Riot Platforms (RIOT) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 revenue of $161.4 million, up over 100% year-over-year, driven by expanded hash rate, operational efficiency, and strategic acquisitions including Rhodium and E4A Solutions.

• Acquired Rhodium's mining assets, settling all litigation, gaining 125 MW of power capacity, and eliminating legacy hosting losses.

• Advanced AI/HPC data center business at Corsicana, with feasibility studies, land acquisitions, infrastructure enhancements, and key hires.

• Limited use of ATM and bitcoin-backed facility with Coinbase minimized equity dilution while maintaining a strong balance sheet.

• Strategic acquisitions of Block Mining and E4A Solutions expanded operational and engineering capabilities.

Financial highlights

• Q1 2025 revenue was $161.4 million, up 103% year-over-year and 13% sequentially; net loss was $296.4 million, primarily due to $271.2 million in mark-to-market losses on Bitcoin and securities.

• Adjusted EBITDA was negative $176.3 million, compared to positive $245.7 million in Q1 2024.

• Gross margin for Q1 2025 was 46%, with bitcoin mining segment at up to 53% and engineering at 15%.

• Produced 1,530 bitcoin in Q1 2025, up from 1,364 in Q1 2024; bitcoin held increased 8% to 19,223.

• Maintained $310.3 million in working capital, including $163.7 million in unrestricted cash.

Outlook and guidance

• Remains on track to meet GAAP engineering revenue guidance of $84 million for 2025 and expand Block Mining's operational capacity to 110 MW.

• Full-year 2025 hash rate growth target set at 22%, aiming to maintain ~4% share of global network.

• Construction at Corsicana Facility to bring 1.0 GW of power capacity online by early 2026, focusing on AI/HPC data center business.

• All miners under current purchase orders expected to be deployed by mid-2025.

• Focused on maximizing value from new power capacity and advancing AI/HPC data center development.