Riot Platforms, a bitcoin mining firm that trades on the Nasdaq exchange, nearly undid its first-quarter losses with strong second-quarter earnings.
Riot brought in $219.5 million in net income over the second quarter of 2025, driven mainly by a $470.8 million unrealized revaluation of its bitcoin treasury following its $296.4 million net loss in the first quarter. Overall, the firm has posted a net loss of $76.9 million over the first half of 2025, as it continues its pivot towards high-performance computing and AI workloads.
The company produced 1,426 BTC in the quarter, bringing its holdings to 19,273 BTC, the fourth-most among publicly traded companies globally. The production comes as the cost to mine a single bitcoin has risen 93% since the same period last year, primarily as a result of a rise in the average global network hash rate.
“Strong tailwinds in the price of bitcoin contributed to Riot achieving a record $219.5 million in net income and $495.3 million in adjusted EBITDA, representing exceptionally strong results for the quarter,” Riot CEO Jason Les said in a statement.
Shares of Riot Platforms’ stock fell about 5% in after-hours trading following the earnings announcement, according to Yahoo Finance data. The company boasts a market capitalization of around $4.8 billion, according to the data, making it the second-largest publicly-traded bitcoin mining firm, behind Marathon.
Riot also disclosed that it has purchased more land around its Corsicana facility, intended to further develop its high-performance computing and AI offerings as a way to diversify its income streams. The company has spent $28 million on the land acquisition year-to-date and forecasts an additional $49 million of capital expenditures by the end of the year.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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