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Jun 30, 2025
Riot Q2 2025 Earnings Report
Riot reported strong Q2 2025 results with higher bitcoin production, significant net income driven by unrealized gains, and continued balance sheet strength.
Key Takeaways
Riot generated 152988000 in total revenue during Q2 2025, primarily from bitcoin mining. Net income reached 219546000 driven by a 470800000 unrealized gain on bitcoin held. Bitcoin production totaled 1426 BTC, and total liquidity remained strong with substantial cash and bitcoin holdings.
Total revenue was 152988000, with 140889000 from bitcoin mining.
Net income was 219546000, including a 470800000 unrealized gain on bitcoin.
Bitcoin production totaled 1426 BTC in the quarter.
Cost to mine bitcoin including depreciation was 91244 per BTC.
Revenue by Segment
Forward Guidance
Riot increased its 2025 hash rate growth target to 40000000 TH/s (40.0 EH/s) and set a Q1 2026 target of 45000000 TH/s (45 EH/s), while continuing to expand its data center strategy.
Positive Outlook
- 2025 hash rate target increased to 40.0 EH/s.
- Q1 2026 hash rate target set at 45 EH/s.
- Strong bitcoin treasury of 19273 BTC.
- Record engineering backlog of 118700000.
- Data center expansion progressing with additional land acquisitions.
Challenges Ahead
- Cost to mine increased 12% quarter-over-quarter.
- Exposure to bitcoin price volatility.
- Increased property tax assessment at Corsicana impacting costs.
- Ongoing capital expenditure requirements.
- Exposure to global network hash rate increases.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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