Core Insights - Riot Platforms, Inc. is a Bitcoin mining and large-scale data center company that has diversified into the AI-driven high-performance computing industry, reducing its dependency on traditional Bitcoin mining [1] Company Overview - Riot Platforms, Inc. is recognized as one of the few legacy Bitcoin miners that has successfully pivoted to a new business model focused on high-performance computing [1] Industry Context - The shift towards AI-driven computing reflects broader trends in the technology sector, where companies are increasingly looking to diversify their operations to mitigate risks associated with market volatility in cryptocurrency [1]

Core Viewpoint - BT's share price is experiencing volatility as investors anticipate upcoming financial results that will shed light on the company's performance and ongoing turnaround efforts [1] Group 1 - Investors are closely monitoring BT's share price ahead of the financial results announcement [1] - The financial results are expected to provide insights into BT's performance and the effectiveness of its turnaround strategies [1]

Core Insights - Riot Platforms, Inc. produced 437 Bitcoin in October 2025, reflecting a 2% decrease from September and a 14% decrease year-over-year [1][2] - The company held a total of 19,324 Bitcoin at the end of October, a 77% increase compared to the same month last year [2] - The average net price per Bitcoin sold increased by 2% to $114,970 in October 2025 [2] Production Metrics - Bitcoin produced in October 2025: 437, down from 445 in September 2025 and 505 in October 2024, representing a month-over-month decrease of 2% and a year-over-year decrease of 14% [2] - Average Bitcoin produced per day in October 2025: 14.1, down from 14.8 in September 2025 and 16.3 in October 2024 [2] Financial Performance - Bitcoin sales net proceeds for October 2025 were $46.0 million, a decrease of 13% from September 2025 [2] - Bitcoin sold in October 2025: 400, down from 465 in September 2025 [2] Operational Efficiency - Total deployed hash rate in October 2025: 36.6 EH/s, slightly up from 36.5 EH/s in September 2025 and a 25% increase from 29.4 EH/s in October 2024 [2] - Average operating hash rate in October 2025: 33.2 EH/s, up from 32.2 EH/s in September 2025 and a 46% increase from 22.7 EH/s in October 2024 [2] Power and Cost Metrics - Total power credits for October 2025 amounted to $2.1 million, a 55% increase month-over-month and a 93% increase year-over-year [2] - All-in power cost for October 2025 was 4.0 cents per kWh, a decrease of 6% from September 2025 [2] Company Overview - Riot Platforms is a leader in Bitcoin mining and the development of large-scale data centers, operating facilities in Texas and Kentucky [8] - The company aims to empower the future of digital infrastructure and is expanding its data center development capabilities [8]

Core Viewpoint - The cryptocurrency sector is experiencing a decline, with several companies showing significant drops in their stock prices, indicating a bearish trend in the market [1] Company Performance - Riot Platform (RIOT.US) decreased by 4.6% - Hut 8 fell by 4.5% - Canaan Creative (CAN.US) dropped by 3.8% - Robinhood (HOOD.US) and Marathon Holdings (MARA.US) both declined by 3.7% - Coinbase (COIN.US) saw a decrease of 3.3% [1]

Core Insights - Riot Platforms (RIOT) reported a surprising third-quarter profit of $104.5 million, or 26 cents per diluted share, compared to a loss of $154.4 million, or 54 cents, in the same quarter last year [1][2] - Revenue more than doubled to $180.2 million, primarily driven by a $93 million increase in bitcoin mining revenue, with the company mining 1,406 bitcoin at an average cost of $46,324 per coin [2][3] - The company's revenue growth was supported by a 6.4% increase in bitcoin prices during the quarter and enhanced operational capacity [3] Financial Performance - The net income of $104.5 million marks a significant turnaround from the previous year's loss [1] - The substantial revenue increase to $180.2 million reflects strong performance in bitcoin mining [2] - Riot recorded a $133 million mark-to-market gain on its bitcoin holdings, which totaled 19,287 BTC valued at approximately $2.2 billion as of September 30 [3][5] Operational Developments - Riot announced the initiation of 112 megawatts of core and shell development at its Corsicana, Texas data center campus, following successful land acquisition and design completion [4] - CEO Jason Les emphasized that these developments are crucial for transforming Riot into a large-scale, multifaceted data center operator leveraging its land and power assets [4]

Core Insights - Bitcoin's price has surged over 450% in the past three years, driven by factors such as peak interest rates, approval of spot price ETFs, and a halving event that reduced mining rewards [1][4] - Despite the overall rise in Bitcoin's price, leading miners Mara Holdings and Riot Platforms have underperformed, with Mara's stock increasing less than 50% and Riot's stock rising less than 240% during the same period [4][11] Company Background - Mara Holdings and Riot Platforms transitioned from their original business models to become Bitcoin mining companies, ordering thousands of dedicated miners [6][7] - Both companies have added mined Bitcoin to their balance sheets while also selling portions to generate cash, but they have issued more shares and taken on debt to finance their operations [7] Financial Position - As of September, Mara held 52,850 Bitcoins valued at approximately $6.1 billion, representing nearly two-thirds of its enterprise value of $9.5 billion, while Riot held 19,287 Bitcoins valued at about $2.2 billion, equating to nearly 30% of its enterprise value of $7.7 billion [8] - High electricity costs have significantly impacted revenue, exacerbated by geopolitical conflicts and inflation [9] Mining Challenges - The recent halving in 2024 has made it more difficult for miners to maintain production levels, slowing Bitcoin's supply growth and creating challenges for capital-intensive operations like those of Mara and Riot [10] - The ongoing need for constant investment in mining infrastructure and the volatility of energy costs make mining companies less attractive compared to direct Bitcoin investments or spot price ETFs [11] Future Considerations - There is potential for miners to pivot their operations towards processing machine learning and AI tasks, similar to CoreWeave's transition from Ethereum mining [12] - However, unless these companies significantly reduce their dependence on Bitcoin, any gains from diversification may be short-lived [12]

