Form 8-K - Current report

0001167419false00011674192024-10-302024-10-30

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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): October 30, 2024

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)

[phone]

(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

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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. ☐

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Item 2.02 – Results of Operations and Financial Condition.

On October 30, 2024, Riot Platforms, Inc. (together with its consolidated subsidiaries, “Riot”) issued a press release (the “Press Release”) and an update on Riot’s business and quarterly financial results and results of operations for the three months ended September 30, 2024 (the “Q3 2024 Earnings Deck”) on its website, riotplatforms.com, under the “Investor Relations” tab. The full text of the Press Release and the Q3 2024 Earnings Deck are attached to this Current Report on Form 8-K (this “Report”) as Exhibits 99.1 and 99.2, respectively.

​

The information under this Item 2.02 of this Report, including the Press Release and the Q3 2024 Earnings Deck attached as Exhibits 99.1 and 99.2 hereto, is furnished pursuant to this Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 – Regulation FD Disclosure.

(d)Exhibits.

EXHIBIT INDEX

The following exhibits are filed or furnished herewith:

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Exhibit No.		Description
99.1	​	Press Release, dated October 30, 2024.
99.2	​	Q3 2024 Earnings Deck, dated as of October 30, 2024.
104	​	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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S I G N A T U R E

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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​	RIOT PLATFORMS, INC.		​
​	​	​	​
​	​	​	​
​	By:	/s/ Colin Yee	​
​	Name:	Colin Yee	​
​	Title:	Chief Financial Officer	​

​

Date: October 30, 2024

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Exhibit 99.1

Riot Platforms Reports Third Quarter 2024 Financial Results, Current Operational and Financial Highlights

Riot Reports $84.8 million in Total Revenue and Deployed Hash Rate of 28 EH/s

CASTLE ROCK, Colo., October 30, 2024 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an industry leader in vertically integrated Bitcoin mining, reported financial results for the three-month period ended September 30, 2024. The accompanying presentation materials are available on Riot’s website.

“I’m pleased to announce Riot’s results for the third quarter 2024, the first full quarter past the Bitcoin ‘halving’ event, during which Riot continued to achieve significant growth while maintaining industry-leading low power costs,” said Jason Les, CEO of Riot. “Riot recorded $84.8 million in revenue this quarter, representing a 65% increase over the same quarter in 2023, driven by a 159% year-over-year increase in deployed hash rate to 28 EH/s at the end of the quarter. This significant increase in deployed hash rate allowed us to produce 1,104 Bitcoin this quarter, in-line with our Bitcoin production in the third quarter of 2023, despite the ‘halving’.

“During the quarter, Riot once again demonstrated the benefits of our unique power strategy, achieving an industry-leading average all-in cost of power of 3.1 cents/kWh. Riot’s flexibility to utilize power at our Corsicana Facility when the market price for power in ERCOT is low, coupled with the long-term fixed price PPA at our Rockdale Facility, gives Riot tremendous optionality to optimize our power costs and represents a key competitive advantage for us.

“Riot also ended the quarter having maintained our robust balance sheet strength, with approximately $1.3 billion in cash, restricted cash, marketable equity securities, and 10,427 Bitcoin held. Looking forward, I am incredibly excited about our future path, as our teams continue working to develop and deploy even more power capacity and hash rate across Texas and Kentucky, towards Riot’s next goal of achieving 100 EH/s in self-mining capacity.”

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Third Quarter 2024 Financial and Operational Highlights

Key financial and operational highlights for the third quarter include:

●

Total revenue of $84.8 million, as compared to $51.9 million for the same three-month period in 2023. The increase was primarily driven by a $36.3 million increase in Bitcoin Mining revenue.

●

Produced 1,104 Bitcoin during the quarter, in-line with the 1,106 Bitcoin mined during the same three-month period in 2023 and despite the block subsidy ‘halving’ event which occurred in April 2024 and an increase in network difficulty.

●

The average cost to mine Bitcoin, excluding depreciation, was $35,376 in the quarter, as compared to negative ($22,741) per Bitcoin for the same three-month period in 2023. The increase was primarily driven by a 75% decrease in power credits received in Q3 2024 relative to power credits received in Q3 2023, the block subsidy ‘halving’ event, which occurred in April 2024, and a 59% increase in the average global network hash rate as compared to the same three-month period in 2023.

●

Generated $12.4 million in power credits during the quarter, as compared to $49.6 million in power credits generated for the same three-month period in 2023.

●

Bitcoin Mining revenue of $67.5 million for the quarter, as compared to $31.2 million for the same three-month period in 2023, primarily driven by higher average Bitcoin prices and an increase in operational hash rate, partially offset by an increase in network difficulty and the block subsidy ‘halving’ event.

●

Engineering revenue of $12.6 million for the quarter, as compared to $15.5 million for the same three-month period in 2023.

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●

Maintained industry-leading financial position, with $590.6 million in working capital, including $355.7 million in cash on hand and $190.1 million in marketable equity securities.

●

Held 10,427 in unencumbered Bitcoin (equating to approximately $660.3 million based on a market price for one Bitcoin on September 30, 2024, of $63,330), all of which were produced by the Company’s self-mining operations, as of September 30, 2024.

Third Quarter 2024 Financial Results

Total revenue for the three-month period ended September 30, 2024 was $84.8 million, and consisted of $67.5 million in Bitcoin Mining revenue and $12.6 million in Engineering revenue. Other revenue, attributable to third-party hosting, totaled $4.8 million.

