Riot Platforms (RIOT) Q2 2025 earnings summary

Executive summary

• Achieved record net income of $219.5 million and adjusted EBITDA of $495.3 million for Q2 2025, driven by strong bitcoin price appreciation, operational scale, and increased mining capacity.

• Produced 1,426 bitcoin in Q2 2025, up from 844 in Q2 2024, reflecting increased operational hash rate and higher bitcoin prices.

• Hired Jonathan Gibbs as Chief Data Center Officer and expanded Corsicana land holdings to 858 acres, supporting data center and AI/HPC infrastructure development.

• Fully exited the Hosting Business and integrated Rhodium asset acquisition, adding 125 MW at Rockdale.

• Strategic focus on maximizing value from power assets and expanding into high-value data centers and AI/HPC, leveraging vertical integration and recent acquisitions.

Financial highlights

• Q2 2025 revenue was $153.0 million, up from $70.0 million in Q2 2024, mainly due to an $85.1 million increase in bitcoin mining revenue.

• Net income reached $219.5 million ($0.65/share), reversing a prior net loss, driven by $470.8 million in mark-to-market gains on Bitcoin and securities.

• Adjusted EBITDA was $495.3 million, compared to $(75.2) million in Q2 2024.

• Bitcoin mining revenue was $140.9 million, with a 50% gross margin and cost to mine per Bitcoin of $48,992 (excluding depreciation).

• Engineering revenue was $10.6 million, with a record order backlog of $118.7 million.

Outlook and guidance

• Raised 2025 year-end hash rate forecast to 40 EH/s and Q1 2026 forecast to 45 EH/s, targeting ~4% global network share.

• Data center buildout at Corsicana progressing, with 400 MW expected online in Q1 2026 and an additional 200 MW in H2 2026; AI/HPC infrastructure in early stages.

• Management expects continued revenue growth from bitcoin mining and engineering, with a focus on operational efficiency and customer acquisition.