Riot Stock Drops Despite Posting $104 Million Profit in Q3 Earnings

TLDR

• Riot Platforms posted $104.5 million in net income for Q3 2025, with revenues of $180.2 million, reversing losses from earlier in the year.
• The company mined 1,406 bitcoin during the quarter, up from 1,104 in the same period last year, despite mining costs rising to $46,324 per bitcoin.
• Riot’s adjusted EBITDA of $197.2 million included a $133.1 million gain from its bitcoin holdings, which total nearly 20,000 BTC worth over $2 billion.
• Crypto mining stocks like Riot and Hut 8 have outperformed bitcoin itself, with gains of 110% and 211% respectively over the past year compared to bitcoin’s 65% rise.
• Mining companies are diversifying into AI and high-performance computing infrastructure to create more stable revenue streams beyond bitcoin mining operations.

Riot Platforms delivered record revenue in the third quarter of 2025. The bitcoin mining company posted net income of $104.5 million on revenues of $180.2 million for the three months ended September 30.

The results mark a turnaround from the first half of 2025. Riot had posted a net loss of $76.9 million during that period.

Total revenue jumped from $84.8 million in the same quarter last year. The increase came primarily from bitcoin mining operations, which brought in an extra $93.3 million.

The company mined 1,406 bitcoin during Q3 2025. That’s up from 1,104 bitcoin in the same quarter of 2024.

However, mining costs have climbed. The average cost to mine one bitcoin reached $46,324, excluding depreciation.

That’s up from $35,376 per bitcoin in last year’s third quarter. The global hash rate increased 52% quarter-over-quarter, driving up competition and costs.

Power credits helped offset some of these higher expenses. The company’s operations benefited from strategic power management.

Building Out Data Center Operations

CEO Jason Les highlighted progress in the company’s data center business. Riot is developing its 112 MW Corsicana campus as part of this expansion.

The pivot toward high-performance computing and AI workloads drove much of the first-half losses. These capital expenditures represent a strategic shift for the miner.

Les said the developments represent progress in transforming Riot into a large-scale data center operator. The company is working to maximize value from its land and power assets.

Bitcoin Treasury Supports Financial Position

Riot holds nearly 20,000 BTC in its treasury. The holdings are worth over $2 billion at current prices.

The company maintains the second-largest bitcoin treasury among miners. It ranks seventh among all public companies holding bitcoin.

Riot’s adjusted EBITDA reached $197.2 million for the quarter. This figure included a $133.1 million gain from the appreciation of its bitcoin holdings.

The stock dropped 4.87% on the day of the earnings announcement. Investors appeared to react negatively despite the positive earnings report.

Riot Platforms, Inc., RIOT

Mining stocks have been outperforming bitcoin itself over the past year. Riot’s stock price has climbed 110% over the last 12 months.

Bitcoin rose 65% during the same period. Hut 8 Mining saw even larger gains of 211%.

JPMorgan analysts noted last week that mining companies moving into AI are finding more stable revenue streams. These operations offer higher margins compared to bitcoin mining alone.

The shift to AI infrastructure has attracted institutional investors. These investors want exposure to both cryptocurrency and artificial intelligence trends.

Mining stocks offer a regulated way to gain bitcoin exposure through equity markets. Some investors prefer this structure over holding bitcoin directly.

Corporate bitcoin holdings across the sector have reached a cumulative market cap of $129 billion. American Bitcoin Corp launched in March through a partnership between the Trump family and Hut 8 Mining.

Riot mined 1,406 bitcoin in Q3 2025 at an average cost of $46,324 per coin, with the company’s bitcoin treasury now worth over $2 billion.

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