Riot Platforms Announces Q2 2025 Financial Results and Current Operational Status
Riot Platforms, Inc., a leading company in the development of large-scale data centers for high-performance computing and bitcoin mining applications, recently reported significant financial results for the second quarter of 2025. The company announced a record net income of $219.5 million and adjusted EBITDA of $495.3 million for the three-month period ended June 30, 2025.
Jason Les, CEO of Riot, expressed his satisfaction with the strong results achieved during the quarter, attributing them to favorable trends in the price of bitcoin. He highlighted the company’s progress over the past few years, emphasizing its exceptional capabilities in power procurement, global-scale Bitcoin mining, and infrastructure engineering. Les pointed out that Riot is strategically positioned to maximize shareholder value by focusing on a ready-for-service power portfolio with key sites in Rockdale and Corsicana, while also increasing capacity in high-value data centers. The recent addition of Jonathan Gibbs as Chief Data Center Officer further strengthens Riot’s expertise in hyperscale operations.
The financial and operational highlights of the second quarter of 2025 showcase Riot’s growth and success:
– Total revenue reached $153.0 million, a significant increase from $70.0 million in the same period in 2024, driven by an $85.1 million rise in Bitcoin Mining revenue.
– Riot produced 1,426 bitcoins during the quarter, compared to 844 bitcoins in the same period last year.
– The average cost to mine bitcoin, excluding depreciation, was $48,992 per bitcoin, reflecting an increase from $25,329 per bitcoin in 2024, primarily due to the block subsidy ‘halving’ event in April 2024 and a 45% rise in the average global network hash rate.
– Bitcoin Mining revenue surged to $140.9 million for the quarter, up from $55.8 million in the same period in 2024, owing to higher average bitcoin prices and increased operational hash rate.
– The engineering revenue grew to $10.6 million, with Riot benefiting from $18.5 million in capex savings since the acquisition of ESS Metron in December 2021.
– The company maintained a strong financial position with $141.1 million in working capital, including $255.4 million in unrestricted cash on hand, $74.9 million in restricted cash, and $62.5 million in marketable equity securities.
– Riot held 19,273 bitcoins, amounting to approximately $2.1 billion based on the market price for bitcoin on June 30, 2025.
Riot’s vision is to become the world’s leading Bitcoin-driven infrastructure platform, aiming to positively impact the sectors, networks, and communities it serves. The company’s focus on innovation and community partnerships enables best-in-class execution and successful outcomes in all its operations. With Bitcoin mining operations in central Texas and Kentucky, as well as electrical engineering and fabrication operations in Denver, Colorado, and Houston, Texas, Riot continues to expand its presence and influence in the digital infrastructure space.
In conclusion, Riot Platforms, Inc. has demonstrated impressive growth and financial performance in the second quarter of 2025, solidifying its position as a key player in the Bitcoin-driven infrastructure industry. The company’s strategic vision, strong leadership, and commitment to innovation set the stage for continued success and value creation for its shareholders.
