Riot Platforms posts $161 million revenue despite Q1 loss

Riot Platforms reported a record quarterly revenue of $161.4 million for Q1 2025, surpassing Wall Street estimates by 1%, but posted a net loss of $296,367 for the period.

CEO Jason Les attributed the revenue growth-a 50% increase year-over-year-to expanded hash rate capacity and improved operational efficiency, including the multi-year development of the Corsicana facility.

The company produced 166 more Bitcoin (CRYPTO:BTC) in Q1 2025 compared to the same quarter last year, with Bitcoin trading near $97,000, representing roughly $16.13 million in mined assets.

Despite the revenue gains, Riot’s net loss widened significantly from a $211,777 net income in Q1 2024, primarily due to nearly doubling mining costs.

The average cost to mine one Bitcoin rose to $43,808, up almost 90% from $23,034 in Q1 2024, driven by the April 2024 Bitcoin halving event and a 41% increase in the global network hashrate.

Riot holds 19,223 unencumbered Bitcoin, valued at approximately $1.86 billion at the time of reporting.

To support expansion, Riot secured a $100 million credit facility from Coinbase, using its Bitcoin holdings as collateral.

Les described this loan as Riot’s “first Bitcoin-backed facility,” signaling a strategic move to bolster liquidity amid market volatility.

Riot’s stock closed May 1 trading up 7.32% at $7.77 despite the net loss.