Riot Platforms — Financial Results
Revenue More Than Doubled, But a Large Net Loss Replaced Last Year's Profit
| Metric | 2025 | 2024 |
|---|---|---|
| Total Revenue | $647.4M | $376.7M |
| Net Income (Loss) | ($663.2M) | $109.4M |
| Adjusted EBITDA | $13.0M | $463.2M |
Total revenue jumped 72% year-over-year, driven by higher bitcoin prices and more mining capacity. Despite that top-line growth, the company swung to a $663 million net loss. Much of this was driven by large one-time charges — including a $158 million loss on a contract settlement (the "Rhodium Settlement"), a $30 million asset impairment, and a $116 million decline in the fair value of bitcoin held on the balance sheet. Adjusted EBITDA (a measure of operating profit that strips out non-cash and one-time items) collapsed from $463 million to just $13 million, signaling that the core business generated very little cash profit in 2025.
Mining Output Grew, But So Did the Cost Per Coin
| Metric | 2025 | 2024 |
|---|---|---|
| Bitcoin Mined | 5,686 | 4,828 |
| Avg. Price per Bitcoin | $101,350 | $66,488 |
| Cash Cost to Mine One Bitcoin | $49,645 | $32,216 |
| All-in Cost to Mine (incl. depreciation) | $91,427 | $64,421 |
The company mined 18% more bitcoin and benefited from a 52% rise in the average bitcoin price. However, the cash cost to mine one bitcoin rose 54%, largely because power consumption surged as new facilities came online. When equipment depreciation (the gradual expensing of miner purchase costs) is included, the all-in cost reached $91,427 — equivalent to 90% of the average bitcoin price, leaving very thin margins.
The Pivot to Data Centers Is Underway, With a First Real Customer Signed
The company announced a 10-year lease with AMD for 25 MW of computing capacity at its Rockdale, Texas facility, with options to expand up to 200 MW more. It also purchased outright the land under Rockdale (previously leased), securing direct ownership of its 700 MW power connection, water supply, and fiber infrastructure. This signals a deliberate strategic shift: using existing power assets to serve AI and high-performance computing tenants, not just bitcoin miners. The first phase of data center development at the Corsicana Facility is also in design.
Cash Burn Is Accelerating and the Company Relies on Selling Bitcoin and Shares to Stay Funded
| Metric | 2025 | 2024 |
|---|---|---|
| Cash Used in Operations | ($572.9M) | ($255.1M) |
| Shares Sold via ATM Program | 16.7M shares / $207.7M | 90.6M shares / $956.6M |
| Bitcoin Sold | 5,363 BTC / $535.5M | 212 BTC / $9.5M |
| Total Debt Outstanding | $853.7M | ~$594M |
Operating cash burn more than doubled to $573 million. The company covered this by selling bitcoin and issuing new shares — though it sold far fewer shares in 2025 than 2024. It also took on $854 million in total debt by year-end, including a new $200 million bitcoin-backed credit facility (a loan using bitcoin as collateral). The company explicitly notes that falling bitcoin prices after year-end could force it to sell more bitcoin than planned to meet expenses.
A Major One-Time Charge From the Rhodium Settlement Weighed Heavily on Results
The Rhodium Settlement — a contract resolution with a former mining tenant — resulted in a $158 million loss recorded in 2025, making it one of the single largest drags on profitability. In exchange, the company gained 125 MW of additional power capacity at the Rockdale Facility. A separate $20 million legal settlement with a former hosting customer was also recorded. These items are unlikely to recur but significantly distorted the 2025 income statement.