Riot Platforms (RIOT) delivered a turnaround in Q3 2025, generating $180.2 million in revenue and $104.5 million in net income (≈ $0.26 diluted EPS), reversing a net loss of $154.4 million in the the same quarter a year ago
Key takeaways
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Strong mining performance: Produced 1,406 bitcoin in the quarter (vs 1,104 in Q3 2024). Bitcoin mining revenue rose to $160.8 million from $67.5 million in the prior-year period, driven by higher bitcoin prices and increased operational hash rate.
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Higher costs, offset by power credits: The average cost to mine (excluding depreciation) rose to $46,324 per bitcoin, up from $35,376 in Q3 2024, largely because of a ~52% increase in the global network hash rate, partially offset by a 147% increase in power credits.
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Strong margin and cash position: Adjusted EBITDA was $197.2 million (including a $133.1 million gain on bitcoin held). The company ended the quarter with ~$330.7 million in unrestricted cash, ~$75.6 million restricted cash, and about $170 million in working capital.
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Data center expansion: Riot initiated core-and-shell construction of the first two buildings at its Corsicana, Texas data center campus, representing 112 MW of critical IT capacity; also acquired an additional 67-acre parcel adjacent to the site and completed the overall campus design and basis of design.Street view
Market reaction was positive: analysts flagged the surprise profit and strong revenue beat (consensus had expected a loss of ~$0.19 per share). Although crypto-mining companies remain sensitive to bitcoin prices and regulatory / energy costs, Riot’s results show a meaningful operational inflection.
Catalysts / what’s next
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Data center buildout: The Corsicana campus core-and-shell construction is underway; future quarters will likely show capex ramp and potential leasing to enterprise/AI or cloud workloads.
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Mining economics: Performance will depend on bitcoin prices, network difficulty, and further power credit offsets; monitoring cost per bitcoin relative to market price remains key.
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Bitcoin treasury & balance sheet: Riot holds ~19,287 bitcoin (3,300 as collateral), valued at ~$2.2 billion (based on $114,068 per bitcoin on September 30, 2025).
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Growth & profitability path: With positive operating leverage and improved margins, management may target further scale in both mining and data center segments, potentially supporting future free cash flow generation.
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