Riot Platforms posted mixed earnings results for the first quarter as it took steps to mitigate the effects of mining industry headwinds on its business.
The Bitcoin miner clocked $161.39 million in revenue in the three-month period ending on March 31, up 13% from the previous quarter, the firm said Thursday in a statement. That's roughly 2% above Wall Street’s expectations of $160.72 million.
The company's total revenue was largely boosted by its Bitcoin mining income, which jumped 100% in the first quarter from the year-prior quarter.
“We achieved a new record for quarterly revenue…driven by the significant work our teams have put in during the preceding years,” Riot CEO Jason Les said, adding that his company had recently boosted its mining capabilities and operational efficiency.
Still, Riot swung to a loss of $296.4 million, or $.90 per share, for the period—significantly below the $136.44 million net income the company reported in the fourth quarter of 2024.
The company's Bitcoin mining yields also remained virtually unchanged from quarter to quarter. Riot mined 1,530 Bitcoin for the first quarter—just 1% more than the 1,516 it had mined in the previous quarter.
Riot Platform now holds 19,223 Bitcoin worth roughly $1.87 billion as of the time of writing.
Bitcoin was recently trading at $97,222, up 65% in the past year, CoinGecko data shows. Riot shares were up 11.65% early Friday afternoon to trade at $8.67, according to Yahoo Finance.
Riot's mixed first-quarter results came as the miner has taken steps to push through the negative effects of "the halving” on its mining business.
In April 2024, the Bitcoin blockchain cut in half the amount of BTC rewarded to miners who secure its network, increasing the difficulty and cost of Bitcoin mining.
However, Riot has continued to build out its Corsicana Facility to meet the rising skill and capital demands of mining on the Bitcoin blockchain. In addition, Bitcoin prices averaged higher in the first quarter of 2025, as compared to the year-prior quarter, increasing the profitability of the company's mining activities.
As a result, Riot notched $142.9 million in token mining revenue in the first quarter, compared to $71.4 million during the same time last year.
Riot's performance last quarter also came amid a lawsuit brought against the firm by its bankrupt competitor Rhodium—a court battle that cost the miner more than $8 million in litigation costs in the first quarter.
However, Riot acquired several assets belonging to Rhodium last month—a strategic move that effectively ends litigation between the firms and will save Riot money moving forward, according to Les.
Edited by James Rubin
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