Riot Blockchain, Inc. (RIOT) stock plummeted 9.27% in the pre-market trading session at the price of $38.19 after reporting its financial results for the third quarter of 2021.

RIOT works on the mining and hosting of Bitcoin mining tools for institutional customers. It develops and upgrades its mining operations through infrastructure development and miner procurement. 

RIOT Third Quarter 2021 Financial Results 

On 15th November 2021, RIOT reported its earnings report for the three months that ended on 30th September 2021 and presented business updates.  

RIOT Financial Highlights 

For the three months ended 30th September 2021, RIOT reported total revenue of $64.8 million. It represents a gain of 2,532% from $2.5 million for the same quarter of 2020. Net loss was $15.3 million for the third quarter ended 30th September 2021. For the same quarter of 2020, the net loss was $1.7 million.

For the third quarter of 2021, the mining revenue margin was $40.6 million, or 76% of mining revenue. The mining revenue margin was $1.1 million, or 47% of mining revenue, for the third quarter of 2020. RIOT reported $40.3 million in selling, general, and administrative expenses for the third quarter of 2021. SG&A expenses were $2.0 million for the three-month ended 30th September 2020.

For the three months ended on 30th September 2021, RIOT reported an adjusted EBITDA of $37.6 million. Adjusted EBITDA (loss) was $0.4 for the same three-month of 2020. As of 30th September 2021, the current assets totaled $179.0 million.  

For the quarter ended 30th September 2021, net loss was $15.3 million, or per share of ($0.16). Net loss was $1.7 million, or per share of $(0.04), for the same the third quarter of the previous year.  

Management Comments  

Chief executive officer of Riot, Jason Les, remarked that they are delighted to report another quarter with record earnings. These results prove the constant financial and operational developments their management is delivering. The company’s integrated and technology-focused strategy significantly de-risks its future growth plans. Moreover, it improves its capital abilities as technological improvements had incorporated into future hash rate deployments.