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  "documentTitle": "Riot Platforms, Inc. (RIOT)",
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  "authorName": "Kerrisdale Capital",
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      "text": "An efficient “low-cost” miner should be among the best in generating operating cash flow from its fleet. Riot screens as the worst among its closest peers while also among the worst when it comes to share dilution though ATM issuance.",
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      "text": "EBITDA / (EH/S): $0.94",
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      "text": "The analysis underscores how focusing on power costs or even “direct costs” is not a reliable reflection of unit profitability.",
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      "text": "Grid reliability during extreme weather has been a key concern for Texans since winter storm Uri crippled the state in 2021, leaving millions freezing in the dark and 246 dead.",
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      "text": "Riot’s “Power Strategy” (AKA Regulatory Arbitrage)",
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      "kind": "quote",
      "text": "the math doesn't math on pubco [publicly traded] miners. — A seasoned bitcoin mining consultant",
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      "text": "Source: Kerrisdale analysis, 1Q24 Form 10-Q SEC filings, 1Q24 deployed hashrate per respective company’s monthly production updates and/or 1Q24 earnings press release.",
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      "text": "Peer comparison table for RIOT, MARA, CLSK, WULF, CIFR across metrics like ATM issuance, EBITDA, and SG&A.",
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      "text": "Riot: Worst of Breed EBITDA Profitability Combined With High ATM Issuance",
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