Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 8, 2023 (November 7, 2023)

Riot Platforms, Inc.

(Exact name of registrant as specified in its charter)


Nevada	001-33675	84-1553387
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

3855 Ambrosia Street, Suite 301

Castle Rock, CO 80109

(Address of principal executive offices)

(303) 794-2000

(Registrant’s telephone number, including area code)

(Former name, former address, and former fiscal year, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value per share	RIOT	Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 – Results of Operation and Financial Condition.

On November 7, 2023, Riot Platforms, Inc. (together with its consolidated subsidiaries, the “Company”) issued a press release (the “Press Release”) regarding its financial results and operational highlights for the period ended September 30, 2023, as disclosed in the Company’s quarterly report on Form 10-Q for that period, as filed with the Securities and Exchange Commission (the “SEC”) on November 8, 2023 (the “Quarterly Report”), a copy of which is available at the SEC’s website, www.sec.gov, and the “Investor Relations” page of the Company’s website, www.riotplatforms.com. A copy of the Press Release is attached as Exhibit 99.1 to this current report on Form 8-K (this “Report”).

The Company also released an updated corporate presentation, dated as of November 7, 2023, providing an overview of management’s discussion and analysis of the Company’s financial position, business, and operations, as of September 30, 2023 (the “Corporate Presentation”). A copy of the Corporate Presentation is attached as Exhibit 99.2 to this Report.

To supplement the Company’s financial results presented on a U.S. Generally Accepted Accounting Principles (“GAAP”) basis, the Company’s Press Release and Corporate Presentation include certain non-GAAP financial measures, including EBITDA and Adjusted EBITDA, which eliminate the effect of certain non-cash and non-recurring items that management believes do not reflect the Company’s ongoing strategic business operations. The Company constantly evaluates its use of non-GAAP financial measures, and the Company believes its use of these measures is helpful in assisting management’s evaluation of the Company’s performance and achievement of its strategic goals. The non-GAAP financial measures used by the Company should be viewed in addition to, and not as a substitute for, or superior to, the Company's reported results prepared in accordance with GAAP, and they should be read only in conjunction with the Company’s consolidated financial statements and results of operations (unaudited) prepared in accordance with GAAP. The Company’s non-GAAP financial measures referenced in the Press Release and the Corporate Presentation, EBITDA and Adjusted EBITDA, are reconciled to their most directly comparable GAAP financial measure, net income, in the data tables and associated notes under the heading, “Non-U.S. GAAP Measures of Financial Performance,” in the Press Release and the Appendices at the end of the Investor Presentation.

Item 7.01 – Regulation FD Disclosure.

The information set forth under Item 2.02, Results of Operations and Financial Condition, is incorporated by reference into this Item 7.01, Regulation FD Disclosures.

The information in this Report, including the Press Release and the Corporate Presentation attached as Exhibits 99.1 and 99.2 hereto, respectively, is furnished pursuant to Sections 2.02 and 7.01 hereof, only, and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) or otherwise subject to liability under that Section, and shall not be incorporated into any filing under the Securities Act of 1933, as amended, (the “Securities Act”) or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Cautionary Note Regarding Forward-Looking Statements

This Report, the Press Release attached as Exhibit 99.1 hereto, and the Corporate Presentation attached as Exhibit 99.2, as well as the documents referenced herein and therein, may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements generally relate to future events, financial results or operating performance based on management’s current expectations, assumptions and beliefs about the Company’s future financial and operating performance, as well future economic conditions, which are made in reliance on the safe harbor provisions of Section 27A of the Securities Act and Section 21E of the Exchange Act. Accordingly, any statement contained or referenced in this Report, the Press Release or the Corporate Presentation, as well as in the other filings the Company makes with the SEC, that is not a statement of historical fact, should be considered a “forward-looking statement” within the meaning of this Cautionary Note. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope” and similar expressions are intended to identify forward-looking statements; however, forward-looking statements may be made without such expressions. These forward-looking statements may include, but are not limited to, statements concerning: the Company’s plans, strategies and objectives for future operations; new equipment, systems, technologies, services or developments, such as the Company’s implementation of industrial scale immersion-cooled Bitcoin mining hardware and development of a second hyper-scale Bitcoin mining data center outside of Corsicana, Texas; the number and value of Bitcoin rewards and transaction fees the

Company earns from its Bitcoin mining operations; expected cash flows or capital expenditures; management’s beliefs or expectations; activities, events or developments that the Company intends, expects, projects, believes, or anticipates will or may occur in the future; and any assumptions underlying or based upon any of the foregoing.

These forward-looking statements are subject to various risks and uncertainties, both known and unknown, which could cause the Company’s actual results to differ, perhaps materially, from management’s current expectations or the Company’s historical performance. Such risks and uncertainties include, without limitation, risks related to: the Company’s estimates of Bitcoin mining production; the Company’s expected future hash rate growth and global hash rate growth; the anticipated benefits of the Company’s large-scale deployment of immersion-cooling hardware; the Company’s ability to successfully deploy new Bitcoin mining hardware ; the timely completion and energization of the Company’s Bitcoin mining infrastructure; the success, timing and cost of integration of acquired businesses; and macroeconomic, political, environmental, and other events largely outside of the Company’s control. More information regarding factors that may cause the Company’s actual results to differ-perhaps materially-from those expressed or implied by statements in this Report, the exhibits attached hereto, and the other documents referenced herein or therein, may be found in the Quarterly Report and the Company’s annual report on Form 10-K for the year ended December 31, 2022, under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements”, as well under similar headings in the other filings the Company makes with the SEC from time to time after the date of this Report. Copies of these filings may be obtained from the SEC’s website, www.sec.gov.

All forward-looking statements included or in this Report, the Press Release, and in the Corporate Presentation, as well as the documents referenced herein or therein, speak only as of the date they are made, and the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this Report, the exhibits attached hereto, the documents referenced herein or therein, or the other documents the Company files with the SEC are cautioned not to place undue reliance on such forward-looking statements.

