Bitcoin Miner Riot Platforms Reports Q1 Results, Shares Slide

Riot Platforms Inc (NASDAQ:RIOT) reported first-quarter financial results after the market close on Thursday. Here’s a look at the key details from the report.

• Q1 Revenue: $161.4 million, versus estimates of $158.2 million

• Q1 EPS: Loss of 90 cents per share

Total revenue was up from $79.3 million in the prior year’s quarter, primarily driven by a $71.5 million increase in Bitcoin (CRYPTO: BTC) mining revenue.

The Bitcoin miner produced 1,530 Bitcoin in the first quarter, up from 1,364 in the first quarter of 2024. Riot’s average cost to mine totaled $43,808 in the quarter. The company …

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