Riot Platforms Reports Third Quarter 2025 Financial Results and Strategic Highlights
Riot Platforms (NASDAQ: RIOT) reported record Q3 2025 results for the quarter ended September 30, 2025, including $180.2M total revenue and $104.5M net income (diluted EPS $0.26).
Key operational metrics: 1,406 bitcoin produced, Bitcoin mining revenue $160.8M, Adjusted EBITDA $197.2M (includes a $133.1M gain on bitcoin held). Riot held 19,287 bitcoin (3,300 as collateral), with cash and restricted cash totaling $406.3M.
Strategic update: Riot initiated 112 MW core-and-shell development for two buildings at its Corsicana data center campus after acquiring an additional 67-acre parcel and completing campus and basis-of-design work.
Riot Platforms (NASDAQ: RIOT) ha riportato risultati record nel terzo trimestre 2025 per il periodo terminato il 30 settembre 2025, tra cui un fatturato totale di 180,2 milioni di dollari e un utile netto di 104,5 milioni di dollari (EPS diluito 0,26 dollari).
Principali metriche operative: prodotto 1.406 bitcoin, ricavo da mining di Bitcoin 160,8 milioni di dollari, EBITDA rettificato 197,2 milioni di dollari (incluso un guadagno di 133,1 milioni di dollari su bitcoin detenuti). Riot detiene 19.287 bitcoin (3.300 come garanzia), con liquidità e liquidità ristretta pari a 406,3 milioni di dollari.
Aggiornamento strategico: Riot ha avviato lo sviluppo di 112 MW core-and-shell per due edifici nel campus del data center di Corsicana dopo aver acquistato ulteriori 67 acri e aver completato i lavori di campus e di base del design.
Riot Platforms (NASDAQ: RIOT) reportó resultados récord del tercer trimestre 2025 para el trimestre finalizado el 30 de septiembre de 2025, incluyendo un ingreso total de 180,2 millones de dólares y una utilidad neta de 104,5 millones de dólares (EPS diluido 0,26).
Métricas operativas clave: 1.406 bitcoins producidos, ingreso por minería de Bitcoin 160,8 millones de dólares, EBITDA ajustado 197,2 millones de dólares (incluye una ganancia de 133,1 millones de dólares por Bitcoin en posesión). Riot poseía 19.287 bitcoins (3.300 como garantía), con efectivo y efectivo restringido por un total de 406,3 millones de dólares.
Actualización estratégica: Riot inició el desarrollo de 112 MW core-and-shell para dos edificios en su campus de Corsicana tras adquirir un terreno adicional de 67 acres y completar trabajos de campus y de base de diseño.
Riot Platforms (나스닥: RIOT)가 2025년 9월 30일 종료된 2025년 3분기에 대한 기록적인 결과를 발표했습니다. 총매출 1억 802만 달러 및 순이익 1억 450만 달러 (희석주당순이익 0.26달러).
주요 운영 지표: 생산된 비트코인 1,406개, 비트코인 채굴 매출 1억 6080만 달러, 조정 EBITDA 1억 9720만 달러 (보유 비트코인에서 1억 3310만 달러의 이익 포함). Riot는 19,287 비트코인을 보유하고 있으며(담보로 3,300개), 현금 및 제한 현금은 총 4,063만 달러에 이릅니다.
전략적 업데이트: Riot은 Corsicana 데이터 센터 캠퍼스의 두 건물에 대해 112 MW 코어-앤-쉘 개발을 시작했고, 추가로 67에이커의 부지를 매입하고 캠퍼스 및 기본 설계 작업을 완료했습니다.
Riot Platforms (NASDAQ: RIOT) a enregistré des résultats record au troisième trimestre 2025 pour le trimestre clos le 30 septembre 2025, incluant un chiffre d’affaires total de 180,2 millions de dollars et un bénéfice net de 104,5 millions de dollars (BPA dilué 0,26 $).
Principales métriques opérationnelles : 1 406 bitcoins produits, revenu du minage de Bitcoin 160,8 millions de dollars, EBITDA ajusté 197,2 millions de dollars (incluant une plus-value de 133,1 millions de dollars sur les bitcoins détenus). Riot détenait 19 287 bitcoins (3 300 en garantie), avec liquidités et liquidités restreintes totalisant 406,3 millions de dollars.
Actualisation stratégique : Riot a démarré le développement de 112 MW core-and-shell pour deux bâtiments sur le campus du centre de données de Corsicana, après avoir acquis une parcelle supplémentaire de 67 acres et achevé les travaux de campus et de base de conception.