Bitcoin Mining gross profit, excluding depreciation, for the quarter was $28.4 million (42% Bitcoin Mining margin), as compared to $56.4 million (181% Bitcoin Mining margin) for the same three-month period in 2023. Bitcoin Mining cost of revenue consists primarily of direct production costs of mining operations, including electricity, labor, and insurance, but excluding depreciation and amortization.

Engineering gross loss, excluding depreciation, for the quarter was $(0.9) million, as compared to Engineering gross profit, excluding depreciation, of $2.3 million for the same three-month period in 2023.

Power curtailment credits received totaled approximately $12.4 million for the quarter, as compared to $49.6 million during the same three-month period in 2023.

Selling, general and administrative expenses during the quarter totaled $66.9 million, an increase of $37.9 million relative to the same period in 2023. This increase was driven by increases in stock-based compensation expenses of $13.5 million primarily related to new grants under our long-term incentive program, a $4.2 million increase in advisory expenses related to ongoing M&A activity and increased legal costs of $3.0 million primarily related to ongoing litigation.

Net loss for the quarter was $(154.4) million, or $(0.54) per share, compared to a net loss of $(80.0) million, or $(0.44) per share, for the same period in 2023. The net loss for the quarter included an unrealized loss on marketable equity securities of $38.0 million, non-cash stock-based compensation expense of $30.6 million, and depreciation and amortization of $60.0 million.

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Non-GAAP Adjusted EBITDA for the quarter was $(3.6) million, as compared to $(3.1) million for the same three-month period in 2023.

Hash Rate Growth

Riot currently anticipates achieving a total self-mining hash rate capacity of 34.9 EH/s by the end of 2024, a decrease from prior guidance of 36.3 EH/s by the end of the year, primarily driven by slower than planned expansion in the recently acquired Kentucky facilities, which had previously been anticipated to come online this year and which are now expected to come online in 2025.

In addition, Riot now anticipates ending 2025 at 46.7 EH/s, lower than prior guidance of 56.6 EH/s.  This reduction is driven by previous 2025 expansion plans in Kentucky now being pushed out into 2026, and longer than anticipated lead times for the next substation at the Corsicana Facility, which will result in two new buildings coming online in 2025 versus prior expectations for three buildings.

Riot now expects to complete the full development of the Corsicana Facility in 2026 and, alongside expansion plans in the Kentucky Facilities, to achieve a hash rate capacity of 65.7 EH/s by the end of 2026.

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ATM Offerings

In August 2024, the Company entered into the August 2024 ATM Offering, under which it could offer and sell up to $750.0 million in shares of the Company’s common stock, replacing the Offering entered into in February 2024.

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During the nine months ended September 30, 2024, the Company received net proceeds of approximately $730.8 million ($746.4 million of gross proceeds, net of $15.6 million in commissions and expenses) from the sale of 70,113,816 shares of its common stock at a weighted average fair value of $10.65 per share under its 2024 ATM Offerings and previous 2023 ATM Offering.

Subsequent to September 30, 2024, and through October 28, 2024, the Company received net proceeds of approximately $62.1 million from the sale of 8,106,500 shares of its common stock at a weighted average fair value of $7.81 per share under its August 2024 ATM Offering.

As of October 30, 2024, the Company had 332,325,535 shares of its common stock outstanding.

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 operations in central Texas and Kentucky, 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 Company’s plans, objectives, expectations, and intentions. 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

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Bitcoin production; our future hash rate growth (EH/s); the anticipated benefits, construction schedule, and costs associated with the Corsicana site expansion; our expected schedule of new miner deliveries; the impact of weather events on our operations and results; our ability to successfully deploy new miners; potential negative impacts on our results of Bitcoin production due to the variance in our mining pool rewards; megawatt (“MW”) capacity under development; our potential inability to realize the anticipated benefits from immersion cooling; our ability to access sufficient additional capital for future strategic growth initiatives; the possibility that 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; the anticipated impacts of the Bitcoin “halving”; and the impact of COVID-19 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, 2023, 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

[e-mail]

303-794-2000 ext. 110

Media Contact:

Alexis Brock

303-794-2000 ext. 118

[e-mail]

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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 performance 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. Additionally, Adjusted EBITDA is used as a performance metric for share-based compensation.

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.

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

​

​	​	Three Months Ended					​	Nine Months Ended
​	​	September 30,					​	September 30,
​		2024			2023			2024			2023
Net income (loss)	​	$	(154,362)	​	$	(80,040)	​	$	(27,034)	​	$	(88,914)
Interest (income) expense	​		(5,175)	​		(2,318)	​		(21,132)	​		(3,331)
Income tax expense (benefit)	​		32	​		(157)	​		65	​		(5,014)
Depreciation and amortization	​		60,000	​		64,569	​		129,669	​		190,071
EBITDA	​		(99,505)	​		(17,946)	​		81,568	​		92,812
​	​	​	​	​	​	​	​	​	​	​	​	​
Adjustments:	​			​			​			​
Stock-based compensation expense	​		30,567	​		13,519	​		94,702	​		14,652
Acquisition-related costs	​		3,079	​		—	​		3,079	​		—
Change in fair value of derivative asset	​		24,318	​		(3,943)	​		(23,398)	​		(11,274)
Unrealized loss (gain) on marketable equity securities	​		38,082	​		—	​		13,620	​		—
Loss (gain) on sale/exchange of equipment	​		—	​		5,306	​		68	​		5,336
Casualty-related charges (recoveries), net	​		—	​		—	​		(2,487)	​		1,526
Other (income) expense	​		(90)	​		(31)	​		(131)	​		(96)
License fees	​		(24)	​		(24)	​		(48)	​		(48)
Adjusted EBITDA	​	$	(3,573)	​	$	(3,119)	​	$	166,973	​	$	102,908

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The Company defines Cost to Mine as the cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as calculated in the table below.

