TL;DR:
- Riot posted $647.4 million of 2025 revenue versus $376.7 million and emphasized monetizing a nearly two-gigawatt power portfolio.
- Bitcoin mining revenue was $576.3 million with 5,686 BTC mined; engineering revenue totaled $64.7 million and gross profit was $302 million.
- Cost to mine rose to $49,645 as network hash rate climbed 47%; liquidity exceeded $1.9 billion and an AMD data center lease already generated revenue in January 2026.
Riot Platforms closed 2025 with record results and a sharper strategic narrative, reporting total revenue of $647.4 million for the year ended Dec. 31, 2025, up from $376.7 million in 2024. Management framed the year as a “watershed,” emphasizing a pivot from pure mining to scaled digital infrastructure monetization built on a nearly two-gigawatt power portfolio. The company said it is unlocking that power for high-demand data centers, a positioning move that matters as mining economics tighten and capital markets reward diversified cash flow. CEO Jason Les said momentum supports building next-generation digital infrastructure capacity.
From Bitcoin mining to power monetization
The income statement shows where the lift came from. Riot reported bitcoin mining as the primary revenue engine at $576.3 million in 2025 versus $321.0 million in 2024, and said the increase was driven by higher average bitcoin prices and a higher operational hash rate. The company mined 5,686 BTC, up from 4,828 BTC a year earlier, and posted $302 million in gross profit. Engineering revenue added $64.7 million versus $38.5 million in 2024, with Riot citing $23.2 million of capex savings since acquiring ESS Metron. Together, the mix signals an expanding, integrated operating model.
Profitability, however, came with operational headwinds. Riot said network difficulty pushed unit economics higher: average cost to mine one bitcoin, excluding depreciation, rose to $49,645 in 2025 from $32,216 in 2024. The company attributed the move primarily to a 47% increase in the average global network hash rate, partially offset by a 68% increase in power credits received year over year. That interplay highlights why power strategy is now board-level: curtailment and credits can protect margins, but miners still compete against a relentlessly rising baseline of compute. Riot aims to monetize power beyond mining cycles.
Balance-sheet capacity underpins the expansion. Riot reported over $1.9 billion in liquidity to fund buildouts and held 18,005 BTC, including 3,977 BTC pledged as collateral, valued at about $1.6 billion using a Dec. 31, 2025 bitcoin price of $87,498, plus $309.8 million of cash, with $76.3 million restricted. On strategy, the company said it improved the positioning of its Corsicana and Rockdale sites through land acquisitions, and it has already begun generating revenue from the first phase of a data center lease with AMD as of January 2026. Management is signaling infrastructure optionality for 2026.
