Riot Platforms(US:RIOT) Globenewswireยท2025-10-30 20:30Core 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]