Riot Platforms (RIOT) Q4 2025 earnings summary

Executive summary

• 2025 was a transformational year, marked by a strategic shift from Bitcoin mining to data center development, highlighted by the acquisition of key land assets, full ownership of the Rockdale site, and the signing and delivery of a major lease with AMD.

• Internal expertise was strengthened by building a veteran data center team and leveraging internal engineering to deliver projects on time and on budget.

• Maintained strong liquidity with $1.6 billion in bitcoin holdings and $309.8 million in cash at year-end.

• Strategic focus for 2026 includes delivering the full AMD lease, securing additional leases at Corsicana and Rockdale, and obtaining low-cost financing.

• Commenced operations on the AMD data center lease in January 2026, validating the new strategy and execution capabilities.

Financial highlights

• Total revenue for FY2025 was $647.4 million, up 72% year-over-year, driven mainly by Bitcoin mining revenue of $576.3 million.

• Net loss for the year was $663.2 million ($1.95 per diluted share), impacted by significant non-cash charges and mark-to-market adjustments.

• Adjusted EBITDA was $13 million, reflecting adjustments for non-cash and unusual items.

• 5,686 BTC produced in 2025, an 18% increase from 2024, with 18,005 BTC held at year-end valued at $1.6 billion.

• Gross profit for the year totaled $302 million.

Outlook and guidance

• Focused on delivering the full 25 MW for AMD, executing additional leases, and securing attractive, low-cost financing.

• Positioned for substantial data center development in 2026 and beyond, with ongoing leasing discussions for hyperscale and investment-grade tenants.

• Plans to recycle capital into higher-return projects as assets stabilize.