Riot Platform (RIOT) shares rose 5% pre-market after bitcoin mining company had an unexpected profit in the third quarter on record revenue.
Net income was $104.5 million, or 26 cents per share. diluted share compared with a loss of $154.4 million, or 54 cents, a year earlier. According to Zacks Equity Research, the company was expected to post a loss of 12 cents per share. stock.
Revenue more than doubled to $180.2 million from the previous quarter, driven largely by a $93 million increase in bitcoin mining revenue, the company said. Riot mined 1,406 bitcoin during the quarter at an average price of $46,324 per bitcoin. coin.
The revenue gain at Riot, one of the first mining companies to report, was primarily driven by a bitcoin price that rose 6.4% in the quarter and greater operational capacity. The company recorded a mark-to-market gain of $133 million on its bitcoin holdings, currently 19,287 BTC worth about $2.2 billion per share. 30 September.
The Castle Rock, Colorado company, which develops and operates large data centers, also announced the commencement of 112 megawatt core and shell development at its Corsicana, Texas data center campus, following land acquisition and design completion milestones.
CEO Jason Les said this development marks a crucial step towards transforming Riot into a large-scale, multi-faceted data center operator leveraging its land and power assets.
Riot held 19,287 bitcoins — 3,300 held as collateral — valued at about $2.2 billion apiece. 30 September.
UPDATE (October 31, 09:50 UTC): Adds revenue drivers, mark-to-market in fourth section.
