Riot Platforms cuts hash rate forecast, third-quarter net loss of $154 million

Crypto miner Riot Platforms posted a net loss of $154.40 million, or $0.54 per share, in the third quarter, compared with a net loss of $84.40 million ($0.32 per share) in the second quarter. The non-GAAP adjusted EBITDA loss in Q3 was $3.60 million, a slight increase from the $3.10 million loss in the same period last year. Riot Platforms produced 1,104 bitcoins in the third quarter, matching the 1,106 bitcoins mined in the same period last year.
Riot Platforms expects its self-mining hash rate to reach 34.9 EH/s by the end of 2024, down from its previous target of 36.3 EH/s. The revised forecast stems from a slower-than-expected expansion of the newly acquired facility in Kentucky, which is currently scheduled to become operational in 2025. Riot also lowered its 2025 target to 46.7 EH/s from 56.6 EH/s.