Bitcoin Miner Riot Blockchain's Q3 Earnings Miss Expectations

Riot Blockchain Inc RIOT shares are trading lower by 2.09% to $5.63 during Monday's after-hours session after the company reported worse-than-expected third-quarter sales and EPS results.

What Happened?

Riot Blockchain reported quarterly losses of 24 cents per share which missed the analyst consensus estimate of a loss of 2 cents per share.

The company reported quarterly sales of $46.30 million, which missed the analyst consensus estimate of $57.04 million by 19%. This is a 29% decrease over sales of $64.81 million in the same period last year.

Riot says the company maintained an industry-leading financial position, with $369.8 million in working capital, including $255.0 million in cash on hand, and 6,766 Bitcoin (unaudited), all of which were produced by the company's self-mining operations, as of September 30, 2022.

What Else?

"Our results this quarter are a strong testament to the benefits of Riot's vertically-integrated and diversified business model, which is further complemented by our conservative financial approach," said Jason Les, CEO of Riot.

"Despite rising energy prices, which significantly impacted many Bitcoin miners, Riot was able to leverage our long-term fixed rate power contract to generate significant power credits and in doing so, significantly reduce our operating costs. Additionally, our strong liquidity position has enabled us to remain focused on executing our growth plans and achieving new records in hash rate capacity, as we work towards our goal of becoming the world's leading Bitcoin-driven infrastructure platform."

According to data from Benzinga Pro, RIOT has a 52-week high of $46.28 and a 52-week low of $4.02.