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Kerrisdale Capital · research-note

Riot Platforms, Inc. (RIOT)

19 pages · 3 arc beats · 2 loops

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Riot Platforms, Inc. (RIOT)

Kerrisdale Capital · 2024-06
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 1
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

3
coverage by narrative range · generated from this deck JSON
Narrative range 14 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem (Identify pain) 7 slides 100% 7/7 slides 100% 7/7 slides · 49 hits
— 0/7 slides
14.3% 1/7 slides 28.6% 2/7 slides 100% 7/7 slides 71.4% 5/7 slides Agitate (Make it worse) 5 slides 100% 5/5 slides 100% 5/5 slides · 34 hits
— 0/5 slides
— 0/5 slides
20% 1/5 slides 100% 5/5 slides 40% 2/5 slides Solution (Provide relief) 2 slides 100% 2/2 slides 100% 2/2 slides · 12 hits
— 0/2 slides
— 0/2 slides
— 0/2 slides
100% 2/2 slides
— 0/2 slides

Slide inventory

19
every slide · same image gating as the playbook
01
Slide 1
This is a classic short-seller research note cover/summary page.summarize
Open slide detailBeat · Problem (Identify pain)
02
Includes valuation multiples and operational data for 2022A-2025E.summarize
Open slide detailBeat · Problem (Identify pain)
03
The slide uses a negative area chart to visualize cumulative cash burn.name_villain
Open slide detailBeat · Problem (Identify pain)Loop · Cost Of Inaction
04
The slide uses a 'hamster wheel' metaphor to describe the fundamental economic challenge of bitcoin mining.expose_contradiction
Open slide detailBeat · Problem (Identify pain)Loop · Cost Of Inaction
05
The slide uses two line charts to demonstrate the dilution of shareholder value in terms of bitcoin production and holdings.expose_gap
Open slide detailBeat · Problem (Identify pain)Loop · Cost Of Inaction
06
Includes a quote from a senior industry executive criticizing the sector's focus on growth over efficiency.name_villain
Open slide detailBeat · Problem (Identify pain)Loop · Cost Of Inaction
07
The slide serves as a bridge between qualitative critique of industry management practices and quantitative analysis of unit economics.transition
Open slide detailBeat · Problem (Identify pain)Loop · Cost Of Inaction
08
The table breaks down costs from electricity to total cost per BTC, including SG&A and depreciation.compare_peers
Open slide detailBeat · Agitate (Make it worse)Loop · Benchmark Gap
09
The slide uses red dashed boxes to highlight Riot's underperformance in the peer table.compare_peers
Open slide detailBeat · Agitate (Make it worse)Loop · Benchmark Gap
10
The slide argues that Riot's participation in ancillary market programs is economically suboptimal compared to their PPA, suggesting operational constraints (suexpose_contradiction
Open slide detailBeat · Agitate (Make it worse)
11
The slide functions as a critique of Riot's business model, framing it as regulatory arbitrage rather than legitimate market participation.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)
12
This is a research note from Kerrisdale Capital, likely part of a short thesis.frame_situation
Open slide detailBeat · Agitate (Make it worse)
13
The slide argues that US miners are losing competitive advantage due to rising power costs from AI demand and international competition.analyze_data
Open slide detailBeat · Solution (Provide relief)
14
This is a research note conclusion slide from Kerrisdale Capital regarding Riot Platforms.summarize
Open slide detailBeat · Solution (Provide relief)
15
The slide contains two distinct charts: a stacked bar chart for capacity growth and a line chart for price correlation.analyze_data
Open slide detail
16
The slide uses a 'preempt_rebuttal' approach by exposing the hidden dilution math behind Riot's acquisition proposal.preempt_rebuttal
Open slide detail
17
This slide is a continuation of a narrative argument regarding Riot's capital allocation strategy.analyze_data
Open slide detail
18
front_matter
Open slide detail
19
other
Open slide detail