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RIOT

Riot Platforms, Inc.

RIOT

Riot Platforms, Inc. • NASDAQ
$16.23 ▲ 8.49% (+1.27)
Market Cap $6.03 B
52w High $23.93
52w Low $6.19
Dividend Yield 0%
P/E 31.21
Volume 21.11M
Outstanding Shares 371.62M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $180.229M ▲ $-9.294M ▲ $104.48M ▼ 57.971% ▼ $0.3 ▼ $197.146M ▼
Q2-2025 $152.988M ▼ $-154.197M ▼ $219.454M ▲ 143.445% ▲ $0.65 ▲ $309.064M ▲
Q1-2025 $161.387M ▲ $299.672M ▲ $-296.367M ▼ -183.637% ▼ $-0.9 ▼ $-221.186M ▼
Q4-2024 $142.558M ▲ $-134.719M ▼ $136.435M ▲ 95.705% ▲ $0.49 ▲ $418.095M ▲
Q3-2024 $84.786M $133.362M $-154.362M -182.061% $-0.54 $-42.67M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $330.745M ▼ $4.479B ▲ $974.066M ▼ $3.505B ▲
Q2-2025 $392.756M ▲ $4.285B ▲ $989.485M ▲ $3.296B ▲
Q1-2025 $234.746M ▼ $3.719B ▼ $774.179M ▼ $2.945B ▼
Q4-2024 $412.125M ▼ $3.935B ▲ $791.622M ▲ $3.144B ▲
Q3-2024 $545.843M $2.922B $173.267M $2.749B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $104.48M ▼ $-114.015M ▲ $118.654M ▲ $71.47M ▼ $76.109M ▼ $-245.824M ▲
Q2-2025 $219.454M ▲ $-231.325M ▼ $19.208M ▲ $304.494M ▲ $92.377M ▲ $-291.702M ▼
Q1-2025 $-296.367M ▼ $-122.06M ▼ $-59.227M ▲ $67.857M ▼ $-113.43M ▼ $-154.918M ▲
Q4-2024 $136.435M ▲ $-98.356M ▼ $-782.617M ▼ $803.892M ▲ $-77.081M ▼ $-852.562M ▼
Q3-2024 $-154.362M $-56.331M $-205.499M $209.044M $-52.786M $-179.806M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Bitcoin Mining Segment
Bitcoin Mining Segment
 $160.00M ▲$140.00M ▼$140.00M ▲$160.00M ▲
Engineering Segment
Engineering Segment
 $20.00M ▲$20.00M ▲$20.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Riot’s revenue has grown steadily over the past several years, moving from a tiny base to a meaningful scale. Profitability, however, has been volatile, which is typical for a Bitcoin‑focused business. After a deep loss a couple of years ago, the company has recently swung back to a solid profit at the net income level, with much stronger operating and EBITDA performance. This suggests that current conditions (Bitcoin pricing and mining economics) are favorable and that its cost structure is benefiting from scale and efficiency. That said, the history shows that earnings can move sharply from profit to loss when the cycle turns, so the income statement remains highly sensitive to the crypto environment and non‑cash items like digital asset revaluations.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, with total assets and shareholders’ equity growing several times over in five years. Riot now looks like a much larger infrastructure platform rather than a small speculative miner. Equity comfortably exceeds debt, indicating a capital structure that is still more equity‑funded than debt‑heavy. However, the company has taken on a noticeable amount of debt recently after operating with almost no borrowings before, which raises future interest and refinancing considerations. Cash on hand is smaller than it was a year ago despite the growth in assets, reflecting heavy investment and leaving less immediate liquidity cushion than at the prior peak, though overall solvency still appears robust given the large equity base.

Cash Flow

Cash Flow Cash generation is the main weak spot. Operating cash flow has hovered around breakeven or negative for most of the period, including a clear outflow in the most recent year despite reporting an accounting profit. This points to a meaningful gap between reported earnings and actual cash coming in, influenced by working capital swings and the accounting treatment of digital assets. Free cash flow has been solidly negative every year due to very heavy capital spending on data centers and equipment. In simple terms, Riot is still in an aggressive build‑out phase and is funding that growth with external capital and its balance sheet rather than from internally generated cash.

Competitive Edge

Competitive Edge Riot holds a strong position among North American Bitcoin miners, built around scale, low power costs, and operational control. Its very large Texas sites, long‑term power arrangements, and ability to earn power credits during grid stress periods give it a cost advantage versus many peers. Vertical integration—owning land, infrastructure, and even parts of the electrical equipment supply chain—reduces reliance on outside vendors and can lower all‑in costs. Immersion‑cooled mining adds another efficiency edge. These factors together create a meaningful moat in an industry where many smaller operators face higher costs and more operational risk. The flip side is concentration risk: the business is heavily tied to Bitcoin economics and to a specific power market, which can amplify both upside and downside.

Innovation and R&D

Innovation and R&D Innovation for Riot is less about traditional R&D spending and more about engineering, infrastructure design, and power‑market strategy. The company has been an early mover in large‑scale immersion cooling, helping it squeeze more performance out of each mining unit and extend hardware life. Its in‑house engineering arm, which designs and builds power distribution equipment, supports faster and more customized build‑outs and can also serve external customers. Riot is now pushing into high‑performance computing and AI‑oriented data center infrastructure, aiming to repurpose its expertise in power‑dense facilities beyond Bitcoin. The success of this pivot—especially the large Corsicana project—will depend on execution quality, demand from AI/HPC customers, and Riot’s ability to compete with established data center and cloud providers.

Summary

Riot has transformed from a small speculative crypto miner into a large, infrastructure‑heavy digital asset platform with ambitions in AI and high‑performance computing. The income statement shows strong top‑line growth and a recent return to profitability, but also a history of sharp swings that reflect Bitcoin cycles and non‑cash revaluations. The balance sheet is sizeable and mostly equity‑funded, yet now carries more debt and less cash than at its recent peak, as the company invests heavily in new capacity. Persistent negative free cash flow underlines that Riot remains in an intensive build‑out phase, reliant on external capital and a cooperative capital market. Competitively, its scale, low‑cost power, immersion cooling, and vertical integration give it a real cost and operational edge in Bitcoin mining, while the expansion into AI/HPC offers a potential new growth leg—but also introduces execution and competition risks. Overall, Riot looks like a high‑beta, capital‑intensive platform: well positioned if its cost advantages hold and demand for its infrastructure grows, but exposed to swings in crypto markets, energy conditions, and large‑project delivery.

NEWS

October 30, 2025 · 4:30 PM UTC

Riot Platforms Reports Third Quarter 2025 Financial Results and Strategic Highlights

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October 16, 2025 · 9:00 AM UTC

Riot Announces Third Quarter 2025 Earnings Conference Call

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October 7, 2025 · 11:00 AM UTC

CHIPOTLE AND RIOT GAMES INTRODUCE THE CHIPOTLE CHALLENGER BUNDLE IN 2XKO

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October 3, 2025 · 9:00 AM UTC

Riot Announces September 2025 Production and Operations Updates

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