Riot Blockchain Q1 revenue trails estimate as production climbs, but so do costs

Riot Blockchain (NASDAQ:RIOT) Q1 revenue didn't climb quite as much as Wall Street expected as production rose, but so did costs and expenses. Q1 GAAP EPS of $0.30 vs $0.09 in Q1 2021; it's unclear if the most recent quarter is comparable with the $0.01 consensus estimate. Q1 2022 net income included a $9.2M gain on the sale of bitcoin (BTC-USD) and an increase in fair value of derivative asset of $46.2M, partly offset by a $26.4M impairment of held bitcoin and an unrealized loss of $1.6M on marketable equity securities. Q1 revenue of $79.8M, trailing the average analyst estimate of $81.8M, surged from $23.2M in the year-ago quarter. Mining net revenue of $57.9M jumped from $23.2M in the year-ago quarter. The company also recorded $9.69M of hosting net revenue and $12.1M of engineering net revenue in the latest quarter. Mining revenue margin remained consistent at ~67% of mining revenue