Riot Platforms Posts Record $647M Revenue, Mines 5,686 Bitcoins as Cost Rises 54%
Riot Platforms delivered record 2025 revenue of $647.4 million and produced 5,686 bitcoins, boosting gross profit to $302 million while lowering capex by $23.2 million. A 36% plunge in Bitcoin from $106,484 to $68,400 has increased mining costs by 54% year-over-year and poses near-term margin pressure.
1. Record 2025 Financial Performance
Riot Platforms generated $647.4 million in total revenue for 2025, up from $376.7 million in 2024, driven by $576.3 million in Bitcoin mining revenue and $64.7 million in engineering services, yielding $302 million in gross profit.
2. Mining Efficiency and Cost Dynamics
The company produced 5,686 bitcoins in 2025 compared to 4,828 in 2024, but its average mining cost excluding depreciation rose to $49,645 per bitcoin from $32,216 due to a 47% increase in the global hash rate, partially offset by a 68% boost in power credits.
3. Strong Liquidity and Bitcoin Holdings
As of year-end, Riot held 18,005 bitcoins (3,977 pledged as collateral) valued at roughly $1.6 billion and $309.8 million in cash, including $76.3 million of restricted funds, supporting its $1.9 billion liquidity position.
4. Data Center Growth and AMD Partnership
Strategic land acquisitions at Corsicana and Rockdale have enhanced Riot’s data center footprint, and the first phase of the AMD lease is operational as of January 2026, marking the company’s entry into high-density computing infrastructure development.