Riot Platforms(US:RIOT)2025-07-31 20:48Financial Performance - Riot Platforms reported a record net income of $219.5 million and adjusted EBITDA of $495.3 million for Q2 2025, significantly up from a net loss of $84.4 million in Q2 2024[2][17]. - Total revenue for Q2 2025 was $153.0 million, a 118.6% increase compared to $70.0 million in Q2 2024, primarily driven by an $85.1 million increase in Bitcoin mining revenue[5]. - Bitcoin mining revenue reached $140.9 million in Q2 2025, compared to $55.8 million in Q2 2024, driven by higher average bitcoin prices and an increase in operational hash rate[5]. - Riot maintained a strong financial position with $141.1 million in working capital, including $255.4 million in unrestricted cash[10]. - The company held 19,273 bitcoins valued at approximately $2.1 billion based on a market price of $107,174 per bitcoin as of June 30, 2025[10]. Bitcoin Production and Costs - The company produced 1,426 bitcoins in Q2 2025, up 68.8% from 844 bitcoins in the same period last year[5]. - The average cost to mine one bitcoin, excluding depreciation, was $48,992 in Q2 2025, a 93.2% increase from $25,329 in Q2 2024, largely due to the block subsidy halving and a 45% increase in the average global network hash rate[5][18]. Engineering and Strategic Focus - Engineering revenue for Q2 2025 was $10.6 million, slightly up from $9.6 million in Q2 2024, benefiting from $18.5 million in capex savings since the acquisition of ESS Metron[5]. - The company is focused on optimizing its power portfolio and expanding into high-value data centers, supported by recent strategic hires[3]. Future Growth Strategies - Future growth strategies include enhancing Bitcoin mining operations and exploring AI/HPC market opportunities, leveraging the company's robust balance sheet and capital access[9].