Riot Platforms reappoints CFO Colin Yee

Riot Platforms, Inc. (NASDAQ: RIOT), currently trading at $6.46 and showing signs of being undervalued according to InvestingPro analysis, announced the renewal of Colin Yee’s contract as Chief Financial Officer (CFO) effective April 12, 2025. The company, which maintains a healthy liquidity position with a current ratio of 3.74, has seen its stock decline by approximately 38% year-to-date. The agreement, which follows the original contract dated April 12, 2022, maintains the terms set by the executive employment agreement approved by the company’s Compensation and Human Resources Committee on November 20, 2024.

The updated professional services agreement, referred to as the Amended Yee Agreement, outlines the procedures for severance and establishes a revocation period in the event of termination. According to the agreement, severance benefits will be issued in a lump sum, with 50% paid within 20 business days post-severance agreement, and the remainder after six months plus one day from the termination date. Stock awards subject to pro rata vesting and performance-based awards eligible for accelerated vesting will be settled within five business days of entering a severance agreement. InvestingPro analysis reveals that while the company operates with moderate debt levels, it’s currently experiencing rapid cash burn, which investors should monitor closely.

Yee, serving as an independent contractor rather than an employee, will not receive company employee benefits and is responsible for his own tax and governmental obligations. His term as CFO is set for 36 months with automatic renewals for successive 12-month periods unless terminated earlier as per the executive employment agreement terms.

The company’s filing with the U.S. Securities and Exchange Commission on April 17, 2025, contains the full text of the Amended and Restated Executive Employment Agreement. This renewal comes as Riot Platforms, Inc., formerly known as Riot Blockchain, Inc., continues to operate in the finance services sector under the trading symbol (NASDAQ:RIOT). With the stock trading near its 52-week low of $6.20, detailed analysis and 14 additional ProTips are available through InvestingPro’s comprehensive research reports, which provide in-depth insights for over 1,400 US stocks.

In other recent news, Riot Platforms reported a record Bitcoin production of 533 Bitcoin in March, marking a 13% increase from February and a 25% rise from March 2024. This production boost led to an estimated Bitcoin mining revenue of $45.4 million for March, slightly up from $45.1 million in February. Despite these gains, the company experienced a significant reduction in power credits, dropping from $2.1 million in February to $0.2 million in March. Cantor Fitzgerald recently adjusted its price target for Riot Platforms, lowering it from $21 to $18 while maintaining an Overweight rating. This revision was influenced by Riot’s increased Bitcoin mining production and its potential in AI and high-performance computing ventures. Additionally, Riot Platforms settled a legal dispute, which could save the company $90 million over the duration of a previously costly hosting contract. This settlement frees up 125 megawatts of power, potentially enhancing Riot’s Bitcoin mining capacity or AI/HPC development at its Rockdale facility. The company’s operational hash rate showed a minor increase to 33.7 EH/s by the end of March, reflecting a 254% year-over-year growth.

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