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Riot Platforms Reports Full Year 2025 Financial Results and Strategic Highlights

Riot Platforms Reports Full Year 2025 Financial Results and Strategic Highlights

FinvizFinviz2026/03/02 21:03
By:Finviz
  • Record annual revenue of $647.4 million with 5,686 bitcoin mined
  • Improved positioning of Corsicana and Rockdale sites through strategic land acquisitions
  • Data center lease with AMD operational

CASTLE ROCK, Colo., March 02, 2026 (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 twelve-month period ended December 31, 2025. The accompanying presentation materials are available on Riot’s website.

“2025 marked a watershed year for Riot, defined by a strategic evolution in our business that has transformed our future trajectory,” said Jason Les, CEO of Riot. “By unlocking our large, nearly two-gigawatt power portfolio for high-demand data center infrastructure, we are driving significant shareholder value.

“This strategy is already delivering results with our strategic partner, AMD. We have successfully commenced operations on the first phase of the lease with AMD, generating revenue for Riot, as of January 2026. This partnership validates our unique ability to rapidly deliver power capacity at scale for the world’s leading technology companies.

“With proven development expertise, a world-class asset base of readily available power in key data center markets, and over $1.9 billion in liquidity, we are uniquely equipped to aggressively scale our infrastructure footprint. Supported by record annual revenue of $647 million and $302 million in gross profit, Riot has never been in a stronger position. I am incredibly excited about our momentum as we build the next generation of digital infrastructure.”

Full Year 2025 Financial and Operational Highlights

Key financial and operational highlights for the year include:

  • Total revenue of $647.4 million, as compared to $376.7 million for the same twelve-month period in 2024. The increase was primarily driven by a $255.3 million increase in Bitcoin Mining revenue.
  • Produced 5,686 bitcoin, as compared to 4,828 during the same twelve-month period in 2024.
  • The average cost to mine bitcoin, excluding depreciation, was $49,645 in the year, as compared to $32,216 per bitcoin in the same twelve-month period in 2024. The increase was primarily driven by a 47% increase in the average global network hash rate as compared to the same period in 2024, partially offset by a 68% increase in power credits received in FY 2025 compared to power credits received in FY 2024.
  • Bitcoin Mining revenue of $576.3 million for the year, as compared to $321.0 million for the same twelve-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 $64.7 million for the year, as compared to $38.5 million for the same twelve-month period in 2024. Riot has realized $23.2 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.
  • Maintained strong liquidity position with 18,005 bitcoin (of which 3,977 are currently held as collateral), equating to approximately $1.6 billion based on a market price for one bitcoin on December 31, 2025, of $87,498, and $309.8 million of cash on hand (of which $76.3 million is restricted).

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.

Additional Information and Communications

For important news and information regarding the Company, including presentations and other news and events, visit the Investor Relations section of the Company’s website, riotplatforms.com/overview, and the Company’s social media accounts, including on X and LinkedIn.

Contacts:

Investor Contact:
Joshua Kane
IR@Riotplatforms.com

Media Contact:
Becca Rincon
PR@Riotplatforms.com

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:

    Years Ended December 31,
    2025
  2024
Net income (loss)   $ (663,181 )   $ 109,401  
Interest income     (13,984 )     (27,166 )
Interest expense     24,144       1,985  
Income tax expense (benefit)     (150 )     744  
Depreciation and amortization     346,811       212,053  
EBITDA     (306,360 )     297,017  
             
Adjustments:            
Stock-based compensation expense     125,711       125,204  
Acquisition-related costs     187       5,541  
Change in fair value of derivative asset     1,447       (45,277 )
Change in fair value of contingent consideration     (18,071 )     (2,459 )
Loss (gain) on equity method investment - marketable securities     28,192       69,489  
Loss (gain) on sale/exchange of equipment     (2,267 )     17,429  
Casualty-related charges (recoveries), net     (174 )     (2,795 )
Loss on contract settlement     158,137        
Loss on legal settlement     20,000        
Gain on acquisition post-close dispute settlement     (26,007 )      
Impairment of property and equipment     29,736        
Loss on convertible notes investment     5,757        
Other (income) expense     (2,944 )     (863 )
Amortization of license fee revenue     (388 )     (97 )
Adjusted EBITDA   $ 12,956     $ 463,189  
 

The Company defines Cost to Mine as the cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as calculated in the table below.

    Years Ended December 31,
    2025
  2024
Cost of power for self-mining operations   $ 281,396       $ 149,019    
Other direct cost of revenue for self-mining operations
(1)(2)
, excluding bitcoin miner depreciation
    57,615         40,205    
Cost of revenue for self-mining operations, excluding bitcoin miner depreciation     339,011         189,224    
Less: power curtailment credits
(3)
    (56,729 )       (33,685 )  
Cost of revenue for self-mining operations, net of power curtailment credits, excluding bitcoin miner depreciation     282,282         155,539    
Bitcoin miner depreciation
(4)(5)
    237,574         155,487    
Cost of revenue for self-mining operations, net of power curtailment credits, including bitcoin miner depreciation   $ 519,856       $ 311,026    
                 
Quantity of bitcoin mined     5,686         4,828    
Production value of one bitcoin mined
(6)
  $ 101,350       $ 66,488    
                 
Cost to mine one bitcoin, excluding bitcoin miner depreciation   $ 49,645       $ 32,216    
Cost to mine one bitcoin, excluding bitcoin miner depreciation, as a % of production value of one bitcoin mined     49.0   %     48.5   %
                 
Cost to mine one bitcoin, including bitcoin miner depreciation   $ 91,427       $ 64,421    
Cost to mine one bitcoin, including bitcoin miner depreciation, as a % of production value of one bitcoin mined     90.2   %     96.9   %
                 
(1) Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property taxes.
                 
(2) During the years ended December 31, 2025 and 2024, we paid cash of approximately $228.4 million and $342.4 million, respectively, in total deposits and payments for the purchase of miners. Costs to finance the purchase of miners were zero as the miners were paid for with cash from our cash balance. The seller did not provide any financing, nor did we 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 in Power curtailment credits on our Consolidated Statements of Operations, outside of cost of revenue, but 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 Consolidated Balance Sheets. The miners are depreciated over an estimated useful life of three years, during which time, they are expected to contribute to the generation of bitcoin revenue. We do not consider depreciation expense in determining whether it is economical to operate our miners because 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 our bitcoin miners:                
                 
2026   $ 253,446            
2027     196,466            
2028     69,350            
Total   $ 519,262            
                 
(6) Computed as revenue recognized from bitcoin mined divided by the quantity of bitcoin mined during the same period.
 

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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