Riot Platforms, Inc. reported record Q1 2024 earnings with a revenue of $79.3 million, missing estimates by $15.56 million.

The company's net income reached $211.8 million, significantly beating the estimated loss of $30.31 million.

Earnings per share (EPS) were 82 cents, outperforming the anticipated loss of 14 cents per share.

Adjusted EBITDA hit a record $245.7 million and Bitcoin mining revenue contributed $74.6 million with a 45% gross margin.

Riot Platforms announced the energization of the new Corsicana Facility, poised to become the largest dedicated Bitcoin mining facility globally.

The company raised approximately $345.7 million from at-the-market equity offerings during the quarter.

Despite mixed analyst ratings, the average 12-month price target for RIOT has risen to $18.47, suggesting optimism in its financial trajectory.