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​

Three Months Ended

​

Nine Months Ended

​

​

September 30,

​

September 30,

​

2024

2023

2024

2023

Cost of power for self-mining operations

$

41,864

$

22,460

$

96,326

$

65,513

​

Other direct cost of revenue for self-mining operations(1)(2), excluding Bitcoin miner depreciation

​

​

9,608

​

​

1,989

​

​

26,970

​

​

4,482

​

Cost of revenue for self-mining operations, excluding Bitcoin miner depreciation

​

​

51,472

​

​

24,449

​

​

123,296

​

​

69,995

​

Less: power curtailment credits(3)

​

​

(21,417)

​

​

(49,601)

​

​

(31,445)

​

​

(66,146)

​

Cost of revenue for self-mining operations, net of power curtailment credits, excluding Bitcoin miner depreciation

​

​

39,055

​

​

(25,152)

​

​

91,851

​

​

3,849

​

Bitcoin miner depreciation

​

​

44,303

​

​

55,549

​

​

93,120

​

​

164,457

​

Cost of revenue for self-mining operations, net of power curtailment credits, including Bitcoin miner depreciation

$

83,358

$

30,397

$

184,971

$

168,306

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quantity of Bitcoin mined

​

​

1,104

​

​

1,106

​

​

3,312

​

​

4,996

​

Production value of one Bitcoin mined(4)

$

61,133

$

28,228

$

58,771

$

25,818

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost to mine one Bitcoin, excluding Bitcoin miner depreciation

$

35,376

$

(22,741)

$

27,733

$

770

​

Cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as a % of production value of one Bitcoin mined

​

​

57.9

%

​

-80.6

%

​

47.2

%

​

3.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost to mine one Bitcoin, including Bitcoin miner depreciation

$

75,506

$

27,484

$

55,849

$

33,688

​

Cost to mine one Bitcoin, including Bitcoin miner depreciation, as a % of production value of one Bitcoin mined

​

​

123.5

%

​

97.4

%

​

95.0

%

​

130.5

%

​

​

​

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The Company defines Fully Costed Gross Profit as Revenue less Cost of revenue less Depreciation & Amortization expense as calculated below:

​

​	​	Three Months Ended					​	Nine Months Ended
​	​	September 30,					​	September 30,
Riot Platforms, Inc.:		2024			2023			2024			2023
Revenue		$	84,786		$	51,891	​	$	234,100	​	$	201,866
less Bitcoin Mining Cost of revenue*	​	​	(51,472)	​	​	(24,449)	​		(123,296)	​		(69,995)
less Engineering Cost of revenue*	​	​	(13,517)	​	​	(13,194)	​		(27,796)	​		(46,939)
less Other Cost of revenue*	​	​	(7,948)	​	​	(26,135)	​		(22,588)	​		(73,929)
less Depreciation and amortization expense	​	​	(60,000)	​	​	(64,569)	​		(129,669)	​		(190,071)
Fully Costed Gross Profit		$	(48,151)	​	$	(76,456)	​	$	(69,249)	​	$	(179,068)
​	​	​	​	​	​	​	​	​	​	​	​	​
Bitcoin Mining:	​	2024		​	2023		​	2024		​	2023
Bitcoin Mining Revenue		$	67,491	​	$	31,222	​	$	194,651	​	$	128,987
less Bitcoin Mining Cost of revenue*	​	​	(51,475)	​	​	(24,449)	​		(123,296)	​		(69,995)
less Depreciation and amortization expense of Bitcoin miners	​	​	(44,303)	​	​	(55,549)	​		(93,120)	​		(164,457)
Fully Costed Gross Profit - Bitcoin Mining		$	(28,284)	​	$	(48,776)	​	$	(21,765)	​	$	(105,465)
​	​	​	​	​	​	​	​	​	​	​	​	​
Engineering:	​	2024		​	2,023		​	2024		​	2023
Engineering Revenue		$	12,638	​	$	15,536	​	$	26,940	​	$	50,995
less Engineering Cost of revenue*	​	​	(13,517)	​	​	(13,194)	​		(27,796)	​		(46,939)
less Depreciation and amortization expense	​	​	(399)	​	​	(583)	​		(1,240)	​		(1,455)
Fully Costed Gross Profit – Engineering		$	(1,278)	​	$	1,759	​	$	(2,096)	​	$	2,601

​

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The Company defines Gross Profit as Fully Costed Gross Profit (as defined above) plus Power Curtailment Credits plus Depreciation & Amortization expense.

