Colin Yee
EVP & CFO at Riot Platforms
This net income was primarily driven by mark to market adjustments due to the quarter end appreciation of Bitcoin price and marketable securities totaling $477,000,000 As a reference, the Bitcoin price at the end of the first quarter was $82,534 while the price at the end of the second quarter was $107,174 resulting in mark to market upward adjustment of 470,800,000.0 for the quarter. Net income for the quarter also included a $158,100,000 loss on contract settlement as part of the Rhodium acquisition, depreciation and amortization expense of 83,200,000.0 non cash stock based compensation expense of $30,100,000 and was positively impacted by the release of $26,000,000 in restricted cash associated with the post closing dispute settlement with Northern Data. Non GAAP adjusted EBITDA for the second quarter was $495,300,000 as compared to non GAAP adjusted EBITDA loss of $176,300,000 for the prior quarter, which included $470,800,000 in unrealized gain on Bitcoin Health. Cash SG and A for the quarter was $45,800,000 including onetime litigation expenses of $14,300,000 and advisory fees of 2,000,000 Excluding these onetime expenses, Rides cash SG and A expenses equaled $29,500,000 at the low end of our prior guidance of a run rate of 30,000,000 to $33,000,000 per quarter for 2025.