Item 9.01 – Regulation FD Disclosure.

(d)Exhibits.

EXHIBIT INDEX

The following exhibits are filed or furnished herewith:


Exhibit No.		Description
99.1		Press Release of Riot Platforms, Inc., dated November 7, 2023.
99.2		Corporate Presentation of Riot Platforms, Inc., dated November 7, 2023.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

S I G N A T U R E

Pursuant to the requirements of the Exchange Act, the registrant, Riot Platforms, Inc., has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized representative.


	RIOT PLATFORMS, INC.


	By:	/s/ Colin Yee
	Name:	Colin Yee
	Title:	Chief Financial Officer

Date: November 8, 2023

Exhibit 99.1

RIOT PLATFORMS REPORTS Third QUARTER 2023 FINANCIAL RESULTS, CURRENT OPERATIONAL AND FINANCIAL HIGHLIGHTS

Riot Reports $51.9 Million in Total Revenue, New All-Time Record Hash Rate Capacity of 10.9 EH/s, and Expanded Execution of Power Strategy

CASTLE ROCK, Colo., November 7, 2023 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an industry leader in Bitcoin (“BTC”) mining and data center hosting, reported financial results for the three-month period ended September 30, 2023. The unaudited financial statements and accompanying presentation materials are available on Riot’s website.

“I am excited to announce third quarter 2023 results for Riot, as this quarter demonstrated ongoing execution of our long-term strategic plan to grow and thrive post-halving,” said Jason Les, CEO of Riot. “Riot’s core business is Bitcoin mining, and the scale of our vertically integrated operations and financial strength allowed us to execute our power strategy at scale during this quarter. Riot mined a total of 1,106 Bitcoin during the quarter, bringing our total production for 2023 year-to-date to 4,996. We are extremely pleased to report that our power strategy successfully drove down our 2023 year-to-date average cost to mine to $5,537 per Bitcoin, further solidifying our position as a leading low-cost producer of Bitcoin. At the same time, we have taken advantage of positive market conditions to raise significant amounts of capital to fund our ongoing growth plans while also further strengthening our financial liquidity. Riot finished the quarter with $290 million in cash on hand and 7,327 Bitcoin, representing a combined total of nearly $500 million in liquidity.

“I am confident that the strategic steps we have taken will position Riot as a leading low-cost producer, allow us to continue to fund our growth plans, and enhance our balance sheet strength ahead of the upcoming ‘halving.’ Combined, these steps further solidify our position as a leader in driving the cross-industry transformation of energy and money through Bitcoin mining.”

Third Quarter 2023 Financial and Operational Highlights

Key financial and operational highlights for the third quarter include:

●

Total revenue of $51.9 million, as compared to $46.3 million for the same three-month period in 2022. The increase was primarily driven by a 6% increase in Bitcoin production as compared to the same three-month period in 2022, coupled with higher Bitcoin prices which averaged $28,230 per Bitcoin for the quarter, an increase of 33%

as compared to an average price of $21,184 per Bitcoin for the same three-month period in 2022.

●

Produced 1,106 Bitcoin during the quarter, as compared to 1,042 Bitcoin during the same three-month period in 2022. Higher Bitcoin production was driven by a significant increase in miners deployed year over year, offset by increased curtailment as a result of our power strategy and an increase in the Bitcoin network difficulty.

●

The average cost to mine Bitcoin was negative ($6,141) in the third quarter, as compared to $8,227 per Bitcoin for the same three-month period in 2022.

●

Earned $49.6 million in power curtailment credits during the quarter, as compared to $13.1 million in power curtailment credits earned for the same three-month period in 2022.

●

Bitcoin Mining revenue of $31.2 million for the quarter, as compared to $22.1 million for the same three-month period in 2022, primarily driven by higher Bitcoin production and higher average Bitcoin prices.

●

Data Center Hosting revenue of $5.1 million for the quarter, as compared to $8.4 million for the same three-month period in 2022, driven by reduced hosting activity as we continue to address legacy contracts.

●

Engineering revenue of $15.5 million for the quarter, as compared to $15.8 million for the same three-month period in 2022.

●

Maintained industry-leading financial position, with $442.3 million in working capital, including $290.1 million in cash on hand, and 7,327 in unencumbered Bitcoin (unaudited, equating to $197.6 million assuming a market price for one Bitcoin on September 30, 2023 of approximately $26,968), all of which were produced by the Company’s self-mining operations, as of September 30, 2023.

Third Quarter 2023 Financial Results

Total revenue for the three-month period ended September 30, 2023 was $51.9 million, and consisted of $31.2 million in Bitcoin Mining revenue, $5.1 million in Data Center Hosting revenue, and $15.5 million in Engineering revenue.

Bitcoin Mining revenue in excess of Bitcoin Mining cost of revenue for the quarter was $6.8 million (22% of mining revenue), as compared to $7.4 million (33% of mining revenue) for the same three-month period in 2022, a decrease of $0.6 million driven by higher labor costs due to the expansion of the Rockdale facility. Bitcoin Mining cost of revenue consists primarily of direct production costs of mining operations, including electricity, labor, and insurance, but excludes depreciation and amortization.

Data Center Hosting cost of revenue in excess of Data Center Hosting revenue for the quarter was $(21.0) million. Data Center Hosting cost of revenue consists primarily of direct power costs, with the balance primarily incurred for compensation and rent costs.

Engineering revenue in excess of Engineering cost of revenue for the quarter was $2.3 million (15% of Engineering revenue), as compared to $2.0 million (13% of Engineering revenue) for the same three-month period in 2022. Engineering cost of revenue consists primarily of direct materials and labor, as well as indirect manufacturing costs.

Power curtailment credits received totaled approximately $49.6 million for the quarter, as compared to $13.1 million during the same three-month period in 2022 and equates to approximately 1,757 Bitcoin as computed by using average daily closing Bitcoin prices on a monthly basis.

