Riot Blockchain Ends 2021 With US$213.2 Million In Revenue, US$7.9 Million Net Loss

Riot Blockchain, Inc. (Nasdaq: RIOT) reported late Wednesday its financial results for 2021. The results highlighted US$213.2 million in annual revenue, an increase from 2020’s revenue of US$12.1 million.

Revenue share from cryptocurrency mining came in at US$184.4 million, while US$24.5 million came from data center hosting services and US$4.2 million came from engineering revenue.

But with total operating expenses amounting to US$235.6 million, the firm notched an operating loss of US$22.4 million compared to its operating loss of US$14.1 million last year.

Further, the year ended with a net loss of US$7.9 million, thanks to a US$26.3 million gain on sale of long-term investment which was offset by US$13.7 million unrealized loss on marketable equity securities. The annual loss compares to last year’s net loss of US$12.7 million and translates to US$0.08 loss per diluted share.

Calibrating for financial items, including a stock-based compensation expense of US$68.5 million, adjusted EBITDA for the year ended at US$82.4 million compared to negative US$6.3 million last year.

The company said its holds a balance of 4,884 bitcoin as of December 31, 2021 compared to its balance last year of 1,078 bitcoin.

The firm also recorded US$86.4 million of net cash used in operating activities. However, the blockchain firm ended the year with US$312.3 million in cash and cash equivalents compared to a beginning balance of US$223.4 million at the start of the year. The cash inflow was primarily driven by US$684.8 million in net proceeds from common share issuances.

This puts the balance of the current assets at US$573.5 million at the end of the year while current liabilities ended at US$109.9 million.

The crypto firm also ended the year with 3.1 EH/s hashrate from last year’s 0.57 EH/s. It is looking at an estimated hashrate capacity of 12.8 EH/s by 2022 following an order of additional 27,000 S19XP miners from Bitmain Technologies. 

Riot Blockchain last traded at US$16.39 on the Nasdaq.

Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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