TLDR
Riot Platforms reported $104.5 million Q3 net income on $180.2 million revenue, recovering from $76.9 million first-half losses.
The miner produced 1,406 bitcoin during the quarter at an average cost of $46,324 per coin, up from $35,376 last year.
Riot’s bitcoin treasury holds nearly 20,000 BTC valued at over $2 billion, contributing $133.1 million in balance sheet gains.
Mining stocks have outperformed bitcoin by wide margins, with Riot gaining 110% and Hut 8 up 211% versus bitcoin’s 65% rise.
The company is expanding into AI and high-performance computing to diversify revenue streams beyond bitcoin mining.
Riot Platforms delivered record-breaking quarterly results for Q3 2025. The bitcoin mining company earned $104.5 million in net income on $180.2 million in revenue.
The results represent a complete reversal from earlier in the year. Riot posted a $76.9 million net loss during the first half of 2025.
Revenue more than doubled from $84.8 million in Q3 2024. Bitcoin mining operations drove the growth with an additional $93.3 million in revenue.
Riot Platforms, Inc., RIOT
The company mined 1,406 bitcoin between July and September. That’s up from 1,104 bitcoin in the same quarter last year.
Mining costs have increased substantially though. Each bitcoin now costs $46,324 to mine on average, excluding depreciation.
Last year’s Q3 mining cost was just $35,376 per bitcoin. The global hash rate jumped 52% quarter-over-quarter, making mining more competitive.
Data Center Expansion Takes Shape
CEO Jason Les discussed the company’s data center development progress. The 112 MW Corsicana campus represents a key part of this strategy.
Riot is transforming into a multi-faceted data center operator. The company wants to maximize its land and power assets beyond mining.
The pivot toward AI workloads and high-performance computing caused the first-half losses. Heavy capital expenditures funded this strategic shift.
Bitcoin Holdings Boost Bottom Line
Riot maintains a treasury of nearly 20,000 Bitcoin. The holdings are currently worth more than $2 billion.
The company ranks second among mining firms for bitcoin holdings. It places seventh among all public companies holding bitcoin.
Adjusted EBITDA hit $197.2 million for the quarter. This included a $133.1 million gain from bitcoin appreciation on the balance sheet.
Shares fell 4.87% on the earnings announcement day. The market reaction contrasted with the positive financial results.
Mining stocks have crushed bitcoin’s performance over the past year. Riot shares climbed 110% while bitcoin rose 65%.
Hut 8 Mining performed even better with 211% gains. These stocks function as leveraged plays on bitcoin price movements.
JPMorgan analysts said AI operations offer miners more stable revenue. These businesses provide higher margins than bitcoin mining alone.
The move into AI infrastructure attracts institutional money. Investors want exposure to both crypto and artificial intelligence sectors.
Mining equities provide regulated bitcoin exposure through traditional markets. Some investors prefer this structure over direct bitcoin ownership.
Corporate bitcoin treasuries across the sector total $129 billion in market cap. American Bitcoin Corp launched in March through a Hut 8 partnership with the Trump family.
Riot’s Q3 performance showed strong mining output of 1,406 bitcoin despite rising costs of $46,324 per coin.
