Despite a surge in Bitcoin production in the third quarter, Riot Platforms achieved record revenue, but the company reiterated that its strategy has evolved to "maximize the value of our megawatts," rather than just mining Bitcoin.
In a conference call following the company's third-quarter earnings release on Wednesday, Riot Platforms' Vice President of Investor Relations, Josh Kane, stated that while the company is satisfied with its Bitcoin mining plans, its broader focus is now on "monetizing megawatts."
"As our strategy evolves, our attitude towards the Bitcoin mining business is also changing. We no longer view the Bitcoin mining business as the ultimate goal, but rather as a means to achieve the goal of maximizing the value of our megawatts," he added.
According to the company's third-quarter report, Riot reported a record quarterly revenue of $180.2 million, a 112.5% increase from the third quarter of 2024, with a net income of $104.5 million, compared to a net loss of $154.4 million in the same period last year.
The company also saw a 27% year-over-year increase in Bitcoin (BTC) mining output, mining 1,406 Bitcoins in the third quarter, bringing the total to 19,287 Bitcoins, valued at over $2.1 billion at current prices.
Notably, 90% of Riot's revenue in the third quarter came from its Bitcoin mining operations, indicating that the company still largely relies on digital gold.
In this regard, Kane stated that Riot will continue to maximize the potential of Bitcoin mining but will use those funds to support its data center-focused plans.
"We will continue to leverage the opportunities presented by Bitcoin mining to secure power and drive strong cash flow, and we will use those funds to support the ongoing transformation of our overall business," he said.
Riot began laying the groundwork for a diversification strategy earlier this year, shifting to seek new opportunities to build AI-focused high-performance infrastructure after the company paused further construction of its Bitcoin mining project in Corsicana.
In addition to its financial performance, the company announced the "core and shell development launch" of the first two buildings in its data park in Corsicana, Texas, which will occupy "a total of 112 megawatts of critical IT data center capacity."
Looking ahead, Riot's executives outlined their intentions to fill every inch of space in Corsicana, ultimately transforming it into "a 1-gigawatt utility load data center park."
"Everything is being done with the perspective of maximizing the value of all our megawatts, striving to leave no unused power while we actively expand our data center business. Ultimately, our goal is to turn the entire site into a 1-gigawatt utility load data center park," CEO Jason Les pointed out.
Related: Bitcoin (BTC) faces a "20%-30%" drop risk, with $1.1 billion in liquidations in the crypto market within 24 hours.
Original: “Riot says Bitcoin is not the 'end goal,' its BTC production has surged 27%”
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