Riot Platforms, a leading Bitcoin mining company, announced its financial results for the third quarter ending September 30, 2025, posting record revenue of $180.2 million, a significant increase from $84.8 million in the same quarter last year. The company reported net income of $104.5 million, or $0.26 per diluted share, compared to a net loss of $154.4 million in Q3 2024. Despite these strong numbers, Riot's stock declined by 4.87% following the earnings announcement on October 30, 2025.
Operationally, Riot mined 1,406 Bitcoin in Q3 2025, up from 1,104 Bitcoin in the prior year period. Bitcoin mining revenue surged to $160.8 million, driven by higher average Bitcoin prices and increased operational hash rate. However, the average cost to mine one Bitcoin, excluding depreciation, rose to $46,324 from $35,376 a year earlier, attributed to a 52% increase in the global network hash rate. This was partially offset by a 147% rise in power credits received during the quarter.
Riot holds a substantial Bitcoin treasury, with 19,287 BTC valued at approximately $2.2 billion as of September 30, 2025, based on a Bitcoin price of $114,068. This positions Riot as the second-largest Bitcoin holder among mining firms and seventh globally among public companies. The company reported Adjusted EBITDA of $197.2 million, which included a $133.1 million gain from Bitcoin holdings on its balance sheet.
CEO Jason Les highlighted progress in the company's data center expansion, stating, "Riot made decisive progress in the development of our data center business this quarter." This includes initiating core and shell construction for the first two buildings at the Corsicana campus, which will support 112 megawatts of critical IT load. The expansion is part of Riot's strategy to diversify into large-scale data center operations, leveraging its land and power assets.
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