Bitcoin mining firm Riot Platforms reported a record-breaking revenue of $161.4 million for the first quarter of 2025, marking a 50% increase from last year. Despite the impressive topline, the company ended the quarter in the red due to rising operational costs.
According to its May 1 earnings report, Riot’s average cost to mine one Bitcoin rose to $43,808, up almost 90% from $23,034 during the same quarter last year. The company cited the April 2024 Bitcoin halving and a 41% surge in the global network hashrate as key contributors to the cost spike.
The firm narrowly beat Wall Street expectations of $159.79 million but posted a net loss of $296,367, down significantly from a net income of $211,777 in Q1 2024. Riot attributed the downturn to a sharp increase in mining costs, which nearly doubled year-over-year.
Despite the losses, the company produced 166 more BTC than a year ago. With Bitcoin trading around $97,072 at press time, that additional output adds roughly $16.13 million in value.
According to Google Finance, Riot Platforms (RIOT) shares responded positively, climbing 7.32% to close at $7.77 on May 1.
As of publication, Riot holds 19,223 unencumbered Bitcoin, valued at approximately $1.86 billion, positioning it among the largest Bitcoin treasuries in the mining sector. The company recently leveraged this holding to secure a $100 million credit facility from Coinbase, marking its first Bitcoin-backed loan. CEO Jason Les said the financing will support Riot’s ongoing expansion efforts as the firm continues to scale amid tightening industry margins.
Meanwhile, in February, Riot Platforms appointed three new members to its board of directors to provide expertise to assist the company’s potential shift towards artificial intelligence (AI) and high-performance computing (HPC).
The newly appointed directors, Jaime Leverton, Doug Mouton, and Michael Turner, bring significant experience in Bitcoin mining asset conversion, data centre operations, and real estate investment.
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