Riot Platforms (RIOT) delivered a Q3 revenue record of $180.2 million, swung to net income of $104.5 million (or $0.26 diluted EPS) and generated $197.2 million of adjusted EBITDA.
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During the quarter, Riot produced 1,406 BTC, up from 1,104 BTC in Q3 2024, while its cost to mine, excluding depreciation, rose to $46,324 per coin amid a 52% jump in global hashrate, partially offset by a 147% increase in power-credit receipts. Bitcoin-mining revenue climbed to $160.8 million, and engineering services contributed $19.1 million, reflecting $23.0 million in capex savings from the ESS Metron acquisition.
On the balance sheet, Riot closed the quarter with $330.7 million in unrestricted cash (and $75.6 million restricted), supporting 19,287 BTC held, of which 3,300 are pledged as collateral, valued at about $2.2 billion based on September 30’s $114,068 BTC price.
In its biggest strategic move, Riot kicked off core-and-shell development of the first two buildings at its Corsicana, Texas data center campus, equating to 112 MW of critical IT capacity. The project follows four key milestones this quarter: acquiring an adjacent 67-acre parcel, completing campus design and basis-of-design standards, and expanding its in-house data center team.
Read More: CleanSpark snaps up Texas site, 285 MW PPA to launch AI data center in Greater Houston
At time of publication, RIOT is up 2.9% during pre-market hours.
