Riot Platforms reported document income of $161.4 million within the first quarter of 2025, greater than doubling its $79.3 million income from a yr in the past, in keeping with its newest earnings report.
The Bitcoin (BTC) miner stated it continued to scale operations and capitalize on stronger market situations throughout the quarter.
The Texas-based agency, one of many largest vertically built-in Bitcoin mining firms in North America, attributed the expansion to the next common Bitcoin worth, expanded hash price capability, and strategic enhancements at its flagship Corsicana Facility.
Nonetheless, regardless of the corporate’s document income, Riot posted a web lack of $296.4 million for the quarter, in comparison with web revenue of $211.8 million within the first quarter of 2024.
Adjusted EBITDA fell to adverse $176.4 million from a constructive $245.7 million a yr earlier, reflecting truthful worth losses on marketable securities and non-cash accounting changes.
Bitcoin manufacturing climbs
Riot produced 1,530 BTC within the first quarter, in comparison with 1,364 BTC throughout the identical interval final yr. Nonetheless, the fee to mine 1 Bitcoin, excluding depreciation, surged 90% year-over-year to $43,808.
The rise was pushed primarily by the April 2024 halving of the Bitcoin block subsidy and a 41% improve within the international community hash price. In the meantime, Riot’s whole price to mine every Bitcoin, together with depreciation, reached $81,109, practically 87% of the manufacturing worth.
Bitcoin mining income totaled $142.9 million within the first quarter, in comparison with $71.4 million within the prior-year interval. Riot’s common manufacturing worth per Bitcoin was roughly $93,385, a pointy rise from $52,343 within the first quarter of 2024.
Engineering income additionally confirmed sturdy development, rising to $13.9 million from $4.7 million within the prior yr. The rise was pushed partially by the acquisition of E4A Options, an engineering and fabrication agency introduced into Riot’s ecosystem in December 2024.
On the finish of the quarter, the corporate held 19,223 unencumbered Bitcoin, valued at $1.6 billion based mostly on a market worth of $82,534 per coin as of March 31. The agency additionally held $163.7 million in unrestricted money and a complete of $310.3 million in working capital.
Rhodium settlement
In April, Riot acquired Rhodium Enterprises’ hosted mining operations and bodily infrastructure on the Rockdale Facility, resolving ongoing litigation and reclaiming 125 megawatts of contracted energy for its personal use.
The corporate stated the settlement eliminates about $15 million in annual losses related to Rhodium’s legacy internet hosting contract and associated authorized bills.
Riot CEO Jason Les stated:
“This settlement permits us to completely management the Rockdale website’s capability and instantly improves the monetary effectivity of our operations.”
Riot stated it’s also making important headway in transitioning the Corsicana Facility right into a future AI and high-performance computing (HPC) hub. A feasibility research carried out in March by consultancy Altman Solon concluded that the location’s measurement, location, and infrastructure make it well-suited for information heart tenants.
To that finish, Riot is increasing utility connectivity with new fiber strains, rising water entry, and persevering with building on a brand new substation that may assist as much as 1 gigawatt (GW) of whole energy capability by early 2026.
Riot operates mining services in Texas and Kentucky and maintains electrical engineering and fabrication operations in Denver and Houston. The corporate stated it stays targeted on changing into the world’s main Bitcoin-driven infrastructure platform.
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