Overview

* Riot Platforms ( RIOT ) Q3 revenue of $180.2 mln beats analyst expectations

* Net income for Q3 at $104.5 mln, reversing a loss from last year

* Company initiates 112 MW data center project at Corsicana campus

Outlook

* Riot initiates 112 MW data center development at Corsicana campus

* Company focuses on expanding data center capabilities

Result Drivers

* BITCOIN MINING REVENUE - Revenue increased due to a $93.3 mln rise in Bitcoin Mining revenue, driven by higher bitcoin prices and operational hash rate

* DATA CENTER DEVELOPMENT - Initiation of 112 MW core and shell development at Corsicana campus, supported by land acquisition and design completion

* COST TO MINE - Cost to mine Bitcoin rose due to a 52% increase in global network hash rate, offset by a 147% increase in power credits

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $180.20 $168.20

Revenue mln mln (14

Analysts

)

Q3 EPS $0.26

Q3 Net $104.50

Income mln

Q3 $197.20

Adjusted mln

EBITDA

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 18 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

* Wall Street's median 12-month price target for Riot Platforms Inc ( RIOT ) is $26.00, about 14.7% above its October 29 closing price of $22.17

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)