Financial Performance - Riot Platforms Inc reported third-quarter revenue of $180.2 million, exceeding analyst estimates of $172.6 million [2] - The company achieved earnings of 26 cents per share, surpassing estimates of 21 cents per share [2] Bitcoin Production - During the quarter, Riot produced 1,406 Bitcoin, an increase from 1,104 Bitcoin in the same quarter of the previous year [3] - The average cost to mine Bitcoin was $46,324 [3] - At the end of the quarter, Riot held a total of 19,287 Bitcoin [3] Cash Position - Riot had $330.7 million of unrestricted cash on hand at the end of the quarter [3] Data Center Development - The company made significant progress in its data center business, initiating core and shell development of the first two buildings at the Corsicana data center campus, representing 112 MW of total critical IT capacity [4] - Riot acquired an additional 67-acre parcel of land adjacent to its original Corsicana site and completed the campus design [5] - The basis of design for its standard data center build has been completed, and the in-house data center team is ongoing [5] Strategic Vision - These developments are part of Riot's strategy to transform into a large-scale, multi-faceted data center operator [6] Market Reaction - Following the earnings report, Riot shares increased by 2.89%, trading at $21.70 in after-hours [6]

Financial Performance - Total revenue for the three months ended September 30, 2025, was $180.2 million, compared to $84.8 million for the same period in 2024, indicating a significant increase [285]. - Total revenue for the nine months ended September 30, 2025, was $494.6 million, compared to $234.1 million for the same period in 2024, representing an increase of approximately 111.8% [300]. - Bitcoin Mining revenue for the three months ended September 30, 2025, reached $160.8 million, a rise of $93.3 million from $67.5 million in 2024, primarily due to higher bitcoin prices averaging $114,361 per bitcoin [286]. - Bitcoin Mining revenue increased to $444.5 million for the nine months ended September 30, 2025, from $194.7 million in 2024, driven by higher bitcoin prices averaging $101,912 per bitcoin compared to $58,771 in 2024 [301]. - Engineering revenue for the three months ended September 30, 2025, was approximately $19.1 million, up from $12.6 million in the same period of 2024, reflecting a growth driven by the E4A Solutions Acquisition and accelerated project completions [260][287]. - The company generated net income of $27.6 million for the nine months ended September 30, 2025, which included $498.4 million in non-cash net gains from bitcoin mining [324]. Bitcoin Mining Operations - Bitcoin Mining revenue for the three months ended September 30, 2025, was approximately $160.8 million, and for the nine months ended September 30, 2025, it was approximately $444.5 million [256]. - During the nine months ended September 30, 2025, the company mined 4,362 bitcoin, an increase of 1,050 bitcoin compared to 3,312 bitcoin mined in the same period of 2024 [248]. - The cost to mine one bitcoin, including bitcoin miner depreciation, was $89,074 for the three months ended September 30, 2025, representing 77.9% of the production value of one bitcoin mined [252]. - The cost of revenue for Bitcoin Mining for the three months ended September 30, 2025, was $95.8 million, up from $51.5 million in 2024, largely due to increased capacity at the Corsicana Facility [288][289]. - The cost of revenue for Bitcoin Mining rose to $248.8 million for the nine months ended September 30, 2025, from $123.3 million in 2024, an increase of approximately 101.8% [303]. - The change in fair value of bitcoin for the three months ended September 30, 2025, resulted in a gain of $133.1 million, compared to $8.6 million in 2024, reflecting the adjustment of bitcoin held at the end of each period [293]. - The change in fair value of bitcoin for the nine months ended September 30, 2025, resulted in a gain of $395.9 million, compared to a gain of $166.2 million in 2024 [309]. Capacity and Infrastructure - The total deployed hash rate capacity increased to 36.5 EH/s as of September 30, 2025, up 15.9% from 31.5 EH/s as of December 31, 2024 [247]. - The Rockdale Facility has a developed capacity of 700 MW, while the Corsicana Facility has 400 MW, contributing to a total power capacity of 1,195 MW [251]. - The company completed the acquisition of Block Mining, adding 60 MW of developed capacity, which has been expanded to approximately 95 MW, with a target of reaching 160 MW [242]. - The Corsicana Facility is expected to have approximately 1 GW of developed capacity available for data center workloads upon completion [241]. - The company is developing a scalable data center platform to support non-mining operations, including applications in AI and HPC, to maximize the value of its energy portfolio [239]. Costs and Expenses - Selling, general and administrative expenses for the three months ended September 30, 2025, were $69.8 million, an increase of approximately $2.9 million from $66.9 million in 2024, driven by higher stock-based compensation and operational costs [291]. - Selling, general and administrative expenses increased to $217.2 million for the nine months ended September 30, 2025, from $185.8 million in 2024, an increase of approximately 16.9% [307]. - The company incurred increased power costs of $110.0 million and a $32.9 million increase in selling, general, and administrative costs during the nine months ended September 30, 2025 [336]. - The impairment of property and equipment was $15.3 million in 2025, related to long-lead items for the Corsicana Facility expansion [314]. Cash Flow and Financing - For the nine months ended September 30, 2025, net cash provided by operating activities was $(467.4) million, while net cash provided by investing activities was $78.6 million [335]. - The company issued approximately 16.1 million shares under its ATM offering program for net proceeds of $195.2 million during the nine months ended September 30, 2025 [323]. - The company raised approximately $199.6 million through its ATM Program offerings during the nine months ended September 30, 2025 [340]. - The company has approximately $854.0 million in total principal on its outstanding debt, including $594.4 million from its 2030 Notes [340]. - Interest income decreased to $10.7 million for the nine months ended September 30, 2025, from $22.2 million in 2024, primarily due to lower average cash balances [315]. Future Projections - The company anticipates that a 10% increase in the price of bitcoin could result in an increase in net income of $220.0 million for the nine months ended September 30, 2025 [356]. - The company expects to pay approximately $105.4 million to MicroBT for the purchase of miners through the second quarter of 2026 [326].

