Riot Platforms(US:RIOT) Globenewswireยท2025-07-31 20:30Core Insights - Riot Platforms, Inc. reported a record net income of $219.5 million and adjusted EBITDA of $495.3 million for Q2 2025, driven by strong Bitcoin prices and operational efficiencies [2][5]. Financial Performance - Total revenue for Q2 2025 reached $153.0 million, a significant increase from $70.0 million in Q2 2024, primarily due to an $85.1 million rise in Bitcoin mining revenue [5]. - The company produced 1,426 bitcoins in Q2 2025, up 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, compared to $25,329 in Q2 2024, influenced by the block subsidy halving and a 45% increase in the global network hash rate [5][17]. Operational Highlights - Bitcoin mining revenue for the quarter was $140.9 million, up from $55.8 million in Q2 2024, attributed to higher average Bitcoin prices and increased operational hash rate [5]. - Engineering revenue increased to $10.6 million from $9.6 million year-over-year, benefiting from $18.5 million in capital expenditure savings since the acquisition of ESS Metron in December 2021 [5][6]. Strategic Positioning - The company emphasizes its strong capabilities in power procurement, Bitcoin mining, and infrastructure engineering, positioning itself to maximize shareholder value [3]. - Riot's strategy focuses on optimizing its power portfolio and shifting capacity towards high-value data centers, supported by recent key hires [3]. Balance Sheet Strength - Riot maintained a robust financial position with $141.1 million in working capital, including $255.4 million in unrestricted cash and $62.5 million in marketable equity securities [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].