Record Revenue and Strategic Growth
Riot Platforms, Inc. (NASDAQ: RIOT), a leader in vertically integrated Bitcoin mining, announced $161.4 million in total revenue for Q1 2025, alongside a deployed hash rate of 33.7 EH/s. This marks a significant increase from $79.3 million in Q1 2024, driven by expanded mining capacity and operational efficiency.
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Key Financial Achievements
- Bitcoin Production: 1,530 BTC mined (vs. 1,364 BTC in Q1 2024).
- Bitcoin Mining Revenue: $142.9 million (up from $71.4 million YoY).
- Engineering Revenue: $13.9 million, bolstered by the acquisition of E4A Solutions.
- Cost to Mine Bitcoin: $43,808 (excluding depreciation), influenced by the 2024 block subsidy halving and a 41% rise in global network hash rate.
Strategic Initiatives
Corsicana Facility Expansion
- AI/HPC Data Center Development: Feasibility studies confirm Corsicana’s potential for high-performance computing tenants.
- Infrastructure Upgrades: New fiber lines, expanded water access, and a 1.0 GW substation (completion: early 2026).
Rhodium Acquisition
- 125 MW Power Capacity Repurposed: Eliminated $15 million in annual operating losses from legacy contracts.
- Litigation Resolution: Mutual dismissal of all disputes, streamlining operations.
Financial Health
- Liquidity: $310.3 million in working capital, including $163.7 million in cash.
- Bitcoin Holdings: 19,223 unencumbered BTC ($1.6 billion at $82,534/BTC).
FAQs
1. What drove Riot’s revenue growth in Q1 2025?
The increase stemmed from higher Bitcoin prices, expanded hash rate, and improved operational efficiency, offsetting post-halving challenges.
2. How does the Corsicana Facility enhance Riot’s business?
Its AI/HPC potential and infrastructure upgrades position Riot as a dual-threat in Bitcoin mining and data center services.
3. What was the impact of the Rhodium acquisition?
It repurposed 125 MW of power, eliminated $15 million in annual losses, and resolved litigation, improving financial flexibility.
4. Why did mining costs rise YoY?
The 2024 halving reduced block rewards, while a 41% surge in global hash rate increased competition.
5. What is Riot’s long-term vision?
To dominate as a Bitcoin-driven infrastructure platform, leveraging mining, engineering, and AI/HPC synergies.
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Non-GAAP Metrics and Reconciliation
Adjusted EBITDA: Used to evaluate core operations, excluding non-cash items like stock-based compensation.
| Metric | Q1 2025 | Q1 2024 |
|———————-|————–|————–|
| Net Income (Loss) | $(296,367) | $211,777 |
| Adjusted EBITDA | $(176,361) | $245,729 |
Cost to Mine Bitcoin:
| Breakdown | Q1 2025 | Q1 2024 |
|———————-|————–|————–|
| Excluding Depreciation | $43,808 | $23,034 |
| Including Depreciation | $81,109 | $39,485 |
Forward-Looking Statements
Riot’s projections involve risks, including market competition, regulatory changes, and operational challenges. For details, refer to SEC filings.
Note: All figures in thousands unless stated otherwise.
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