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30,

​

September 30,

Riot Platforms, Inc.:

2024

2023

2024

2023

Fully Costed Gross Profit

$

(48,151)

$

(76,456)

​

$

(69,249)

​

$

(179,068)

plus Power Curtailment Credits

​

​

12,417

​

​

49,601

​

31,445

​

66,146

plus Depreciation and amortization

​

​

60,000

​

​

64,569

​

129,669

​

190,071

Gross Profit

$

24,266

$

37,714

​

$

91,865

​

$

77,149

​

​

​

​

​

​

​

​

​

​

​

​

​

Bitcoin Mining:

​

​

​

​

​

​

​

​

​

​

​

​

Fully Costed Gross Profit

$

(28,284)

​

$

(48,776)

​

$

(21,765)

​

$

(105,465)

plus Power Curtailment Credits

​

​

12,417

​

​

49,601

​

31,445

​

66,146

plus Depreciation and amortization expense of Bitcoin miners

​

​

44,303

​

​

55,549

​

93,120

​

164,457

Gross Profit - Bitcoin Mining

$

28,436

​

$

56,374

​

$

102,800

​

125,138

​

​

​

​

​

​

​

​

​

​

​

​

​

Engineering:

​

​

​

​

​

​

​

​

​

​

​

​

Fully Costed Gross Profit

$

(1,278)

​

$

1,759

​

$

(2,096)

​

$

2,601

plus Depreciation and amortization

​

​

399

​

​

583

​

1,240

​

1,455

Gross Profit - Engineering

$

(879)

​

$

2,342

​

$

(856)

​

$

4,056

​

The Company defines Gross Margin as Gross Profit (as defined above) divided by Revenue.

​

​		Three Months Ended						Nine Months Ended
Riot Platforms, Inc.:	​	2024		​	2023		​	​	2024	​	2023
Gross Profit	​	$	24,266	​	$	37,714	​	$	91,865	​	$	77,149	​
divided by Total Revenue	​	$	84,786	​	$	51,891	​	$	234,100	​	$	201,866	​
Gross Margin	​		29	%		73	%		39	%		38	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Bitcoin Mining:	​			​			​			​			​
Gross Profit - Bitcoin Mining	​	$	28,436	​	$	56,374	​	$	102,800	​	$	125,138	​
divided by Bitcoin Mining Revenue	​	$	67,491	​	$	31,222	​	$	194,651	​	$	128,987	​
Gross Profit - Bitcoin Mining	​		42	%		181	%		53	%		97	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Engineering:	​			​			​			​			​
Gross Profit - Engineering	​	$	(879)	​	$	2,342	​	$	(856)	​	$	4,056	​
divided by Engineering Revenue	​	$	12,638	​	$	15,536	​	$	26,940	​	$	50,995	​
Gross Profit – Engineering	​		-7	%		15	%		-3	%		8	%

​

---

Exhibit 99.2

Riot Platforms (NASDAQ: RIOT) Q3 2024 Update October 30, 2024 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, 2023, 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 is the Leading Vertically Integrated Bitcoin Mining Company Significant scale of operations Total revenue1 : $85 million Low-cost producer 1 2 Q3 2024 Cost to Mine 1 BTC2 : $35,376/BTC Q3 2024 Bitcoin Mining gross margin2 : 42% Cash balance4 : $290 million Strong financial and liquidity position 3 Bitcoin held3 : 10,427 BTC (~$660 million) Total Capital3 : $1.28 Billion 3 1. Three months ended as of September 30, 2024. 2. See Appendix slides 18-22 for definitions, terms, and reconciliations. 3. As of September 30, 2024. 1,104 Bitcoin mined1 / ~12.0 Bitcoin mined/day Q3 2024 Cost of power2 : 3.1 c/kWh Cash, Restricted Cash & Marketable Securities3 : $619 million ($428 million cash) 28 EH/s Hash Rate Deployed: Q3 2024: YE 2024E: 35 EH/s

FY 2023 Financial Update 4 Q3 2024 Financial Update 400 MW Phase I at Corsicana Facility - Corsicana, Texas

5 Bitcoin produced 1,104 BTC ▪ Consistent production year-over-year (1,106 BTC produced in Q3 2023) despite the block subsidy ‘Halving’ event in April 2024 Bitcoin sold 0 BTC ▪ Riot retained all Bitcoin produced in Q3 2024 Bitcoin held per 1M shares 1 31.4 BTC / 1M shares ▪ 4% increase quarter-over-quarter Ending hash rate deployed 28 EH/s ▪ 159% increase year-over-year Revenue $84.8 million ▪ $67.5MM in self mining; a 21% increase vs. Q2 2023 Net income (loss) / Net income (loss) per share $(154.4) million / $(0.54) ▪ Includes $60.0MM in D&A, $30.5MM in SBC, $24.3MM loss on derivative asset, $8.6MM unrealized gain on Bitcoin held and $38.0MM loss on marketable equity securities held Cost of power 2 3.1 c/kWh ▪ Realized power price continues to be one of the lowest in the industry Power curtailment credits $12.4 million ▪ Riot's power strategy continues to yield strong results while also supporting power grids Adj. EBITDA2 $(3.6) million ▪ Adjustments include $92.9MM in non-cash expenses (stock-based comp, mark-to-market power derivatives & marketable equity securities) Hash Cost 3 ~$26/PH/s/Day ▪ Compared to Q3 2024 average hash price of $45/PH/s/Day 1. Shares outstanding of 332.3M as of October 28, 2024, used in calculation. 2. See Appendix slides 18-22 for definitions, terms, and reconciliations. 3. Only includes Bitcoin Mining segment cost of revenue net of power curtailment credits. Riot Platforms Q3 2024 Snapshot

