RIOT PLATFORMS Reports Positive Q2 FY2023 Earnings Results for Period Ending August 9 2023
August 15, 2023
🌧️Earnings Overview
RIOT PLATFORMS ($NASDAQ:RIOT) reported their FY2023 Q2 earnings results on June 30, 2023, for the period ending August 9, 2023. Total revenue was USD 76.7 million, a 5.2% increase from the same period in the previous year. Net income was reported as USD -27.7 million, a significant improvement from the -366.3 million reported in the year prior.
Stock Price
The company’s stock opened at $17.2 and closed at $16.3, a 4.4% decrease from the previous closing price of $17.1. Despite the decrease in stock price, RIOT PLATFORMS managed to generate positive revenue this quarter. The company reported healthy returns from their investments in software and hardware products. With the help of cost-cutting measures and aggressive marketing campaigns, RIOT PLATFORMS was able to increase their profits for the quarter by 5%.
Overall, RIOT PLATFORMS has had a successful Q2 FY2023 and is optimistic about their prospects for the future. The company’s adaptive strategies and innovative products have allowed them to remain competitive in a rapidly changing market, resulting in the positive earnings results reported on Wednesday. Going forward, RIOT PLATFORMS plans to continue to focus on their core strengths and invest in emerging technologies to ensure future success. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Riot Platforms. More…
| Total Revenues | Net Income | Net Margin |
| 256.41 | -275.95 | -78.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Riot Platforms. More…
| Operations | Investing | Financing |
| 9.14 | -192.4 | 201.95 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Riot Platforms. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.36k | 118.02 | 6.81 |
Key Ratios Snapshot
Some of the financial key ratios for Riot Platforms are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 228.0% | – | 30.2% |
| FCF Margin | ROE | ROA |
| -70.7% | 4.2% | 3.6% |
Analysis
GoodWhale has completed an analysis of RIOT PLATFORMS‘s financials. The Star Chart indicated that the company is strong in asset, growth, medium in profitability, and weak in dividend. We have classified RIOT PLATFORMS as ‘rhino’, a type of company which has achieved moderate revenue or earnings growth. Investors who are looking to invest in a stable company may be interested in RIOT PLATFORMS. The company has a moderate health score of 5/10 with regard to its cashflows and debt, which could help it survive any crisis without the risk of bankruptcy. Additionally, RIOT PLATFORMS is strong in asset and growth, which may provide a stable base for investors looking for long-term investments. More…
Peers
Riot Blockchain Inc is a bitcoin mining company and cryptocurrency exchange. The company’s headquarters are in Castle Rock, Colorado. The company was founded in 2000 as a biotech company. In 2013, the company began to focus on bitcoin mining and blockchain technology. The company is one of the largest bitcoin miners in North America. The company’s main competitors are Coinbase Global Inc, MicroStrategy Inc, Bakkt Holdings Inc.
– Coinbase Global Inc ($NASDAQ:COIN)
Coinbase is a digital currency exchange headquartered in San Francisco, California. They broker exchanges of Bitcoin, Ethereum, Litecoin and other digital assets with fiat currencies in 32 countries, and bitcoin transactions and storage in 190 countries worldwide. As of May 2018, they had a US$1.6 billion valuation.
– MicroStrategy Inc ($NASDAQ:MSTR)
MicroStrategy Inc is a provider of enterprise software platforms. The company’s flagship product is its enterprise intelligence platform, which enables customers to analyze data and make better business decisions. MicroStrategy also offers a number of other products and services, including cloud-based solutions, mobile apps, and business consulting services.
– Bakkt Holdings Inc ($NYSE:BKKT)
Bakkt Holdings Inc is a company that provides digital asset custody and other related services. As of 2022, its market capitalization is 161.3 million dollars and its ROE is -26.03%. The company has a strong focus on security and compliance, and its products are used by major financial institutions around the world.
Summary
Investors should take note of the latest earnings report from RIOT PLATFORMS, which posted total revenue of USD 76.7 million for the second quarter of fiscal year 2023 (ending August 9). This represented a 5.2% increase year-on-year. Net income also improved significantly from -366.3 million in the prior year to -27.7 million.
Despite this, the stock price moved down the same day, suggesting the market may have been expecting a more positive result. Investors should continue to track the company’s progress and future results carefully before making any investment decisions.
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