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Sep 30, 2025
Riot Q3 2025 Earnings Report
Riot reported higher revenue and profitability in Q3 2025, driven by strong bitcoin mining margins, power credits, and disciplined cost control.
Key Takeaways
Riot generated 180229000 in total revenue in Q3 2025, up sequentially, with net income of 104000000 and diluted EPS of 0.26. Bitcoin mining revenue reached 160792000 with a 59% gross margin, supported by 1406 BTC produced and significant power curtailment credits.
Total revenue was 180229000, with 160792000 from bitcoin mining.
Net income reached 104000000, representing a 58% margin.
Bitcoin production totaled 1406 BTC during the quarter.
Cost to mine bitcoin including depreciation was 89074 per BTC.
Revenue by Segment
Forward Guidance
Riot continues to advance its data center strategy, including Core & Shell development at Corsicana, targeting phased buildout of 1 GW capacity while leveraging bitcoin mining cash flows to fund expansion.
Positive Outlook
- Initiated Core & Shell development of first two Corsicana buildings (112 MW).
- Forecasted 214000000 in capex over 18 months for initial data center build.
- Strong bitcoin mining gross margin of 59%.
- Record engineering backlog of 159600000.
- Hash rate deployed reached 36.5 EH/s with 86% utilization.
Challenges Ahead
- Exposure to bitcoin price volatility.
- Rising global network hash rate increasing mining difficulty.
- Significant capital expenditures required for data center expansion.
- Dependence on ERCOT grid timelines for large-scale energization.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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