Briefly,
- Riot Platforms announced mixed earnings for the first three months of 2025.
- In the third quarter, company revenue was $161.39 millions. This slightly exceeded analysts’ predictions.
- Riot's Bitcoin mining revenue jumped to $142.9 million for the period, up from $71.4 million during the same time last year.
Riot Platforms’ first-quarter earnings were mixed as it tried to offset the negative effects on the business of headwinds in the mining sector.
Bitcoin Miner clocked up $161.39 Million in revenue for the quarter ending March 31. This is an increase of 13% compared to the previous period. The following are some of the ways to get in touch with each other In a Thursday statement. That's roughly 2% above Wall Street’s expectations of $160.72 million.
The company's total revenue was largely boosted by its Bitcoin mining income, which jumped 100% in the first quarter from the year-prior quarter.
“We achieved a new record for quarterly revenue…driven by the significant work our teams have put in during the preceding years,” Riot CEO Jason Les said, adding that his company had recently boosted its mining capabilities and operational efficiency.
Still, Riot swung to a loss of $296.4 million, or $0.90 per share, for the period—significantly below the $136.44 million net income the company reported in the fourth quarter of 2024.
The company's Bitcoin mining yields also remained virtually unchanged from quarter to quarter. Riot mined 1,530 Bitcoin for the first quarter—just 1% more than the 1,516 it had mined in the previous quarter.
Riot Platforms currently holds 19,223 Bitcoin valued at approximately $1.87 Billion as of the date of publication.
CoinGecko reports that Bitcoin traded recently at $97.222. This is an increase of 66% in the last 12 months. The following are some of the most effective ways to increase your ROI: shows. According to Reuters, Riot’s shares rose 11.65% to $8.67 in early trading on Friday. Yahoo Finance.
Riot's mixed first-quarter results came as the miner has taken steps to push through the negative effects of "the halving” Mining business is a major part of the company’s operations.
Bitcoin’s blockchain reduced by half in April 2024 the BTC awarded to those who protect its network. This will increase the cost and difficulty of Bitcoin mining.
Riot continues to expand its Corsicana facility to accommodate the increasing skill and capital requirements of Bitcoin mining. Moreover, Bitcoin average price rises in the first quarter of 2025, as compared to the year-prior quarter, increasing the profitability of the company's mining activities.
Riot generated $142.9 millions in revenue from token mining in the first three months of the year, as opposed to $71.4 during the same period last year.
Riot's performance last quarter also came amid a lawsuit brought against the firm by its bankrupt competitor Rhodium—a court battle that cost the miner more than $8 million in litigation costs in the first quarter.
However, Riot acquired several assets belonging to Rhodium last month—a strategic move that effectively ends litigation between the firms and will save Riot money moving forward, according to Les.
James Rubin is the editor