Financial Performance - Record quarterly revenue of $180.2 million, up from $84.8 million in Q3 2024, primarily driven by a $93.3 million increase in Bitcoin Mining revenue[4] - Net income of $104.5 million, or $0.26 Diluted EPS, compared to a net loss of $154.4 million, or $(0.54) Diluted EPS in Q3 2024[7] - Adjusted EBITDA for the quarter was $197.2 million, including a $133.1 million gain on Bitcoin held on the balance sheet[7] Bitcoin Production - Produced 1,406 bitcoin in Q3 2025, an increase from 1,104 bitcoin in the same period in 2024[7] - The quantity of bitcoin mined in Q3 2025 was 1,406, compared to 1,104 in Q3 2024, reflecting a 27.4% increase[16] Mining Revenue - Bitcoin Mining revenue reached $160.8 million, compared to $67.5 million in Q3 2024, driven by higher average bitcoin prices and increased operational hash rate[7] Mining Costs - Average cost to mine bitcoin was $46,324, up from $35,376 in Q3 2024, due to a 52% increase in the average global network hash rate[7] - Cost of revenue for self-mining operations, net of power curtailment credits, including bitcoin miner depreciation was $125,237,000 for Q3 2025, up from $83,358,000 in Q3 2024, representing a 50.5% increase[16] - The cost to mine one bitcoin, excluding bitcoin miner depreciation, was $46,324 in Q3 2025, which is 40.5% of the production value, down from 57.9% in Q3 2024[16] - The cost to mine one bitcoin, including bitcoin miner depreciation, was $89,074 in Q3 2025, which is 77.9% of the production value, down from 123.5% in Q3 2024[16] - Power curtailment credits significantly reduced the overall cost to mine bitcoin, with credits of $30,634,000 in Q3 2025 compared to $12,417,000 in Q3 2024[16] Capital and Assets - The company maintained $170.0 million in working capital, with $330.7 million in unrestricted cash and $75.6 million in restricted cash[7] - The company held 19,287 bitcoin, valued at approximately $2.2 billion based on a market price of $114,068 per bitcoin on September 30, 2025[7] Engineering and Development - Engineering revenue for the quarter was $19.1 million, up from $12.6 million in Q3 2024, with $23.0 million in capex savings since the acquisition of ESS Metron[7] - The Corsicana data center campus is set to initiate core and shell development, representing 112 MW of total critical IT capacity[2] Future Projections - The total future depreciation expense of all bitcoin miners is projected to be $516,619,000, with $234,643,000 in 2026 and $175,901,000 in 2027[17] Production Value - The production value of one bitcoin mined in Q3 2025 was $114,361, compared to $61,131 in Q3 2024, indicating an increase of 87.1%[16] - The cost to mine one bitcoin, excluding bitcoin miner depreciation, for the nine months ended September 30, 2025, was $46,311, which is 45.4% of the production value[16] - The cost to mine one bitcoin, including bitcoin miner depreciation, for the nine months ended September 30, 2025, was $86,985, which is 85.4% of the production value[16] Investments in Mining Equipment - Total deposits and payments for the purchase of miners were approximately $60.2 million in Q3 2025, compared to $44.1 million in Q3 2024, representing a 36.1% increase[16]

