Riot Platforms posts net loss in Q1 despite doubling revenue amid AI pivot

Nasdaq-listed bitcoin mining firm Riot Platforms posted substantial revenue growth in the first quarter of this year but still reported net losses, as it continues its strategic pivot toward AI and high-performance computing.

Riot booked $161.4 million in total revenue in the first quarter of this year, up 103.5% year-on-year, according to the company’s latest earnings report released Thursday. “The increase was primarily driven by a $71.5 million increase in bitcoin mining revenue,” the company said.

However, it reported a net loss of $296.4 million, compared to net income of $211.8 million during the same period last year.

“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,” Jason Les, CEO of Riot, said in a Thursday statement.

Riot Platforms’ stock closed up 7.32% at $7.77 on Thursday but fell 3.73% in after-hours trading, according to Yahoo Finance.

Riot, one of the largest publicly traded bitcoin miners, has made progress in its shift from bitcoin mining to AI and high-performance computing, centering around its Corsicana facility. In October, Les said the company was exploring opportunities in the AI sector, following the lead of rivals such as Hut 8 and Core Scientific, which have increasingly shifted their focus toward the rapidly growing industry.

Riot said it has increased the attractiveness of the Corsicana site by acquiring additional development land nearby, enhancing connectivity through the addition of new fiber lines, and expanding on-site water access. “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,” said Les.

Riot produced 1,530 BTC in the first quarter of this year, up from 1,364 BTC during the same period last year. It held 19,223 BTC at the end of March.

The average cost to mine bitcoin rose to $43,808 in the quarter, up from $23,034 during the same period in 2024. Riot attributed the increase to the April 2024 “halving” event and a 41% year-on-year rise in the average global network hash rate.