Riot Platforms, Inc. reported significant financial performance for the second quarter of 2025, with total revenue reaching $153.0 million, a substantial increase from $70.0 million in the same period last year. The company's Bitcoin Mining segment generated $140.9 million in revenue, up from $55.8 million in the prior year, primarily driven by higher bitcoin prices, which averaged $98,800 per bitcoin compared to $66,004 in 2024. Engineering revenue also saw a modest increase to $10.6 million from $9.6 million, aided by the acquisition of E4A Solutions in December 2024.
In terms of profitability, Riot reported a net income of $219.5 million for the quarter, a significant turnaround from a net loss of $84.4 million in the same quarter of 2024. This improvement was largely attributed to a gain of $470.8 million from the change in fair value of bitcoin held, compared to a loss of $76.4 million in the previous year. However, the company also faced a loss of $158.1 million related to a contract settlement with Rhodium, which impacted overall financial results.
Operationally, Riot has expanded its mining capacity, achieving a deployed hash rate of 35.4 EH/s as of June 30, 2025, compared to 22.0 EH/s a year earlier. The company mined 2,956 bitcoin during the first half of 2025, reflecting a 33.9% increase from the 2,208 bitcoin mined in the same period of 2024. The increase in production was supported by the expansion of the Corsicana Facility and the acquisition of Block Mining, which added operational capacity and access to new energy markets.
Riot's strategic initiatives include the ongoing development of a scalable data center platform aimed at supporting artificial intelligence and high-performance computing workloads. The company is also focused on enhancing its power infrastructure to support its Bitcoin Mining operations. As of June 30, 2025, Riot had cash and cash equivalents of $255.4 million, alongside marketable securities valued at $62.5 million, positioning the company for future growth and operational needs.
Looking ahead, Riot Platforms anticipates continued revenue generation from its Bitcoin Mining operations, while also evaluating opportunities for further expansion in the AI and HPC sectors. The company remains committed to its vertically integrated strategy, which it believes will enhance its competitive position in the rapidly evolving cryptocurrency and data center markets.
About Riot Platforms, Inc.
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