Riot Platforms Posted $647 Million in Revenue for 2025 and Now It’s Pivoting to AI

Riot Platforms reported record annual revenue of $647.4 million for fiscal year 2025, a 72% increase from $376.7 million in 2024, driven by Bitcoin mining and a new AMD data center partnership generating revenue since January 2026.

The Mining Numbers

Bitcoin mining contributed $576.3 million of the $647.4 million total. Engineering services added $64.7 million. Riot produced 5,686 BTC during the year, up from 4,828 BTC in 2024, a production increase of about 18% year over year.

The cost side of that production tells a more complicated story. The average cost to mine one Bitcoin, excluding depreciation, rose to $49,645 in 2025 from $32,216 in 2024. That’s a 54% increase in unit mining cost in a single year, driven primarily by a 47% surge in global network hash rate as more miners came online and competition for block rewards intensified.

At current Bitcoin prices near $67,000 to $70,000, a $49,645 cost basis per coin still generates a reasonable margin. At Bitcoin’s year-end 2025 price of approximately $87,498, the margin was more comfortable. The risk is a scenario where Bitcoin price falls while hash rate stays elevated, compressing margins further. The five-month price decline from $126,000 has already moved in that direction.

Riot held 18,005 BTC on its balance sheet at year-end, valued at approximately $1.6 billion at the $87,498 price. At current prices near $67,000 to $70,000, that holding is worth approximately $1.2 billion to $1.26 billion. The unrealized decline from the year-end valuation is roughly $340 million to $400 million.

The AI Pivot

The more forward-looking part of Riot’s story is not the mining results. It’s the power portfolio.

Riot controls nearly two gigawatts of power capacity in Texas across more than 1,100 acres at its Rockdale and Corsicana sites. That infrastructure, built for Bitcoin mining, turns out to be exactly what AI data center operators need: large, pre-permitted, grid-connected power in a business-friendly regulatory environment. Power is the binding constraint for AI infrastructure expansion right now, and Riot has a lot of it.

The AMD partnership that commenced in January 2026 is the first revenue-generating expression of that pivot. The first phase of a data center lease began generating revenue immediately upon launch. Construction on the first 112 megawatts of dedicated data center capacity at Corsicana is scheduled to begin in Q1 2026.

Activist investor Starboard Value has been pushing Riot to accelerate this transition, arguing the power assets could generate $1.6 billion in annual EBITDA if properly monetized for AI and high-performance computing. That figure is more than double Riot’s entire 2025 revenue from mining and engineering combined.

The Stock Is Still Down From Its Peak

RIOT trades at $16.43 with a $6.10 billion market cap. The 52-week high is $23.94. The 52-week low is $6.19. The stock has recovered significantly from its lows but is still about 31% below its peak.

There’s no P/E ratio because Riot is not profitable on a net income basis despite record revenue. The mining cost structure, combined with depreciation, stock-based compensation, and infrastructure investment, means the gap between revenue and profitability remains wide. The AI pivot is partly a strategy to improve that dynamic: data center lease revenue is structurally different from mining revenue, with more predictable margins and no exposure to Bitcoin price or network hash rate.

Whether the AMD partnership and Corsicana data center construction convert into the kind of EBITDA Starboard is projecting depends on execution timeline and AI infrastructure demand staying elevated long enough for Riot to capture it. Both are reasonable assumptions. Neither is guaranteed.

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