Riot Platforms Reports Record Q1 2025 Revenue of $161.4M Despite Net Loss

TLDR

• Riot Platforms reported record quarterly revenue of $161.4 million in Q1 2025, up 103.5% year-on-year
• The company posted a net loss of $296.4 million compared to $211.8 million net income in Q1 2024
• Bitcoin mining costs nearly doubled to $43,808 per BTC from $23,034 in the same period last year
• Riot produced 1,530 BTC in Q1 2025, holding 19,223 BTC (worth ~$1.86 billion) as of March 2025
• The company secured a $100 million Bitcoin-backed credit facility from Coinbase to fund expansion plans

Riot Platforms, one of the largest publicly traded Bitcoin mining companies, has reported mixed financial results for the first quarter of 2025, with record revenue growth overshadowed by substantial net losses as the company continues its strategic pivot toward AI and high-performance computing.

According to the company’s latest earnings report released on May 1, Riot generated total revenue of $161.4 million in Q1 2025, representing a 103.5% increase compared to the same period last year. This figure slightly exceeded Wall Street estimates of $159.79 million by approximately 1%.

The revenue growth was primarily driven by a $71.5 million increase in Bitcoin mining revenue. However, despite this strong top-line performance, Riot reported a net loss of $296.4 million for the quarter, a stark contrast to the $211.8 million net income recorded in Q1 2024.

Rising Mining Costs

The company attributed its financial challenges partly to the rising costs of Bitcoin mining. The average cost to mine one Bitcoin rose to $43,808 in Q1 2025, nearly doubling from $23,034 during the same period last year.

Riot explained this cost increase was “primarily driven by the block subsidy ‘halving’ event, which occurred in April 2024, and a 41% increase in the average global network hashrate as compared to the same period in 2024.”

Despite these heightened costs, Riot managed to produce 1,530 BTC in the first quarter, up from 1,364 BTC during the same period in 2024. As of March 31, 2025, the company held 19,223 BTC, worth approximately $1.86 billion at current prices.

Jason Les, CEO of Riot, highlighted the company’s operational progress in a statement: “We achieved a new record for quarterly revenue this quarter, at $161.4 million, driven by the work our teams have put in during the preceding years, including the multi-year development of the first phase of our Corsicana Facility, expanding our hash rate, and enhancing our operating efficiency.”

Strategic Pivot and Expansion

Riot has been making strides in its strategic shift from pure Bitcoin mining to AI and high-performance computing, following competitors such as Hut 8 and Core Scientific. This transition centers around the company’s Corsicana facility development.

The company reported enhancing the Corsicana site by acquiring additional development land nearby, improving connectivity through new fiber lines, and expanding on-site water access. Construction work on a substation continues and is expected to be completed in early 2026, which will bring a total of 1.0 GW of power capacity online.

To support its expansion plans, Riot recently secured a $100 million credit facility from Coinbase, using its substantial Bitcoin holdings as collateral. Les described this as the company’s “first Bitcoin-backed facility.”

Riot Platforms’ stock closed up 7.32% at $7.77 on May 1 but fell 3.73% in after-hours trading, according to market data. The company’s shares have declined 13.47% over the past six months.

The Bitcoin miner’s quarterly results reflect the complex dynamics facing the crypto mining industry post-halving, with companies like Riot balancing increased operational costs against strategic diversification efforts and asset appreciation.