Riot Platforms, Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 2 March 2026: press release. Guidance figures: 3 raised. The quarter’s numbers.

Key takeaways

Revenue rose to $647.4 million: Total revenue was $647.4 million for 2025, against $376.7 million in 2024. The increase was primarily driven by a $255.3 million rise in Bitcoin Mining revenue. Source
Net loss widened, Adjusted EBITDA fell: The reconciliation shows a net loss of $663.2 million, against net income of $109.4 million in 2024. Adjusted EBITDA was $13.0 million, against $463.2 million. Source
Bitcoin Mining revenue rose to $576.3 million: Bitcoin Mining revenue was $576.3 million, against $321.0 million in 2024. Management attributed the rise to higher average bitcoin prices and higher operational hash rate. Source
AMD lease began generating revenue: Management said operations on the first phase of the AMD lease commenced, generating revenue for Riot as of January 2026. Source
Cost to mine rose on hash rate: Average cost to mine one bitcoin, excluding depreciation, was $49,645 in 2025, against $32,216 in 2024. Management attributed the rise mainly to a 47% increase in average global network hash rate. Source
Contract settlement loss weighed on results: The reconciliation lists a $158.1 million loss on contract settlement, a $20.0 million loss on legal settlement, and a $26.0 million gain on an acquisition post-close dispute settlement. Source
2025 described as strategic evolution: Chief Executive Jason Les described 2025 as a year of strategic evolution that transformed the company's future trajectory. Source

“2025 marked a watershed year for Riot, defined by a strategic evolution in our business that has transformed our future trajectory,”
Jason Les, CEO of Riot

Guidance

Area	Period	Figure	Against last quarter
Bitcoin miner depreciation expense Source	2026	$253,446 thousand	Raised from $234,643 thousand
Bitcoin miner depreciation expense Source	2027	$196,466 thousand	Raised from $175,901 thousand
Bitcoin miner depreciation expense Source	2028	$69,350 thousand	Raised from $39,726 thousand

What changed from last quarter

New: AMD data center lease commenced operations. The prior release described Corsicana core and shell work but did not mention this lease. Source
New: The headline cites strategic land acquisitions improving the Corsicana and Rockdale sites. The prior release described one 67-acre parcel adjacent to Corsicana. Source

Full-year results and growth drivers

Revenue rose to $647.4 million: Total revenue was $647.4 million for 2025, against $376.7 million in 2024. The increase was primarily driven by a $255.3 million rise in Bitcoin Mining revenue. Source
Bitcoin production rose year on year: The company produced 5,686 bitcoin in 2025, compared with 4,828 in 2024. Source
Gross profit reported at $302 million: The CEO's statement cites $302 million in gross profit for the year, alongside record annual revenue of $647 million. Source
Net loss widened, Adjusted EBITDA fell: The reconciliation shows a net loss of $663.2 million, against net income of $109.4 million in 2024. Adjusted EBITDA was $13.0 million, against $463.2 million. Source

Bitcoin mining and engineering segments

Bitcoin Mining revenue rose to $576.3 million: Bitcoin Mining revenue was $576.3 million, against $321.0 million in 2024. Management attributed the rise to higher average bitcoin prices and higher operational hash rate. Source
Engineering revenue rose to $64.7 million: Engineering revenue was $64.7 million for the year, against $38.5 million in 2024. Source
ESS Metron synergies cited at $23.2 million: The company said it has realized $23.2 million in capex savings since the December 2021 acquisition of ESS Metron, which it described as a synergy of the engineering asset. Source

“We have successfully commenced operations on the first phase of the lease with AMD, generating revenue for Riot, as of January 2026.”
Jason Les, CEO of Riot

AMD data center lease

AMD lease began generating revenue: Management said operations on the first phase of the AMD lease commenced, generating revenue for Riot as of January 2026. Source
Land positioned at Corsicana and Rockdale: The headline cites improved positioning of the Corsicana and Rockdale sites through strategic land acquisitions. The prior release described one 67-acre Corsicana parcel. Source
AMD partnership cited as validation: Management said the AMD partnership validates the company's ability to rapidly deliver power capacity at scale for large technology companies. Source

Mining costs and power credits

Cost to mine rose on hash rate: Average cost to mine one bitcoin, excluding depreciation, was $49,645 in 2025, against $32,216 in 2024. Management attributed the rise mainly to a 47% increase in average global network hash rate. Source
Power credits partly offset cost rise: Management said a 68% increase in power credits partially offset the cost rise. Power curtailment credits were $56.7 million, against $33.7 million in 2024. Source
Curtailment programs lower mining cost: Fixed-price power contracts let the company pause mining to join ERCOT demand response programs. Management said this significantly lowers its cost to mine bitcoin. Source
Scheduled miner depreciation totals $519 million: Future depreciation on the company's bitcoin miners is $253.4 million in 2026, $196.5 million in 2027 and $69.4 million in 2028, totalling $519.3 million. Source