Core Insights - Riot Platforms, Inc. reported significant financial growth in Q3 2025, achieving record quarterly revenue of $180.2 million, a substantial increase from $84.8 million in Q3 2024, primarily driven by a $93.3 million rise in Bitcoin mining revenue [4][5] - The company produced 1,406 bitcoins in Q3 2025, up from 1,104 in the same period last year, while the average cost to mine a bitcoin increased to $46,324 from $35,376, influenced by a 52% rise in the average global network hash rate [5][6] - Riot's net income for the quarter was $104.5 million, or $0.26 diluted EPS, compared to a net loss of $154.4 million in Q3 2024, indicating a strong turnaround in profitability [11] Financial Performance - Total revenue reached $180.2 million, a 112% increase year-over-year, with Bitcoin mining revenue contributing $160.8 million, up from $67.5 million in Q3 2024 [5][11] - Adjusted EBITDA for the quarter was $197.2 million, including a $133.1 million gain on Bitcoin held on the balance sheet, showcasing robust operational performance [11] - The company maintained a strong financial position with $170.0 million in working capital, including $330.7 million in unrestricted cash [11] Operational Developments - Riot announced the initiation of core and shell development for two buildings at its Corsicana data center campus, representing 112 MW of critical IT capacity [2][4] - Key achievements in Q3 included acquiring an additional 67-acre parcel of land adjacent to the Corsicana site, completing the campus design, and building out the in-house data center team [2][3] - The company is focused on transforming into a large-scale, multi-faceted data center operator, leveraging its land and power assets to maximize value [3][8]

Data Center Development - Riot initiated core & shell development of the first two buildings at the Corsicana Data Center campus, representing 112 MW of critical IT load capacity[9] - Riot acquired an additional 67 acres of land adjacent to the Corsicana site for $40 million, simplifying the development of the full 1 GW of power capacity[17, 29] - The Corsicana site is planned to be developed over two phases, with Phase 1 providing 504 MW of total critical IT load capacity[32, 34] - Forecasted capital expenditures of $214 million over the next 18 months for the core & shell development of two buildings at Corsicana, representing $19 million per critical IT MW[37] Financial Performance - Riot Platforms reported total revenue of $180 million in Q3 2025, an 18% increase quarter-over-quarter[49] - Net income was $104 million, representing a 58% margin, with earnings per share of $026[49] - Adjusted EBITDA was $197 million, adjusted for non-cash and unusual items[49] - The net cost of power was 32 c/kWh, 16% lower than real-time prices in Load-Zone South[49] - Riot produced 1,406 BTC in Q3 2025, with a daily production of 153 BTC per day[51] - Riot held 19,287 BTC with a quarter-end value of $22 billion[51]

Group 1 - Artificial intelligence (AI) requires significant computing power, relying on high-end chips and substantial electric energy for operations and training [1] - AI businesses are increasingly looking to tech companies that offer data center services, which can be sold, rented, or leased [1][2] - Bitcoin mining companies like MARA Holdings, Riot Platforms, and Terawulf are transitioning to support high-performance computing applications, including AI [3] Group 2 - MARA Holdings has a mining capacity of 50 EH/s, Riot Platforms has 35.4 EH/s, and Terawulf has 12.2 EH/s, collectively accounting for about 8% of global Bitcoin mining activity [4] - The Bitcoin mining industry is cyclical, with mining rewards halved every four years, prompting companies to seek alternative revenue streams during less profitable periods [5][6] - Bitcoin mining stocks that have embraced AI operations have outperformed Bitcoin over the past six months, indicating a successful pivot to AI services [6]

