Riot Platforms, Inc. (RIOT) Q4 2024 Earnings Call Transcript

For the period ending December 31, 2024

February 24, 2025 4:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and thank you for standing by. Welcome to Riot Platforms Fourth Quarter 2024 and Full Year 2024 Earnings Conference Call. Please note that all participants have been placed in listen-only mode until the question-and-answer session begins following the company's presentation of its prepared remarks. Please also be advised that today's call is being recorded. I would now like to hand the conference over to Phil McPherson, Vice President of Capital Markets and Investor Relations at Riot Platforms. Please go ahead.

Phil McPherson

Thank you, Michelle. Good afternoon, and welcome to Riot Platforms fourth quarter and full year 2024 earnings conference call. My name is Phil McPherson, Vice President of Capital Markets and Investor Relations. And joining me on today's call from Riot are Jason Les, CEO; Colin Yee, CFO; and Jason Chung, Executive Vice President, Head of Corporate Development and Strategy.

On the right, Investor Relations website, you can find our fourth quarter and full year 2024 earnings press release and accompanying earnings presentation, which are intended to supplement today's prepared remarks and which includes a discussion of certain non-GAAP items. Non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP and are included as additional clarifying items to aid investors in further understanding the company's fourth quarter and full-year 2024 performance.

During today's call, we will be making forward-looking statements regarding potential future events. These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties. Actual results could materially differ due to factors discussed in today's earnings press release, in comments and responses made during today's call and in the Risk Factors section of our Form 10-K and Form 10-Q, including for the year ended December 31st, 2024, which will be filed later today as well as other filings with the Securities and Exchange Commission.

With that, I will turn the call over to Jason Les, CEO of Riot Platforms.

Jason Les

Thank you, Phil, and good afternoon, everyone. Before we dive into Riot's 2024 results, I would like to reflect on the industry as a whole. When Riot began mining Bitcoin in 2017, the entire network hash rate was just 3 exahash. By 2024, Riot alone grew our self-mining hash rate by 19.1 exahash to a total of 31.5 exahash, while the global network reached an all-time high of over 750 exahash.