1,106 1,104 Q3 2023 Q3 2024 Riot Platforms – 159% Increase in Hash Rate Year-over-Year and 28.2 EH/s Deployed at End of Q3 2024 6 Global Network Hash Rate (EH/s) 1 Ending Hash Rate Deployed (EH/s) Bitcoin Produced (# of BTC) Bitcoin Held (# of BTC) 10.9 28.2 Q3 2023 Q3 2024 +159% 7,327 10,427 Q3 2023 Q3 2024 393 625 Q3 2023 Q3 2024 +59% +42% 2 3 2 3 2 3 2 3 ▪ Q3 2024 Self-Mining Hash Rate deployed up 159% over Q3 2023 ▪ Self-Mining Hash Rate deployed increased by 6.2 EH/s or 28% quarter-over-quarter ▪ Q3 2024 Bitcoin Production flat with Q3 2023, despite a 59% increase in average global network hash rate and the block subsidy ‘Halving’ event in April 2024 ▪ Bitcoin held increased to 10,427 Bitcoin, an increase of 42% year-over-year ~0% 1. Sourced from Blockchain.com as of September 30, 2024. 2. Three months ended September 30, 2023, or as of September 30, 2023. 3. Three months ended September 30, 2024, or as of September 30, 2024. Pre-Halving Post-Halving

$(3.1) $111.1 $245.7 $(75.2) $(3.6) 0% 20% 40% 60% 80% 100% 120% -$200 m -$150 m -$100 m -$50 m $0 m $50 m $100 m $150 m $200 m $250 m $300 m Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 $37.7 $20.4 $37.3 $30.3 $24.3 73% 26% 47% 43% 29% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% $0 m $5 m $10 m $15 m $20 m $25 m $30 m $35 m $40 m Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Gross Profit ($ million) Gross Margin (%) $31.2 $60.0 $71.4 $55.8 $67.5 $15.5 $13.3 $4.7 $9.6 $12.6 $5.1 $5.5 $3.2 $4.6 $4.7 $51.9 $78.8 $79.3 $70.0 $84.8 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Bitcoin Mining Engineering Other Riot Platforms – Increase in Company Wide Revenue Year-over-Year 7 1. See Appendix slides 18-22 for definitions, terms, and reconciliations. 2. In December 2023, the FASB issued ASU 2023-08, under which Riot recognizes its Bitcoin held at fair value, with changes in the fair value recognized in income. Riot elected to early adopt this guidance in 2023. Adjusted EBITDA2 ($ million) Revenue ($ million) / Growth per Quarter (%) +52% +1% -12% Net Income ($ million) Gross Profit1 ($ million) / Gross Margin1 (%) EPS $(0.44) $0.23 $0.82 $(0.32) $(0.54) 1 1 2 $(80.0) $39.4 $211.8 $(84.4) $(154.4) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 +21% Quarter End BTC Price $26,968 $42,265 $71,334 $62,678 $63,330

10.9 EH/s 12.4 EH/s 12.4 EH/s 22.0 EH/s 28.2 EH/s Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 $31.2 $60.0 $71.4 $55.8 $67.5 181% 64% 56% 62% 42% 0% 50% 100% 150% 200% $0 m $10 m $20 m $30 m $40 m $50 m $60 m $70 m $80 m Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Bitcoin Mining Revenue ($ million) Gross Margin (%) Bitcoin Mining Segment – Maintaining Healthy Gross Margins Despite the Bitcoin ‘Halving’ and Network Hash Rate Growth 8 ▪ 42% Gross Margin for Q3 2024, when allocating $12.4MM in power credits to the Bitcoin Mining segment ▪ Q3 2024 Cost to Mine of $35,376 per Bitcoin, with the increase primarily driven by higher network difficulty and higher average energy costs quarter-over-quarter ▪ Q3 2023 & Q4 2023 Cost to Mine figures adjusted to include full impact of power credits for consistency with 2024 methodology 1. Sourced from Blockchain.com as of September 30, 2024. 2. See Appendix slides 18-22 for definitions, terms, and reconciliations. 3. Excludes 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. 4. Three months ended September 30, 2024. Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Avg. Hash Price $68/PH/s/Day $81/PH/s/Day $92/PH/s/Day $67/PH/s/Day $45/PH/s/Day Avg. Network Hash Rate1 393 EH/s 475 EH/s 568 EH/s 604 EH/s 625 EH/s Cost to Mine2 ($22,741) $13,211 $23,034 $25,327 $35,376 # of BTC produced 1,106 1,630 1,364 844 1,104 Riot Revenue Breakdown – Q3 2024 4 Revenue / Gross Margin 2 (%) Ending Hash Rate Capacity 80% 15% 5% 2 3 Bitcoin Mining Engineering +14% +0% +77% Other +28%

