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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.
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Q2 2025 earnings summary31 Jul, 2025

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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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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