Riot Blockchain (RIOT), one of the largest bitcoin (BTC) miners, reported first-quarter revenue of $79.8 million, which missed the consensus of analyst estimates of $83.7 million, according to FactSet data.
Despite the miss, the miner posted record quarterly revenue, which rose 244% from the quarter a year ago, according to a statement.
“Our vertically integrated business strategy of owning, operating and manufacturing has accelerated our growth while helping insulate us from continuing global supply chain issues,” said CEO Jason Les in the statement.
The miner said mining revenue margin was $38.9 million (67% of mining revenue), which compares with $15.6 million (68% of mining revenue) for the same three-month period in 2021.
“The consistent mining revenue margin was primarily due to operating efficiencies driven by a greater number of new-generation miners currently being deployed at Riot’s Whinstone,” the company Riot bought last year, according to the statement.
Riot expects that by January 2023, total self-mining hash rate capacity will reach about 12.8 EH/s, staying consistent with previous guidance.
Riot’s net income for the quarter was $35.6 million, or 30 cents per share, compared to net income of $7.5 million, or 9 cents er share a year ago.
The company’s shares are up 1.6% in post-market trading.
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