- Record quarterly revenue of $180.2 million
- Net income of $104.5 million, or $0.26 diluted EPS
- Adjusted EBITDA of $197.2 million
- Announces initiation of 112 MW of core and shell for data center campus
CASTLE ROCK, Colo., Oct. 30, 2025 (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 three-month period ended September 30, 2025. The accompanying presentation materials are available on Riot’s website.
“Riot made decisive progress in the development of our data center business this quarter,” said Jason Les, CEO of Riot. “This progress has culminated in announcing today the initiation of the core and shell development of the first two buildings at our Corsicana data center campus, representing 112 MW of total critical IT capacity. This development has been made possible by four key achievements this quarter, namely; (i) the acquisition of an additional 67-acre parcel of land directly adjacent to our original Corsicana site, (ii) the completion of the Campus Design for Corsicana, which will transform the entire site for data center development, (iii) the completion of the Basis of Design for our standard data center build, and (iv) the ongoing build out of our in-house data center team.
“Together, these developments represent key advancements in our efforts to transform Riot into a large-scale, multi-faceted data center operator, in line with our strategy of maximizing the value of our unique portfolio of land and power assets.”
Third Quarter 2025 Financial and Operational Highlights
Key financial and operational highlights for the third quarter include:
- Total revenue of $180.2 million, as compared to $84.8 million for the same three-month period in 2024. The increase was primarily driven by a $93.3 million increase in Bitcoin Mining revenue.
- Produced 1,406 bitcoin, as compared to 1,104 during the same three-month period in 2024.
- The average cost to mine bitcoin, excluding depreciation, was $46,324 in the quarter, as compared to $35,376 per bitcoin in the same three-month period in 2024. The increase was primarily driven by a 52% increase in the average global network hash rate as compared to the same period in 2024, partially offset by a 147% increase in power credits received in Q3 2025 compared to power credits received in Q3 2024.
- Bitcoin Mining revenue of $160.8 million for the quarter, as compared to $67.5 million for the same three-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 $19.1 million for the quarter, as compared to $12.6 million for the same three-month period in 2024. Riot has realized $23.0 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.
- Net income of $104.5 million or $0.26 Diluted EPS, as compared to a net loss of $154.4 million or $(0.54) Diluted EPS in the same three-month period in 2024.
- Non-GAAP Adjusted EBITDA of $197.2 million for the quarter, which included a $133.1 million gain on Bitcoin held on the balance sheet.
- Maintained industry-leading financial position, with $170.0 million in working capital, including $330.7 million in unrestricted cash on hand, and $75.6 million in restricted cash.
- Held 19,287 bitcoin (of which 3,300 are currently held as collateral), equating to approximately $2.2 billion based on a market price for one bitcoin on September 30, 2025, of $114,068.
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 details about the financial result, follow this link.
See Also:
Why Riot Platforms is Focusing on Data Centers, and not just Bitcoin | Disruption Banking
Riot Announces Q2 2025 Earnings Conference Call | Disruption Banking
