Riot Platforms posts record $647M revenue as Bitcoin mining output rises

Riot Platforms reported record 2025 revenue of $647.4 million, a 72% increase from $376.7 million a year earlier. Bitcoin mining revenue reached $576.3 million and engineering services revenue rose to $64.7 million. Riot produced 5,686 Bitcoin in 2025, up from 4,828 in 2024. Adjusted EBITDA for the year was $13.0 million.

The company posted a $663 million net loss for 2025 driven by accounting adjustments and unrealized changes in the value of its Bitcoin holdings.

According to the report, the average cost to mine one Bitcoin, excluding depreciation, was $49,645 in 2025 versus $32,216 in 2024. Riot attributed the higher unit cost largely to a 47% increase in the global Bitcoin network hash rate, which raised mining difficulty. The company said the effect was partly offset by a 68% increase in power credits received during the year.

At year-end, Riot held 18,005 Bitcoin on its balance sheet, valued at about $1.6 billion using a year-end price of $87,498 per coin. Of those holdings, 3,977 BTC were pledged as collateral. The company also reported $309.8 million in cash, including $76.3 million that was restricted.

In January, Riot signed a data-center agreement with chipmaker AMD and sold Bitcoin to acquire 200 acres of land in Rockdale, Texas. The company has been expanding into data centers and high-performance computing after activist investor Starboard Value urged an accelerated shift and suggested a potential valuation of up to $21 billion.

Other public miners announced conversions of mining facilities and power capacity into data centers or AI infrastructure. Companies reporting such changes include Hive, Hut 8, TeraWulf, Iren and CoreWeave. The wider mining sector recorded mixed results in 2025 amid weaker crypto prices: Core Scientific reported lower revenue and mining income, TeraWulf missed revenue estimates, and MARA Holdings reported a fourth-quarter net loss of $1.71 billion compared with net income a year earlier.

Riot’s filings list ongoing investment in data-center capacity and partnerships related to AI and high-performance computing alongside its mining operations.