Riot Blockchain Releases 2022 First-Quarter Financial Report
- Bitcoin mining leader Riot Blockchain published its Q1 financial report.
- The firm didn’t reach Wall Street’s expected production growth.
- Riot Blockchain produced 15% more Bitcoin and saw a 2023 self-mining hash rate at 12.8 EH/S.
Riot Blockchain Inc., a business leader in Bitcoin (BTC) mining and internet hosting, reported its first-quarter financial report. Likewise, the unaudited financial report can be checked on Riot’s official website.
Riot Reports a Record $79.8 Million in Total Revenue and 1,405 BTC Produced in Q1 2022. As of April 30, 2022, the Company’s unaudited BTC quantity was 6,320 BTC, all of which were produced by its self-mining operations. https://t.co/cD6k0srHv1
— Wu Blockchain (@WuBlockchain) May 11, 2022
However, the firm’s Q1 revenue didn’t rise quite as broadly as Wall Street expected as production increased, but so did the cost expenses.
Moreover, Q1 Generally Accepted Accounting Principles Earning Per Share (GAAP EPS) reported a $0.30 vs. $0.09 difference in Q1 2021. It is unclear if the recent quarter is comparable with the $0.01 consensus estimate.
Therefore, Q1 2022 net income included a $9.2 million gain on the sale of Bitcoin and an increase in the fair value of the derivative asset of $46.2 million. This was partly offset by a $26.4 million impairment of held Bitcoin and an unrealized loss of $1.6 million on the marketable equity securities.
Meanwhile, the report also revealed a Q1 revenue of $79.8M, trailing the average analyst estimate of $81.8M which surged from $23.2M in the year-ago quarter. Mining net revenue of $57.9M jumped from $23.2M in the year-ago quarter. In the latest quarter, the firm also recorded $9.69M of hosting net income and $12.1M of engineering net revenue.
The mining revenue margin remained consistent at ~67% of mining revenue on a year-to-year basis, while the price of Bitcoin fell 12%. Riot Blockchain (RIOT) stock is rising by 1.7% in Tuesday’s after-hours trading.
Bitcoin production increased 4% Q/Q to 1,405 Bitcoin during the quarter. Q1 total expenses and costs of $41.9M rose from $15.8M in the year-earlier quarter.
In April, Riot Blockchain produced 15% more Bitcoin and sees a 2023 self-mining hash rate at 12.8 EH/S
Read more: https://coinquora.com/riot-blockchain-releases-2022-first-quarter-financial-report/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
