Riot Platforms — Income Statement, Cash Flows & Balance Sheet
Is Riot Platforms profitable?
Revenue nearly doubled, but a flood of one-time charges pushed Riot deep into the red in 2025.
| 2024 | 2025 | Change | |
|---|---|---|---|
| Total revenue | $376.7M | $647.4M | +72% |
| Operating income (loss) | $153.6M | $(622.2M) | -$775.8M |
| Net income (loss) | $109.4M | $(663.2M) | -$772.6M |
Revenue growth was strong, driven mainly by a surge in bitcoin mining output. However, the bottom line collapsed under the weight of several large charges that do not reflect ongoing operations: a $158.1M loss to settle and terminate an unfavorable hosting contract with Rhodium, a $20M legal settlement, a $29.7M asset impairment, and a $115.9M mark-to-market loss on bitcoin held (GAAP requires Riot to revalue its bitcoin holdings each period). Stripping out the bitcoin fair value swings and one-time items, the underlying mining business generated meaningful gross profit — but the reported GAAP loss is real and should not be ignored.
Selling, general and administrative costs and depreciation are running very high relative to revenue.
| 2024 | 2025 | Change | |
|---|---|---|---|
| SG&A | $266.9M | $298.8M | +12% |
| Depreciation & amortization | $212.1M | $346.8M | +63% |
| Combined as % of revenue | 127% | 100% | -27 pts |
Riot is in a heavy capital investment phase, building out large mining and data center facilities. Depreciation is surging as those assets come online. Stock-based compensation — included in SG&A — was $125.7M in 2025, a meaningful non-cash drag. While the ratio is improving, the cost structure remains a challenge.
Where does Riot Platforms' revenue come from?
Bitcoin Mining is the dominant and fast-growing engine; Engineering is small but turned profitable.
| Segment | 2024 Revenue | 2025 Revenue | 2024 Gross Profit | 2025 Gross Profit |
|---|---|---|---|---|
| Bitcoin Mining | $321.0M | $576.3M | $131.8M | $237.3M |
| Engineering | $38.5M | $64.7M | $(1.1M) | $43.5M |
| Other (legacy hosting) | $17.2M | $6.5M | — | — |
Bitcoin Mining grew by roughly 80% year-over-year, primarily because Riot mined more bitcoin and the price of bitcoin was higher when earned. The Engineering segment — which makes custom electrical equipment for data centers and power infrastructure — more than doubled its revenue and swung from a small loss to a healthy gross profit, benefiting from booming demand for power infrastructure. The legacy data center hosting business (where Riot hosted other miners' equipment) is nearly fully wound down.
Does Riot Platforms generate cash?
Despite strong mining revenue, Riot consumed significant cash from operations and is funding itself largely through stock and debt issuance.
| 2024 | 2025 | Change | |
|---|---|---|---|
| Operating cash flow | $(255.1M) | $(572.9M) | -$317.8M |
| Capital expenditures (equipment + construction) | $(442.5M) | $(214.5M) | +$228.0M |
| Net cash from financing (stock + debt) | $1,518.0M | $455.3M | -$1,062.7M |
Because Riot holds mined bitcoin as an asset rather than selling it immediately, cash from mining does not show up in operating cash flow under GAAP — bitcoin sales appear in investing activities instead. Proceeds from selling bitcoin in 2025 were $535.5M, partially offsetting heavy investment spending. The company is relying on repeated equity issuances (roughly $208M raised in 2025 via its at-the-market stock program) and new debt to fund operations and expansion, which is dilutive to existing shareholders over time.
How strong is Riot Platforms' balance sheet?
Riot holds a massive bitcoin treasury, but debt has grown and a large chunk comes due within a year.
| Dec 31, 2024 | Dec 31, 2025 | Change | |
|---|---|---|---|
| Bitcoin + Restricted bitcoin | $1,654.5M | $1,575.4M | -$79.1M |
| Total debt (net) | $584.6M | $840.8M | +$256.2M |
| Current portion of debt | $0.3M | $253.9M | +$253.6M |
| Cash & restricted cash | $351.3M | $309.8M | -$41.5M |
| Total stockholders' equity | $3,143.7M | $2,858.4M | -$285.3M |
Riot's most distinctive balance sheet feature is its large bitcoin holding — worth over $1.5B at year-end, though that value moves with the bitcoin price. Total debt rose meaningfully in 2025, and notably $253.9M is now classified as current (due within 12 months), primarily the revolving credit facilities and the bitcoin-backed $200M loan from Coinbase. The company has also accumulated a $1.35B deficit over its history. Stockholders' equity remains positive, but investors should watch the near-term debt maturities and the collateral requirements on the bitcoin-backed facility, especially if bitcoin prices decline.