Riot Platforms (NASDAQ: RIOT) meldete Rekordzahlen im dritten Quartal 2025 für das Quartal zum 30. September 2025, einschließlich einem Gesamtumsatz von 180,2 Mio. USD und einem Nettogewinn von 104,5 Mio. USD (verwässerter Gewinn je Aktie 0,26 USD).
Wichtige operative Kennzahlen: 1.406 produzierte Bitcoins, Bitcoin-Mining-Einnahmen 160,8 Mio. USD, bereinigtes EBITDA 197,2 Mio. USD (einschließlich eines Gewinns von 133,1 Mio. USD aus gehaltenen Bitcoins). Riot hielt 19.287 Bitcoins (3.300 als Sicherheiten), mit Barmitteln und eingeschränkten Barmitteln in Höhe von 406,3 Mio. USD.
Strategisches Update: Riot hat mit dem 112-MW-Core-and-Shell-Ausbau für zwei Gebäude auf dem Corsicana Data Center-Campus begonnen, nachdem es ein zusätzliches 67-Hektar-Grundstück erworben und Campus- sowie Basisdesignarbeiten abgeschlossen hat.
Riot Platforms (أوفس NASDAQ: RIOT) أوردت نتائج قياسية للربع الثالث من عام 2025 للفترة المنتهية في 30 سبتمبر 2025، بما في ذلك إيرادات إجمالية قدرها 180.2 مليون دولار وصافي دخل قدره 104.5 مليون دولار (ربحية السهم المخفف 0.26 دولار).
المقاييس التشغيلية الرئيسية: إنتاج 1,406 بيتكوين، إيرادات تعدين البيتكوين 160.8 مليون دولار، EBITDA المعدلة 197.2 مليون دولار (تتضمن ربحاً قدره 133.1 مليون دولار من البيتكوين المحتفظ به). Riot احتفظت بـ19,287 بيتكوين (3,300 كضمان)، مع نقد وأموال مقيدة تبلغ 406.3 مليون دولار.
تحديث استراتيجي: بدأت Riot تطوير 112 ميغاواط core-and-shell لاثنين من المباني في حضانة Corsicana بعد شراء قطعة أرض إضافية تبلغ 67 فداناً وإكمال أعمال الحرم الجامعي وتصميم الأساس.
- Total revenue of $180.2M in Q3 2025 (vs $84.8M in Q3 2024)
- Bitcoin mining revenue of $160.8M in Q3 2025 (vs $67.5M in Q3 2024)
- Net income of $104.5M and diluted EPS of $0.26 in Q3 2025
- Initiated 112 MW core-and-shell development at Corsicana data center campus
- Held 19,287 bitcoin valued at ~$2.2B at $114,068 per bitcoin on Sept 30, 2025
- Average cost to mine rose to $46,324 per bitcoin (Q3 2025) from $35,376 in Q3 2024
- Average global network hash rate increased 52%, pressuring mining economics
- 3,300 bitcoin held as collateral reduces liquid asset availability
- Adjusted EBITDA of $197.2M includes a $133.1M gain on bitcoin held, reducing pure-operational EBITDA visibility
Insights
Riot delivered materially stronger quarterly results and advanced its data‑center buildout, shifting from prior loss to sizable profit.
Revenue hit
Operationally, Riot initiated core and shell for 112 MW at Corsicana, completed campus and basis‑of‑design work, and acquired an adjacent 67‑acre parcel; engineering revenue rose to
Risks and dependencies rest on realized bitcoin prices, operational hash performance, and execution of the Corsicana build. Monitor three concrete items over the next 6–18 months: realized bitcoin sale vs. market price that underlies the stated
- Record quarterly revenue of
$180.2 million - Net income of
$104.5 million , or$0.26 diluted EPS - Adjusted EBITDA of
$197.2 million - Announces initiation of 112 MW of core and shell for data center campus
CASTLE ROCK, Colo., Oct. 30, 2025 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), a Bitcoin-driven industry leader in the development of large-scale data centers and bitcoin mining applications, reported financial results for the three-month period ended September 30, 2025. The accompanying presentation materials are available on Riot’s website.