“I am incredibly excited about our momentum as we build the next generation of digital infrastructure.”
Jason Les, CEO of Riot

Impairments and one-off charges

Contract settlement loss weighed on results: The reconciliation lists a $158.1 million loss on contract settlement, a $20.0 million loss on legal settlement, and a $26.0 million gain on an acquisition post-close dispute settlement. Source
Impairment and convertible notes loss: The reconciliation lists a $29.7 million impairment of property and equipment and a $5.8 million loss on convertible notes investment as adjustments. Source
Equity investment loss and stock compensation: The reconciliation shows a $28.2 million loss on the equity-method investment in marketable securities, against $69.5 million in 2024, and $125.7 million of stock-based compensation. Source

Liquidity and miner purchases

Liquidity cited above $1.9 billion: Chief Executive Jason Les cited over $1.9 billion in liquidity. The release reports 18,005 bitcoin, of which 3,977 are held as collateral, worth about $1.6 billion. Source
Cash on hand with restricted portion: Cash on hand was $309.8 million at year-end 2025, of which $76.3 million is restricted. Bitcoin was valued at $87,498 on December 31, 2025. Source
Miner purchases paid in cash: Cash paid for miner deposits and purchases was $228.4 million in 2025, against $342.4 million in 2024. Management said the miners were paid from cash on hand, with no financing. Source

Strategy and power positioning

2025 described as strategic evolution: Chief Executive Jason Les described 2025 as a year of strategic evolution that transformed the company's future trajectory. Source
Nearly two gigawatts of power portfolio: Management said unlocking a nearly two-gigawatt power portfolio for high-demand data center infrastructure is driving shareholder value. Source
Plans to scale infrastructure footprint: Management said the company is uniquely equipped to scale its infrastructure footprint, citing liquidity and readily available power in key data center markets. Source

Coming up, as management said on 2 March 2026

Building next-generation digital infrastructure: Management said it is building the next generation of digital infrastructure. No dated milestones are given in the release. Source

Figures management reported

Figure	Reported
Bitcoin produced, full year 2025 Source	5,686
Cost to mine one bitcoin, excluding depreciation Source	$49,645

Risks management discussed

Operational: Management attributed the rise in cost to mine to a higher average global network hash rate, which increases the cost per bitcoin. Source
Demand: Management attributed mining revenue to bitcoin prices and hash rate, so mining revenue moves with those inputs. Source
Operational: Power curtailment credits depend on pausing mining operations to participate in ERCOT demand response programs. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Riot Platforms Reports Full Year 2025 Financial Results and Strategic Highlights

Record annual revenue of $647.4 million with 5,686 bitcoin mined
Improved positioning of Corsicana and Rockdale sites through strategic land acquisitions
Data center lease with AMD operational

CASTLE ROCK, Colo., March 2, 2026 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), a Bitcoin-driven industry leader in the development of large-scale data centers and bitcoin mining applications, reported financial results for the twelve-month period ended December 31, 2025. The accompanying presentation materials are available on Riot’s website.

“2025 marked a watershed year for Riot, defined by a strategic evolution in our business that has transformed our future trajectory,” said Jason Les, CEO of Riot. “By unlocking our large, nearly two-gigawatt power portfolio for high-demand data center infrastructure, we are driving significant shareholder value.

“This strategy is already delivering results with our strategic partner, AMD. We have successfully commenced operations on the first phase of the lease with AMD, generating revenue for Riot, as of January 2026. This partnership validates our unique ability to rapidly deliver power capacity at scale for the world’s leading technology companies.

“With proven development expertise, a world-class asset base of readily available power in key data center markets, and over $1.9 billion in liquidity, we are uniquely equipped to aggressively scale our infrastructure footprint. Supported by record annual revenue of $647 million and $302 million in gross profit, Riot has never been in a stronger position. I am incredibly excited about our momentum as we build the next generation of digital infrastructure.”

