tl;dr
Riot Platforms reported record Q1 2025 revenue of $161.4 million, more than double the previous year's $79.3 million, driven by a higher Bitcoin price, expanded hash rate capacity, and improvements at its Corsicana Facility. Despite this, the company posted a net loss of $296.4 million, compared to ...
Riot Platforms reported a record-breaking Q1 2025 revenue of $161.4 million, more than doubling the previous year's $79.3 million. This growth was propelled by a higher Bitcoin price, expanded mining capacity, and enhancements at its Corsicana Facility.
Despite the impressive revenue, Riot posted a net loss of $296.4 million, a sharp reversal from a $211.8 million net income in Q1 2024. The loss was largely driven by fair value losses on securities and non-cash accounting adjustments, with adjusted EBITDA falling to negative $176.4 million from a positive $245.7 million a year earlier.
Bitcoin production rose to 1,530 BTC in Q1, up from 1,364 BTC last year. However, mining costs surged notably, with the total cost per Bitcoin reaching $81,109, nearly 87% of its production value, due in part to the April 2024 Bitcoin halving and a 41% increase in global network hash rate. Bitcoin mining revenue totaled $142.9 million, reflecting an average production value per Bitcoin of about $93,385.
Riot’s engineering revenue jumped to $13.9 million from $4.7 million the previous year, bolstered by the acquisition of E4A Solutions, an engineering and fabrication firm.
By the end of the quarter, Riot held 19,223 unencumbered Bitcoin valued at $1.6 billion, alongside $163.7 million in unrestricted cash and $310.3 million in total working capital.
In April, Riot settled litigation with Rhodium Enterprises by acquiring Rhodium’s hosted mining operations and infrastructure at the Rockdale Facility. This move reclaimed 125 MW of power capacity and eliminated approximately $15 million in annual losses from legacy hosting contracts and related legal costs, immediately boosting operational financial efficiency.
Looking ahead, Riot is transforming its Corsicana Facility into an AI and high-performance computing hub, supported by a recent feasibility study highlighting the site’s suitability for data center tenants. The company is expanding utility connectivity, increasing water access, and constructing a substation to enable up to 1 gigawatt of power capacity by early 2026.
Riot Platforms operates mining facilities across Texas and Kentucky and maintains electrical engineering and fabrication centers in Denver and Houston as it pursues its goal to become the leading Bitcoin-driven infrastructure platform worldwide.