Bitcoin miner Riot delays annual report, to restate results

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March 2, 2023 5:53 PM EST

FILE PHOTO: A representation of bitcoin is seen in an illustration picture taken on June 23, 2017. REUTERS/Benoit Tessier/File Photo

(Reuters) - Bitcoin miner Riot Platforms Inc said on Thursday it expects to delay its annual financial report as it has to correct errors identified in earlier financial statements.

In a regulatory filing, Riot said its financial statements for the quarters ending in March, June and September in 2021 and 2022 can no longer be relied upon, as it had inaccurately calculated impairment related to its bitcoin assets.

Riot's shares edged nearly 1% lower in after-hours trading.

The crypto miner expects to file the annual report within a 15-day extension it has obtained from the U.S. Securities and Exchange Commission.

(Reporting by Anirban Chakroborti in Bengaluru; Editing by Maju Samuel)


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