Riot Blockchain Inc. (NASDAQ: RIOT) stock plunged by 4.92% at the last trading close whereas the RIOT stock price continued to decline by 4.70% in the current market trading session. Riot Blockchain works on Bitcoin cryptocurrency mining. By acquiring the most energy efficient miners currently available, RIOT is expanding and improving its mining operations. RIOT also has non-controlling stakes in a number of blockchain technology firms.
Recent Development
On April 6, 2021, RIOT announced that they have made some changings in their management which are:
- Megan Brooks who was RIOT’s VP of finance has now been promoted to Chief operating officer. He will continue to handle RIOT’s mining operations, also he has made some visible progress in this area.
- Ryan Werner joins Riot as VP Finance to help RIOT’s finance department grow. He previously worked in the finance department of an NYSE-listed REIT.
- Phil McPherson joins Riot as VP, Capital Markets, where he will concentrate on RIOT’s investor relations and capital markets presence. His prior experience includes acting as a public company CFO and operating on the sell side of the capital markets for fifteen years.
Financial Results 2020
On April 1, 2021, RIOT announced its fourth quarter and full-year 2020 financial results. Given below is the summary:
- On a GAAP basis, RIOT has Achieved profitability in the fourth quarter of 2020, with $3.9 million in net profits, compared to a $(3.4) million net loss in the fourth quarter of 2019 and a $(1.7) million loss in the third quarter of 2020.
- On a comparable quarter-over-quarter basis, fourth-quarter 2020 mining revenues increased by 116%, while fourth-quarter 2020 G&A expenses increased by just 14%.
- For the full year 2020, the Hashing Capacity increased by 460% compared to the previous year.
- Bitcoin held on balance sheet also increased by 110% in the year 2020 compared to the year 2019.
- RIOT’s working capital has also shown an increase of 2000% to $233.9 million as compared to the working capital of year 2019.