If power credits were directly allocated between Bitcoin Mining cost of revenue and Data Center Hosting cost of revenue based on proportional power consumption, Bitcoin Mining cost of revenue would have decreased by $31.2 million, increasing Bitcoin Mining revenue in excess of cost of revenue to $38.0 million (121.8% of mining revenue) on a non-GAAP basis, while Data Center Hosting cost of revenue would have decreased by $18.4 million, reducing Data Center Hosting cost in excess of revenue to $(2.7) million on a non-GAAP basis.

Selling, general and administrative expenses during the quarter totaled $29.1 million, an increase of $13.1 million relative to the same period in 2022. The increase was primarily due to an increase in stock-based compensation of $10.0 million due to our long-term incentive plan implemented during the quarter, compensation expenses of $2.0 million as a result of hiring additional employees to support our ongoing growth, and increased professional fees of $2.3 million primarily related to public company compliance and information technology projects.

Net loss for the quarter was $(45.3) million, or $(0.25) per share, compared to a net loss of $(32.4) million, or $(0.21) per share for the same period in 2022. The net loss for the quarter included non-cash stock-based compensation expense of $13.5 million, depreciation and amortization of $64.6 million, and charges of $4.0 million related to impairment of our Bitcoin.

Non-GAAP Adjusted EBITDA for the quarter was $31.6 million, as compared to Non-GAAP Adjusted EBITDA of $4.3 million for the same three-month period in 2022.

Hash Rate Growth

Due to the impact of damage incurred to Building G during the severe winter storm in Texas in December 2022, Riot expects to achieve a total self-mining hash rate capacity of 12.5 exahash per second (“EH/s”) in the fourth quarter of 2023, as Building G is brought back online. Replacement dry coolers for repairing Building G have been received and over half of the replacement dry coolers have been installed. Hash rate in Building G has begun to return and will continue to ramp back to its full capacity of 2.4 EH/s by the end of the year.

On June 26, 2023, the Company announced the signing of a long-term purchase agreement with MicroBT Electronics Technology Co., LTD (“MicroBT”) which included an initial order of 33,280 Bitcoin miners for its Corsicana Facility. This initial order has recently been updated to

replace approximately 6,000 M56S++ miners with approximately 6,000 MicroBT M66 miners. Upon full deployment of this initial order by mid-2024, Riot’s total self-mining hash rate capacity is expected to reach 20.2 EH/s.

As part of this long-term purchase agreement, Riot also secured an option to purchase up to 66,560 additional miners from MicroBT consisting of the M56S++, M66, and M66S models on terms not to exceed the initial order. Assuming full exercise of Riot’s additional purchase option, which is solely at our election, the additional 66,560 miners would add approximately 16.1 EH/s of incremental hash capacity to Riot’s self-mining capacity.

ATM Offering

In August 2023, the Company entered an At-the-Market (“ATM”) Offering under which it could offer and sell up to $750.0 million in shares of the Company’s common stock.

During the three months ended September 30, 2023, the Company received net proceeds of approximately $126.0 million ($129.4 million in gross proceeds, net of $3.4 million in commissions and expenses) from the sale of 11,044,700 shares of its common stock at a weighted average fair value of $11.72 per share under its 2023 ATM Offering.

Subsequent to September 30, 2023, and through November 6, 2023, the Company received net proceeds of approximately $101.1 million from the sale of 10,196,000 shares of its common stock at a weighted average fair value of $10.12 per share under its 2023 ATM Offering.

About Riot Platforms, Inc.

Riot’s (NASDAQ: RIOT) vision is to be the world’s leading Bitcoin-driven infrastructure platform.

Our mission is to positively impact the sectors, networks and communities that we touch. We believe that the combination of an innovative spirit and strong community partnership allows the Company to achieve best-in-class execution and create successful outcomes.

Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. The Company has Bitcoin mining data center operations in central Texas, Bitcoin mining operations in central Texas, and electrical switchgear engineering and fabrication operations in Denver, Colorado.

For more information, visit www.riotplatforms.com.

Safe Harbor

Statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions. Such statements rely on the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to, statements about the benefits of acquisitions, including financial and operating results, and the Company’s plans, objectives, expectations, and intentions. Among the risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements include, but are not limited to: unaudited estimates of Bitcoin production; our future hash rate growth (EH/s); the anticipated benefits, construction schedule, and costs associated with the Navarro site expansion; our expected schedule of new miner deliveries; our ability to successfully deploy new miners; M.W. capacity under development; we may not be able to realize the anticipated benefits from immersion-cooling; the integration of acquired businesses may not be successful, or such integration may take longer or be more difficult, time-consuming or costly to accomplish than anticipated; failure to otherwise realize anticipated efficiencies and strategic and financial benefits from our acquisitions; and the impact of COVID-19 on us, our customers, or on our suppliers in connection with our estimated timelines. Detailed information regarding the factors identified by the Company’s management which they believe may cause actual results to differ materially from those expressed or implied by such forward-looking statements in this press release may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risks, uncertainties and other factors discussed under the sections entitled “Risk Factors” and “Cautionary Note

Regarding Forward-Looking Statements” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as amended, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC’s website, www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on such forward-looking statements.

For further information, please contact:

Investor Contact:
Phil McPherson
IR@Riot.Inc

303-794-2000 ext. 110

Media Contact:
Alexis Brock
303-794-2000 ext. 118
PR@Riot.Inc

Non-U.S. GAAP Measures of Financial Performance

In addition to financial measures presented under generally accepted accounting principles in the United States of America (“GAAP”), we consistently evaluate our use of and calculation of non-GAAP financial measures such as “Adjusted EBITDA”. EBITDA is computed as net income before interest, taxes, depreciation, and amortization. Adjusted EBITDA is a financial measure defined as EBITDA, adjusted to eliminate the effects of certain non-cash and/or non-recurring items that do not reflect our ongoing strategic business operations, which management believes results in a performance measurement that represents a key indicator of the Company’s core business operations of Bitcoin mining. The adjustments include fair value adjustments such as derivative power contract adjustments, equity securities value changes, and non-cash stock-based compensation expense, in addition to financing and legacy business income and expense items. We exclude impairments and gains or losses on sales or exchanges of Bitcoin from our calculation of Adjusted EBITDA for all periods presented.

