Riot Platforms Reports Record 2025 Financial Results, Strategic Expansion, and Key AMD Partnership
Key Highlights for Investors
- Record Full-Year Revenue: \$647.4 million in 2025, up 72% from \$376.7 million in 2024.
- Bitcoin Production: Mined 5,686 bitcoin in 2025 versus 4,828 in 2024.
- Gross Profit: Achieved \$302 million in gross profit, demonstrating strong operational leverage.
- Strategic Expansion: Enhanced the Corsicana and Rockdale sites through strategic development and acquisitions.
- AMD Data Center Partnership: The first phase of a data center lease with AMD is now operational and generating revenue as of January 2026.
- Liquidity Position: Ended 2025 with \$1.6 billion in bitcoin holdings (18,005 BTC, valued at \$87,498/BTC as of Dec 31, 2025) and \$309.8 million in cash.
- Adjusted EBITDA: \$12.96 million for 2025, compared to \$463.19 million in 2024, mainly due to several one-time and non-cash charges.
- Cost to Mine: Average cost to mine one bitcoin (excluding depreciation) was \$49,645 in 2025, compared to \$32,216 in 2024, reflecting higher network hash rate and partially offset by increased power credits.
- Engineering Revenue: \$64.7 million for 2025, up from \$38.5 million in 2024.
Detailed Financial and Strategic Review
Riot Platforms, Inc. (NASDAQ: RIOT), a leading bitcoin mining and digital infrastructure company, has announced its audited results for the full year ended December 31, 2025. The company delivered a record \$647.4 million in revenue, driven by significant growth in its Bitcoin mining and engineering segments.
CEO Jason Les characterized 2025 as a “watershed year,” noting the company’s strategic transformation as it leverages nearly two gigawatts of power capacity for large-scale data centers and bitcoin mining applications. This strategy is already paying off: Riot commenced operations on the first phase of its data center lease with AMD in early 2026, confirming its ability to provide rapid, large-scale power solutions to major technology partners.
Bitcoin Mining & Financial Performance
- Bitcoin Mining Revenue: \$576.3 million in 2025, up from \$321.0 million in 2024, driven by both higher average bitcoin prices and increased hash rate capacity.
- Production and Costs: Riot mined 5,686 bitcoin in 2025 at an average cost (excluding depreciation) of \$49,645 per bitcoin. The cost increase was mainly due to a 47% rise in the global network hash rate, partially offset by a 68% increase in power credits received.
- Depreciation: Depreciation charges on mining equipment reached \$237.6 million in 2025.
- Cost to Mine (Including Depreciation): \$91,427 per bitcoin, representing 90.2% of the bitcoin production value (up from \$64,421 and 96.9% in 2024).
Other Business Segments & Capital Position
- Engineering Revenue: \$64.7 million in 2025, up from \$38.5 million in 2024. The company noted \$23.2 million in capex savings since acquiring ESS Metron in December 2021.
- Strong Liquidity: Riot ended the year with 18,005 bitcoin (approx. \$1.6 billion at year-end prices) and \$309.8 million in cash (including \$76.3 million restricted).
- Power Curtailment Credits: Riot received \$56.7 million in power curtailment credits in 2025, up from \$33.7 million in 2024, by participating in ERCOT’s Demand Response Service Programs.
Key Strategic and Price-Sensitive Developments
- AMD Data Center Lease: The operationalization of Riot’s data center partnership with AMD in January 2026 marks an important strategic shift and validates Riot’s position as a scalable digital infrastructure provider for global technology leaders. This initiative is already generating incremental revenue and could have significant long-term implications for the company’s business model.
- Expansion & Asset Base: Riot’s expansion at the Corsicana and Rockdale sites, combined with a robust asset base and over \$1.9 billion in liquidity, positions the company aggressively for further growth in both bitcoin mining and high-demand data center applications.
These developments, particularly the AMD partnership and record results, are likely to be of high interest to shareholders and could be material to Riot’s share price. Investors should be aware of the company’s ability to scale, its exposure to bitcoin price volatility, and the possible impacts of future data center growth and lease arrangements.
Risks and Forward-Looking Statements
Riot’s management has identified several risks that could impact future performance, including construction delays, supply chain issues, changes in energy demand or leasing arrangements, regulatory hurdles, financing needs, bitcoin price volatility, and integration risks from acquisitions. Shareholders are cautioned that actual results may differ materially from projections.
Non-GAAP Financial Measures
Riot uses Adjusted EBITDA as a non-GAAP measure to provide a clear picture of its operational performance, excluding non-cash and one-time items. For 2025, Adjusted EBITDA was \$12.96 million, a substantial decrease from \$463.19 million in 2024, largely due to several extraordinary charges, impairments, and settlements in 2025. Notably, the company reported a net loss of \$663.2 million in 2025, compared to net income of \$109.4 million in 2024.
Outlook
Riot Platforms is well-capitalized to pursue aggressive expansion in digital infrastructure. Management remains optimistic about future growth opportunities, especially as demand for large-scale data centers and high-density computing rises. The AMD partnership and continued mining operations are expected to drive future results.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should review all relevant filings and consult with their financial advisors before making investment decisions. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those anticipated.
