Bitcoin miner Riot Blockchain (NASDAQ:RIOT) shares are sliding nearly 3% in afterhours trading, Wednesday, despite a “record financial year for the company,” said CEO Jason Lee.
The miner posted a $7.9M net loss in 2021, compared with a loss of $12.7M in 2020, driven by non-cash stock-based compensation expense of $68.5M and a non-cash, unrealized loss of $36.5M on impairment of digital assets, according to its earnings report.
2021 revenue of $213.24M topped the $211.06M consensus and surged from $12.1M in 2020. 2021 mining revenue of $184.4M vs. $12.0M in 2020.
Its hash capacity of 3.1 exahash per second in 2021 jumped 444% over the same period a year ago.
The company increased the amount of bitcoin held on its balance sheet to 4,884 BTC from 1,078 BTC in 2020.
2021 adjusted EBITDA of $82.42M soared from a loss of $6.32M in the year-ago period.
As part of its corporate initiatives for this year, Riot (RIOT) aims to complete the ongoing expansion of its Whinstone data facility, as well as execute on deployment of its Bitmain S19 generation Antminers.
Meanwhile, bitcoin (BTC-USD +4.0%) is rising above $41K in the past 24 hours, but down nearly 14% YTD.
In January, SA’s Quant Rating flagged RIOT at high risk of performing badly.