Key Takeaways Riot Blockchain's Q3 2025 revenues are estimated at $168M, up 98% year over year.The company's consensus EPS is pinned at a loss of $0.19, narrower than last year's $0.54 loss.Despite a 45.95% Earnings ESP, RIOT's Rank #4 lessens chances of an earnings beat.Riot Blockchain, Inc. (RIOT) is expected to register strong top-line growth for the third quarter of 2025. The top line is likely to have been significantly driven by growth in mining revenues. The Zacks Consensus Estimate for revenues is p ...

Core Insights - The stock market is experiencing new highs, with cryptocurrency mining and data center infrastructure stocks emerging as significant winners for 2025 [1] - Leading companies include IREN Ltd, Cipher Mining, Applied Digital, and Nebius, with year-to-date gains exceeding 300% [1][2] Company Performance - IREN Ltd has surged over 540% year-to-date, followed by Cipher Mining at 345%, Applied Digital at 338%, and Nebius at 323% [1] - Other notable performers include CoreWeave at 231%, Bitfarms at 209%, and TeraWulf at 142% [2] - Companies like Hut 8, CleanSpark, and Riot Platforms have also advanced over 100%, while Galaxy Digital and Marathon Holdings have seen gains of 69% and 16%, respectively [2] Industry Trends - Traditional Bitcoin miners are transitioning into data infrastructure providers, with IREN repositioning as a renewable-energy-powered data center operator [4] - Applied Digital has secured a $5 billion multi-year AI infrastructure lease and expanded capacity by 150 megawatts, indicating a shift towards stable, recurring data-hosting income [5] - Cipher Mining and Nebius are leveraging existing mining sites to meet the rising demand for AI and high-performance computing (HPC) hosting [6] Market Dynamics - The rally in these stocks is supported by rising Bitcoin prices, increasing institutional interest, and significant global investment in AI infrastructure [7] - Companies that were once solely focused on cryptocurrency are now being re-rated as hybrid plays on both digital assets and the AI boom, reflecting a structural advantage in the digital economy [7]

Core Insights - Riot Platforms, Inc. (NASDAQ:RIOT) is recognized as one of the 12 most promising blockchain and crypto mining stocks by hedge funds [1] - Piper Sandler has raised its price target for Riot Platforms from $18 to $25 while maintaining a "Neutral" rating [2] - The firm anticipates potential partnerships in AI and high-performance computing (HPC) at Riot's facilities in Corsicana and Rockdale, Texas, due to their significant power access and proximity to major metro areas [3] Company Overview - Riot Platforms operates large-scale Bitcoin mining and engineering facilities across Texas and Kentucky, providing power infrastructure, custom electrical solutions, and data center services to industrial and governmental clients [5] Strategic Outlook - Piper Sandler believes that Riot Platforms is positioned to explore discussions for transitioning part of its Bitcoin mining operations towards high-performance computing applications, indicating potential long-term strategic diversification [4]

Core Insights - Riot Platforms, Inc. (NASDAQ:RIOT) experienced a significant share price increase of 9.89% on Monday, closing at $22.01 as investors prepared for the upcoming third quarter earnings report [1][4]. Financial Performance - Riot Platforms is set to announce its financial and operational highlights on October 30 after market hours, followed by a conference call to discuss the results [2]. - In September, the company reported a 7% decline in Bitcoin production, with only 445 Bitcoins mined compared to 477 in August [2]. - The company sold 465 Bitcoins at an average price of $113,043 during the period, a slight decrease from the 450 units sold at an average of $115,035 in the same comparable period [3]. Strategic Outlook - Investors are keenly awaiting insights into the company's future business direction, particularly its planned transition to serve the growing artificial intelligence (AI) and high-performance computing (HPC) sectors [4].