TLDR
- Riot platforms reported record quarter income of $ 161.4 million in the first quarter of 2025, an increase of 103.5% from year to year
- The company posted a net loss of $ 296.4 million compared to $ 211.8 million net profit in the first quarter of 2024
- Bitcoin mining costs doubled almost $ 43,808 per BTC from $ 23,034 during the same period last year
- Riot produced 1,530 BTC during Q1 2025 and contained 19 223 BTC (worth ~ $ 1.86 billion) from March 2025
- The company secured a bitcoin-supported credit facility of $ 100 million from Coinbase to finance expansion plans
Riot-platforms, one of the largest listed Bitcoin mining companies, have reported mixed financial results for the first quarter of 2025, with record revenue growth is overshadowed by significant net losses as the company continues its strategic pivot against AI and high-performing computer use.
According to the company’s latest results report Released on May 1, Riot generated total revenue of $ 161.4 million during the first quarter of 2025, which corresponds to an increase of 103.5% compared to the same period last year. This figure exceeded any estimates of Wall Street at $ 159.79 million by about 1%.
Revenue growth was mainly driven by an increase of $ 71.5 million in Bitcoin mine revenue. Despite this strong top line performance, however, Riot reported a net loss of $ 296.4 million for the quarter, a sharp contrast to the net profit of $ 211.8 million that was registered in the first quarter of 2024.
Rising mining costs
The company attributed its financial challenges to partly the rising costs of bitcoin mining. The average cost of mine a bitcoin rose to $ 43,808 in the first quarter of 2025, almost doubled from $ 23,034 during the same period last year.
Riot explained that this cost increase was “mainly driven by the Block’s subsidy” Halving “event, which occurred in April 2024, and an increase of 41% in the hash of the average global network compared to the same period 2024.”
Despite these increased costs, Riot managed to produce 1,530 BTC during the first quarter, up from 1,364 BTC during the same period 2024. From March 31, 2025, the company held 19 223 BTC, worth approximately $ 1.86 billion at current prices.
Jason Les, CEO of Riot, emphasized the company’s operational progress in a statement: “We achieved a new record for quarterly revenue in the quarter, to $ 161.4 million, driven by the work that our teams have added in the previous year, including the multi-year development of the first phase of our Corsicana, our speed.
Strategic pivot and expansion
Riot has made progress in its strategic transition from pure Bitcoin mining to AI and high-performance computer use, after competitors such as HUT 8 and Core Scientific. This transition centers around the company’s development of the Corsicana plant.
The company reported to improve the Corsicana website by acquiring additional development land nearby, improving the connection through new fiber lines and expanding water access in place. Construction work at a transformer station continues and is expected to be completed in early 2026, which will provide a total of 1.0 GW power capacity online.
To support its expansion plans, Riot recently secured a credit facility of $ 100 million from Coinbase, with its significant bitcoin holdings as collateral. Les described this as the company’s “first bitcoin-supported facility.”
Riot Platform’s share closed 7.32% to $ 7.77 on May 1, but fell 3.73% in trade after hour, according to market data. The company’s shares have decreased by 13.47% over the past six months.
Bitcoin Miner’s Quarterly result reflects the complex dynamics that the crypto mining industry after half is facing, with companies such as riot balancing increased operating costs against strategic diversification efforts and asset estimate.