We believe Adjusted EBITDA can be an important financial measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including our return on capital and operating efficiency from period-to-period by making such adjustments.

Adjusted EBITDA is provided in addition to and should not be considered to be a substitute for, or superior to, net income, the most comparable measure under GAAP for Adjusted EBITDA. Further, Adjusted EBITDA should not be considered as an alternative to revenue growth, net income, diluted earnings per share or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of our liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider such measures either in isolation or as substitutes for analyzing our results as reported under GAAP.

The following table reconciles Adjusted EBITDA to Net income (loss), the most comparable GAAP financial metric:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net income (loss)	$	(45,325)	$	(32,435)	$	(128,700)	$	(349,416)
Interest (income) expense		(2,318)		(348)		(3,331)		9
Income tax expense (benefit)		(157)		(2,952)		(5,014)		(8,839)
Depreciation and amortization		64,569		26,559		190,071		61,366
EBITDA		16,769		(9,176)		53,026		(296,880)

Adjustments:
Stock-based compensation expense		13,519		3,561		14,652		7,304
Acquisition-related costs		—		—		—		78
Change in fair value of derivative asset		(3,943)		17,749		(11,274)		(86,865)
Change in fair value of contingent consideration		—		—		—		176
Realized loss on sale of marketable equity securities		—		—		—		1,624
Unrealized (gain) loss on marketable equity securities		—		(142)		—		6,306
Loss (gain) on sale/exchange of equipment		5,306		(7,667)		5,336		(16,281)
Casualty-related charges		—		—		1,526		—
Impairment of goodwill		—		—		—		335,648
Other (income) expense		(31)		—		(96)		59
License fees		(25)		(25)		(73)		(73)
Adjusted EBITDA	$	31,595	$	4,300	$	63,097	$	(48,904)

In addition to Adjusted EBITDA, we believe “Bitcoin Mining revenue in excess of cost of revenue, net of power curtailment credits”, “Data Center Hosting revenue in excess of cost of revenue, net of power curtailment credits”, “Cost of revenue – Bitcoin Mining, net of power curtailment credits” and “Cost of revenue – Data Center Hosting, net of power curtailment credits” are additional performance measurements that represent a key indicator of the Company’s core business operations of both Bitcoin mining and Data Center Hosting.

We believe our ability to offer power back to the grid at market-driven spot prices, thereby reducing our operating costs, is integral to our overall strategy, specifically our power management strategy and our commitment to supporting the ERCOT grid. While participation in various grid demand response programs may impact our Bitcoin production, we view this

as an important part of our partnership-driven approach with ERCOT and our commitment to being a good corporate citizen in our communities.

We also believe netting the power sales against our costs can be an important financial measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including our operating efficiencies, from period-to-period by making such adjustments. We have allocated the benefit of the power sales to our Data Center Hosting and Bitcoin Mining segments based on their proportional power consumption during the periods presented.

Bitcoin Mining revenue in excess of cost of revenue, net of power curtailment credits, Data Center Hosting revenue in excess of cost of revenue, net of power curtailment credits, Cost of revenue – Bitcoin Mining, net of power curtailment credits and Cost of revenue – Data Center Hosting, net of power curtailment credits are provided in addition to and should not be considered to be a substitute for, or superior to Revenue – Bitcoin Mining, Revenue – Data Center Hosting, Cost of revenue – Bitcoin Mining or Cost of revenue – Data Center Hosting as presented in our consolidated statements of operations.

The following table presents reconciliations of these measurements to the most comparable U.S. GAAP financial metrics:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Bitcoin Mining
Revenue	$	31,222	$	22,070	$	128,987	$	126,166

Cost of revenue		24,449		14,677		69,995		51,766
Power curtailment credits allocated to Bitcoin Mining		(31,249)		(6,104)		(42,333)		(8,175)
Cost of revenue, net of power curtailment credits		(6,800)		8,573		27,662		43,591
Bitcoin mining revenue in excess of cost of revenue, net of power curtailment credits	$	38,022	$	13,497	$	101,325	$	82,575
Bitcoin mining revenue in excess of cost of revenue, net of power curtailment credits as a percentage of revenue		121.8%		61.2%		78.6%		65.4%

Data Center Hosting
Revenue	$	5,108	$	8,371	$	21,811	$	27,899

Cost of revenue		26,135	$	14,223	$	73,929	$	44,392
Power curtailment credits allocated to Data Center Hosting		(18,352)		(6,996)		(23,813)		(13,153)
Cost of revenue, net of power curtailment credits		7,783		7,227		50,116		31,239
Data Center Hosting revenue in excess of cost of revenue, net of power curtailment credits	$	(2,675)	$	1,144	$	(28,305)	$	(3,340)
Data Center Hosting revenue in excess of cost of revenue, net of power curtailment credits as a percentage of revenue		(52.4)%		13.7%		(129.8)%		(12.0)%

Total consolidated power curtailment credits	$	(49,601)	$	(13,070)	$	(66,146)	$	(21,328)

