Riot Platforms reported record third-quarter revenue of $180.2 million for the period ending September 30, showcasing strong financial performance. The company also posted a net income of $104.5 million for the three-month period, marking a significant growth compared to the previous year.
Despite these impressive results, Riot’s stock declined by 4.87% on Thursday following the earnings announcement. This drop came even as the company demonstrated notable operational expansion and increased bitcoin mining revenue.
### Strong Growth in Bitcoin Mining Operations
During Q3 2025, Riot Platforms mined 1,406 bitcoin, up from 1,104 bitcoin in the same quarter last year. Bitcoin mining revenue surged by $93.3 million compared to Q3 2024, contributing to the record total revenue growth from $84.8 million last year to $180.2 million this year.
The increase in bitcoin production came amid rising global competition in the mining sector, with Riot expanding operations across multiple facilities. However, the average cost to mine one bitcoin rose to $46,324, excluding depreciation, compared to $35,376 in Q3 2024. This 52% increase in costs was primarily driven by a higher global hash rate.
Strategic power agreements and power credits helped Riot offset some of the increased operational expenses, allowing the company to maintain profitability despite the challenging cost environment.
### Data Center Expansion and Diversification Strategy
CEO Jason Les highlighted the company’s progress in developing its data center business during the quarter. Riot is actively building a 112 MW Corsicana campus designed for high-performance computing operations.
“Riot made decisive progress in the development of our data center business this quarter,” Les stated.
The company recorded a net loss of $76.9 million in the first half of 2025, mainly due to capital expenditures related to AI workloads and computing infrastructure. This pivot toward diversified data center services is closely watched by investors, as it represents a strategic shift to maximize the value of Riot’s land and power assets.
These developments are pivotal to the company’s efforts to become a large-scale data center operator, and Riot’s stock value is partly dependent on the successful execution of this transformation plan.
### Robust Bitcoin Treasury Strengthens Balance Sheet
Riot Platforms holds nearly 20,000 BTC in its treasury, valued at over $2 billion, making it the second-largest bitcoin treasury among mining firms and the seventh-largest among all public companies worldwide.
This substantial digital asset reserve provides Riot with significant financial flexibility and strategic advantages. For the quarter, adjusted EBITDA reached $197.2 million, supported by a $133.1 million gain on the company’s balance sheet from bitcoin holdings.
Although the stock traded lower following the earnings report, Riot’s bitcoin treasury remains a key component of its overall financial strategy and a foundation for future growth.
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Riot Platforms continues to demonstrate strong operational expansion and financial performance in bitcoin mining while strategically diversifying into data center services. Investors will be watching closely as the company advances its transformation plans amid evolving market dynamics.
https://coincentral.com/riot-stock-falls-4-87-after-posting-180-2m-q3-revenue/