Riot Platforms reveals $296 million net loss in Q1, even with record-breaking revenues
In the first quarter of 2025, Riot Platforms announced an impressive revenue of $161.4 million, more than doubling the $79.3 million reported during the same period last year, according to their recent earnings summary.
The Bitcoin mining company highlighted its continuous operational expansion and ability to leverage favorable market trends during the quarter.
Based in Texas, Riot is among North America’s largest fully integrated Bitcoin mining enterprises and attributed its revenue increase to a rise in the average Bitcoin price, enhanced hash rate capacity, and various strategic upgrades at its Corsicana Facility.
Despite this record revenue achievement, the company faced a net loss of $296.4 million for the quarter, contrasting with a net profit of $211.8 million in the first quarter of 2024.
The adjusted EBITDA plunged to negative $176.4 million, down from a positive $245.7 million a year earlier, due to losses on marketable securities and non-cash accounting adjustments.
Increase in Bitcoin production
Riot managed to produce 1,530 BTC in the first quarter, up from 1,364 BTC over the same timeframe last year. However, the cost of mining a single Bitcoin, not accounting for depreciation, soared by 90% year-over-year to $43,808.
This rise was mainly driven by the halving of the Bitcoin block reward in April 2024 and a 41% surge in the global network hash rate. When factoring in depreciation, Riot’s total cost per Bitcoin reached $81,109, representing nearly 87% of its production value.
Total revenue from Bitcoin mining reached $142.9 million in the first quarter, significantly rising from $71.4 million in the same period the previous year. Riot’s average production value per Bitcoin climbed to around $93,385, a substantial increase from $52,343 in the first quarter of 2024.
Revenue from engineering services also witnessed notable growth, increasing to $13.9 million from $4.7 million last year, partly due to the integration of E4A Solutions, an engineering firm acquired in December 2024.
By the end of the quarter, the company owned 19,223 Bitcoin without any encumbrances, valued at $1.6 billion based on a market price of $82,534 per coin as of March 31. Additionally, they held $163.7 million in unrestricted cash and total working capital of $310.3 million.
Settlement with Rhodium
In April, Riot finalized the acquisition of Rhodium Enterprises’ mining operations and physical assets at the Rockdale Facility, resolving ongoing legal disputes and regaining 125 megawatts of contracted power for internal use.
This settlement is expected to eliminate approximately $15 million in annual losses linked to Rhodium’s previous hosting contract and associated legal fees.
CEO Jason Les remarked:
“This agreement enables us to have complete control over the Rockdale site’s capacity and enhances the financial effectiveness of our operations immediately.”
Riot also indicated it is making substantial progress in developing the Corsicana Facility into a future-focused hub for AI and high-performance computing (HPC). A feasibility analysis carried out in March by Altman Solon determined that the site’s dimensions, location, and infrastructure position it well for future data center tenants.
To facilitate this transition, Riot is enhancing utility connections with new fiber lines, improving water accessibility, and continuing the construction of a new substation expected to support up to 1 gigawatt (GW) of power capacity by early 2026.
With mining operations in Texas and Kentucky, and electrical engineering and fabrication facilities in Denver and Houston, Riot aims to establish itself as the premier Bitcoin-driven infrastructure platform globally.
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