Riot reports $180.2 million in revenue in Q3, with $104.5 million in net income

Riot Platforms reported its financial results for the quarter ending September 30, 2025, and the numbers came in heavy.

The company posted $180.2 million in revenue, up from $84.8 million in the same quarter last year.

Riot also reported net income of $104.5 million, equal to $0.26 per diluted share, compared to a $154.4 million loss or $(0.54) per diluted share in Q3 2024. The shift was driven mainly by stronger Bitcoin mining revenue and the current value of Bitcoin it holds.

Riot said it produced 1,406 bitcoin in the quarter, up from 1,104 mined in the same period last year. The company held 19,287 bitcoin as of September 30, 2025. About 3,300 bitcoin from that total are being used as collateral.

Based on a Bitcoin market price of $114,068 on that date, Riot’s holdings were valued at around $2.2 billion. The company also ended the quarter with $170.0 million in working capital, $330.7 million in unrestricted cash, and $75.6 million in restricted cash.

Riot expands data center development

Riot said the growth this quarter came alongside major steps in its data center development plan.

CEO Jason Les said the company is moving ahead with the core and shell construction of the first two buildings at its Corsicana data center campus, which together will support 112 megawatts of critical IT load when operational.

Les stated, “Riot made decisive progress in the development of our data center business this quarter. This progress has culminated in announcing today the initiation of the core and shell development of the first two buildings at our Corsicana data center campus, representing 112 MW of total critical IT capacity.”

He said the company reached four key achievements this quarter connected to the Corsicana expansion:

1. Acquired a new 67‑acre land parcel adjacent to the original site.
2. Completed the full campus design for Corsicana.
3. Completed the Basis of Design that will be used as Riot’s standard data center build template.
4. Continued expanding and staffing its in‑house data center team to support construction and scaling.

Les said these moves support the company’s plan to transform Riot into a large‑scale data center operator linked directly to its land and power access strategy.

Mining revenue increases while cost pressures continue

The company reported $160.8 million in Bitcoin mining revenue, up from $67.5 million in the same quarter in 2024. The increase came from higher average Bitcoin prices and increases in Riot’s operational hash rate.

The company noted, however, that the average global network hash rate also increased during the same period, which limited some of the revenue upside.

The average cost to mine one bitcoin, excluding depreciation, was $46,324 this quarter, compared to $35,376 last year. Riot linked this rise mainly to a 52% increase in the global network hash rate from last year.

This was partly offset by a 147% increase in power credits the company received in Q3 2025 compared to Q3 2024.

Riot reported $19.1 million in engineering revenue for the quarter, up from $12.6 million in Q3 2024. Since purchasing ESS Metron in December 2021, the company said it has achieved $23.0 million in capex savings tied directly to that acquisition.

Riot also reported Non‑GAAP Adjusted EBITDA of $197.2 million, which includes a $133.1 million gain on Bitcoin held on its balance sheet.

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