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Riot Platforms (RIOT) investor relations material
Riot Platforms Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record Q3 2025 revenue of $180.2 million, up from $84.8 million year-over-year, with net income of $104.5 million, reversing a prior net loss.
Initiated core and shell development for two buildings at Corsicana campus, totaling 112 MW IT capacity, as part of a 1 GW long-term plan, with construction to begin in Q1 2026.
Acquired an additional 67-acre parcel adjacent to Corsicana, bringing total land to 925 acres and enabling full 1 GW development.
Transitioned focus from Bitcoin mining to maximizing value of power assets through large-scale data center development, leveraging in-house expertise and a veteran team.
Completed standardized Tier 3 data center and campus design, enabling rapid procurement and technical engagement with potential tenants.
Financial highlights
Q3 2025 revenue was $180.2 million, up 18% quarter-over-quarter, with net income of $104.5 million ($0.26 per diluted share) and adjusted EBITDA of $197.2 million.
Bitcoin mining revenue for Q3 2025 was $160.8 million with a 59% gross margin, and engineering revenue was $19.1 million.
Produced 1,406 Bitcoin in Q3, with a gross profit margin of 59%, and ended Q3 holding 19,287 Bitcoin valued at $2.2 billion.
Cash and cash equivalents at September 30, 2025 were $330.7 million, with total assets of $4.48 billion.
SG&A for Q3 was $69.8 million, including $32.9 million in non-cash stock-based compensation and $7.5 million in temporary litigation and advisory costs.
Outlook and guidance
Ongoing expansion of Corsicana Facility to reach 1 GW capacity, with further data center development for AI/HPC applications and high-density computing.
Construction for Corsicana core and shell to begin in Q1 2026, with first building completion expected in Q1 2027.
Key capital expenditures are fully funded through year-end 2025 with current cash balance.
Focused on maximizing value from power assets and transitioning more capacity to data centers over time.
No public disclosure of specific pipeline expansion targets, but expanding power portfolio remains a strategic priority.
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