blockchain’s revenue fell as losses mounted in the third quarter.

  • Crypto mining companies have been hit hard by the slump in bitcoin. 

Bitcoin mining company Riot Blockchain fell short in the third quarter, missing analyst targets for revenue.

Riot posted a net loss of $36.6 million, or 24 cents a share, compared to $15.3 million, or 16 cents a share, from a year earlier, the company said. Revenue dipped 28% to $46.3 million, missing what Bloomberg said was a $54.2 million analyst expectation.

Despite the decreasing revenue, Riot is still in relatively strong shape compared to other mining firms. Iris Energy faces default claims, Core Scientific warned it might have trouble paying its debts and Argo said it was in a similar position. Over the past year, most bitcoin mining company stocks tracked by The Block fell as bitcoin traded down, lately falling to around $20,600.

BTCUSD chart by TradingView.

Riot saw gains from third quarter power curtailment credits received by selling energy back to the Electric Reliability Council of Texas, earning the company $13.1 million, likely helped by curtailed energy use during the state’s heatwave this summer.

In after hours trading, Riot shares fell around 1.5% to $5.75, according to Yahoo Finance. Over the last year, Riot shares have plummeted from a high of $44.19, a nearly 86% decline.