9 Q3 2024 Cost to Mine Increase Driven by the Bitcoin ‘Halving’ and Network Hash Rate Growth $26,673 $26,673 $8,703 $35,376 $14,890 $10,437 $25,327 Q2 2024 'Direct Costs, Power' per BTC Q2 2024 'Direct Costs, Non-Power' per BTC Q2 2024 Total Direct Costs Per BTC Q3 2024 'Direct Costs, Power' per BTC Q3 2024 'Direct Costs, Non-Power' per BTC Q3 2024 Total Direct Costs Per BTC Q2 2024 vs. Q3 2024 Cost to Mine per BTC 1 2 1. Three months ended as of June 30, 2024. See Appendix on slides 18-22 for definitions, terms, and reconciliations. 2. Three months ended as of September 30, 2024. See Appendix on slides 18-22 for definitions, terms, and reconciliations. ▪ Total Self-Mining costs net of power credits for Q3 2024 of $39.0MM compared to Q2 2024 costs of $21.4MM 1,2 ▪ First full quarter post halving primary driver in increased cost per Bitcoin ▪ Global network hash rate up 4% in Q3 vs Q2 - Global network hash rate averaged 625 EH/s in Q3 2024 versus 604 EH/s in Q2 2024 ▪ ‘Direct Costs, Non-Power’ includes direct labor, miner insurance, miner and miner-related equipment repair, land lease and related property taxes, network costs and other utilities expenses ▪ ‘Direct Costs, Non-Power’ per BTC is down 17% quarter-over-quarter from $10,437 per BTC to $8,703 per BTC ▪ Non-Power fixed costs declined from 41% of total costs to 25% of total costs in 3Q24 2 1 1 2 Q2 2024 Q3 2024 844 BTC Mined 1,104 BTC Mined

$2.3 $(0.4) $(1.3) $1.4 $(0.9) 15% -3% -29% 14% -7% -40% -20% 0% 20% 40% 60% 80% 100% -$2 m -$1 m $0 m $1 m $2 m $3 m $4 m $5 m Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Gross Profit ($ million) Gross Margin (%) Engineering – Return to Revenue Growth 10 ▪ Engineering segment finally shipped large turnkey government project that had suffered delays and cost over runs ▪ Expect current back log to provide positive revenue growth in 2025 ▪ Historically fourth quarter flat to down in prior years due to seasonality of business Riot Revenue Breakdown – Q4 20231 1. Three months ended September 30, 2024. Revenue Gross Profit (Loss) ($ million) / Gross Margin (%) Riot Revenue Breakdown – Q3 2024 1 80% 15% 5% Bitcoin Mining Engineering Other $15.5 $13.3 $4.7 $9.6 $12.6 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024

11 On Plan Q1 Actuals Q2 Actuals Q3 Actuals Q4 Forecast FY 2024 Forecast – Riot Consolidated Cash SG&A by Quarter Actual / Forecasted Cash SG&A + M&A Expenses Spend ($ million) ▪ Run-rate cash SG&A for Q4 2024 anticipated to be in the $27 – $30 million range ▪ Litigation expenses for Q4 anticipated to be elevated relative to prior quarters given current activity levels ▪ On going M&A activity remains high ▪ Kentucky Operations represented $716K of cash SG&A in Q3 2024 – primarily driven by compensation and general business expenses $25.7 $29.0 $36.4 Note: See Appendix slides 18-22 for definitions, terms, and reconciliations. $21.4 $26.3 $27.5 $4.3 $2.7 $4.9 $4.0 $27.0 - $30.0 Non-recurring litigation expenses Non-recurring M&A expenses Run-rate cash SG&A Q4 run-rate forecast

12 2.0 GW of Power Capacity on the Path to 100 EH/s Rockdale Facility 700 MW Developed Capacity 700 MW Potential Capacity Corsicana Facility 400 MW Developed Capacity 1,000 MW Potential Capacity Kentucky Facilities 60 MW Developed Capacity 305 MW Potential Capacity

13 Infrastructure Pipeline, Miner Purchase Contract, and Acquisitions Provide Clear Path to 100 EH/s in Self-Mining 1. ‘Kentucky’ includes current installed capacity and development of additional MWs up to immediately available power capacity of 110 MW (inclusive of installed capacity). 2. ‘Kentucky Future Expansion’ includes current installed capacity and development of additional MWs up to current PPA expansion targets which total 305 MW (inclusive of installed capacity). 3.1 EH/s 9.7 EH/s 12.4 EH/s 12.4 EH/s 22.0 EH/s 28.2 EH/s 34.9 EH/s 35.3 EH/s 38.0 EH/s 38.8 EH/s 46.7 EH/s 65.7 EH/s 100.0 EH/s 2021A 2022A 2023A Q1 2024A Q2 2024A Q3 2024A Q4 2024E Q1 2025E Q2 2025E Q3 2025E Q4 2025E 2026 2027+ Rockdale Rockdale Expansion Corsicana Phase 1 Corsicana Phase 2 Kentucky Kentucky Future Expansion Additional Growth Assuming full exercise of additional MicroBT purchase options & full buildout of Kentucky capacity Historical Assuming full buildout of Corsicana & partial buildout of Kentucky capacity ▪ Phase II of the Corsicana Facility is expected to come online in Q4 2025, adding an initial 7.9 EH/s ▪ Once completed, Corsicana Phase II will add a total of 23.6 EH/s ▪ Coleman Road expansion in Kentucky previously representing 8.8 EH/s of 2025 growth has been pushed out into 2026 and 2027 due to longer permitting required for power access Previous Hash Rate Guidance: 36.3 EH/s n/a 43.6 EH/s n/a 56.6 EH/s 75.3 EH/s 100 EH/s Overall Increase / (Decrease) in Hash Rate Guidance: (1.4) EH/s (5.6) EH/s (9.9) EH/s (9.6) EH/s 1 2 Corsicana Increase / (Decrease) in Hash Rate Guidance: (0.7) EH/s (5.3) EH/s (2.2) EH/s (5.0) EH/s Kentucky Increase / (Decrease) in Hash Rate Guidance: (1.8) EH/s (1.4) EH/s (8.8) EH/s (5.7) EH/s Rockdale Increase / (Decrease) in Hash Rate Guidance: 1.1 EH/s 1.1 EH/s 1.1 EH/s 1.1 EH/s

