RIOT Posts $690M Loss Despite Record Revenue, No 2026 Targets

Riot Platforms (RIOT) reported fiscal 2025 Q4 earnings on March 2, 2026, missing expectations with a net loss of $690.75 million. The company’s full-year FY results revealed a $647.4M revenue surge (+71.9% Y/Y), but Q4 guidance was undershooting by $10.94M. Management provided no specific 2026 financial targets beyond infrastructure scaling ambitions.

Revenue

The total revenue of Riot Platforms increased by 10.8% to $152.83 million in 2025 Q4, up from $137.90 million in 2024 Q4.

Earnings/Net Income

Riot Platforms swung to a loss of $1.86 per share in 2025 Q4 from a profit of $0.40 per share in 2024 Q4 (569.6% negative change). Meanwhile, the company reported a net loss of $-690.75 million in 2025 Q4, reflecting a 606.3% deterioration from the net income of $136.44 million achieved in 2024 Q4. The earnings collapse underscores operational challenges despite revenue growth.

Price Action

The stock price of Riot Platforms has climbed 5.32% during the latest trading day, has climbed 4.98% during the most recent full trading week, and has dropped 6.38% month-to-date.

Post-Earnings Price Action Review

The strategy of buying Riot Platforms (RIOT) shares after a revenue drop quarter-over-quarter on the financial report release date and holding for 30 days delivered moderate returns but underperformed the market. The strategy achieved a 28.87% return, trailing the benchmark by 30.24%. With a maximum drawdown of 83.71% and a Sharpe ratio of 0.07, the strategy indicated a high-risk, low-reward profile, highlighting the importance of risk management in such a volatile scenario.

CEO Commentary

Jason Les, CEO of Riot Platforms, highlighted a strategic evolution in 2025, unlocking nearly two gigawatts of power for data centers. The AMD lease, operational since January 2026, validates Riot’s scalability, generating revenue and shareholder value. With $1.9 billion in liquidity and $302 million in gross profit, Les emphasized aggressive infrastructure scaling and confidence in Riot’s momentum as a digital infrastructure leader. The CEO’s tone was optimistic, underscoring proven development expertise and a strong asset base.

Guidance

Riot expects to scale infrastructure leveraging its power portfolio and strategic partnerships, exemplified by the AMD lease. The company anticipates continued high-demand data center infrastructure opportunities, supported by $1.9 billion in liquidity and operational hash rate growth. Forward-looking statements include confidence in executing expansion plans, maximizing power portfolio value, and maintaining strong liquidity. Management expects to drive shareholder value through data center development and Bitcoin mining operations, with no specific financial metrics quantified beyond 2025 results.

Additional News

Riot Platforms inked a landmark data center lease with AMD in January 2026, validating its ability to scale infrastructure for high-demand clients. The partnership, operational since early 2026, is generating immediate revenue and solidifying Riot’s position in AI and HPC markets. Additionally, activist investor Starboard Value highlighted the company’s AI/HPC pivot as a potential $21 billion opportunity, urging further strategic deals. Beyond infrastructure, Riot’s Bitcoin production surged to 5,686 BTC in 2025 (vs. 4,828 in 2024), with BTC mining revenue climbing to $576.3 million amid Bitcoin’s all-time high price. The company now holds over 18,000 BTC, bolstering its treasury.