0001104659-26-022322
SEC filingRevenue surged 71.9% to $647.4M driven by Bitcoin Mining, but net loss of $663.2M from non-cash losses and settlements.
Riot Platforms, Inc. describes itself as a vertically integrated digital infrastructure company principally engaged in developing and optimizing its large-scale power assets. Its business centers on enhancing electrical infrastructure and deploying it across two complementary platforms: Bitcoin Mining and scalable data center solutions designed to support non-mining workloads. By leveraging its energy portfolio, engineering capabilities, and operational footprint, the company aims to capitalize on both the long-term potential of bitcoin and accelerating demand for power-intensive compute.
The company operates in two reportable business segments: Bitcoin Mining and Engineering. As of December 31, 2025, the Bitcoin Mining segment had a total deployed hash rate of 38.5 exahash per second (EH/s), compared to 31.5 EH/s at year-end 2024. In 2025, it mined 5,686 bitcoin, a 17.8% increase from 4,828 in 2024. The Engineering segment designs and manufactures power-distribution equipment and engineered-to-order electrical products. This segment supports vertical integration by enabling internal development of critical electrical equipment and engineering services, and also serves external large-scale industrial and governmental customers across markets including data center, power generation, utility, water, industrial, and alternative energy.
Riot owns and manages multiple large-scale data center facilities. The Rockdale Facility in Texas has 700 megawatts (MW) of developed capacity. The Corsicana Facility in Navarro County, Texas, currently has 400 MW of developed capacity and is expected to reach approximately one gigawatt upon completion. The Kentucky Facility, acquired via Block Mining in 2024, currently has about 137 MW, targeting 232 MW through 2026. The company utilizes both air-cooled and immersion-cooled environments for its miners. All miner purchases in 2024 and 2025 were from MicroBT under a long-term Master Agreement, securing state-of-the-art immersion miners manufactured in the United States.
Bitcoin Mining operations utilize mining pools with a Full-Pay-Per-Share payout model, where payouts are based primarily on contributed hash rate. The Engineering segment sells directly to large-scale industrial and governmental customers. In January 2026, Riot announced a long-term data center lease with Advanced Micro Devices, Inc. (AMD) to initially provide 25 MW of critical IT load capacity at the Rockdale Facility, with expansion options for up to an additional 75 MW and a right of first refusal for up to 100 MW. The lease has an initial term of ten years with three successive five-year renewal options.
The company faces significant competition in Bitcoin Mining from large-scale publicly-listed and private bitcoin mining companies and individual miners, driven by demand for bitcoin, access to capital, advanced miners, and efficient deployment. In data center operations, competitors include established operators and infrastructure providers as well as bitcoin mining peers diversifying into the sector. Competitive dynamics are influenced by access to low-cost power, specialized talent, and customer relationships. Riot believes its advantages include its substantial energy portfolio in the Dallas-Austin corridor, strong financial position, low-cost power resources, and vertical integration.
Riot's strategy centers on vertical integration across its segments. It has focused on building long-term stockholder value by taking strategic actions to further vertically integrate at its facilities and integrating acquisitions. Key priorities include growing hash rate through facility development (e.g., Corsicana Facility) and acquisitions (e.g., Block Mining), leveraging energy assets to develop data center leasing services, securing a long-term miner supply via MicroBT, and participating in load response programs with ERCOT and MISO to stabilize the grid and generate power benefits. The company also emphasizes disciplined capital allocation to deliver superior risk-adjusted returns.
As of December 31, 2025, Riot's total workforce consisted of approximately 816 employees. About 641 employees were in engineering, construction, manufacturing, and Bitcoin Mining operations, and 175 in general or administrative support functions. Geographically, approximately 63% of the workforce was in Texas, 31% in Colorado, and 3% in Kentucky. The company provides a long-term performance incentive program with service-based and performance-based restricted stock awards, along with comprehensive benefits and professional development opportunities.
For the year ended December 31, 2025, Riot Platforms reported total revenue of $647.4 million, a 71.9% increase from $376.7 million in 2024. This growth was driven primarily by the Bitcoin Mining segment, which generated $576.3 million in revenue (up 79.5% from $321.0 million) due to a higher average bitcoin price of $101,350 (vs. $66,488 in 2024) and a 22.1% increase in deployed hash rate to 38.5 EH/s. Engineering revenue rose 68.1% to $64.7 million, aided by the E4A Solutions acquisition and completion of delayed custom product orders.
Net income swung to a loss of $663.2 million in 2025 from a profit of $109.4 million in 2024. The decline was primarily attributable to a $158.1 million loss on contract settlement (Rhodium Settlement), $115.9 million in fair value losses on bitcoin holdings, $29.7 million in impairment of property and equipment, and $20.0 million in legal settlement costs. These non-recurring and non-cash items overshadowed the strong revenue performance.
Cost of revenue for Bitcoin Mining increased 79.2% to $339.0 million, driven by higher power costs ($281.4 million vs. $149.0 million) from expanded capacity at the Corsicana Facility and the Block Mining acquisition. Engineering cost of revenue rose 22.1% to $50.9 million, in line with higher revenue.
Bitcoin Mining: Revenue of $576.3 million was supported by a 17.8% increase in bitcoin mined (5,686 vs. 4,828) and higher realized prices. Deployed hash rate reached 38.5 EH/s, up 22.1% from 31.5 EH/s, with the Corsicana Facility contributing 15.7 EH/s. The all-in power cost averaged 3.7 cents/kWh (vs. 3.4 cents in 2024), while cost to mine one bitcoin excluding depreciation was $49,645 (vs. $32,216), representing 49.0% of production value. The segment remains the primary revenue driver, though profitability is sensitive to bitcoin price and network difficulty.
Engineering: Revenue of $64.7 million reflected strong demand for custom electrical products, with the E4A acquisition adding expertise. Revenue growth outpaced cost growth, indicating improving margins.
Management highlighted a strategic shift toward data center development, leveraging existing power infrastructure for non-mining workloads. Key initiatives include the AMD Lease at Rockdale (25 MW initial, up to 200 MW potential) and the acquisition of the Rockdale land parcel. The Bitcoin Treasury Strategy balances holding bitcoin with periodic sales to fund operations and capex. For 2026, the company expects to continue deploying miners from the MicroBT purchase orders (all miners expected by Q2 2026) and may rely on ATM equity offerings and debt (including a $200 million bitcoin-backed credit facility) to fund growth. Risks include bitcoin price volatility, increased competition, and regulatory developments. No specific financial guidance was provided.
The provided document excerpt does not contain the actual cash flow statement figures. It includes the auditor's report and balance sheet but not the cash flow data. Therefore, no cash flow metrics can be extracted.