Riot Platforms ( NASDAQ: RIOT ) turned in mixed results for 2022 as its loss swelled more than expected from the prior year, while its revenue climbed past the average Wall Street estimate. All in, the bitcoin ( BTC-USD ) miner's full-year results reflected "significant growth in hash rate, successful expansion at our Rockdale Facility, continued progress on our Corsicana Facility development, and a lowering of our industry leading cost of Bitcoin production," said CEO Jason Les. The company said it restated its previously issued financial statements for 2021 and 2020 and for quarterly earnings for the first three quarters in 2022 and 2021 due to a bitcoin ( BTC-USD ) impairment accounting issue. "Its method of calculating impairment charges of its Bitcoin assets, on a daily basis using a spot price at a standard cutoff time, was not in compliance," RIOT said. The rules require the intraday low of bitcoin to be used in calculating impairment. As such, the restatement adjusted the bitcoin impairment by an additional $7.5M in 2021 and $2.6M in 2020. Earlier this week, rival Marathon Digital ( MARA ) also found accounting errors and said it will restate some of its previously issued full-year and quarterly earnings. RIOT dipped 3.4% in premarket trading as bitcoin ( BTC-USD ) slid 3.9% to $22.41K. 2022 EPS of -$3.65 , falling short of the -$2.80 consensus, widened from -$0.17 in 2021 and from -$0.34 in 2020. Revenue of $259.2M, vs. $254.53M consensus, climbed from $213.2M in the year-earlier quarter, mostly driven by higher bitcoin ( BTC-USD ) production and the inclusion of a full year of Data Center Hosting and Engineering revenues. Bitcoin ( BTC-USD ) mining revenue was $156.87M, down from $184.42M in 2021 and up from $11.98M in 2020. Data Center Hosting revenue of $36.86M vs. $24.55M in 2021. Adjusted EBITDA came in at -$67.19M for the year ended Dec. 31, compared with $74.91M in 2021 and -$7.77M in 2020. It generated 5,554 BTC in 2022, a Y/Y increase of 46%. Earlier, Riot Platforms GAAP EPS of -$3.65 misses by $0.85, revenue of $259.2M beats by $4.67M.
