Total Revenue

Increased from $79.3M in Q1 2024 to $161.387M in Q1 2025 (+103% YoY)

Total Revenue surged primarily due to a nearly doubling in Bitcoin Mining revenue (+92% YoY) and significant improvements in Engineering and Other revenue. This performance reflects both a recovery in bitcoin market conditions and higher operational output compared to the previous period. " "

Bitcoin Mining Revenue

Increased from $74.6M in Q1 2024 to $142.859M in Q1 2025 (+92% YoY)

Bitcoin Mining revenue increased sharply driven by stronger bitcoin market prices and improved mining efficiency, leveraging higher hash rates relative to the prior period. The substantial boost in production under favorable market conditions was a key driver in this YoY jump. " "

Engineering Revenue

Increased from $4.7M in Q1 2024 to $13.920M in Q1 2025 (+196% YoY)

Engineering revenue nearly tripled, invigorated by factors such as an accelerated completion of custom projects and acquisition-related contributions (e.g., from the integration of E4A Solutions) that were not part of the previous period’s baseline. " "

Other Revenue

Increased from $0.024M in Q1 2024 to $4.608M in Q1 2025

Other revenue experienced an explosive increase, largely due to residual activities and reclassification of data center hosting operations that were minimal in the previous period. The jump reflects a shift in revenue recognition practices and increased non-core activity gains. " "

Operating Income

Fell from an operating profit of $203.942M in Q1 2024 to an operating loss of ($233.874)M in Q1 2025

Operating income swung dramatically from a sizeable profit to a significant loss. This reversal suggests that, despite revenue gains, rising operating costs, non-cash adjustments, or one-off expenses (possibly linked to increased debt or restructuring) adversely impacted core operating performance relative to the previous period. " "

Net Income

Fell from a profit of $211.777M in Q1 2024 to a loss of ($296.367)M in Q1 2025

Net income reversed sharply due to the combined effect of the aforementioned operating loss and increased expenses. The negative turnaround indicates that the gains in revenue were unable to offset higher operational and non-recurring costs as compared to the prior period. " "

Cash and Cash Equivalents

Declined from $688.497K in Q1 2024 to $163.719K in Q1 2025 (approximately –76% YoY)

Cash and cash equivalents dropped significantly, with liquidity impacted by higher cash outflows including increased bitcoin exchanges for employee compensation and reclassification items. These non-cash adjustments and working capital shifts mark a sharp decline from the previous period. " "

Stockholders' Equity

Increased from $2,475M in Q1 2024 to $2,945M in Q1 2025 (+19% YoY)

Stockholders' equity grew modestly driven by the issuance of additional common stock, which helped offset some of the equity drain from the operating losses. Thus, while the balance sheet benefited from new capital, the positive impact was tempered by the negative income performance compared to the prior period. " "

Total Liabilities

Increased from $136M in Q1 2024 to $774M in Q1 2025

Total liabilities surged markedly, signaling increased leverage. This rise suggests that the company took on significantly more debt or incurred higher operational liabilities to support its aggressive expansion and infrastructure investments relative to the previous period. " "

Data Center Strategy and Expansion

Q4 2024: Feasibility study at Corsicana, board expansion for data center expertise, infrastructure development for a 600‐megawatt substation, and additional land procurement. " " Q3 2024: Emphasis on location advantages near Dallas and Austin; strategic potential of Rockdale; and focus on power capacity expansion. " " Q2 2024: Discussion of scaling capacity through new acquisitions (e.g. Kentucky Block Mining) and plans to reach significant hash rate targets at Corsicana. "

Q1 2025: Detailed updates on the Corsicana facility—including feasibility study results validating an AI/HPC campus, secured power of up to 1 gigawatt, owned land, infrastructure improvements (water, fiber), additional land acquisitions, tenant engagements, and a clear development timeline aiming for energization by 2026. " " "

Consistent emphasis with deepened execution: Riot remains focused on data center development, now with enhanced infrastructure improvements and tenant engagement to accelerate the timeline.

AI/HPC Demand and Generative AI Opportunities

Q4 2024: Highlighted strong AI/HPC demand from hyperscalers with long-term contracts and robust power capacity at Corsicana and Rockdale, positioning for generative AI work. " " " Q3 2024: Noted significant AI HPC demand contrasting Bitcoin mining flexibility; mentioned capacity of the 600‐megawatt substation and location benefits. " " " Q2 2024: Recognized growing market competition for AI/HPC power yet maintained Bitcoin mining focus while observing valid generative AI opportunities. " "

Q1 2025: Emphasized robust ongoing demand for AI/HPC data centers, underlined the strategic positioning of the Corsicana facility (proximity to Dallas, scalability, power capacity), active tenant engagement, and a clear development timeline for AI/HPC applications. " " " "

Continued strategic focus: The narrative remains positive and consistent, with refined positioning toward AI/HPC opportunities and clearer development milestones.

