0001558370-25-009896
SEC filingRevenue doubled to $153M driven by Bitcoin Mining growth and higher bitcoin prices, but net loss from contract settlement obscured underlying profitability.
In Q2 2025, total revenue more than doubled to $153.0 million from $70.0 million in the prior year quarter, driven by a 152% surge in Bitcoin Mining revenue to $140.9 million. The increase reflected higher average bitcoin prices ($98,800 vs $66,004) and a 61% expansion in deployed hash rate to 35.4 EH/s. Despite a 186% hash rate growth since end-2023, Bitcoin production rose 69% to 1,426 BTC. Engineering revenue grew 10% to $10.6 million, primarily from the December 2024 E4A acquisition.
Net income swung to $219.5 million from a $84.4 million loss, largely due to a $470.8 million gain from bitcoin fair value changes, overshadowing a $158.1 million loss on the Rhodium contract settlement. However, on an adjusted basis, Q2 Adjusted EBITDA reached $495.3 million, reflecting robust operational performance.
Bitcoin Mining remains the dominant revenue driver, with cost of revenue climbing to $78.2 million (up from $35.3 million) due to expanded capacity at Corsicana and Kentucky. Power costs more than doubled, while property taxes and headcount also increased. Engineering showed steady growth, but its revenue mix is still small relative to mining.
Management emphasized the dual-pronged strategy of Bitcoin Mining and AI/HPC development, with Phase I AI/HPC at the Corsicana Facility underway. Capital allocation remains disciplined, with $83.5 million in remaining miner commitments. The company continues to rely on ATM equity offerings and debt to fund growth, with $238.3 million remaining under the August 2024 ATM program. No specific revenue or margin guidance was provided, but strategic priorities include scaling deployed hash rate, advancing AI/HPC infrastructure, and maintaining a low-cost power position through fixed-price PPAs and curtailment programs.
As of June 30, 2025, Riot Platforms held $255.4 million in cash and cash equivalents, with total assets of $4.3 billion. Marketable securities (equity method investment in Bitfarms) decreased to $62.5 million from $134.3 million at year-end 2024, reflecting net losses and sales. Total debt stood at $838.4 million, consisting of $252.6 million current and $585.8 million long-term, including the newly issued $200 million credit facility secured by 3,300 bitcoin. Shareholders' equity was $3.3 billion, with an accumulated deficit of $767.3 million.
Total purchase commitments amount to $91.0 million: $83.5 million for miners (to be paid by end of 2025) and $7.5 million for infrastructure at the Corsicana Facility (through 2026). Additionally, remaining performance obligations (RPO) for Engineering and Other contracts total $119.7 million, with $68.5 million expected to be recognized in the remainder of 2025. Contingent consideration liabilities from acquisitions were $9.2 million, down from $26.9 million due to fair value changes.
No share buybacks or dividends were executed. The Company raised $121.1 million net through ATM equity offerings in H1 2025. Debt increased significantly with the $200 million credit facility fully drawn, alongside revolving credit borrowings of $54.3 million. Capital expenditures (including deposits on equipment) totaled approximately $179.6 million for the six months, representing 57% of revenue. Proceeds from bitcoin sales contributed $131.8 million for operations.
Riot reports two segments: Bitcoin Mining and Engineering. Bitcoin Mining generated $140.9 million revenue (gross profit $62.7 million, margin 44.5%) in Q2 2025, up 153% YoY. Engineering segment revenue was $10.6 million (gross profit $5.7 million, margin 54.2%), up 9.9% YoY. Intersegment revenue of $5.0 million was eliminated. Power costs for Bitcoin Mining were $62.2 million in Q2, the largest cost component. All Bitcoin mining power is sourced from ERCOT.