Overview

• U.S. bitcoin miner and data center operator's Q1 revenue rose, beating analyst expectations

• Company reported first quarter of data center revenue at $33.2 mln

• AMD exercised option to double contracted data center capacity to 50 MW

Outlook

• Company did not provide specific financial guidance for future quarters or the full year

Result Drivers

• DATA CENTER REVENUE - Co reported first quarter of data center revenue at $33.2 mln, driven by tenant fit-out services and operating lease income

• BITCOIN MINING REVENUE DECLINE - Bitcoin mining revenue fell from prior year, primarily due to lower average bitcoin prices and increased global network hash rate, partially offset by higher operating hash rate

• ENGINEERING REVENUE GROWTH - Engineering revenue increased to $22.2 mln from $13.9 mln in prior-year quarter

Company press release: ID:nGNXYF2Mq

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$167.20 mln	$130.79 mln (14 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 18 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

• Wall Street's median 12-month price target for Riot Platforms Inc is $25.00, about 56.4% above its April 29 closing price of $15.98

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