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Cryptocurrency Stock News Bites – Riot Blockchain (NASDAQ: $RIOT) Reports Record First Quarter 2021 Financial Results, Current Operational And Financial Highlights

May 18, 2021 – Investorideas.com (www.investorideas.com) Cryptocurrency Stock News Bites – Riot Blockchain, Inc. (NASDAQ: RIOT), one of the leading Nasdaq-listed public Bitcoin (“BTC”) mining companies in the United States, reported financial results as of and for the three-months ended March 31, 2021. The unaudited financial statements are available on Riot’s website and here.

  • Increased mining revenue by 881.1% to $23.2 million for the three-month period ended March 31, 2021, as compared to $2.4 million for the same three-month period in 2020.
  • Increased mining revenue margin to 67.5% for the three-month period ended March 31, 2021, as compared to 40.4% for the same three-month period in 2020.
  • Produced record net income of $7.5 million, or $0.09 per share for the three-month period ended March 31, 2021, as compared to a $(4.3) million net loss, or $(0.15) per share, for the same three-month period in 2020.
  • Achieved a record net income margin of 32.5% for the three-month period ended March 31, 2021.
  • Increased total cash and Bitcoin to $275.6 million, as compared to $235.0 million as of December 31, 2020.

“We are extremely pleased with Riot’s record quarterly financial results, which builds upon a transformative 2020,” said Jason Les, Riot’s CEO. “The Company’s improved financial results are a direct result of Riot’s absolute focus on Bitcoin mining and growing its mining operations. With the signing of the definitive agreement to acquire Whinstone US, the Company’s financial and operational prospects are very exciting. We plan to amplify our focus on initiatives that will drive continued growth for the Company, increasing the US-based share of the Bitcoin mining landscape.”

First Quarter 2021 and Recent Financial Highlights

Riot continues to attain significant milestones, driven by its focus on Bitcoin mining.

  • Reported a Company record $7.5 million in net income for the three-month period ended March 31, 2021, as compared to a $(4.3) million net loss for the same three-month period in 2020.
  • Increased mining revenues by 881.1%, to $23.2 million for the three-month period ended March 31, 2021, as compared to $2.4 million for the same three-month period in 2020.
  • Increased mining revenue margin, excluding depreciation and amortization, to 67.5% for the three-month period ended March 31, 2021, as compared to 40.4% for the same three-month period in 2020.
  • Increased total mined BTC by 62.0% on a sequential quarter-over-quarter basis, with 491 BTC mined in the first quarter of 2021, as compared to 303 BTC mined in the fourth quarter of 2020.
  • Completed the first quarter of 2021 with record current assets and zero debt, with $275.6 million in cash and BTC as reported on the balance sheet. In addition, as of April 30, 2021, the Company’s unaudited BTC balance stood at 1,771 BTC, all of which were produced by its mining operations.
  • The average BTC price used to calculate Riot’s first quarter 2021 mining revenues was approximately $46,700.

First Quarter 2021 and Recent Operational Highlights

  • Announced the signing of a definitive agreement to acquire Whinstone US, Inc. (“Whinstone”) to create a leading US-based corporate pillar in support of the Bitcoin mining network. Whinstone owns and operates North America’s largest Bitcoin mining facility, with 300 MW in developed capacity and an attractive long-term power purchase agreement. Upon closing, Riot will be one of the largest publicly traded Bitcoin mining companies operating in North America, as measured by developed capacity. The transaction is expected to close in the second quarter of 2021, subject to the satisfaction or waiver of customary closing conditions, including receipt of required regulatory clearances.
  • Strengthened the Company’s management team by appointing Jason Les to Chief Executive Officer and Megan Brooks to Chief Operating Officer, and hiring Ryan Werner as Vice President, Finance and Phil McPherson as Vice President, Capital Markets.
  • During the three-month period ended March 31, 2021, Riot received 6,703 S19 Pro Antminers as per purchase contracts with Bitmain previously announced in 2020, resulting in a total of 13,746 miners deployed as of March 31, 2021.
  • Subsequent to March 31, 2021, the Company received a further 8,900 S19 Pro Antminers as per purchase contracts with Bitmain previously announced in 2020. When fully deployed, Riot’s fleet will increase to 22,646 miners with an estimated hash rate capacity of 2.3 exahash per second (“EH/S”).
  • During 2021, the Company entered into additional purchase agreements with Bitmain for the purchase of 43,500 Antminer S19j (90 Terahash per second) (“TH/s”) miners for a total purchase price of $145.7 million. Once fully deployed, Riot’s hash rate capacity is estimated to reach 7.7 EH/s in the fourth quarter of 2022.

Read the company’s full news and disclaimer here:

https://www.riotblockchain.com/news-media/press-releases/detail/107/riot-blockchain-reports-record-first-quarter-2021-financial

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