Exhibit 99.2

Q3 2023 Quarterly Update November 7 , 2023 NASDAQ: RIOT

Statements in this presentation that are not statements of historical fact are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions, and are not guarantees of future performance or actual results. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, but are not limited to, statements about the benefits of acquisitions, including potential future financial and operating results, as well as the Company’s plans, objectives, expectations, and intentions. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” and similar expressions are intended to identify forward-looking statements; however, forward-looking statements may be made without such signifying expressions. Because such forward-looking statements reflect management’s current expectations, assumptions and estimates of future performance and economic conditions, they are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: unaudited estimates of Bitcoin production; our future hash rate growth (EH/s); the anticipated benefits, construction schedule, and costs associated with the Corsicana Facility; our expected schedule of new miner deliveries; our ability to successfully deploy new miners; MW capacity under development; risks related to our realization of the benefits we anticipate from immersion-cooling; risks related to the success, schedule, cost and difficulty of integrating businesses we acquire; our failure to realize anticipated efficiencies and strategic and financial benefits from our acquisitions; and the impact that COVID-19 and other global events may have on us, our customers, our suppliers, and on economic conditions in connection with our estimated timelines, future performance and operations. Detailed information regarding the factors identified by the Company’s management which they believe may cause actual results to differ materially from those expressed or implied by the forward-looking statements contained in this presentation may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risks, uncertainties and other factors discussed under the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as amended, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC’s website, www.sec.gov. In addition to these risks and those identified by the Company’s management and disclosed in the Company’s filings with the SEC, other risks, factors and uncertainties not identified by management, or which management does not presently believe to be material to the Company, its business or prospects, may also materially affect the Company’s actual future results, including in ways adverse to the Company’s business. All forward-looking statements included in this presentation are made only as of the date of this presentation, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this presentation are cautioned not to place undue reliance on such forward-looking statements. 2 Forward Looking Statements

Riot Platforms (NASDAQ: RIOT) is the Leading Bitcoin-Driven Infrastructure Platform 98,694 miners deployed / 10.9 EH/s hash rate deployed2 Significant scale of operations Total revenue1 : $52 million Low-cost producer 1 2 YTD Direct cost to produce 1 BTC3 : $5,537/BTC YTD Bitcoin Mining gross margin3 : 79% Cash balance4 : $290 million Strong financial and liquidity position 3 Bitcoin held4 : 7,327 BTC (~$198 million) Long-term debt outstanding5 : Zero 3 4. As of September 30, 2023. Estimated fair value of ‘Bitcoin held’ based on applying the market price of one Bitcoin on September 30, 2023, of approximately $26,968 to the Company’s 7,327 Bitcoin held. 5. As of September 30, 2023. Does not include $0.7MM of long-term debt held at the ESS Metron level. 1. Three months ended September 30, 2023. 2. As of September 30, 2023. Excludes 14,250 miners that are offline as a result of damage to Building G from the severe winter weather in Texas in late December 2022. 3. Nine months ended September 30, 2023. Non-GAAP, net of $42.3 million of power curtailment credits allocated to Bitcoin Mining. Direct cost to produce 1 BTC of $14,010 based on GAAP cost of Bitcoin Mining revenues, resulting in GAAP 46% Bitcoin Mining gross margin. 1,106 Bitcoin mined1 / ~12.0 Bitcoin mined/day YTD Cost of power3 : 1.7c/kWh

Q3 2023 Financial and Operational Results 4

Riot Platforms Q3 2023 Snapshot 5 Q3 2023 Notes Ending hash rate deployed1 10.9 EH/s ▪ 95% increase year-over-year Bitcoin produced 1,106 BTC ▪ 6% increase year-over-year Bitcoin sold 1,040 BTC ▪ $29.7 million in proceeds received (avg. price of $28,530 per BTC) Bitcoin held 7,327 BTC ▪ $197.6 million (unaudited)2 Revenue $51.9 million ▪ 12% increase year-over-year Adj. EBITDA3 $31.6 million ▪ 61% EBITDA margin Power curtailment credits $49.6 million ▪ 367% increase quarter-over-quarter Net loss / Net loss per share $(45.3) million / $(0.25) ▪ Includes $64.6 million in D&A and $4.0 million in non-cash impairment of BTC 1. Excludes 14,250 miners that are offline as a result of damage to Building G from the severe winter weather in Texas in late December 2022. 2. Estimated fair value based on applying the market price of one Bitcoin on September 30, 2023, of approximately $26,968 to the Company’s 7,327 Bitcoin held. 3. Adjusted EBITDA is a non-GAAP financial measure, see slides 21 and 22 for definitions of Non-GAAP Measures and Reconciliations.

6 Ending miners deployed(# of miners) Ending hash rate deployed (EH/s) Bitcoin produced (# of BTC) 4 Bitcoin held (# of BTC) 5.6 10.9 Q3 2022 Q3 2023 +95% 6,766 7,327 Q3 2022 Q3 2023 55,728 98,694 Q3 2022 Q3 2023 +77% 1,042 1,106 617 1,757 Q3 2022 Q3 2023 +73% +8% 1. Excludes 14,250 miners that are offline as a result of damage to Building G from the severe winter weather in Texas in late December 2022. 2. Quarter ended September 30, 2022. 3. Quarter ended September 30, 2023. 4. Q3 2023 figure calculated as $49.6MM in total power credits divided by average daily BTC price during applicable period of $28.2K. Q3 2022 figure calculated as $13.1MM in total power credits divided by average daily BTC price during applicable period of $21.2K. 2 3 New All-Time Records in Miners Deployed and Hash Rate Capacity, while Significantly Executing on Power Strategy 2 3 2 3 2 3 ▪ New all-time records in 98,694 miners deployed and 10.9 EH/s hash rate capacity achieved at end of Q3 2023 ▪ Miners and hash rate deployed grew nearly 2x year-over-year ▪ 1,106 Bitcoin produced ▪ Generated $49.6MM in power credits, of which $31.2MM have been allocated to self-mining, representing an additional equivalent of 1,757 Bitcoin produced for the quarter 4 ▪ Bitcoin held increased to 7,327 Bitcoin, +8% year-over-year 1 1 1,659 2,863 BTC Mined BTC Equivalent in Power Credits

