Riot Platforms posts Q1 loss, beats revenue estimates
Riot Platforms reported a record quarterly revenue of $161.4 million for Q1 2025, surpassing Wall Street estimates by 1%. This revenue reflects a 50% increase compared to the same quarter last year. Despite the revenue growth, Riot posted a net loss of $296,367, a significant decline from the $211,777 net income reported in the previous year. The average cost to mine Bitcoin rose to $43,808, nearly 90% higher than the $23,034 cost in the same period last year, attributed to the April 2024 block subsidy halving and a 41% increase in the global network hashrate. Riot produced 166 more Bitcoin than in Q1 2024, valued at approximately $16.13 million. The company holds 19,223 unencumbered Bitcoin, worth about $1.86 billion. Riot secured a $100 million credit facility from Coinbase using its Bitcoin holdings as collateral for expansion efforts.
