🧵1/ RIOT FY 2022 Financial & Operational Highlights! Key points include:
Total revenue: $259.2M (⬆️ from $213.2M in 2021)
Bitcoin production: 5,554 (⬆️46% YoY)
Data Center Hosting & Engineering revenues for a full year
Let's break down the details.👇
#RIOT #Bitcoin
🔋2/ RIOT earned $27.3M in power credits by supporting the ERCOT grid in Texas during several weather-related supply/demand issues in 2022. These power credits equated to approx. 1,815 Bitcoin. 💡
#ERCOT #BitcoinMining
⛏️3/ Bitcoin Mining revenue reached $156.9M, despite a decrease compared to the $184.4M in 2021. This was due to lower values of Bitcoin mined in 2022, averaging $28,245 per Bitcoin compared to $45,744 in 2021. 📉
#BitcoinRevenue
🏭4/ Data Center Hosting revenue increased to $36.9M (⬆️ from $24.5M in 2021), primarily due to 2021 only including activity after the acquisition of Whinstone in May 2021. 📊
#DataCenter
🔧5/ Engineering revenue hit $65.3M, mainly attributable to 2021 only including activity after the acquisition of ESS Metron in December 2021. 💼
#EngineeringRevenue
📉6/ RIOT reported a net loss of $509.6M, compared to a net loss of $15.4M in 2021. This was significantly impacted by non-cash impairment charges totaling $538.6M. 💰
#NetLoss
📊7/ RIOT maintains an industry-leading financial position with:
$321.8M working capital
$230.3M cash on hand
No long-term debt
6,974 Bitcoin from self-mining operations
💪
#FinancialPosition
🚚8/ RIOT terminated the hosting agreement at Coinmint LLC’s Massena, NY facility & completed the relocation of miners to their Rockdale Facility. This improved mining revenue margin through reduced power costs & elimination of third-party hosting fees. 🔌
#MiningMargin
💸9/ RIOT's cost to mine Bitcoin for 2022, net of power credits allocated to self-mining, averaged $11,225 per Bitcoin (vs $11,939 in 2021), a decrease of 6% YoY. 📉
#CostToMine
🚀10/ RIOT increased hash rate capacity by 213% to 9.7 exahash per second (EH/s) as of Dec 31, 2022, compared to 3.1 EH/s as of Dec 31, 2021. 🌐
#HashRateCapacity
That's a wrap for the RIOT FY 2022 Financial & Operational Highlights! Stay tuned for more updates. 📈
#RIOT #BitcoinMining #FinancialReport