Full Year 2025 Financial and Operational Highlights

Key financial and operational highlights for the year include:

Total revenue of $647.4 million, as compared to $376.7 million for the same twelve-month period in 2024. The increase was primarily driven by a $255.3 million increase in Bitcoin Mining revenue.
Produced 5,686 bitcoin, as compared to 4,828 during the same twelve-month period in 2024.
The average cost to mine bitcoin, excluding depreciation, was $49,645 in the year, as compared to $32,216 per bitcoin in the same twelve-month period in 2024. The increase was primarily driven by a 47% increase in the average global network hash rate as compared to the same period in 2024, partially offset by a 68% increase in power credits received in FY 2025 compared to power credits received in FY 2024.
Bitcoin Mining revenue of $576.3 million for the year, as compared to $321.0 million for the same twelve-month period in 2024, primarily driven by higher average bitcoin prices and an increase in operational hash rate, partially offset by an increase in the average global network hash rate.
Engineering revenue of $64.7 million for the year, as compared to $38.5 million for the same twelve-month period in 2024. Riot has realized $23.2 million in capex savings alone since the acquisition

of ESS Metron in December 2021, demonstrating one of the key synergies resulting from this strategic operational asset.

Maintained strong liquidity position with 18,005 bitcoin (of which 3,977 are currently held as collateral), equating to approximately $1.6 billion based on a market price for one bitcoin on December 31, 2025, of $87,498 and $309.8 million of cash on hand (of which $76.3 million is restricted).

About Riot Platforms, Inc.

Riot’s (NASDAQ: RIOT) vision is to be the world’s most trusted platform for powering and building digital infrastructure.

Riot’s mission is to empower the future of digital infrastructure by positively impacting the sectors, networks, and communities that we touch. We believe that the combination of an innovative spirit and strong community partnership allows the Company to achieve best-in-class execution and create successful outcomes.

Riot is a Bitcoin-driven industry leader in the development of large-scale data centers and bitcoin mining applications. The Company’s vertically integrated strategy spans Bitcoin mining, engineering, and the development of large-scale data center projects designed to support the growing demand for high-density computing. Riot currently operates Bitcoin mining facilities in central Texas and Kentucky, with engineering and fabrication capabilities in Denver and Houston. The Company is now expanding into data center development, strengthening its position as a foundational builder in the digital economy.

For more information, visit www.riotplatforms.com.

Safe Harbor

Forward-looking statements notice

Statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions. Such statements rely on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” similar expressions and their negatives are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to: plans to develop data centers, projections, objectives, expectations, and intentions about future events, short-term and long-term business operations and objectives and financial needs; the Company’s data center lease at the Rockdale Site; forecasted demand for energy at the sites; the Company’s expansion plans at the site, the Company’s anticipated financing plan for the project, and the Company’s other plans, projections, objectives, expectations, and intentions more generally. These forward-looking statements are subject to a number of risks and uncertainties that may cause results, performance, or achievements to be materially different from those expressed or implied, including, without limitation: risks relating to the Company’s growth and developing the Company’s power capacity for data center purposes, including construction plans, delays, supply chain issues, permitting or regulatory hurdles, and unforeseen technical challenges; the anticipated demand for large data centers; changes in leasing arrangements; risks relating to the financing of new data centers; future economic conditions, performance, or outlooks; future political conditions; the outcome of contingencies; potential acquisitions or divestitures; our ability to maximize the value of our full power portfolio; the number and value of Bitcoin rewards and transaction fees we earn from our ongoing Bitcoin Mining operations; future self-mining hash rate capacity; expected cash flows or capital expenditures; our beliefs or expectations; activities, events or developments that we intend, expect, project, believe, or anticipate will or may occur in the future; unaudited estimates of bitcoin production; risks related to the success, schedule, cost and difficulty of integrating businesses we acquire; and our failure to realize anticipated efficiencies and strategic and financial benefits from our acquisitions. Detailed information regarding the factors identified by the Company’s management which they believe may cause actual results to differ materially from those expressed or implied by such forward-looking statements in this press release may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risks, uncertainties and other factors discussed under the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC’s website, www.sec.gov. All forward- looking statements included in this press release are made only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on such forward-looking statements.

Additional Information and Communications

For important news and information regarding the Company, including presentations and other news and events, visit the Investor Relations section of the Company’s website, riotplatforms.com/overview, and the Company’s social media accounts, including on X and LinkedIn.

Non-U.S. GAAP Measures of Financial Performance

In addition to financial measures presented under generally accepted accounting principles in the United States of America (“GAAP”), we consistently evaluate our use of and calculation of non-GAAP financial measures such as “Adjusted EBITDA.” EBITDA is computed as net income before interest, taxes, depreciation, and amortization. Adjusted EBITDA is a financial measure defined as EBITDA, adjusted to eliminate the effects of certain non-cash and/or non-recurring items that do not reflect our ongoing strategic business operations, which management believes results in a performance measurement that represents a key indicator of the Company’s core business operations of Bitcoin mining. The adjustments include fair value adjustments such as derivative power contract adjustments, equity securities fair value changes, and non-cash stock-based compensation expense, in addition to financing and legacy business income and expense items. We believe Adjusted EBITDA can be an important financial performance measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including our return on capital and operating efficiencies from period-to-period by making such adjustments. Additionally, Adjusted EBITDA is used as a performance metric for share-based compensation.

