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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.
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Q3 2025 earnings summary30 Oct, 2025

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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Frequently asked questions

Riot Platforms Inc (formerly Riot Blockchain, Inc.,) focuses on cryptocurrency mining operation in North America. The company owns the Suprnova Pool, which offers users to mine cryptocurrencies; and operates an ethereum mine. It is also involved in the development of a blockchain-based ecosystem that provides financial services for institutions and individuals focused on facilitating transfers of assets over a blockchain, as well as the development of applications for use on a blockchain.

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