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Bitcoin miner Riot Platforms reported a net loss of $154.4 million in the third quarter due to higher costs and unrealized investment losses, and lowered its 2024 hash rate (computing power) targets. The company reported a loss of $0.54 per share this year, up from a loss of $0.44 per share in the same period last year.
The company generated $84.8 million in total revenue in the quarter ended September 30, $67.5 million of which came from Bitcoin mining. Gross profit from mining was recorded at $28.4 million, excluding depreciation, a 42% decrease from the 181% profit margin in the same quarter last year. The decline was driven by higher electricity, labor, and insurance costs.
The company reported a big loss this quarter, well above market estimates. Analysts were expecting a loss per share of $0.18, but it ended up losing $0.54. The majority of the loss was from unrealized securities losses of $38 million, stock-based compensation expenses of $30.6 million, and amortization expenses of $60 million.
Non-GAAP adjusted EBITDA was reported as a loss of $3.6 million, up from a loss of $3.1 million in the same period last year.
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Despite all these challenges, Riot Platforms produced 1,104 BTC in the third quarter, largely in line with the 1,106 BTC produced in the same period last year. The company managed to maintain production despite the upcoming halving event in April and increased network difficulty.
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