14 ▪ Riot’s purchase order of up to 131,340 MicroBT miners have an average fleet efficiency of 18.5 J/TH ▪ Riot has received a total of 89,438 miners from this order to date ▪ All of these miners are currently energized with the remaining balance of 41,902 miners to be received and deployed through the end of 2024 ▪ Riot’s total fleet efficiency will be 20.3 J/TH in 2025 after current planned deployment of orders ▪ Total fleet efficiency of 18.5 J/TH if entire option exercised 1 Hash Rate Contribution Mix Fleet Efficiency Improvements 23.0 J/TH 21.4 J/TH 20.3 J/TH 18.5 J/TH Current Fleet Efficiency 2024E Fleet Efficiency 2025E Fleet Efficiency Fleet Efficiency Post Long-Term Order -7% -5% YE 2025: Post Long-Term Option: 1. Total fleet efficiency of 18.5 J/TH can be achieved if additional long-term purchase option for an additional 265,000 M66S+ miners is fully exercised. Riot’s Fleet Continues to Improve in Efficiency 65% 35% Below 20 J/TH Above 20 J/TH 83% 17% Below 20 J/TH Above 20 J/TH -9%

Q3 2024 Estimated Bitcoin production Cost to mine Rockdale construction Corsicana Facility Phase I Capex Corsicana Facility Phase II Capex 2025 Miner purchases for Corsicana, Rockdale, and Kentucky Kentucky 2024 expansion Kentucky 2025 future expansion 15 Fully-Funded Growth Plans Through Year-End 2025 1. As of September 30, 2024. Does not include restricted cash of $70M. 2. As of September 30, 2024. Based on market price of BTC of approximately $63,330 as of September 30, 2024. 3. Assumes average global network hash rate of 653 EH/s in 2024 (October to December), and 691 EH/s in 2025 (January to December), includes BTC production from bitcoin mining operations from the Rockdale Facility, estimated Company future deployed self-mining hash rate at the Corsicana Facility, and estimated Company future deployed self-mining hash rate related to the BMI acquisition. 4. Includes forecasted cost of revenue for Riot’s Bitcoin Mining segment net of allocated power curtailment credits. 5. Assumes outstanding infrastructure capital expenditure as of September 30, 2024, only. 6. Includes infrastructure capital expenditures and miner purchases for 55MW of added capacity. 7. Includes infrastructure capital expenditures and miner purchases for 190MW of added capacity. $546 million cash & marketable securities1 5 10,427 BTC2 2,3 $4 million $197 million $23 million 4 $25 million $76 million 6 7 $338 million Increased from $143 million. Prior estimate from Q2 2024 included full development cost of 200 MW build-out. New estimate includes only 2025 portion of 600 MW build-out Increased from miner purchase capex guidance of $148 million. Previous estimate only included Corsicana miner purchases. Decreased from $250 million. Capex requirements decreased due to removal of miner purchases from this column as well as reduced Kentucky expansion guidance.

+181% 12 EH/s 35 EH/s Riot’s vision is to be the world’s leading Bitcoin-driven infrastructure platform 16 2024 Hash Rate Growth +34% 35 EH/s 47 EH/s 2025 Hash Rate Growth $35,376 Per Bitcoin Q3 2024 Cost to Mine1 Fully Funded 2024 & 2025 Cap Ex 2024 Hash Rate Target 35 EH/s 1. See Appendix slides 18-22 for definitions, terms, and reconciliations.