5.6 EH/s 9.7 EH/s 10.5 EH/s 10.7 EH/s 10.9 EH/s Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 $22.1 $30.7 $48.0 $49.7 $31.2 61% 39% 58% 70% 122% 0% 20% 40% 60% 80% 100% 120% 140% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Revenue ($ million) Gross margin (%) 7 ▪ $49.6MM in power credits, of which $31.2MM have been allocated to self-mining, exceeded total cost of revenue of $24.4MM during this quarter ▪ Realized a NEGATIVE COST to mine per Bitcoin in the quarter, driven by successful execution of Riot’s unique power strategy ▪ Bitcoin Mining gross margins1 significantly increased in Q3 2023 due to power strategy and increase in average Bitcoin prices 1. Non-GAAP, net of power curtailment credits allocated to Bitcoin Mining. GAAP gross margin figures of 33% in Q3’22, 26% in Q4’22, 54% in Q1’23, 52% in Q2’23, and 22% in Q3’23. 2. Excludes 17,040, 17,040, and 14,250 miners, respectively, that were offline as a result of damage to Building G from the severe winter weather in Texas in late December 2022. 3. Three months ended September 30, 2023. Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Avg. BTC price $21,184 $17,935 $22,704 $28,024 $28,230 # of BTC produced 1,042 1,712 2,115 1,775 1,106 Cost to Mine1 $8,227 $9,744 $9,438 $8,389 ($6,141) Riot Revenue Breakdown – Q3 20233 Revenue / Gross Margin1 (%) Ending Hash Rate Capacity Bitcoin Mining – Gross Margin Increase in Q3 2023 Driven by Power Strategy 60% 30% 10% +73% +8% 1 2 2 2 +2% Bitcoin Mining Data Center Hosting Engineering +2% Not including:

$8.4 $9.0 $9.0 $7.7 $5.1 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 $1.1 $(6.4) $(15.5) $(9.8) $(2.7) 13% (71%) (171%) (127%) (52%) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Gross profit ($ million) Gross margin (%) 8 Data Center Hosting – Legacy Contracts Continue to be Addressed ▪ Decrease in Q3 2023 hosting revenues of $2.6MM driven by reduction in number of hosted customers over the period ▪ Generated $49.6MM in total power credits of which $18.4MM have been allocated to hosting business ▪ Power Credits drove reduction in losses on Hosting business during the quarter ▪ Removed GMO’s hosted miners out of Building A at the Rockdale Facility ▪ Riot continued to press claims through litigation with hosting client Rhodium Riot Revenue Breakdown – Q3 20232 1. Non-GAAP, net of power curtailment credits allocated to Data Center Hosting. GAAP gross profit figures of $(5.9m) in Q3'22, $(8.6m) in Q4'22, $(16.6m) in Q1’23, $(14.5m) in Q2’23, and $(21.0m) in Q3’23. GAAP gross margin figures of (70%) in Q3’22, (95%) in Q4’22, (184%) in Q1’23, (189%) in Q2’23, and (412%) in Q3’23. 2. Three months ended September 30, 2023. Gross Profit1 / Gross Margin1 (%) Revenue / Growth per Quarter (%) +7% +1% 1 1 -34% Bitcoin Mining Data Center Hosting Engineering -15% 60% 30% 10%

$2.0 $3.5 $0.6 $1.1 $2.3 13% 17% 4% 6% 15% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Gross profit ($ million) Gross margin (%) $15.8 $20.5 $16.1 $19.3 $15.5 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 9 Engineering – Strong Data Center Demand Driving Margin Expansion +29% -21% 20% ▪ 15% gross margin for Q3 2023, increased from 6% in Q2 2023 ▪ Expect continued growth in data center demand from existing and new clients ▪ Engineering business dynamically positioned for growth in data center businesses driven by an increase in AI applications Riot Revenue Breakdown – Q3 20231 1. Three months ended September 30, 2023. Revenue / Growth per Quarter (%) Gross Profit / Gross Margin (%) Bitcoin Mining Data Center Hosting Engineering -20% 60% 30% 10%

Power Strategy Execution in Q3 2023 10

-$10/MWh $10/MWh $30/MWh $50/MWh $70/MWh $90/MWh $110/MWh $130/MWh $150/MWh $170/MWh $190/MWh $210/MWh January-23 February-23 March-23 April-23 May-23 June-23 July-23 August-23 LZ South Average Settlement Price $/MWh Mining Revenue 11 Fixed Power Block Gives Riot Ability to Benefit from High Power Costs When Bitcoin Mining may be Less Economical 1. ERCOT South Hub (7x24) average historical settlement price from January 1, 2023, to August 19, 2023. 2. Riot’s $/MWh self-mining revenue, based on BTC mined per day, BTC closing price, and self-mining power draw per day. 3. 6-months ended June 30, 2023. Non-GAAP, net of $10.7 million of power curtailment credits allocated to Bitcoin Mining. Average settlement price >$500/MWh Riot’s average cost of power 3 1 2

12 Long-Term Power Contracts Form the Basis of Riot’s Power Strategy Riot's Power Strategy Employed Through 3 Primary Mechanisms ▪ Riot powers down operations and returns power back to the utility when market prices are higher than Bitcoin mining revenues ▪ Riot receives power credits for difference between market power price and Riot’s fixed power price ▪ Economic maximization between Bitcoin mining and electricity markets ▪ Riot competitively bids to sell ERCOT the option to control Riot’s electrical load in certain hours ▪ ERCOT compensates in the form of Demand Response Credits, which are received whether or not ERCOT calls to power down ▪ Riot voluntarily powers down operations during times of peak demand in summer months ▪ Participation gives substantial savings on transmission costs in future power bills, reducing overall power costs ▪ Saves Riot ~$1MM per month on transmission costs Manual Curtailment 1 ERCOT Ancillary Services 2 ERCOT 4 Coincident Peak ("4CP")Program 3 Makes Possible Riot’s 345MW Long-Term 24/7 Fixed-Price Power Contract July 2023 $5.7 Million August 2023 $22.5 Million September 2023 $10.3 Million Q3 2023 Total $38.5 Million Power Credits Received July 2023 $1.9 Million August 2023 $7.0 Million September 2023 $2.3 Million Q3 2023 Total $11.1 Million Demand Response Credits Received

