Riot Platforms Q2 Earnings Exceed Expectations with $495.3M Adjusted EBITDA, 45% Increase in Bitcoin Mining Output

Riot Platforms reported Q2 adjusted EBITDA of $495.3M, compared to a loss of $75.2M last year. Revenue was $153.0M, in line with expectations. The company produced 1,426 bitcoins, up from 844 in the same period last year, due to a 45% increase in the global network hash rate and the block subsidy 'halving' event. Riot plans to optimize its power portfolio and shift capacity to high-value data centers.

Riot Platforms, Inc. (NASDAQ: RIOT) reported robust financial performance for the second quarter of 2025, with adjusted EBITDA of $495.3 million, a significant improvement over the $75.2 million loss reported in the same period last year [1]. The company's revenue reached $153.0 million, in line with market expectations.

The quarter was marked by a substantial increase in Bitcoin production, with Riot producing 1,426 bitcoins compared to 844 during the same period in 2024. This growth was driven by a 45% increase in the global network hash rate and the block subsidy 'halving' event in April 2024 [1]. The average cost to mine bitcoin, excluding depreciation, was $48,992 in the quarter, up from $25,329 per bitcoin in the same period last year [1].

Riot's Bitcoin Mining revenue reached $140.9 million for the quarter, up from $55.8 million in the same period last year. Engineering revenue was $10.6 million, a slight increase from $9.6 million in the same period last year [1].

The company has benefited from $18.5 million in capex savings since the acquisition of ESS Metron in December 2021, reflecting its vertical integration strategy [1]. Riot maintained a strong financial position with $141.1 million in working capital, including $255.4 million in unrestricted cash on hand, $74.9 million in restricted cash, and $62.5 million in marketable equity securities [1].

Looking ahead, Riot plans to optimize its power portfolio and shift capacity to high-value data centers. The company is also expanding its hyperscale expertise, with Jonathan Gibbs joining as Chief Data Center Officer [1].

References:
[1] https://www.globenewswire.com/news-release/2025/07/31/3125462/0/en/Riot-Platforms-Reports-Second-Quarter-2025-Financial-Results-Current-Operational-and-Financial-Highlights.html