Riot Platforms (RIOT) posted a surprise return to profitability in Q2, driven by strong Bitcoin mark-to-market gains and the company’s expanding data center roadmap.
The Austin-based miner reported net income of $219.5 million, or $0.65 per share, versus a loss of $296.4 million, or $0.90 per share, in Q1 2025. Revenue of $153.0 million came in slightly above Street estimates, while non-GAAP adjusted EBITDA swung to a $495.3 million profit from a $176.3 million loss in the prior quarter.
Key operating and financial metrics (quarter-over-quarter change based on Q1 and Q2 SEC filings):
- Total hashrate: 33.7 EH/s → 35.4 EH/s (+5%)
- Bitcoin mined: 1,530 BTC → 1,426 BTC (-6.8%)
- MW under management: 1,165 MW → 1,165 MW (no change)
- Revenue: $161.4 million → $153.0 million (-5.2%)
- EBITDA: -$219 million → $305.7 million (+$520 million)
- SG&A: $71.4 million → $75.9 million (+6.3%)
- SG&A/Revenue: 44.2% → 49.6% (+5.4%)
- Net income: –$296.4 million → $219.5 million (+$516 million)
Management used the quarter’s momentum to underscore Riot’s strategic shift toward purpose-built data centers. The company announced the hiring of Jonathan Gibbs as chief data center officer, secured a $200 million bitcoin-collateralized facility with Coinbase, and continued land acquisitions around its Corsicana, Texas campus.
CEO Jason Les framed Riot’s actions as the culmination of multi-year investments in land, power procurement, mining infrastructure and now data-center development. He emphasized that Riot is “in the business of monetizing megawatts,” leveraging its Rockdale and Corsicana sites both to mine Bitcoin and to host high-performance computing tenants under build-to-suit agreements.
Gibbs’ appointment capped a seven-month recruiting push that also saw Riot expand its basis of design for a 600 MW facility in Corsicana: the company has acquired a total of 858 acres nearby and is completing substation and waterline upgrades to support liquid-cooled, AI-driven workloads. Les noted ongoing discussions with hyperscale, enterprise and neo-cloud customers, stressing the premium value of ready-served power in the Dallas-Austin corridor.
On the mining front, Riot sold its monthly coin production to fund operations and growth, bolstering its balance sheet—which ended the quarter with over 19,000 BTC and $330 million in cash—while drawing on a new $200 million financing line to minimize equity dilution. Direct mining costs remained competitive at roughly $48,992 per BTC. Looking ahead, Riot forecasted 40 EH/s by Q4 2025 and provided initial guidance of 45 EH/s for Q1 2026.
At time of publication, RIOT is down 8.35% during pre-market hours.
