Riot Platforms Experiences First Quarter 2025 Monetary Outcomes, Present Operational and Monetary Highlights

Riot Experiences $161.4 million in Whole Income and Deployed Hash Price of 33.7 EH/s

CASTLE ROCK, Colo., Might 1, 2025 /PRNewswire/ — Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Firm”), an {industry} chief in vertically built-in Bitcoin mining, reported monetary outcomes for the three-month interval ended March 31, 2025. The accompanying presentation supplies can be found on Riot’s web site.

“Riot made sturdy progress on quite a lot of key monetary and strategic initiatives in the course of the first quarter of 2025, which I’m excited to announce right this moment,” stated Jason Les, CEO of Riot. “We achieved a brand new document for quarterly income this quarter, at $161.4 million, pushed by the numerous work our groups have put in in the course of the previous years, together with the multi-year improvement of the primary section of our Corsicana Facility, considerably increasing our hash charge, and additional enhancing our working effectivity.

“In April 2025, Riot acquired Rhodium’s mining operations and tangible property that had been hosted at our Rockdale Facility, as a part of a settlement settlement which additionally included mutual dismissal of all current litigation. Rhodium’s 125 MW of beforehand contracted energy capability at our Rockdale Facility has now been repurposed for our self-mining operations, whereas working losses related to this legacy contract, which equated to just about $15 million in 2024 alone, and related litigation bills, will now be eradicated going ahead.

“In the course of the first quarter of 2025, Riot continued to make important progress on the event of our AI/HPC knowledge heart enterprise. In March, Altman Solon accomplished their feasibility examine, which highlighted a number of components making the Corsicana web site a very enticing asset to knowledge heart tenants. We’re additionally additional rising the attractiveness of the location by  buying extra improvement land close to the Corsicana Facility, enhancing connectivity to the location by means of the addition of latest fiber strains and increasing water entry on web site. Building work on the substation, to be accomplished in early 2026, additionally continues and can carry a complete of 1.0 GW of energy capability on-line as soon as accomplished. I’m extraordinarily happy with the progress we’ve got already made on this entrance and sit up for asserting continued progress within the coming months.”

First Quarter 2025 Monetary and Operational Highlights

Key monetary and operational highlights for the primary quarter embody:

• Whole income of $161.4 million, as in comparison with $79.3 million for a similar three-month interval in 2024. The rise was primarily pushed by a $71.5 million enhance in Bitcoin Mining income.
• Produced 1,530 bitcoin, as in comparison with 1,364 throughout the identical three-month interval in 2024.
• The common value to mine bitcoin, excluding depreciation, was $43,808 within the quarter, as in comparison with $23,034 per bitcoin in the identical three-month interval in 2024. The rise was primarily pushed by the block subsidy ‘halving’ occasion, which occurred in April 2024, and a 41% enhance within the common international community hash charge as in comparison with the identical interval in 2024.
• Bitcoin Mining income of $142.9 million for the quarter, as in comparison with $71.4 million for a similar three-month interval in 2024, primarily pushed by increased common bitcoin costs and a rise in operational hash charge, partially offset by the block subsidy ‘halving’ occasion and a rise in common international community hash charge.
• Engineering income of $13.9 million for the quarter, as in comparison with $4.7 million for a similar three-month interval in 2024. Engineering income for the quarter now contains the monetary outcomes of E4A Options, LLC, which was acquired in December 2024.
• Maintained industry-leading monetary place, with $310.3 million in working capital, together with $163.7 million in unrestricted money available, $74.2 million in restricted money, and $71.0 million in marketable fairness securities.
• Held 19,223 unencumbered bitcoin, equating to roughly $1.6 billion primarily based on a market worth for one bitcoin on March 31, 2025, of $82,534.

About Riot Platforms, Inc.

Riot’s (NASDAQ: RIOT) imaginative and prescient is to be the world’s main Bitcoin-driven infrastructure platform.

Our mission is to positively affect the sectors, networks and communities that we contact. We consider that the mixture of an modern spirit and robust group partnership permits the Firm to realize best-in-class execution and create profitable outcomes.

Riot is a Bitcoin mining and digital infrastructure firm centered on a vertically built-in technique. The Firm has Bitcoin mining operations in central Texas and Kentucky, and electrical engineering and fabrication operations in Denver, Colorado, and Houston, Texas.

For extra data, go to www.riotplatforms.com.

