Riot Platforms Reports $296.4M Q1 Loss Despite 128% Revenue Surge

Riot Platforms, a prominent Bitcoin mining company, reported a significant net loss of $296.4 million for the first quarter of 2025, despite achieving record revenues of $161.4 million. This marked a substantial increase from the $71.4 million in revenue reported in the same period last year. The company attributed its revenue growth to higher average Bitcoin prices, expanded hash rate capacity, and strategic improvements at its flagship Corsicana Facility.

The net loss for the quarter was a stark contrast to the net income of $211.8 million reported in the first quarter of 2024. The adjusted EBITDA also fell to negative $176.4 million from a positive $245.7 million a year earlier. This decline was primarily due to fair value losses on marketable securities and non-cash accounting adjustments.

Riot's Bitcoin production for the quarter was 1,530 BTC, an increase from 1,364 BTC in the same period last year. However, the cost to mine one Bitcoin, excluding depreciation, surged by 90% year-over-year to $43,808. This increase was driven by the April 2024 halving of the Bitcoin block subsidy and a 41% increase in the global network hash rate. Including depreciation, the total cost to mine each Bitcoin reached $81,109, nearly 87% of the production value.

Bitcoin mining revenue totaled $142.9 million in the first quarter, a significant increase from $71.4 million in the prior-year period. The average production value per Bitcoin was approximately $93,385, a sharp rise from $52,343 in the first quarter of 2024. Engineering revenue also showed strong growth, rising to $13.9 million from $4.7 million in the prior year, driven in part by the acquisition of E4A Solutions, an engineering and fabrication firm brought into Riot’s ecosystem in December 2024.

At the end of the quarter, riot held 19,223 unencumbered Bitcoin, valued at $1.6 billion based on a market price of $82,534 per coin as of March 31. The firm also held $163.7 million in unrestricted cash and a total of $310.3 million in working capital.

In April, Riot acquired Rhodium Enterprises’ hosted mining operations and physical infrastructure at the Rockdale Facility, resolving ongoing litigation and reclaiming 125 megawatts of contracted power for its own use. The settlement eliminates about $15 million in annual losses associated with Rhodium’s legacy hosting contract and related legal expenses. Riot CEO Jason Les stated, “This settlement allows us to fully control the Rockdale site’s capacity and immediately improves the financial efficiency of our operations.”

Riot is also making significant progress in transitioning the Corsicana Facility into a future AI and high-performance computing (HPC) hub. A feasibility study conducted in March by consultancy Altman Solon concluded that the site’s size, location, and infrastructure make it well-suited for data center tenants. To support this transition, Riot is expanding utility connectivity with new fiber lines, increasing water access, and continuing construction on a new substation that will support up to 1 gigawatt (GW) of total power capacity by early 2026.

Riot operates mining facilities in Texas and Kentucky and maintains electrical engineering and fabrication operations in Denver and Houston. The company remains focused on becoming the world’s leading Bitcoin-driven infrastructure platform.