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]

Group 1 - Hive Digital experienced a decline of 6.3% [1] - Terawulf saw a drop of 5.0% [1] - Bitfarms and Bitdeer both fell by 4.6% [1] - Cipher Mining decreased by 4.7% [1] - Riot Platforms and Strategy both dropped by 2.7% [1] - CleanSpark declined by 4.0% [1] - Coinbase Global fell by 2.7% [1] - MARA Holdings decreased by 2.6% [1] Group 2 - The largest cryptocurrency, Bitcoin, dropped by 2.8% to a price of $103,553, marking a new low in over two weeks [1]

Core Insights - The valuation logic of Bitcoin mining companies is being fundamentally reshaped as they transition into power suppliers for AI, detaching their stock performance from the volatile cryptocurrency market [1][5][6] - Major partnerships with tech giants, such as Iren's $9.7 billion deal with Microsoft and Cipher Mining's $5.5 billion agreement with AWS, have significantly boosted their stock prices [1][3] Market Dynamics - Bitcoin mining companies are no longer viewed merely as Bitcoin producers but as critical infrastructure providers in the AI wave, especially as Bitcoin prices drop below $107,000 [3][4] - The mining economy is deteriorating, with the Bitcoin halving last year reducing miner rewards and increasing network difficulty, which has pressured profit margins [3][4] Financial Performance - Bitcoin miners' revenue metrics are nearing historical lows, and even recent Bitcoin price highs have not significantly improved unit revenues for mining companies [4] - The stock prices of Bitcoin mining companies are increasingly reflecting their prospects in high-performance computing (HPC) and AI rather than their mining operations [5][6] Investment Trends - Investors are primarily valuing these companies based on HPC/AI opportunities, with discussions about Bitcoin mining accounting for less than 10% of their conversations [6] - Funds tracking publicly listed Bitcoin mining companies have surged over 150% this year, significantly outpacing Bitcoin's 14% increase [6] Competitive Advantage - Bitcoin mining companies possess a critical competitive advantage with their ability to provide "immediate power," as they have existing grid connections and large-scale power supply capabilities [7] - The U.S. faces a significant power shortage for data centers, with predictions indicating a shortfall of 5 to 15 gigawatts by 2028, making the existing power resources of Bitcoin miners invaluable [7]

🔥 BULLISH: Riot Platforms posted $180M revenue and $104M net income in Q3 2025, producing 1,406 $BTC and holding 19,287 $BTC worth $2.2B. https://t.co/2SGJahmilt ...

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]

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]

Financial Performance - Riot Platforms Inc reported third-quarter revenue of $180.2 million, exceeding analyst estimates of $172.6 million [2] - The company achieved earnings of 26 cents per share, surpassing estimates of 21 cents per share [2] Bitcoin Production - During the quarter, Riot produced 1,406 Bitcoin, an increase from 1,104 Bitcoin in the same quarter of the previous year [3] - The average cost to mine Bitcoin was $46,324 [3] - At the end of the quarter, Riot held a total of 19,287 Bitcoin [3] Cash Position - Riot had $330.7 million of unrestricted cash on hand at the end of the quarter [3] Data Center Development - The company made significant progress in its data center business, initiating core and shell development of the first two buildings at the Corsicana data center campus, representing 112 MW of total critical IT capacity [4] - Riot acquired an additional 67-acre parcel of land adjacent to its original Corsicana site and completed the campus design [5] - The basis of design for its standard data center build has been completed, and the in-house data center team is ongoing [5] Strategic Vision - These developments are part of Riot's strategy to transform into a large-scale, multi-faceted data center operator [6] Market Reaction - Following the earnings report, Riot shares increased by 2.89%, trading at $21.70 in after-hours [6]