$36.6 $161.4 $81.9 $26.5 ($117.5) ($13.8) ($150.00) ($100.00) ($50.00) $0.00 $50.00 $100.00 $150.00 $200.00 July August September LZ South Riot Self-Mining Power Cost Utilization of Power Strategy Drives Significant Reductions in Effective Power Costs to Riot 13 ▪ Riot’s unique power strategy consistently outperforms buying spot power from ERCOT in its load zone ▪ When other miners are forced to turn off due to high prices, Riot can use its fixed low-price contracts to sell power to the utility provider ▪ Demand Response and Power Credits received lower Riot’s effective power price per MWh 1. ERCOT average real-time settlement prices based on 15-minute settlement windows. Riot’s Rockdale Facility is located in ERCOT’s Load Zone South 2. Riot’s realized cost to mine per megawatt hour (MWh) is based on the amount of megawatt hours of self-mining in each month and the total expense under power contracts allocated to self-mining inclusive of any power curtailment or demand response credits allocated to self-mining for each month. Figures are inclusive of 2022 4CP savings as realized on 2023 power bills. All numbers shown here are preliminary and unaudited. Average Power Price per Month per MWh for Load Zone South and Riot 1 2

Growth Plans 14

Capex spent as of Q3 2023 Q4 2023 capex estimate 2024 capex estimate Total phase 1 capex G 15 Corsicana Facility – Riot's Second Large-Scale Facility [1 GW] 1. Phase 1 of the Corsicana Facility development is comprised of the buildout of an initial 400 MW of immersion-cooled data center infrastructure. 1 Corsicana Facility Under Development October 31st, 2023 Corsicana Phase 1 Capex Schedule1 $155 mm $333mm $128mm $50mm

16 Corsicana Facility – Planned Phase 1 Timeline Q4 2022 Groundbreaking Ceremony Kick-off Ground Works Q2 2023 Cut & Fill Structural Metal Buildings Delivered on Site Q4 2023 Tanks Commissioning Q4 2023 Building A1 Erection Q2 2023 Inventory Building Cut & Fill Q1 2024 First Batch of Miners Online Q2 2024 Second Batch of Miners Online

Q3 2023 Estimated BTC sales Corsicana Facility 400 MW build-out Corsicana miner purchase 17 1. As of September 30, 2023. 2. Assumes $34,000 BTC price increasing at a 2% monthly escalator and global network hash rate of 430 EH/s in 2023 (October to December) and 460 EH/s in 2024 (January to December), majority of monthly BTC production sold (net of fees), self-mining operations from the Rockdale Facility, and estimated Company future deployed self-mining hash rate at the Corsicana Facility. 3. Assumes outstanding infrastructure capital expenditure as of September 30, 2023, only. 4. Includes miner costs to fill out all the Phase 1 400MW Corsicana build-out. ‘$178 million optional order’ figure only includes the first option of 33,280 miners and does not include the second option of 33,280 miners. $290 million Cash balance1 3 4 7,327 BTC1 2 Industry-Leading Financial Strength, with Growth Plans Through Year-End 2024 Already Fully-Funded and Independent of External Financing $178 million $108 million $178 million optional order 4

18 Strong Visibility on Growth Plan through 2025 Note: ‘Optional MicroBT Order’ represents hash rate increase associated with Riot’s option to order an additional 66,560 miners, representing approximately 16.1 EH/s in total. Currently assumes a deployment schedule of 16,640 miners in Q4’24, 16,640 miners in Q1’25, 16,640 miners in Q3’25, and 16,640 miners inQ4’25. Historical Rockdale Rockdale Building ‘G’ Corsicana Optional MicroBT Order Assuming full exercise of additional MicroBT purchase option 3.1 EH/s 9.7 EH/s 10.5 EH/s 10.7 EH/s 10.9 EH/s 12.5 EH/s 16.3 EH/s 20.2 EH/s 20.2 EH/s 36.3 EH/s 0.0 EH/s 5.0 EH/s 10.0 EH/s 15.0 EH/s 20.0 EH/s 25.0 EH/s 30.0 EH/s 35.0 EH/s 40.0 EH/s 2021A 2022A Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3'24 2025

Riot’s vision is to be the world’s leading Bitcoin-driven infrastructure platform 19

Appendix 20

21 Statement of Operations (Unaudited) 2023 2022 (in $ thousands, except for per share amounts) Revenue: - Bitcoin Mining $ 31,222 $ 22,070 - Data Center Hosting 5,108 8,371 - Engineering 15,536 15,824 - Other Revenue 25 25 Total Revenue $ 51,891 $ 46,290 Costs and Expenses: Cost of Revenue: - Bitcoin Mining $ 24,449 $ 14,677 - Data Center Hosting 26,135 14,223 - Engineering 13,194 13,780 Selling, General and Administrative 29,067 16,004 Depreciation and Amortization 64,569 26,559 Change in Fair Value of Derivative Asset (3,943) 17,749 Power Curtailment Credits (49,601) (13,070) Realized Gain on Sale of Bitcoin (13,495) (3,109) Impairment of Bitcoin 4,041 3,021 Loss/(Gain) on Sale of Equipment 5,306 (7,667) Total Costs and Expenses 99,722 82,167 Operating Income (Loss) $ (47,831) $ (35,877) Total Other Income (Expense) 2,349 490 Net Income (Loss) Before Taxes (45,482) (35,387) Total Income Tax Benefit (Expense) 157 2,952 Net Income (Loss) $ (45,325) $ (32,435) Basic and Diluted Net Income (Loss) per Share $ (0.25) $ (0.21) Basic and Diluted Weighted Average Number of Shares Outstanding 180,952,689 153,895,123 Three Months Ended September 30,

22 Balance Sheet (Unaudited) As of September 30, As of December 31, 2023 2022 (in $ thousands, except for per share amounts) Assets: Current Assets: Cash and Cash Equivalents $ 290,107 $ 230,328 Accounts Receivable, net 12,683 26,932 Contract Assets 22,513 19,743 Prepaid Expenses and Other Current Assets 35,989 32,661 Bitcoin 151,825 109,420 Future Power Credits, Current Portion 271 24,297 Total Current Assets $ 513,388 $ 443,381 Property and Equipment, net $ 667,808 $ 692,555 Deposits 120,936 42,433 Finite-lived Intangible Assets, net 17,159 21,477 Derivative Asset 108,771 97,497 Operating Lease Right-of-Use Assets 21,064 21,673 Future Power Credits, less current portion 638 638 Other Long-Term Assets 5,620 310 Total Assets $ 1,455,384 $ 1,319,964

