Riot Platforms Posts Mixed Q1 Results as Effects of Bitcoin Blockchain's “Halving” Linger
Riot Platforms reported mixed earnings for Q1 2025, achieving $161.39 million in revenue, slightly above analysts' expectations. Bitcoin mining revenue surged to $142.9 million, doubling from the previous year. Despite this growth, Riot incurred a loss of $296.4 million, a significant decline from a net income of $136.44 million in Q4 2024. The company mined 1,530 Bitcoin, a marginal increase from the prior quarter. Riot holds 19,223 Bitcoin valued at approximately $1.87 billion. The firm is expanding its Corsicana Facility to adapt to increased mining challenges post-Bitcoin halving in April 2024. Litigation costs from a lawsuit with Rhodium exceeded $8 million, but Riot's acquisition of Rhodium's assets is expected to reduce future expenses. Bitcoin prices averaged higher in Q1 2025, enhancing mining profitability.
