Riot Platforms reports Q1 revenue $161.4M vs. $79.3M last year

The increase was primarily driven by a $71.5M increase in Bitcoin Mining revenue. “Riot made strong progress on a number of key financial and strategic initiatives during the first quarter of 2025, which I am excited to announce today,” said Jason Les, CEO of Riot. “We achieved a new record for quarterly revenue this quarter, at $161.4 million, driven by the significant work our teams have put in during the preceding years, including the multi-year development of the first phase of our Corsicana Facility, significantly expanding our hash rate, and further enhancing our operating efficiency. In April 2025, Riot acquired Rhodium’s mining operations and tangible property that were hosted at our Rockdale Facility, as part of a settlement agreement which also included mutual dismissal of all existing litigation. Rhodium’s 125 MW of previously contracted power capacity at our Rockdale Facility has now been repurposed for our self-mining operations, while operating losses associated with this legacy contract, which equated to nearly $15 million in 2024 alone, and associated litigation expenses, will now be eliminated going forward. During the first quarter of 2025, Riot continued to make significant progress on the development of our AI/HPC data center business. In March, Altman Solon completed their feasibility study, which highlighted several factors making the Corsicana site a particularly attractive asset to data center tenants. We are also further increasing the attractiveness of the site by acquiring additional development land near the Corsicana Facility, enhancing connectivity to the site through the addition of new fiber lines and expanding water access on site. Construction work on the substation, to be completed in early 2026, also continues and will bring a total of 1.0 GW of power capacity online once completed. I am extremely pleased with the progress we have already made on this front and look forward to announcing continued progress in the coming months.”