Riot Platforms has delivered an exceptionally strong performance in the third quarter of 2025, signaling a robust resurgence within the Bitcoin mining industry. The company reported a significant surge in both revenue and profitability, largely propelled by favorable market conditions for Bitcoin and strategic operational expansion.
Revenue Soars on Bitcoin Mining Strength
The latest earnings report reveals Riot Platforms more than doubled its total revenue to $180.2 million in Q3 2025, a substantial increase from $84.8 million in the prior year. This impressive growth was predominantly fueled by its core Bitcoin mining operations, which generated $160.8 million – also more than double the previous year's figures. Key drivers behind this expansion include a stronger Bitcoin market price and a notable increase in Riot's operational hash rate. Complementing this, the company's engineering segment also contributed positively, with revenues climbing to $19.1 million.
Profitable Turnaround and Robust Financials
Beyond revenue growth, the quarter marked a dramatic shift towards profitability for Riot Platforms. The company reported a net income of $104.5 million, or $0.26 per diluted share, a stark contrast to the $154.4 million net loss recorded in the same period last year. This profitability was further bolstered by a $133.1 million gain from its substantial Bitcoin holdings, contributing to an adjusted non-GAAP EBITDA of $197.2 million. Financially, Riot remains robust, ending the quarter with $170 million in working capital, including significant unrestricted cash reserves and holding 19,287 BTC, valued at approximately $2.2 billion, reinforcing its strong balance sheet as it pursues its strategy to evolve into a large-scale data center operator.
