Riot Platforms (RIOT) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformational year, shifting from Bitcoin mining to a leading data center developer, with major land acquisitions at Rockdale and Corsicana and the completion of initial design for large-scale data center development.

• Achieved record annual revenue of $647.4 million, driven by a $255.3 million increase in Bitcoin mining revenue and the commencement of a landmark 10-year lease with AMD, validating execution capabilities and attracting high-quality tenant interest.

• Delivered initial power capacity to AMD on time and on budget, generating immediate revenue and establishing credibility in the data center market.

• Built a veteran data center team and maintained strong liquidity with $1.6 billion in bitcoin holdings and $309.8 million in cash at year-end.

• Maintained disciplined capital management, funding development through Bitcoin sales and targeting low-cost, non-dilutive debt.

Financial highlights

• Total revenue for FY2025 was $647.4 million, up 72% year-over-year, with Bitcoin mining revenue at $576.3 million and engineering/other revenues at $71.2 million.

• Net loss for the year was $663.2 million ($1.95 per diluted share), impacted by significant non-cash charges, including $346.8 million in depreciation/amortization and $158.1 million loss on contract settlement.

• Non-GAAP adjusted EBITDA was $12.96 million, reflecting adjustments for non-cash and unusual items.

• Produced 5,686 Bitcoin in 2025 (up 18% year-over-year), ending with 18,005 Bitcoin on the balance sheet valued at $1.6 billion.

• Cost to mine per Bitcoin was $49,645, up from $32,216 in 2024, but remained competitive due to power strategy.

Outlook and guidance

• Focus for 2026 includes delivering the full 25 MW for AMD, executing additional leases at Corsicana and Rockdale, and securing attractive financing.

• Ongoing discussions with multiple high-quality tenants; targeting further lease announcements in 2026.

• Substation expansion at Corsicana on schedule to reach 1 GW capacity over the next 12 months, with core & shell development underway.