Riot Platforms, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Revenue from Contracts with Customers (Tables)

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

The following table presents the Company’s revenues disaggregated into categories based on the nature of such revenues (in thousands):

Schedule of Disaggregated Revenue

	Three Months Ended June 30,					Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Cryptocurrency Mining	$	31,450	$	1,918	$	54,623	$	4,280
Data Center Hosting		2,874		-		2,874		-
Other		24		24		48		48
Total revenue	$	34,348	$	1,942	$	57,545	$	4,328

Schedule of Contract with Customer Liability

The Company’s contract liabilities primarily relate to upfront payments and consideration received from customers for data center hosting and the upfront license fee generated from our legacy animal health business. The table below presents changes in the total deferred revenue liability, for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,					Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Beginning balance	$	752	$	849	$	776	$	873
Acquisition, net of revenue recognized		22,785		-		22,785		-
Revenue recognized that was included in the beginning balance		(24)		(24)		(48)		(48)
Ending balance	$	23,513	$	825	$	23,513	$	825

Schedule of Performance Obligation

The table below presents estimated data center hosting revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligation at June 30, 2021:

Six months ended June 30, 2021

(in thousands)		Remainder of 2021				2022				2023				2024				2025				Thereafter			Total
Data center hosting ⁽¹⁾⁽²⁾		$	1,531			$	2,362			$	2,362			$	2,362			$	2,362			$	11,806		$	22,785

⁽¹⁾	Data center hosting revenue primarily includes upfront payments which the Company generally recognizes as services are provided.
⁽²⁾	The Company elected the following practical expedients and therefore does not include amounts related to (1) the satisfaction of performance obligations recognized in the amount invoiced, and (2) variable consideration related to future services.