Riot Platforms (RIOT) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformational year with a strategic shift from Bitcoin mining to data center development, highlighted by the acquisition of key land assets, expansion of the Rockdale site, and the signing and commencement of a major lease with AMD, with the first phase delivered on time and on budget.

• Riot owns 1.7 GW of fully approved power capacity across Rockdale and Corsicana, providing a rare asset in a power-constrained market.

• Internal engineering and a veteran data center team enabled speed, cost efficiency, and execution of large-scale projects.

• Maintained strong liquidity with $1.6 billion in bitcoin holdings and $309.8 million in cash at year-end.

• Strategic focus is on securing high-credit tenants, maximizing asset value, and leveraging internal capabilities for growth.

Financial highlights

• FY 2025 revenue reached $647.4 million, up 72% year-over-year, with $576.3 million from Bitcoin mining and $71.2 million from engineering and other revenues.

• Net loss was $663.2 million, or $1.95 per diluted share, driven by significant non-cash charges, including depreciation/amortization, stock-based compensation, and unrealized BTC losses.

• Adjusted EBITDA was $12.96 million, reflecting underlying operational performance after adjusting for non-cash and unusual items.

• Produced 5,686 Bitcoin in 2025, an 18% increase year-over-year, ending with 18,005 Bitcoin valued at $1.6 billion.

• Cost to mine per Bitcoin (excluding depreciation) was $49,645, up from $32,216 in 2024, but remained efficient relative to industry peers.

Outlook and guidance

• Focus for 2026 is on delivering the full 25 MW for AMD, executing additional leases at Corsicana and Rockdale, and securing low-cost financing.

• Positioned for substantial data center development, with ongoing leasing discussions for hyperscale and investment-grade tenants.

• Plans to recycle capital into higher-return projects and expand the data center platform, targeting potential NOI of $1.6–$2.1 billion upon full build-out.