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Riot Platforms (RIOT) investor relations material
Riot Platforms Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record net income of $219.5M and adjusted EBITDA of $495.3M for Q2 2025, driven by higher bitcoin prices, operational scale, and strategic expansion into data centers and AI/HPC infrastructure.
Produced 1,426 bitcoin in Q2 2025, up from 844 in Q2 2024, reflecting increased hash rate and efficiency.
Hired Jonathan Gibbs as Chief Data Center Officer and expanded Corsicana land holdings to 858 acres.
Fully exited the Hosting Business and integrated Rhodium asset acquisition, gaining control of 125 MW at Rockdale.
Major acquisitions included Block Mining and E4A Solutions, enhancing mining capacity and engineering capabilities.
Financial highlights
Q2 2025 revenue was $153.0M, up from $70.0M in Q2 2024, with bitcoin mining revenue at $140.9M and engineering revenue at $10.6M.
Net income reached $219.5M, reversing a prior net loss, driven by $477M in mark-to-market gains on bitcoin and securities.
Adjusted EBITDA was $495.3M, compared to $(75.2)M in Q2 2024, reflecting unrealized bitcoin gains.
Ended the quarter with 19,273 bitcoin valued at $2.1B and $255.4M in cash; total assets stood at $4.29B.
Cash SG&A was $45.8M, including $14.3M in one-time litigation expenses.
Outlook and guidance
Raised Q4 2025 hash rate forecast to 40 EH/s (26% YoY growth); Q1 2026 target set at 45 EH/s.
Ongoing expansion of mining capacity, with all miners under new purchase orders expected by end of 2025.
Data center and AI/HPC buildout at Corsicana in early stages, with further expansion and customer acquisition under evaluation.
Anticipates maintaining ~4% share of the global Bitcoin network into 2026 while expanding data center operations.
Expects direct non-power costs to remain constant at $1.7M per quarter going forward.
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