Riot Platforms reported file 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 response to its newest earnings report.
The Bitcoin (BTC) miner mentioned it continued to scale operations and capitalize on stronger market circumstances in the course of 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 value, expanded hash charge capability, and strategic enhancements at its flagship Corsicana Facility.
Nonetheless, regardless of the corporate’s file income, Riot posted a internet lack of $296.4 million for the quarter, in comparison with internet revenue of $211.8 million within the first quarter of 2024.
Adjusted EBITDA fell to unfavourable $176.4 million from a constructive $245.7 million a yr earlier, reflecting honest 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 associated 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 charge. In the meantime, Riot’s whole value to mine every Bitcoin, together with depreciation, reached $81,109, almost 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 robust development, rising to $13.9 million from $4.7 million within the prior yr. The rise was pushed partly 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 value 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 mentioned 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 mentioned:
“This settlement permits us to completely management the Rockdale website’s capability and instantly improves the monetary effectivity of our operations.”
Riot mentioned additionally it is making important headway in transitioning the Corsicana Facility right into a future AI and high-performance computing (HPC) hub. A feasibility examine performed in March by consultancy Altman Solon concluded that the positioning’s dimension, location, and infrastructure make it well-suited for information heart tenants.
To that finish, Riot is increasing utility connectivity with new fiber strains, growing water entry, and persevering with development 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 mentioned it stays targeted on turning into the world’s main Bitcoin-driven infrastructure platform.
