Riot Blockchain Ends Q3 2021 With US$64.8 Million In Revenue, US$15.3 Million Net Loss
Riot Blockchain, Inc. (Nasdaq: RIOT) reported late Monday its financial results for Q3 2021. The results highlighted US$64.8 million in revenue, an increase from Q3 2020’s revenue of US$2.5 million.
Revenue share from cryptocurrency mining came in at US$53.6 million, while US$11.2 million came from data center hosting services. The firm also produced 1,292 bitcoin for the quarter, up from last quarter’s 675 bitcoin and last year’s 222 bitcoin.
But with total operating expenses amounting to US$69.0 million, the firm notched an operating loss of US$4.2 million. Further, the quarter ended with a net loss of US$15.3 million, mainly due to an unrealized loss on marketable equity securities amounting to US$11.2 million. The quarterly loss is a decline from last year’s net loss of US$1.7 million and translates to a loss of US$0.16 per diluted share.
Calibrating for financial items, including a stock-based compensation expense of US$36.0 million, adjusted EBITDA for the quarter ended at US$37.6 million compared to negative US$0.4 million last year.
The firm ended the quarter with US$57.9 million in cash and cash equivalents compared to a beginning balance of US$223.4 million at the start of the year. The current assets came in at US$179.0 million at the end of the quarter while current liabilities ended at US$25.6 million.
Riot Blockchain last traded at US$42.09 on the Nasdaq.
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