Riot Blockchain, Inc. (NASDAQ:RIOT) Q1 2024 Earnings Call Transcript May 1, 2024
Riot Blockchain, Inc. beats earnings expectations. Reported EPS is $0.81, expectations were $-0.21. RIOT isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Greetings and welcome to the Riot Platforms First Quarter 2024 Financial Results Conference Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Phil McPherson, Vice President of Capital Markets and Investor Relations. Thank you, Phil, you may begin.
Phil McPherson: Thank you, Devin. Good morning, and welcome to Riot Platform’s first quarter 2024 earnings call. My name is Phil McPherson and joining me on today’s call are Jason Les, CEO; Colin Yee, CFO, and Jason Chung, Executive Vice President of Corporate Development & Strategy. On the Riot Investor Relations website, you can find our first quarter 2024 earnings press release and earnings presentation, which are intended to supplement today’s prepared remarks and which include a discussion of certain non-GAAP items. Non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP and are included as additional clarifying items to aid investors in further understanding the company’s first quarter performance.
During today’s call, we will be making forward-looking statements regarding potential future events. These statements are based on management’s current expectations and assumptions and are subject to risks and uncertainties. Actual results could materially differ due to factors discussed in today’s earnings press release, in comments and responses made during today’s call, and in the risk factors section of our Form 10-K, Form 10-Q, included for the quarter ended March 31, 2024, which will be filed today after market close and other filings with the Securities and Exchange Commission. With that, I would like to turn the call over to Jason Les, CEO of Riot Platforms.
Jason Les: Thank you, Phil, and good morning, everyone. Riot filed our first quarter 2024 press release and earnings presentation this morning, both of which are available on the investor relations section of Riot’s website. Riot’s primary strategic focus has been on developing a leading vertically integrated Bitcoin mining company. Built on the three key pillars of developing and owning operations of significant scale; being a low cost producer of Bitcoin; and building a balance sheet of strength. By focusing on a vertically integrated strategy, we are best able to build these pillars. Over the past three years, we have been focused on developing this strategy at scale. This began with the acquisition of our Rockdale facility, its development and operations teams, and low-cost fixed-power contracts.
The strategy continued with the acquisition of the ESS Metron and the introduction of our engineering segment, which helps control the key supply bottleneck for electrical equipment and building out Bitcoin mining infrastructure. And finally, the development of our Corsicana facility has broadened our portfolio of access to power capacity and purpose-built Bitcoin mining facilities. The benefits of this strategy are on display today. And as a result, we see other miners in the space moving towards a similar strategy. Since Riot has developed this strategy most fully and at scale we are able to build out facilities like Corsicana further, while others who have not already ordered key pieces of electrical equipment face 18 plus months of supply chain constraints.
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