Core Insights - Riot Platforms, Inc. reported quarterly earnings of $0.26 per share, exceeding the Zacks Consensus Estimate of a loss of $0.19 per share, and showing improvement from a loss of $0.54 per share a year ago [1] - The company achieved revenues of $180.23 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 7.31% and significantly up from $84.79 million year-over-year [2] - Riot Platforms, Inc. shares have increased approximately 117.1% since the beginning of the year, outperforming the S&P 500's gain of 17.2% [3] Earnings Performance - The company has surpassed consensus EPS estimates three times over the last four quarters [2] - The recent earnings surprise of +236.84% indicates strong performance compared to previous expectations [1] Future Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and future earnings expectations [3][4] - Current consensus EPS estimate for the upcoming quarter is -$0.19 on revenues of $175.21 million, and for the current fiscal year, it is -$0.67 on revenues of $657.98 million [7] Industry Context - The Financial - Miscellaneous Services industry, to which Riot Platforms, Inc. belongs, is currently ranked in the top 36% of over 250 Zacks industries, indicating a favorable industry outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]

Core Insights - Riot Platforms reported Q3 2025 revenue of $180 million, more than doubling year-over-year, driven by increased Bitcoin prices and hash rate growth [1] - The company achieved a net profit of $105 million, a significant turnaround from a loss of $154 million in the same period last year [1] - Adjusted EBITDA for the quarter was $197 million, which includes a $133 million gain from Bitcoin holdings [1] Financial Performance - Bitcoin mining revenue reached $161 million, contributing significantly to overall revenue growth [1] - The company mined a total of 1,406 Bitcoins during the quarter, with an average mining cost of $46,324 per Bitcoin [1] Strategic Developments - Riot announced the commencement of core construction for two buildings at its Corsicana data center campus in Texas, with a capacity of 112 megawatts [1] - The company holds approximately 19,287 Bitcoins, valued at around $2.2 billion [1]

Bitcoin miner Riot posts net income of $104.5 million in Q3, reversing previous quarter's losses https://t.co/nQll3lWPxZ ...

Financial Data and Key Metrics Changes - Riot reported total revenue of $180.2 million for Q3 2025, an 18% increase from $153 million in the previous quarter [24] - Net income for Q3 was $104.5 million, or $0.26 per fully diluted share, compared to $219.5 million, or $0.58 per fully diluted share in the prior quarter [24] - Non-GAAP adjusted EBITDA for Q3 was $197.2 million, down from $495.3 million in the previous quarter [24] - Bitcoin production slightly declined to 1,406 Bitcoin from 1,426 Bitcoin in the prior quarter, attributed to an 8% increase in the global hash rate [24][25] - Riot ended Q3 holding 19,287 Bitcoin, valued at approximately $2.2 billion [25] Business Line Data and Key Metrics Changes - Bitcoin mining revenue for Q3 was $160.8 million, with a total direct cost per Bitcoin of $46,324, resulting in a gross profit of $95.7 million, or a 59% gross profit margin [26] - The company generated $31 million in power credits, lowering the net cost of power to $0.32 per kilowatt-hour [25] Market Data and Key Metrics Changes - Approximately 1.7 gigawatts of Riot's total capacity is located in the Dallas and Austin regions, which are highly attractive data center markets [22] - Riot's power portfolio totals more than 1.8 gigawatts, fully approved and available today, positioning it as one of the largest in North America [21] Company Strategy and Development Direction - Riot is transforming into a significant data center developer and operator, with a focus on maximizing the value of its power portfolio by transitioning megawatts towards data center development [20][35] - The company is initiating the core and shell development of two buildings at the Corsicana Data Center campus, representing 112 megawatts of critical IT capacity [4][17] - The overall development plan includes nearly 2 gigawatts of secured utility-load power, with a focus on high-quality tenants to ensure strong foundations for the data center business [6][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for data center capacity, driven by the growing needs of hyperscalers and enterprise customers [4][37] - The company is focused on building a strong foundation for its data center business, emphasizing the importance of delivery timelines and minimizing risks for potential tenants [38][46] - Management highlighted the strategic advantage of having a strong balance sheet, significant cash reserves, and a large Bitcoin holding to support ongoing transformations [34] Other Important Information - Riot has made substantial progress in its design program, completing a standardized data center basis of design that meets tier-three resiliency and efficiency expectations [11] - The company has acquired 67 acres of land adjacent to its Corsicana site for $40 million, enhancing its development capabilities [15][16] Q&A Session Summary Question: Update on discussions with potential tenants for the first builds - Management is encouraged by the current market position and the growing demand for power among hyperscalers and enterprise customers, indicating a strong interest in the Corsicana site [36][40] Question: Additional power procurement opportunities - Management remains active in exploring opportunities to expand the power portfolio, but the focus is primarily on maximizing the current development potential [41][42] Question: Impact of core and shell construction on negotiations - The construction of core and shell buildings is part of the strategy to de-risk projects and provide certainty to potential tenants regarding delivery timelines [44][46] Question: Thoughts on Rockdale site development - Rockdale shares many attractive characteristics with Corsicana, and while Corsicana is the near-term focus, Rockdale remains a viable option for future development [55][56] Question: Hiring strategy and team development - The company is actively building its team in alignment with business development phases, focusing on key roles in development, engineering, and sales [61][63]