Appendix 17

18 Definitions, Terms, and Reconciliations (Unaudited) 1. Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property tax. 2. Costs to finance the purchase of miners were zero in all periods presented as the miners were paid for with cash from the Company’s cash balance. The seller did not provide any financing, nor did the Company borrow from a third-party to purchase the miners. 3. Power curtailment credits are credited against our power invoices as a result of temporarily pausing our operations to participate in ERCOT’s Demand Response Service Programs. Our fixed-price power purchase contracts enable us to strategically curtail our mining operations and participate in these programs, which significantly lower our cost to mine Bitcoin. These credits are recognized in Power Curtailment Credits on our Consolidated Statement of Operations, outside of cost of revenue. 4. Computed as revenue recognized from Bitcoin mined divided by the quantity of Bitcoin mined during the same period. Cost of Power: The Company defines Cost of Power as the cost of power directly used in the process of mining Bitcoin, less power curtailment credits divided by the kilowatt (“kWh”) hours used. Power is overwhelmingly the largest marginal input cost in mining Bitcoin and a significant contributor to profitability. Miners with a low cost of power will also be able to profitability mine in a wider range of Bitcoin price and hash price scenarios. Cost to Mine: The Company defines Cost to Mine as the direct cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as calculated in the table below. Cost to Mine represents the marginal profitability on operations of a Bitcoin miner. This number is frequently compared to the market price of Bitcoin to determine at what discount to the market price of Bitcoin a miner is earnings net Bitcoin. 2024 2023 2024 2023 Cost of power for self-mining operations $ 41,864 $ 22,460 $ 96,326 $ 65,513 Other direct cost of revenue for self-mining operations(1)(2), excluding Bitcoin miner depreciation 9,608 1,989 26,970 4,482 Cost of revenue for self-mining operations, excluding Bitcoin miner depreciation 51,472 24,449 123,296 69,995 Less: power curtailment credits(3) (12,417) (49,601) (31,445) (66,146) Cost of revenue for self-mining operations, net of power curtailment credits, excluding Bitcoin miner depreciation 39,055 (25,152) 91,851 3,849 Bitcoin miner depreciation 44,303 55,549 93,120 164,457 Cost of revenue for self-mining operations, net of power curtailment credits, including Bitcoin miner depreciation $ 83,358 $ 30,397 $ 184,971 $ 168,306 Quantity of Bitcoin mined 1,104 1,106 3,312 4,996 Production value of one Bitcoin mined(4) $ 61,133 $ 28,228 $ 58,771 $ 25,818 Cost to mine one Bitcoin, excluding Bitcoin miner depreciation $ 35,376 $ (22,741) $ 27,733 $ 770 Cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as a % of production value of one Bitcoin mined 57.9% -80.6% 47.2% 3.0% Cost to mine one Bitcoin, including Bitcoin miner depreciation $ 75,506 $ 27,484 $ 55,849 $ 33,688 Cost to mine one Bitcoin, including Bitcoin miner depreciation, as a % of production value of one Bitcoin mined 123.5% 97.4% 95.0% 130.5% Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Total Cost of Power $ 50,620 $ 35,241 $ 121,823 $ 101,550 less Power curtailment credits (12,417) (49,601) (31,100) (63,922) Net Cost of Power $ 38,203 $ (14,360) $ 90,723 $ 37,628 kWh used 1,233,531,741 769,518,913 2,862,705,794 2,276,097,806 Cost of Power (c/kWh) $ 3.1 $ (1.9) $ 3.2 $ 1.7 Three Months Ended Nine Months Ended September 30, September 30,

Fully Costed Gross Margin: The Company defines Fully Costed Gross Margin as Fully Costed Gross Profit (as defined below) divided by Revenue as calculated below. Fully Costed Gross Profit: The Company defines Fully Costed Gross Profit as Revenue less Cost of Revenue less Depreciation and Amortization expense as calculated below. 19 Definitions, Terms, and Reconciliations (Unaudited)

20 Definitions, Terms, and Reconciliations (Unaudited) Cash SG&A: The Company defines Cash SG&A as Selling, General, and Administrative expenses less Stock-Based Compensation expense. Cash SG&A is used by the Company as we believe it better reflects the operational requirements of the Company by excluding significant non-cash items such as stock-based compensation expense. EPS (Earnings per Share): The Company defines EPS as Diluted Net Income (Loss) per Share. Gross Margin: The Company defines Gross Margin as Gross Profit (as defined below) divided by Revenue. Gross Margin represents the percentage of profit achieved by operations and is a measure of the level of profitability for direct costs and the revenue received from them. 2024 2023 2024 2023 Selling, general, and administrative $ 66,936 $ 29,067 $ 185,777 $ 61,578 less Stock-based compensation expense (30,567) (13,519) (94,702) (14,652) Cash SG&A $ 36,369 $ 15,548 $ 91,075 $ 46,926 Three Months Ended Nine Months Ended September 30, September 30,

21 Definitions, Terms, and Reconciliations (Unaudited) Gross Profit: The Company defines Gross Profit as Fully Costed Gross Profit (as defined below) plus Power curtailment Credits plus Depreciation & Amortization expense. M&A Expenses: The Company defines M&A Expenses as Acquisition-related costs.

22 Definitions, Terms, and Reconciliations (Unaudited) Hash Cost: The Company defines Hash Cost as Cost of Revenue for self-mining operations, net of Power Curtailment Credits, excluding Bitcoin miner depreciation divided by the average Petahash per second per day (“PH/s/Day”) produced by operations over the relevant period. Hash Cost measures the costs expended for each unit of hash rate online. Hash rate is the product Riot’s self-mining business provides to the Bitcoin network and what Riot gets paid for. Hash cost can be compared to hash price as an estimate of profitability of a mining operation. Hash Price: The Company defines Hash Price as the expected value of 1 Petahash of hashing power per day (“PH/s/Day”). This data is sourced from Luxor’s Hash Price Index. Hash Price is the revenue received by the Company for each unit of hash rate operating during the period. This metric can be compared to Hash Cost as an estimate of profitability of the mining operations.

23 Management Team and Board of Directors ✓ Unique, Bitcoin-focused strategic vision ✓ Veteran public company expertise Jason Les Chief Executive Officer; Director Benjamin Yi Executive Chairman of the Board William Jackman Executive Vice President, General Counsel Colin Yee Executive Vice President, Chief Financial Officer Hannah Cho Independent Director Lance D’Ambrosio Independent Director Hubert Marleau Lead Independent Director Jason Chung Executive Vice President, Head of Corporate Development & Strategy ✓ Supported by industry-leading infrastructure expansion capabilities ✓ Highly experienced independent directors Stephen Howell Chief Operating Officer, Chief Executive Officer of ESS Metron

24 Q3 2024 Statement of Operations (Unaudited)

25 Q3 2024 Balance Sheet (Unaudited)

26 * 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 42, under Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our September 30, 2024, Form 10-Q. Non-GAAP Adjusted EBITDA (Unaudited)

Document and Entity Information	Oct. 30, 2024
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Oct. 30, 2024
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

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