http://jaberwalk.victoryc.hop.clickbank.net/
Ad
Crypto mining firm Riot Platforms published its 2022 financial results on March 2 and reported that it would delay its 10-K filing with regulators.
Riot saw significant growth in 2022
In its annual report, Riot reported “record results” for the year of 2022. The company said that it brought in $259.2 million in total revenue over the course of the year. It also ended the year with $230 million of cash, 6,974 BTC ($116 million), and no long-term debt.
The company also saw heightened mining performance, producing 5,554 BTC and reaching a record hash rate of 9.7 exahashes per second (EH/s) in 2022.
The company additionally said that it generated more than $27 million in power credits through various contracts that saw it limit its energy use.
Much of that data represents an increase from the previous year. In 2021, Riot saw $213.2 million in total revenue, produced 3,812 BTC, and achieved a hash rate of 3.1 EH/s.
In spite of higher overall revenue, Riot produced less Bitcoin (
$0.00 ) mining revenue in terms of dollar value. It produced just $156.9 million of mining revenue in 2022 after producing $184.4 million of mining revenue in 2021. It achieved higher overall revenue in 2022 by mining more Bitcoin ( $0.00 ) and through greater engineering and data hosting revenue.
The company also reported a net loss in 2022 amounting to $509.6 million — a loss much greater than the $15.4 million loss it reported in 2021. Its loss in 2022 was largely due to impairment costs on two acquisitions, its crypto holdings, and its miners.
Riot delays 10-K filing
Riot also announced today that it will delay its 10-K financial filing, as indicated in a document that the company submitted to the U.S. SEC on March 2.
Riot and its accounting firm discovered that the existing method of calculating Bitcoin ( $0.00 ) impairment charges did not meet the requirements of an accounting rule. The company said that the intraday low price of Bitcoin ( $0.00 ) should be used in those calculations. Previously, the company calculated impairments based on daily spot prices.
In light of those issues, Riot said that it will not file its 10-K Annual Report by the expected deadline. It expects to file that report within the standard 15-day extension.
Two other companies also delayed their 10-K this week. Marathon, a competing mining company, delayed its 10-K filing for similar reasons. Silvergate Bank also delayed its 10-K this week due to regulatory inquiries as well as auditing reasons.
Riot’s share price has been minimally impacted and is up 0.65% over 24 hours on Mar. 2.
