TLDR
- Riot Platforms achieved record quarterly revenue of $161.4 million in Q1 2025, up 50-103.5% year-over-year
- The company reported a net loss of $296.4 million, compared to net income of $211.8 million in Q1 2024
- Bitcoin mining costs nearly doubled to $43,808 per BTC compared to $23,034 in the same period last year
- Riot currently holds 19,223 Bitcoin worth approximately $1.86 billion
- The company is pivoting toward AI and high-performance computing at its Corsicana facility
Riot Platforms, one of the largest publicly traded Bitcoin mining companies, has posted record revenue for the first quarter of 2025 despite reporting a net loss. The company announced total revenue of $161.4 million, exceeding Wall Street estimates of $159.79 million by 1%, according to its earnings report released on May 1.
The Q1 revenue represents a substantial increase from the previous year. Different sources cite the growth as either 50% or 103.5% compared to the same quarter in 2024. This growth was primarily driven by a $71.5 million increase in Bitcoin mining revenue.
Despite the record revenue, Riot reported a net loss of $296.4 million for the quarter. This marks a stark contrast to the $211.8 million net income the company posted during the same period last year.
Riot CEO Jason Les highlighted the achievement in the earnings report: “We achieved a new record for quarterly revenue this quarter, at $161.4 million, driven by the work our teams have put in during the preceding years.”
Rising Mining Costs
The company attributed its financial challenges to rising Bitcoin mining costs. The average cost to mine one Bitcoin reached $43,808 during the quarter, nearly 90% higher than the $23,034 it cost during the same period in 2024.
Riot explained this increase was “primarily driven by the block subsidy ‘halving’ event, which occurred in April 2024, and a 41% increase in the average global network hashrate as compared to the same period in 2024.” The Bitcoin halving event reduced the reward for mining each block on the Bitcoin network.
Despite these higher costs, Riot produced more Bitcoin than in the previous year. The company mined 1,530 BTC in Q1 2025, up from 1,364 BTC during the same period in 2024. This represents an increase of 166 Bitcoin, worth approximately $16.13 million at the time of reporting, with Bitcoin trading at $97,072.
The company maintains a strong Bitcoin reserve. As of the end of March 2025, Riot held 19,223 unencumbered Bitcoin, valued at approximately $1.86 billion at current prices.
Strategic Pivot to AI
Riot has been making progress in its strategic shift from Bitcoin mining to artificial intelligence and high-performance computing. This pivot centers around its Corsicana facility in Texas.
The company reported it has taken steps to increase the attractiveness of the Corsicana site. These include acquiring additional development land nearby, enhancing connectivity through new fiber lines, and expanding on-site water access.
According to Les, “Construction work on the substation, to be completed in early 2026, also continues and will bring a total of 1.0 GW of power capacity online once completed.”
This move follows similar strategies by Riot’s competitors such as Hut 8 and Core Scientific, which have also shifted focus toward the AI industry.
In April, Riot announced it had secured a $100 million credit facility from Coinbase, using its Bitcoin holdings as collateral. Les described this as Riot’s “first Bitcoin-backed facility,” which will support the company’s continued expansion plans.
Riot Platforms’ stock closed at $7.77 on May 1, up 7.32% for the day according to market data. However, it fell 3.73% in after-hours trading following the earnings announcement.
The company’s stock performance over a longer period shows challenges, with Riot Platforms down 13.47% over the past six months according to market data.