“Riot made decisive progress in the development of our data center business this quarter,” said Jason Les, CEO of Riot. “This progress has culminated in announcing today the initiation of the core and shell development of the first two buildings at our Corsicana data center campus, representing 112 MW of total critical IT capacity. This development has been made possible by four key achievements this quarter, namely; (i) the acquisition of an additional 67-acre parcel of land directly adjacent to our original Corsicana site, (ii) the completion of the Campus Design for Corsicana, which will transform the entire site for data center development, (iii) the completion of the Basis of Design for our standard data center build, and (iv) the ongoing build out of our in-house data center team.
“Together, these developments represent key advancements in our efforts to transform Riot into a large-scale, multi-faceted data center operator, in line with our strategy of maximizing the value of our unique portfolio of land and power assets.”
Corsicana Data Center Campus Design
Third Quarter 2025 Financial and Operational Highlights
Key financial and operational highlights for the third quarter include:
- Total revenue of
$180.2 million , as compared to$84.8 million for the same three-month period in 2024. The increase was primarily driven by a$93.3 million increase in Bitcoin Mining revenue. - Produced 1,406 bitcoin, as compared to 1,104 during the same three-month period in 2024.
- The average cost to mine bitcoin, excluding depreciation, was
$46,324 in the quarter, as compared to$35,376 per bitcoin in the same three-month period in 2024. The increase was primarily driven by a52% increase in the average global network hash rate as compared to the same period in 2024, partially offset by a147% increase in power credits received in Q3 2025 compared to power credits received in Q3 2024. - Bitcoin Mining revenue of
$160.8 million for the quarter, as compared to$67.5 million for the same three-month period in 2024, primarily driven by higher average bitcoin prices and an increase in operational hash rate, partially offset by an increase in the average global network hash rate. - Engineering revenue of
$19.1 million for the quarter, as compared to$12.6 million for the same three-month period in 2024. Riot has realized$23.0 million in capex savings alone since the acquisition of ESS Metron in December 2021, demonstrating one of the key synergies resulting from this strategic operational asset. - Net income of
$104.5 million or$0.26 Diluted EPS, as compared to a net loss of$154.4 million or$(0.54) Diluted EPS in the same three-month period in 2024. - Non-GAAP Adjusted EBITDA of
$197.2 million for the quarter, which included a$133.1 million gain on Bitcoin held on the balance sheet. - Maintained industry-leading financial position, with
$170.0 million in working capital, including$330.7 million in unrestricted cash on hand, and$75.6 million in restricted cash. - Held 19,287 bitcoin (of which 3,300 are currently held as collateral), equating to approximately
$2.2 billion based on a market price for one bitcoin on September 30, 2025, of$114,068.
About Riot Platforms, Inc.
Riot’s (NASDAQ: RIOT) vision is to be the world’s most trusted platform for powering and building digital infrastructure.
Riot’s mission is to empower the future of digital infrastructure by positively impacting the sectors, networks, and communities that we touch. We believe that the combination of an innovative spirit and strong community partnership allows the Company to achieve best-in-class execution and create successful outcomes.
Riot is a Bitcoin-driven industry leader in the development of large-scale data centers and bitcoin mining applications. The Company’s vertically integrated strategy spans Bitcoin mining, engineering, and the development of large-scale data center projects designed to support the growing demand for high-density computing. Riot currently operates Bitcoin mining facilities in central Texas and Kentucky, with engineering and fabrication capabilities in Denver and Houston. The Company is now expanding into data center development, strengthening its position as a foundational builder in the digital economy.
For more information, visit www.riotplatforms.com.
Safe Harbor
Statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions. Such statements rely on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” similar expressions and their negatives are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to: plans to develop data centers; future land acquisitions; construction plans and expense forecasts in connection therewith; plans regarding expense reduction; forecasted capital expenditures and descriptions thereof; projected growth in installed hash rate; projected energization timelines; forecasted energy demand; and the Company’s other plans, projections, objectives, expectations, and intentions. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation: the feasibility of developing the Company’s power capacity for data center purposes, including artificial intelligence/high-performance computing uses; the anticipated demand for large data centers; our ability to attract and retain qualified third-party partners and customers; future economic conditions, performance, or outlooks; future political conditions; the outcome of contingencies; potential acquisitions or divestitures; our ability to maximize the value of our full power portfolio; the continued implementation of industrial-scale immersion-cooled Bitcoin mining hardware at our Bitcoin Mining facilities; the number and value of Bitcoin rewards and transaction fees we earn from our ongoing Bitcoin Mining operations; future self-mining hash rate capacity; timing of receipt and deployment of miners; expected cash flows or capital expenditures; our beliefs or expectations; activities, events or developments that we intend, expect, project, believe, or anticipate will or may occur in the future; unaudited estimates of bitcoin production; risks related to the success, schedule, cost and difficulty of integrating businesses we acquire; and our failure to realize anticipated efficiencies and strategic and financial benefits from our acquisitions. Detailed information regarding the factors identified by the Company’s management which they believe may cause actual results to differ materially from those expressed or implied by such forward-looking statements in this press release may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risks, uncertainties and other factors discussed under the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as amended, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC’s website, www.sec.gov. All forward- looking statements included in this press release are made only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on such forward-looking statements.
