Riot sees lower 2022 revenue despite more BTC mined; delays annual filing on Bitcoin impairment calculation issue

Crypto mining agency Riot Platforms revealed its 2022 monetary outcomes on March 2 and reported that it could delay its 10-Ok submitting with regulators.

Riot noticed important development in 2022

In its annual report, Riot reported “document outcomes” for the yr of 2022. The corporate stated that it introduced in $259.2 million in complete income over the course of the yr. It additionally ended the yr with $230 million of money, 6,974 BTC ($116 million), and no long-term debt.

The corporate additionally noticed heightened mining efficiency, producing 5,554 BTC and reaching a document hash price of 9.7 exahashes per second (EH/s) in 2022.

The corporate moreover stated that it generated greater than $27 million in energy credit by varied contracts that noticed it restrict its power use.

A lot of that information represents a rise from the earlier yr. In 2021, Riot noticed $213.2 million in complete income, produced 3,812 BTC, and achieved a hash price of three.1 EH/s.

Regardless of larger general income, Riot produced much less Bitcoin mining income when it comes to greenback worth. It produced simply $156.9 million of mining income in 2022 after producing $184.4 million of mining income in 2021. It achieved larger general income in 2022 by mining extra Bitcoin and thru larger engineering and information internet hosting income.

The corporate additionally reported a web loss in 2022 amounting to $509.6 million — a loss a lot larger than the $15.4 million loss it reported in 2021. Its loss in 2022 was largely attributable to impairment prices on two acquisitions, its crypto holdings, and its miners.

Riot delays 10-Ok submitting

Riot additionally introduced at present that it’ll delay its 10-Ok monetary submitting, as indicated in a doc that the corporate submitted to the U.S. SEC on March 2.

Riot and its accounting agency found that the present technique of calculating Bitcoin impairment fees didn’t meet the necessities of an accounting rule. The corporate stated that the intraday low value of Bitcoin must be utilized in these calculations. Beforehand, the corporate calculated impairments primarily based on every day spot costs.

In gentle of these points, Riot stated that it’ll not file its 10-Ok Annual Report by the anticipated deadline. It expects to file that report inside the usual 15-day extension.

Two different corporations additionally delayed their 10-Ok this week. Marathon, a competing mining firm, delayed its 10-Ok submitting for related causes. Silvergate Financial institution additionally delayed its 10-Ok this week attributable to regulatory inquiries in addition to auditing causes.

Riot’s share value has been minimally impacted and is up 0.65% over 24 hours on Mar. 2.

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