Riot Platforms(US:RIOT)2025-10-30 21:00Financial 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]