Riot Blockchain, one of the largest bitcoin miners, reported first-quarter revenue of $79.8 million, missing analysts' consensus estimate of $83.7 million, according to FactSet data.
- Despite the miss, the miner posted record quarterly revenue, up 244% from the year-ago quarter, it said in a statement.
- "Our vertically integrated business strategy - ownership, operations and manufacturing - has accelerated our growth while helping to insulate us from ongoing issues in the global supply chain," CEO Jason Les said in the statement.
- The mining company said its profit margin was $38.9 million (67% of mining revenue), compared to $15.6 million (68% of mining revenue) in the same three-month period in 2021.
- "The consistent mining revenue margin is primarily due to operational efficiencies gained from a greater number of new generation miners currently deployed at Riot's Whinstone," the statement said.
- Riot expects total hash rate capacity for self-mining to reach approximately 12.8 EH/s by January 2023, consistent with previous guidance.
- Riot's net income for the quarter was $35.6 million, or $0.30 per share, compared with net income of $7.5 million, or $0.09 per share, a year ago.
- Shares of the mining company were up 1.6% in after-hours trading.