For further information, please contact:
Investor Contact:
Phil McPherson / Joshua Kane
303-794-2000 ext. 110
IR@Riot.Inc
Media Contact:
Alexis Brock
303-794-2000 ext. 118
PR@Riot.Inc
Non-U.S. GAAP Measures of Financial Performance
In addition to financial measures presented under generally accepted accounting principles in the United States of America (“GAAP”), we consistently evaluate our use of and calculation of non-GAAP financial measures such as “Adjusted EBITDA.” EBITDA is computed as net income before interest, taxes, depreciation, and amortization. Adjusted EBITDA is a financial measure defined as EBITDA, adjusted to eliminate the effects of certain non-cash and/or non-recurring items that do not reflect our ongoing strategic business operations, which management believes results in a performance measurement that represents a key indicator of the Company’s core business operations of Bitcoin mining. The adjustments include fair value adjustments such as derivative power contract adjustments, equity securities fair value changes, and non-cash stock-based compensation expense, in addition to financing and legacy business income and expense items. We believe Adjusted EBITDA can be an important financial performance measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including our return on capital and operating efficiencies from period-to-period by making such adjustments. Additionally, Adjusted EBITDA is used as a performance metric for share-based compensation.
Adjusted EBITDA is provided in addition to, and should not be considered a substitute for, or superior to, net income, the most comparable measure under GAAP to Adjusted EBITDA. Further, Adjusted EBITDA should not be considered as an alternative to revenue growth, net income, diluted net income per share or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of our liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider this financial measure either in isolation or as a substitute for analyzing our results as reported under GAAP.
The following table reconciles Adjusted EBITDA to Net income (loss), the most comparable GAAP financial measure:
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income (loss) | $ | 104,480 | $ | (154,362 | ) | $ | 27,567 | $ | (27,034 | ) | ||||||
| Interest income | (3,919 | ) | (5,530 | ) | (10,650 | ) | (22,185 | ) | ||||||||
| Interest expense | 8,052 | 355 | 16,453 | 1,053 | ||||||||||||
| Income tax expense (benefit) | 1,685 | 32 | 2,442 | 65 | ||||||||||||
| Depreciation and amortization | 82,929 | 60,000 | 244,052 | 129,669 | ||||||||||||
| EBITDA | 193,227 | (99,505 | ) | 279,864 | 81,568 | |||||||||||
| Adjustments: | ||||||||||||||||
| Stock-based compensation expense | 32,858 | 30,567 | 92,554 | 94,702 | ||||||||||||
| Acquisition-related costs | — | 3,079 | 187 | 3,079 | ||||||||||||
| Change in fair value of derivative asset | (10,792 | ) | 24,318 | (9,939 | ) | (23,398 | ) | |||||||||
| Change in fair value of contingent consideration | 1 | — | (17,641 | ) | — | |||||||||||
| Loss (gain) on equity method investment - marketable securities | (28,903 | ) | 38,082 | 28,192 | 13,620 | |||||||||||
| Loss (gain) on sale/exchange of equipment | (2,742 | ) | — | (2,263 | ) | 68 | ||||||||||
| Casualty-related charges (recoveries), net | (47 | ) | — | (166 | ) | (2,487 | ) | |||||||||
| Loss on contract settlement | — | — | 158,137 | — | ||||||||||||
| Gain on acquisition post-close dispute settlement | — | — | (26,007 | ) | — | |||||||||||
| Impairment of property and equipment | 15,279 | — | 15,279 | — | ||||||||||||
| Other (income) expense | (1,344 | ) | (90 | ) | (1,681 | ) | (131 | ) | ||||||||
| License fees | (340 | ) | (24 | ) | (388 | ) | (48 | ) | ||||||||
| Adjusted EBITDA | $ | 197,197 | $ | (3,573 | ) | $ | 516,128 | $ | 166,973 | |||||||
The Company defines Cost to Mine as the cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as calculated in the table below.