23 Balance Sheet (Unaudited) (continued) As of September 30, As of December 31, 2023 2022 (in $ thousands, except for per share amounts) Liabilities and Stockholders' Equity: Current Liabilities: Accounts Payable $ 8,898 $ 18,445 Contract Liabilities 5,787 8,446 Accrued Expenses 25,200 65,464 Deferred Gain on Acquisition Post-Close Dispute Settlement 26,007 Deferred Revenue, current portion 2,564 2,882 Contingent Consideration Liability - Future Power Credits, current portion 271 24,297 Operating Lease Liability, current portion 2,388 2,009 Total Current Liabilities $ 71,115 $ 121,543 Deferred Revenue, less current portion $ 16,331 $ 17,869 Operating Lease Liability, less current portion 19,516 20,242 Contingent Consideration Liability - Future Power Credits, less current portion 638 638 Other Long-Term Liabilities 7,083 8,230 Total Liabilities $ 114,683 $ 168,522 Stockholders' Equity: Preferred Stock, no par value, 15,000,000 shares authorized: 2% Series A Convertible Preferred stock; 2,000,000 shared authorized; no shares issued and outstanding as of September 30, 2023 and December 31, 2022 - - 0% Series B Convertible Preferred stock; 1,750,001 shares authorized; no shares issued and outstanding as of September 30, 2023 and December 31, 2022 - - Common Stock, no par value; 340,000,000 shares authorized; 196,300,944 and 167,751,112 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively 2,225,743 1,907,784 Accumulated Deficit (885,042) (756,342) Total Stockholders' Equity 1,340,701 1,151,442 Total Liabilities and Stockholders' Equity $ 1,455,384 $ 1,319,964

24 Non-GAAP Adjusted EBITDA (Unaudited) * Indicates Non-GAAP measure. We use Adjusted EBITDA to eliminate the effects of certain non-cash and/or non-recurring items, that do not reflect our ongoing strategic business operations. Adjusted EBITDA includes impairment of Bitcoin charges. Adjusted EBITDA is provided in addition to, and not as a substitute for, or as superior to, the comparable GAAP measure, Net Income. For a full reconciliation of the Non-GAAP measures we use to their comparable GAAP measures, see the discussion under the heading “Non-GAAP Measures” commencing on page 29, under Item 2, “Management’s Discussion & Analysis” in our September 30, 2023, Form 10-Q. 2023 2022 (in $ thousands, except for per share amounts) Net Income (Loss) $ (45,325) $ (32,435) Interest (Income) Expense (2,318) (348) Income Tax Expense (Benefit) (157) (2,952) Depreciation and Amortization 64,569 26,559 EBITDA $ 16,769 $ (9,176) Non-Cash / Non-Recurring Operating Expenses and Adjustments: Stock-Based Compensation Expense $ 13,519 $ 3,561 Change in Fair Value of Derivative Asset (3,943) 17,749 Unrealized (Gain) Loss on Marketable Equity Securities - (142) Loss (Gain) on Sale/Exchange of Equipment 5,306 (7,667) Other (Income) Expense (31) - Other Revenue, (Income) Expense Adjustments: License Fees (25) (25) Total Adjustments 14,826 13,476 Adjusted EBITDA $ 31,595 $ 4,300 Three Months Ended September 30,

25 Non-GAAP Cost of Revenues (Unaudited) * Indicates Non-GAAP measure. We use these Non-GAAP measures to evaluate the performance of our core business operations, Bitcoin Mining and Data Center Hosting, after including the impact of our power management strategy. They are provided in addition to, and not as a substitute for, or superior to, their comparable GAAP measures, Revenue and Cost of Revenues. For a full reconciliation of the Non-GAAP measures we use to their comparable GAAP measures, see the discussion under the heading “Non-GAAP Measures” commencing on page 29, under Item 2, “Management’s Discussion & Analysis” in our September 30, 2023, Form 10-Q. 2023 2022 (in $ thousands, except for per share amounts) Bitcoin Mining: Revenue $ 31,222 $ 22,070 Cost of Revenue 24,449 14,677 Power Curtailment Credits allocated to Bitcoin Mining (31,249) (6,104) Cost of Revenue, net of Power Curtailment Credits (6,800) 8,573 Bitcoin Mining Revenue in excess of Cost of Revenue, net of Power Curtailment Credits $ 38,022 $ 13,497 Bitcoin Mining Revenue in excess of Cost of Revenue, net of Power Curtailment Credits as a percentage of Revenue 121.8% 61.2% Data Center Hosting: Revenue $ 5,108 $ 8,371 Cost of Revenue 26,135 14,223 Power Curtailment Credits allocated to Data Center Hosting (18,352) (6,996) Cost of Revenue, net of Power Curtailment Credits 7,783 7,227 Data Center Hosting Revenue in excess of Cost of Revenue, net of Power Curtailment Credits $ (2,675) $ 1,144 Data Center Hosting Revenue in excess of Cost of Revenue, net of Power Curtailment Credits as a percentage of Revenue -52.4% 13.7% Total Consolidated Power Curtailment Credits $ (49,601) $ (13,100) Three Months Ended September 30,

Document and Entity Information	Nov. 07, 2023
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Nov. 07, 2023
Entity Registrant Name	Riot Platforms, Inc.
Entity Incorporation, State or Country Code	NV
Entity File Number	001-33675
Entity Tax Identification Number	84-1553387
Entity Address, Address Line One	3855 Ambrosia Street
Entity Address, Adress Line Two	Suite 301
Entity Address, City or Town	Castle Rock
Entity Address State Or Province	CO
Entity Address, Postal Zip Code	80109
City Area Code	(303)
Local Phone Number	794-2000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	RIOT
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0001167419
Amendment Flag	false