Riot Platforms reported financial results for the quarter ending September 30, 2025, and the numbers were heavy.
The company's sales were $180.2 million, up from $84.8 million in the same period last year.
Riot also reported net income of $104.5 million, equivalent to $0.26 per diluted share. This compared to a loss of $154.4 million, or $0.54 per diluted share, in the third quarter of 2024. This change was mainly driven by the increase in Bitcoin mining revenue and the current value of the company's Bitcoin holdings.
Riot said it produced 1,406 Bitcoins in the quarter, up from 1,104 Bitcoins in the same period last year. The company held 19,287 Bitcoins as of September 30, 2025, of which approximately 3,300 Bitcoins were used as collateral.
Based on today's Bitcoin market price of $114,068, Riot's holdings are valued at approximately $2.2 billion. The company also ended the quarter with $170 million in working capital, $330.7 million in unrestricted cash and $75.6 million in restricted cash.
Riot expands data center development
Riot said this quarter's growth occurred in parallel with major steps in its data center development plan.
CEO Jason Les said the company is proceeding with construction of the core and shell of the first two buildings at its Corsicana data center campus, which, when operational, will support a combined 112 megawatts of significant IT load.
“Riot made significant progress in the development of our data center business this quarter. This progress culminated today with us announcing the start of core and shell development on the first two buildings of our Corsicana data center campus, representing a total of 112 MW of significant IT capacity,” said Les.
He said the company achieved four significant accomplishments related to Corsicana's expansion this quarter.
- A new 67-acre parcel of land was acquired adjacent to the original site.
- The design of the entire Corsicana campus has been completed.
- The foundation of the design that will be used as Riot's standard data center construction template has been completed.
- We continued to grow and staff our internal data center team to support our build-out and expansion.
Less said these moves support the company's plans to transform Riot into a large-scale data center operator with direct ties to land and power access strategies.
Mining revenue increases as cost pressure continues
The company reported Bitcoin mining revenue of $160.8 million, up from $67.5 million in the same quarter in 2024. This increase is due to an increase in the average price of Bitcoin and an increase in Riot's operating hashrate.
However, the company pointed out that the average hash rate of its global network also increased during the same period, which partially limited the upside in revenue.
The average cost to mine one Bitcoin (excluding depreciation and amortization) was $46,324 this quarter, compared to $35,376 last year. Riot primarily attributes this increase to a 52% increase in the global network's hash rate from last year.
This was partially offset by a 147% increase in electricity credits the company received in the third quarter of 2025 compared to the third quarter of 2024.
Riot reported engineering revenue of $19.1 million for the quarter, up from $12.6 million in Q3 2024. The company announced that since acquiring ESS Metron in December 2021, it has achieved $23 million in capital investment savings directly related to that acquisition.
Riot also reported non-GAAP adjusted EBITDA of $197.2 million. This includes $133.1 million in Bitcoin profits held on its balance sheet.