| Three Months Ended | Three Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Cost of power for self-mining operations | $ | 82,370 | $ | 41,864 | $ | 206,369 | $ | 96,326 | ||||||||
| Other direct cost of revenue for self-mining operations(1)(2), excluding bitcoin miner depreciation | 13,395 | 9,608 | 42,389 | 26,970 | ||||||||||||
| Cost of revenue for self-mining operations, excluding bitcoin miner depreciation | 95,765 | 51,472 | 248,758 | 123,296 | ||||||||||||
| Less: power curtailment credits(3) | (30,634 | ) | (12,417 | ) | (46,748 | ) | (31,445 | ) | ||||||||
| Cost of revenue for self-mining operations, net of power curtailment credits, excluding bitcoin miner depreciation | 65,131 | 39,055 | 202,010 | 91,851 | ||||||||||||
| Bitcoin miner depreciation(4)(5) | 60,106 | 44,303 | 177,420 | 93,120 | ||||||||||||
| Cost of revenue for self-mining operations, net of power curtailment credits, including bitcoin miner depreciation | $ | 125,237 | $ | 83,358 | $ | 379,430 | $ | 184,971 | ||||||||
| Quantity of bitcoin mined | 1,406 | 1,104 | 4,362 | 3,312 | ||||||||||||
| Production value of one bitcoin mined(6) | $ | 114,361 | $ | 61,131 | $ | 101,912 | $ | 58,771 | ||||||||
| — | — | — | — | |||||||||||||
| Cost to mine one bitcoin, excluding bitcoin miner depreciation | $ | 46,324 | $ | 35,376 | $ | 46,311 | $ | 27,733 | ||||||||
| Cost to mine one bitcoin, excluding bitcoin miner depreciation, as a % of production value of one bitcoin mined | 40.5 | % | 57.9 | % | 45.4 | % | 47.2 | % | ||||||||
| Cost to mine one bitcoin, including bitcoin miner depreciation | $ | 89,074 | $ | 75,505 | $ | 86,985 | $ | 55,849 | ||||||||
| Cost to mine one bitcoin, including bitcoin miner depreciation, as a % of production value of one bitcoin mined | 77.9 | % | 123.5 | % | 85.4 | % | 95.0 | % | ||||||||
| (1) Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property tax. | ||||||||||||||||
| (2) During the three months ended September 30, 2025 and 2024, we paid cash of approximately | ||||||||||||||||
| (3) Power curtailment credits are credited against our power invoices as a result of temporarily pausing our operations to participate in ERCOT’s Demand Response Service Programs. Our fixed-price power purchase contracts enable us to strategically curtail our mining operations and participate in these programs, which significantly lower our cost to mine bitcoin. These credits are recognized outside of cost of revenue in Power curtailment credits on our Condensed Consolidated Statements of Operations, but they significantly reduce our overall cost to mine bitcoin. | ||||||||||||||||
| (4) We capitalize the acquisition cost of our miners and include these costs in Property and equipment, net on our Condensed Consolidated Balance Sheets. The miners are depreciated over an estimated useful life of three years, during which time the miners are expected to generate bitcoin revenue. We do not consider depreciation expense in determining whether it is economical to operate our miners since depreciation is a non-cash expense and is not a variable operating cost that can be avoided even if we curtail operations temporarily. Depreciation expense incurred is disclosed for each respective period in the table above. | ||||||||||||||||
| (5) The following table presents the future depreciation expense of all of our bitcoin miners: | ||||||||||||||||
| Remainder of 2025 | $ | 66,349 | ||||||||||||||
| 2026 | 234,643 | |||||||||||||||
| 2027 | 175,901 | |||||||||||||||
| 2028 | 39,726 | |||||||||||||||
| Total | $ | 516,619 | ||||||||||||||
| (6) Computed as revenue recognized from bitcoin mined divided by the quantity of bitcoin mined during the same period. | ||||||||||||||||
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4eba2462-f535-42dd-925a-a50c8693362e
FAQ
What were Riot Platforms (RIOT) Q3 2025 total revenue and net income?
How many bitcoin did RIOT produce in Q3 2025 and how does that compare to Q3 2024?
What data center developments did Riot (RIOT) announce on October 30, 2025?
How much bitcoin does Riot (RIOT) hold and what was the reported value on Sept 30, 2025?
What drove the increase in Riot's bitcoin mining cost in Q3 2025?
What was Riot's Adjusted EBITDA in Q3 2025 and what did it include?
