Riot Platforms reported record annual revenue of $647.4 million in 2025, up 72% from $376.7 million a year earlier.
The company said in an announcement on Monday that the increase was driven by a $255.3 million jump in Bitcoin (BTC) mining revenue, which will reach $576.3 million in 2025 due to a rise in operational hashrate and an increase in the average price of Bitcoin. During the year, Riot produced 5,686 Bitcoins, up from 4,828 BTC in 2024.
The average cost to mine 1 Bitcoin (excluding depreciation) increased from $32,216 to $49,645 in 2024. Riot cited a 47% increase in the global network’s hashrate and increased mining difficulty as the main reasons for the higher costs. The company said this impact was partially offset by a 68% increase in electricity credits received during the year. Engineering revenue also increased, reaching $64.7 million from $38.5 million in 2024.
Despite the record performance, Riot reported a net loss of $663 million due to accounting adjustments and fluctuations in the paper value of its Bitcoin holdings. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the year was $13 million.
Related: High-yield bond prices signal rising risk, demand for BTC mining and AI infrastructure
Riot ended 2025 with 18,005 BTC worth $1.6 billion
Riot ended 2025 with 18,005 Bitcoin on its balance sheet, including 3,977 BTC pledged as collateral. Based on the year-end Bitcoin price of $87,498, these holdings are valued at approximately $1.6 billion. The company also had $309.8 million in cash, of which $76.3 million was restricted.
In January, Riot signed a data center deal with chipmaker AMD and sold its Bitcoin to buy 200 acres of land in Rockdale, Texas. The move comes after activist investor Starboard Value urged Bitcoin miners to accelerate their pivot, saying the company’s move to artificial intelligence and high-performance computing could drive its valuation to as much as $21 billion.
Riot’s move into AI and data centers comes amid similar moves by other large miners. Companies such as Hive, Hut 8, TeraWulf, and Iren are converting mining facilities and power capacity to data center operations, and some, such as CoreWeave, have already fully transitioned to AI infrastructure.
Related: U.S. Bitcoin miner backed by Trump family posts quarterly loss of $59 million
Bitcoin miners struggle amid virtual currency recession
Several publicly traded Bitcoin miners faced pressure in 2025 due to falling crypto prices. Core Scientific reported fourth-quarter revenue of $79.8 million, down 16% year over year and below analyst expectations, while mining revenue nearly halved to $42.2 million.
TeraWulf also missed expectations, with quarterly revenue of $35.8 million, down from $50.6 million in the previous quarter. MARA Holdings posted even larger losses. Miner reported a fourth-quarter net loss of $1.71 billion, compared with net income of $528 million a year earlier, as revenue fell 6% to $202.3 million.
magazine: Bitcoin could take 7 years to upgrade to post-quantum — Co-author of BIP-360
