Riot Platforms reports 296m of net losses in the first quarter despite record revenue.
Riot Platforms reported $ 164 million in record revenue in the first quarter of 2025, and more than doubled $ 79.3 million in sales according to the latest import report.
Bitcoin (BTC) miners said they will continue to expand their operations and use stronger market conditions for quarter.
Headquartered in Texas, one of the largest vertical vertical integrated Bitcoin mining companies in North America, the company has been found to be due to the high average growth rate of Bitcoin prices, hash fare capacity, and strategic improvement of flagship Corsicana facilities.
However, despite the company’s record income, RIOT recorded a loss of $ 296.4 million in the quarter compared to the net profit of $ 221.8 million in the first quarter of 2024.
The adjusted EBITDA has fallen from $ 225.7 million to $ 114 million, compared to the previous year, reflecting fair value for marketable securities and non -cash accounting.
Bitcoin production rises
RIOT produced 1,530 BTCs in the first quarter compared to 1,364 BTCs during the same period last year. However, excluding depreciation, the cost of 1 bitcoin is $ 43,808, up 90% year -on -year.
In April 2024, half of the Bitcoin block subsidies and the global network hash ratio increased by 41%. On the other hand, the total cost of Riot, which mines each bitcoin, including depreciation, has reached $ 81,109, which is almost 87% of the production value.
Bitcoin mining revenue was $ 110 million in the first quarter, a total of $ 149 million compared to $ 71.4 million year -on -year. The average production value of RIOT per bitcoin was about $ 93,385, a sharp increase in $ 52,343 in the first quarter of 2024.
Engineering revenue also grew strongly from $ 4.7 million to $ 13.9 million. In December 2024, an increase in the acquisition of E4A solution, an engineering and manufacturing company that entered RIOT’s ecosystem.
At the end of the quarter, as of March 31, the company has a $ 19,223 untouched Bitcoin based on $ 82,534 per coin, which has a total of $ 163.7 million and a total of $ 31.3 million in unlimited cash.
Rhodium settlement
In April, RIOT acquired the mining and physical infrastructure held by Rhodium Enterprises in the ROCKDALE facility to solve the ongoing lawsuit and regained 125 megawatt’s contracts to use it.
The company said the agreement has removed the annual loss of Rhodium’s heritage hosting contract and related legal costs.
Riot CEO Jason Les said:
“This agreement allows you to fully control the capacity of the Rockdale site and immediately improve the financial efficiency of operation.”
RIOT also said that it has made significant progress in converting Corsicana facilities to future AI and high -performance computing (HPC) hubs. According to a feasibility study conducted in March by consulting Altman Solon, the size, location and infrastructure of this site are suitable for data center tenants.
To this end, RIOT is expanding the construction of a new substation that will expand the utility connection with the new fiber line, increase water accessibility, and support the total power capacity of up to one giga watt (GW) by early 2026.
RIOT operates mining facilities in Texas and Kentucky and maintains electrical engineering and manufacturing work in Denver and Houston. The company focuses on becoming the world’s best bitcoin -based infrastructure platform.
