Riot (NASDAQ: RIOT) posted a 71.8% increase in total annual revenue to $647.4 million in 2025, versus $376.7 million in 2024. Riot’s bitcoin mining operations generated $576.3 million of the total figure compared to $321 million in 2024. For Q4, the miner’s revenue declined 15% quarter-over-quarter to $157 million.
Riot mined 5,686 bitcoin during the period, an increase from the 4,828 bitcoin produced in the previous year, while Riot’s average cost to mine a single bitcoin rose to $49,645 from $32,216. Riot noted that hashrate rose 47% over the period to contribute to the rise in production costs; per Luxor’s Hashrate Index, Bitcoin’s hashrate increased from 807 exahashes per second (EH/s) to 1,066 EH/s over 2025.
Riot’s engineering revenue reached $64.7 million in 2025, up from $38.5 million in 2024.
Riot held $1.9 billion in liquid assets at the end of December, which includes $309.8 million in cash with $76.3 million restricted. A large chunk of this liquidity comes from Riot’s 18,005 bitcoin These holdings include 3,977 bitcoin held as collateral. The total bitcoin position carried a $1.6 billion valuation at the end of 2025, but it is currently worth $1.2 billion.
On the AI/HPC front, Riot began operating an AI/HPC data center lease with AMD in January. AMD contracted an initial 25 megawatts of capacity at Riot’s Rockdale facility, and the agreement carries a $311 million value over a ten-year period.
The AMD agreement contains expansion options up to 200 megawatts. Full exercise of these options would bring the potential contract value to $1 billion.
Concurrent with this deal, Riot purchased the 200-acre Rockdale property for $96 million, funded via sales of its bitcoin holdings.
Recently, activist investor Starboard Value published a letter pushing for an accelerated transition toward AI/HPC infrastructure. The firm projects Riot’s share price could fall between $23.55 and $52.60 if it expands into AI contracts with additional power capacity from its portfolio. J.P. Morgan set a $20 price target in December, reflecting expected hosting agreements at the 600-megawatt Corsicana site.
