Traders should monitor whether the new data center revenue with AMD can offset declining mining margins. The sharp drop in Adjusted EBITDA despite record revenue raises concerns about cost control and mining economics amid rising network difficulty. Future profitability hinges on data center scaling and bitcoin price stability.
Price Chart
Executive Summary
Riot Platforms reported record annual revenue of $647.4 million for 2025, up 72% YoY, driven by higher Bitcoin mining revenue and increased production of 5,686 BTC. However, the cost to mine each bitcoin (excluding depreciation) rose 54% to $49,645 due to a 47% increase in global network hash rate, despite power credit benefits. The company also commenced a data center lease with AMD, signaling a strategic shift toward digital infrastructure beyond mining.
Key Financial Metrics
Key Facts
- Record revenue of $647.4 million in 2025, up from $376.7 million in 2024 (+72%)
- Produced 5,686 bitcoin in 2025 vs. 4,828 in 2024 (+18%)
- Bitcoin mining revenue increased to $576.3 million from $321.0 million (+80%)
- Average cost to mine bitcoin (ex. depreciation) rose to $49,645 from $32,216 (+54%)
- Gross profit was $302 million; Adjusted EBITDA dropped sharply to $12.96 million from $463.2 million in 2024
- Launched first phase of data center lease with AMD in January 2026, generating new revenue
Financial Impact
Revenue grew by $270.7 million, but profitability collapsed — Adjusted EBITDA fell by $450 million despite higher revenue and production
Risk Factors
- Mining profitability is under pressure due to rising network hash rate and higher operating costs
- Adjusted EBITDA declined by over 97% despite revenue growth, indicating deteriorating core profitability
- Execution risk in scaling data center operations beyond traditional mining
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3247832 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 6w ago | 8-K | $20.04 $19.70 | ▼ −1.70% | ▲ +0.28% | $19.42 (−3.07%) |
Aug 10, 2026 7w ago | 8-K | $20.24 $22.07 | ▲ +9.04% | ▲ +10.10% | $19.42 (−4.03%) |
Aug 10, 2026 7w ago | Press Release | $20.24 $22.07 | ▲ +9.04% | ▲ +10.10% | $19.42 (−4.03%) |
Aug 9, 2026 7w ago | Press Release | $19.40 $22.78 | ▲ +17.40% | ▲ +18.31% | $19.42 (+0.13%) |
Aug 4, 2026 8w ago | Press Release | $21.50 $18.64 | ▼ −13.33% | ▼ −12.72% | $19.42 (−9.65%) |
Jun 24, 2026 14w ago | Insider Cluster | $27.76 $23.86 | ▼ −14.05% | ▼ −14.58% | $19.42 (−30.03%) |
Apr 30, 2026 22w ago | 8-K | $18.50 $28.25 | ▲ +52.70% | ▲ +47.44% | $19.42 (+5.00%) |
Apr 16, 2026 24w ago | Press Release | $18.11 $24.62 | ▲ +35.95% | ▲ +30.58% | $19.42 (+7.26%) |
Mar 2, 2026 30w ago | Press Release | $15.29 $12.36 | ▼ −19.16% | ▼ −14.76% | $19.42 (+27.04%) |
US Market Status
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