Protected Harbor

Statements on this press launch that aren’t historic info are forward-looking statements that mirror administration’s present expectations, assumptions, and estimates of future efficiency and financial circumstances. Such statements depend on the secure harbor provisions of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Alternate Act of 1934, as amended. As a result of such statements are topic to dangers and uncertainties, precise outcomes might differ materially from these expressed or implied by such forward-looking statements. Phrases similar to “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” comparable expressions and their negatives are meant to establish forward-looking statements. These forward-looking statements might embody, however should not restricted to, statements regarding the Firm’s improvement at its services and the Firm’s plans, projections, aims, expectations, and intentions about future occasions and developments that it believes might have an effect on the Firm’s monetary situation, outcomes of operations, enterprise technique, short-term and long- time period enterprise operations and aims and monetary wants. These forward-looking statements are topic to quite a lot of dangers and uncertainties, together with, with out limitation: dangers associated to the Firm’s development, the anticipated demand for AI/HPC makes use of, the feasibility of creating the Firm’s energy capability for AI/HPC makes use of, competitors within the markets through which the Firm operates, market development, the Firm’s capability to innovate and broaden into new markets, the Firm’s capability to appreciate advantages from its implementation of latest methods into its enterprise, estimates of Bitcoin manufacturing; our future hash charge development (EH/s); the anticipated advantages, building schedule, and prices related to the event of our mining services in Texas, Kentucky and elsewhere; our anticipated schedule of latest miner deliveries; our entry to electrical energy; the affect of climate occasions on our operations and outcomes; our capability to efficiently deploy new miners; the variance in our mining pool rewards might negatively affect our outcomes of Bitcoin manufacturing; our megawatt capability below improvement; dangers associated to the Firm’s incapacity to appreciate the anticipated advantages from immersion cooling; the shortcoming to combine acquired companies efficiently, or such integration might take longer or be tougher, time-consuming or expensive to perform than anticipated; or the failure of the Firm to in any other case notice anticipated efficiencies and strategic and monetary advantages from our enterprise methods. Detailed data concerning the components recognized by the Firm’s administration which they consider might trigger precise outcomes to vary materially from these expressed or implied by such forward-looking statements on this press launch could also be discovered within the Firm’s filings with the U.S. Securities and Alternate Fee (the “SEC”), together with the dangers, uncertainties and different components mentioned below the sections entitled “Danger Components” and “Cautionary Notice Relating to Ahead-Wanting Statements” of the Firm’s Annual Report on Kind 10-Ok for the fiscal quarter ended December 31, 2024, as amended, and the opposite filings the Firm makes with the SEC, copies of which can be obtained from the SEC’s web site, www.sec.gov. All forward- wanting statements included on this press launch are made solely as of the date of this press launch, and the Firm disclaims any intention or obligation to replace or revise any such forward-looking statements to mirror occasions or circumstances that subsequently happen, or of which the Firm hereafter turns into conscious, besides as required by legislation. Individuals studying this press launch are cautioned to not place undue reliance on such forward-looking statements.

For additional data, please contact:

Investor Contact:
Phil McPherson
[email protected]
303-794-2000 ext. 110

Media Contact:
Alexis Brock
303-794-2000 ext. 118
[email protected] 

Non-U.S. GAAP Measures of Monetary Efficiency

Along with monetary measures introduced below usually accepted accounting rules in america of America (“GAAP”), we persistently consider our use of and calculation of non-GAAP monetary measures similar to “Adjusted EBITDA.” EBITDA is computed as web earnings earlier than curiosity, taxes, depreciation, and amortization. Adjusted EBITDA is a efficiency measure outlined as EBITDA, adjusted to eradicate the results of sure non-cash and/or non-recurring objects that don’t mirror our ongoing strategic enterprise operations, which administration believes leads to a efficiency measurement that represents a key indicator of the Firm’s core enterprise operations of Bitcoin mining. The changes embody honest worth changes similar to spinoff energy contract changes, fairness securities worth modifications, and non-cash stock-based compensation expense, along with financing and legacy enterprise earnings and expense objects. We exclude impairments and positive aspects or losses on gross sales or exchanges of Bitcoin from our calculation of Adjusted EBITDA for all durations introduced.

We consider Adjusted EBITDA could be an necessary monetary measure as a result of it permits administration, buyers, and our board of administrators to guage and evaluate our working outcomes, together with our return on capital and working effectivity from period-to-period by making such changes. Moreover, Adjusted EBITDA is used as a efficiency metric for share-based compensation. 

Adjusted EBITDA is supplied along with, and shouldn’t be thought of to be an alternative choice to, or superior to, web earnings, probably the most comparable measure below GAAP for Adjusted EBITDA. Additional, Adjusted EBITDA shouldn’t be thought of as a substitute for income development, web earnings, diluted earnings per share or another efficiency measure derived in accordance with GAAP, or as a substitute for money movement from working actions as a measure of our liquidity. Adjusted EBITDA has limitations as an analytical instrument, and you shouldn’t think about such measures both in isolation or as substitutes for analyzing our outcomes as reported below GAAP.

The next desk reconciles Adjusted EBITDA to Web earnings (loss), probably the most comparable GAAP monetary measure:

The Firm defines Value to Mine as the associated fee to mine one Bitcoin, excluding Bitcoin miner depreciation, as calculated within the desk beneath.

SOURCE Riot Platforms, Inc.