Riot Platforms, the largest Bitcoin miner in North America, just released excellent earnings news! As a result, they passed record-breaking quarterly revenue of $161.4 million in their first quarter of 2025. That’s a huge increase of 50-103.5% over the same timeframe last year. During the pandemic, the company enjoyed a massive revenue boom. Despite this, it posted a large $296.4 million Q2 net loss compared to its $211.8 million Q1 2024 net income. The firm was able to increase its holdings by 1,530 Bitcoins this quarter. In addition, they have taken artistic steps to beautify the Corsicana site, boosting its creative cache.

The company’s financial results are a welcome respite as it makes a strategic pivot toward artificial intelligence and high-performance computing. Riot Platforms stock closed at $7.77 on May 1, marking a 7.32% increase for the day, showcasing investor confidence despite reported losses.

Revenue Surge and Bitcoin Mining Operations

Riot Platforms' record revenue exceeded Wall Street estimates of $159.79 million by 1%, underscoring the company's strong performance in a competitive market.

"We achieved a new record for quarterly revenue this quarter, at $161.4 million, driven by the work our teams have put in during the preceding years." - Jason Les

During that 3-month period in Q1 2025, the company mined 1,530 BTC. That’s 166 additional Bitcoins than they mined during the same period last year. The extra 166 Bitcoins mined were worth about $16.13 million as of writing.

Increased Mining Costs and Strategic Financing

In Q1 2025, Riot Platforms saw a great escalation in the amounts lost mining Bitcoin. That pushes the average cost to an astonishing $43,808 per Bitcoin. That’s almost 90% more than the $23,034 expenditure expected in Q1 of 2024. According to Riot, this increase was,

"primarily driven by the block subsidy ‘halving’ event, which occurred in April 2024, and a 41% increase in the average global network hashrate as compared to the same period in 2024" - Riot

To bolster its financial position, Riot Platforms secured a $100 million credit facility from Coinbase in April, using its Bitcoin holdings as collateral. According to their most recent quarterly report, Riot Platforms currently owns 19,223 unencumbered Bitcoin, worth about $1.86 billion at today’s Bitcoin price.

Pivot to AI and Infrastructure Development

Riot Platforms is making a strategic bet on AI and high-performance computing with its Corsicana facility. The company has since made efforts to sweeten the deal and make the Corsicana site more enticing.

Construction on the substation remains active and is scheduled to be completed by early 2026. Once complete, it will bring a net new 1.0 GW of power capacity onto the grid. This play is about diversifying away from its major customer, aws’ parent company amazon, but about capitalizing on the surging demand for AI infrastructure.