Bitcoin Miner Riot Platforms Reports Q1 Results, Shares Slide

Riot Platforms Inc RIOT reported first-quarter financial results after the market close on Thursday. Here’s a look at the key details from the report.

Q1 Revenue: $161.4 million, versus estimates of $158.2 million

Q1 EPS: Loss of 90 cents per share

Total revenue was up from $79.3 million in the prior year’s quarter, primarily driven by a $71.5 million increase in Bitcoin BTC/USD mining revenue.

The Bitcoin miner produced 1,530 Bitcoin in the first quarter, up from 1,364 in the first quarter of 2024. Riot’s average cost to mine totaled $43,808 in the quarter. The company said its deployed hash rate reached 33.7 EH/s in the first quarter.

Riot ended the period with $310.3 million in working capital, including $163.7 million in unrestricted cash on hand. The company held a total of 19,233 Bitcoin as of March 31.

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“Riot made strong progress on a number of key financial and strategic initiatives during the first quarter of 2025, which I am excited to announce today,” said Jason Les, CEO of Riot.

“We achieved a new record for quarterly revenue this quarter, at $161.4 million, driven by the significant work our teams have put in during the preceding years, including the multi-year development of the first phase of our Corsicana Facility, significantly expanding our hash rate, and further enhancing our operating efficiency.”

Riot said it also made “significant” progress on the development of its AI/HPC data center business during the quarter. The company noted that it’s working on making the site more attractive to potential customers by acquiring additional development land, enhancing connectivity and adding new fiber lines and water access. Construction work is expected to be completed by early 2026.

RIOT Price Action: Riot shares were down 3.48% in Thursday’s after-hours session, trading at $7.50 at the time of publication, per Benzinga Pro.

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