Financial Performance - Total revenue for the three months ended September 30, 2025, was $180.2 million, compared to $84.8 million for the same period in 2024, indicating a significant increase [285]. - Total revenue for the nine months ended September 30, 2025, was $494.6 million, compared to $234.1 million for the same period in 2024, representing an increase of approximately 111.8% [300]. - Bitcoin Mining revenue for the three months ended September 30, 2025, reached $160.8 million, a rise of $93.3 million from $67.5 million in 2024, primarily due to higher bitcoin prices averaging $114,361 per bitcoin [286]. - Bitcoin Mining revenue increased to $444.5 million for the nine months ended September 30, 2025, from $194.7 million in 2024, driven by higher bitcoin prices averaging $101,912 per bitcoin compared to $58,771 in 2024 [301]. - Engineering revenue for the three months ended September 30, 2025, was approximately $19.1 million, up from $12.6 million in the same period of 2024, reflecting a growth driven by the E4A Solutions Acquisition and accelerated project completions [260][287]. - The company generated net income of $27.6 million for the nine months ended September 30, 2025, which included $498.4 million in non-cash net gains from bitcoin mining [324]. Bitcoin Mining Operations - Bitcoin Mining revenue for the three months ended September 30, 2025, was approximately $160.8 million, and for the nine months ended September 30, 2025, it was approximately $444.5 million [256]. - During the nine months ended September 30, 2025, the company mined 4,362 bitcoin, an increase of 1,050 bitcoin compared to 3,312 bitcoin mined in the same period of 2024 [248]. - The cost to mine one bitcoin, including bitcoin miner depreciation, was $89,074 for the three months ended September 30, 2025, representing 77.9% of the production value of one bitcoin mined [252]. - The cost of revenue for Bitcoin Mining for the three months ended September 30, 2025, was $95.8 million, up from $51.5 million in 2024, largely due to increased capacity at the Corsicana Facility [288][289]. - The cost of revenue for Bitcoin Mining rose to $248.8 million for the nine months ended September 30, 2025, from $123.3 million in 2024, an increase of approximately 101.8% [303]. - The change in fair value of bitcoin for the three months ended September 30, 2025, resulted in a gain of $133.1 million, compared to $8.6 million in 2024, reflecting the adjustment of bitcoin held at the end of each period [293]. - The change in fair value of bitcoin for the nine months ended September 30, 2025, resulted in a gain of $395.9 million, compared to a gain of $166.2 million in 2024 [309]. Capacity and Infrastructure - The total deployed hash rate capacity increased to 36.5 EH/s as of September 30, 2025, up 15.9% from 31.5 EH/s as of December 31, 2024 [247]. - The Rockdale Facility has a developed capacity of 700 MW, while the Corsicana Facility has 400 MW, contributing to a total power capacity of 1,195 MW [251]. - The company completed the acquisition of Block Mining, adding 60 MW of developed capacity, which has been expanded to approximately 95 MW, with a target of reaching 160 MW [242]. - The Corsicana Facility is expected to have approximately 1 GW of developed capacity available for data center workloads upon completion [241]. - The company is developing a scalable data center platform to support non-mining operations, including applications in AI and HPC, to maximize the value of its energy portfolio [239]. Costs and Expenses - Selling, general and administrative expenses for the three months ended September 30, 2025, were $69.8 million, an increase of approximately $2.9 million from $66.9 million in 2024, driven by higher stock-based compensation and operational costs [291]. - Selling, general and administrative expenses increased to $217.2 million for the nine months ended September 30, 2025, from $185.8 million in 2024, an increase of approximately 16.9% [307]. - The company incurred increased power costs of $110.0 million and a $32.9 million increase in selling, general, and administrative costs during the nine months ended September 30, 2025 [336]. - The impairment of property and equipment was $15.3 million in 2025, related to long-lead items for the Corsicana Facility expansion [314]. Cash Flow and Financing - For the nine months ended September 30, 2025, net cash provided by operating activities was $(467.4) million, while net cash provided by investing activities was $78.6 million [335]. - The company issued approximately 16.1 million shares under its ATM offering program for net proceeds of $195.2 million during the nine months ended September 30, 2025 [323]. - The company raised approximately $199.6 million through its ATM Program offerings during the nine months ended September 30, 2025 [340]. - The company has approximately $854.0 million in total principal on its outstanding debt, including $594.4 million from its 2030 Notes [340]. - Interest income decreased to $10.7 million for the nine months ended September 30, 2025, from $22.2 million in 2024, primarily due to lower average cash balances [315]. Future Projections - The company anticipates that a 10% increase in the price of bitcoin could result in an increase in net income of $220.0 million for the nine months ended September 30, 2025 [356]. - The company expects to pay approximately $105.4 million to MicroBT for the purchase of miners through the second quarter of 2026 [326].

Financial 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]

Core 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]