Adjusted EBITDA is provided in addition to, and should not be considered a substitute for, or superior to, net income, the most comparable measure under GAAP to Adjusted EBITDA. Further, Adjusted EBITDA should not be considered as an alternative to revenue growth, net income, diluted net income per share or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of our liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider this financial measure either in isolation or as a substitute for analyzing our results as reported under GAAP.

The following table reconciles Adjusted EBITDA to Net income (loss), the most comparable GAAP financial measure:

	Years Ended December 31,
	2025	2024
Net income (loss)	$(663,181)	$109,401
Interest income	(13,984)	(27,166)
Interest expense	24,144	1,985
Income tax expense (benefit)	(150)	744
Depreciation and amortization	346,811	212,053
EBITDA	(306,360)	297,017
Adjustments:
Stock-based compensation expense	125,711	125,204
Acquisition-related costs	187	5,541
Change in fair value of derivative assets	1,447	(45,277)
Change in fair value of contingent consideration	(18,071)	(2,459)
Loss (gain) on equity method investment - marketable securities	28,192	69,489
Loss (gain) on sale of equipment	(2,267)	17,429
Casualty-related charges (recoveries), net	(174)	(2,795)
Loss on contract settlement	158,137	-
Loss on legal settlement	20,000	-
(Gain) on acquisition post-close dispute settlement	(26,007)	-
Impairment of property and equipment	29,736	-
Loss on convertible notes investment	5,757	-
Other (income) expense	(2,944)	(863)
Amortization of license fee revenue	(388)	(97)
Adjusted EBITDA	$12,956	$463,189

The Company defines Cost to Mine as the cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as calculated in the table below.

	Years Ended December 31,
	2025	2024
Cost of power for self-mining operations	$281,396	$149,019
Other direct cost of revenue for self-mining operations(1)(2), excluding bitcoin miner depreciation	57,615	40,205
Cost of revenue for self-mining operations, excluding bitcoin miner depreciation	339,011	189,224
Less: power curtailment credits	(56,729)	(33,685)
Cost of revenue for self-mining operations, net of power curtailment credits, excluding bitcoin miner depreciation	282,282	155,539
Bitcoin miner depreciation(4)(5)	237,574	155,487
Cost of revenue for self-mining operations, net of power curtailment credits, including bitcoin miner depreciation	$519,856	$311,026
Quantity of bitcoin mined	5,686	4,828
Production value of one bitcoin mined	$101,350	$66,488
Cost to mine one bitcoin, excluding bitcoin miner depreciation	$49,645	$32,216
Cost to mine one bitcoin, excluding bitcoin miner depreciation, as a % of production value of one bitcoin mined	49.0%	48.5%
Cost to mine one bitcoin, including bitcoin miner depreciation	$91,427	$64,421
Cost to mine one bitcoin, including bitcoin miner depreciation, as a % of production value of one bitcoin mined	90.2%	96.9%

Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property taxes.
During the years ended December 31, 2025 and 2024, we paid cash of approximately $228.4 million and $342.4 million, respectively, in total deposits and payments for the purchase of miners. Costs to finance the purchase of miners were zero as the miners were paid for with cash from our cash balance. The seller did not provide any financing, nor did we borrow from a third-party to purchase the miners.
Power curtailment credits are credited against our power invoices as a result of temporarily pausing our operations to participate in ERCOT’s Demand Response Service Programs. Our fixed-price power purchase contracts enable us to strategically curtail our mining operations and participate in these programs, which significantly lower our cost to mine bitcoin. These credits are recognized in Power curtailment credits on our Consolidated Statements of Operations, outside of cost of revenue, but significantly reduce our overall cost to mine bitcoin.
We capitalize the acquisition cost of our miners and include these costs in Property and equipment, net on our Consolidated Balance Sheets. The miners are depreciated over an estimated useful life of three years, during which time, they are expected to contribute to the generation of bitcoin revenue. We do not consider depreciation expense in determining whether it is economical to operate our miners because depreciation is a non-cash expense and is not a variable operating cost that can be avoided even if we curtail operations temporarily. Depreciation expense incurred is disclosed for each respective period in the table above.
The following table presents the future depreciation expense of all of our bitcoin miners:

2026	$253,446
2027	196,466
2028	69,350
Total	$519,262

Computed as revenue recognized from bitcoin mined divided by the quantity of bitcoin mined during the same period.

Contacts
Joshua Kane IR@Riotplatforms.com
Becca Rincon PR@Riotplatforms.com