-- 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 a 52% increase in
the average global network hash rate as compared to the same period in
2024, partially offset by a 147% 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 $60.2 million
and $44.1 million respectively, and during the nine
months ended September 30, 2025 and 2024, $152.4 million
and $235.0 million, respectively, in total deposits
and payments for the purchase of miners. Costs to
finance the purchase of miners were zero in all periods
presented as the miners were paid for with cash from
the Company's cash balance. The seller did not provide
any financing nor did the Company borrow from a third-party
to purchase the miners.
(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
(END) Dow Jones Newswires
October 30, 2025 16:30 ET (20:30 GMT)