TL;DR
- Riot Platforms reported $104.5 million in net profit and record revenue of $180.2 million in the third quarter, driven by Bitcoin appreciation and operational expansion.
- Adjusted EBITDA reached $197.2 million, including a $133.1 million accounting gain from the revaluation of its 19,287 BTC holdings, valued at roughly $2.2 billion.
- The company began developing 112 MW of capacity at its Corsicana, Texas campus, as part of its plan to become a fully integrated mining and data center operator.
Riot Platforms closed the third quarter of 2025 with net income of $104.5 million and record revenue of $180.2 million, boosted by Bitcoin’s price increase and the expansion of its infrastructure. The result surprised the market, reversing the $154.4 million loss reported a year earlier and marking the best quarter in the company’s history.
From Expected Losses to Profitability
Earnings per share reached $0.26, compared to a projected loss of $0.12, according to Zacks Equity Research. Adjusted EBITDA rose to $197.2 million, including a $133.1 million accounting gain from the revaluation of Bitcoin held on its balance sheet. As of September 30, Riot held 19,287 BTC, of which 3,300 are used as collateral, with a combined value of about $2.2 billion.
Mining revenue climbed to $160.8 million, more than double the $67.5 million earned in the same quarter of 2024, supported by a 6.4% rise in Bitcoin’s price and increased operational capacity. The company produced 1,406 BTC during the quarter at an average cost of $46,324 per coin, up from $35,376 a year earlier, mainly due to a 52% increase in the global hash rate. That impact was partially offset by a 147% rise in power credits received.
Riot Aims to Become Both a Miner and a Data Center Operator
The engineering segment, strengthened by the acquisition of ESS Metron in 2021, generated $19.1 million in revenue and delivered $23 million in capital expenditure savings. The company ended the quarter with a solid financial position: $170 million in working capital, $330.7 million in unrestricted cash, and $75.6 million in restricted cash.
Riot also began developing 112 megawatts of critical IT capacity at its Corsicana, Texas data center campus. The project follows the acquisition of an additional 67-acre land parcel, the completion of the site’s overall design, and the baseline design of its new data centers.
CEO Jason Les said these developments are key to achieving Riot’s goal of becoming a large-scale, multifaceted operator of mining and data center infrastructure