Bitcoin Mining Operational Efficiency and Yield Optimization

Q4 2024: Improved cost metrics with low power costs (all-in cost around $0.034–$0.038/kWh); emphasis on economies of scale; notable Bitcoin yield and retention strategies resulting in a high yield (40% annual yield in part through convertible notes). " " " Q3 2024: Reported improvements with increased deployed hash rate by 27%, stable Bitcoin mining production with high retention, and efforts to optimize uptime and cost with low per-Bitcoin mining costs. " " " " Q2 2024: Identified uptime improvements at Corsicana and Rockdale, lower cost per Bitcoin via power credits, and modest cost increases despite the halving event. " " "

Q1 2025: Achieved nearly 90% uptime, increased self-mining hash rate by 7%, produced slightly more Bitcoins than prior quarter, reduced net power cost from $0.038 to $0.034/kWh, and improved yield (Bitcoin holdings per million fully diluted shares increased from 44.3% to 47.4%). " " "

Incremental operational gains: The improvements seen in previous periods continue in Q1 2025 with better uptime, higher hash rate, and effective yield optimization strategies.

Operational Efficiency and Cost Management

Q4 2024: Focus on maintaining low all-in power cost ($0.034/kWh for 2024); non-power costs reduction through economies of scale; SG&A costs impacted by one-off expenses; clear focus on cost leverage. " " " Q3 2024: Noted multiple infrastructure projects driving improved utilization across facilities; achieved one of the industry’s lowest power costs at $0.031/kWh; and stable cost-to-mine Bitcoin metrics. " " " Q2 2024: Highlighted efforts to improve uptime at Corsicana and optimize miner replacement at Rockdale, resulting in modest cost increases and effective use of power credits to drive down all-in power cost ($0.027/kWh). " " " "

Q1 2025: Continued focus on operational excellence with a 90% uptime, incremental hash rate increases, and a reported cost of $43,808 per Bitcoin (with a reduction in net power cost and smaller non-power cost components); SG&A aligned with guidance after one-time expenses. " " "

Stable and disciplined: Riot is maintaining its commitment to operational efficiency, leveraging technology and scale to further reduce costs while boosting performance.

Strategic Acquisitions and Growth Pipeline

Q4 2024: Little explicit detail on strategic acquisitions; focus was more on operational execution [–]. Q3 2024: Emphasized robust deal flow on the private side, disciplined M&A aligned with long-term value; built corporate development team; mentioned a completed summer transaction. " " " Q2 2024: Announced the acquisition of Block Mining in Kentucky, expanding operating capacity, hash rate, and adding geographic diversity; highlighted a multi-hundred megawatt pipeline combining Rockdale, Corsicana, and Kentucky opportunities. " " "

Q1 2025: Announced acquisition of Rhodium assets (including 125 megawatts of contracted power); further developments in the AI/HPC data center business with expanded team expertise and enhanced site capabilities. "

Diversifying growth: The strategy is evolving from earlier acquisitions (Kentucky Block Mining) into more diverse and integrated asset acquisitions to bolster growth and operational synergy.

Execution and Overcommitment Risks in New Business Segments

Q4 2024, Q3 2024, Q2 2024: No discussion on execution or overcommitment risks related to new business segments was captured [–].

Q1 2025: No information mentioned regarding execution and overcommitment risks in new business segments.

Absent: This topic has not been addressed in any period.

Asset Monetization Flexibility and Financing Strategies

Q3 2024: Discussed monetization through low-cost power and accumulating Bitcoin at a discount; mentioned robust deal flow enabling flexibility. " " Q2 2024: Indirectly touched on with emphasis on strong balance sheet and capital availability for acquisitions and power purchase agreements. " " " Q4 2024: Detailed a range of potential deal structures (leasing, powered shells, build-to-suit, outright sales); emphasized minimizing dilution via cautious ATM usage and convertible notes, along with exploring alternative financing options. " "

Q1 2025: Expanded discussion on diverse financing levers: cautious ATM program with favorable share price, commencement of monthly Bitcoin sales, and securing a $100 million Bitcoin-collateralized credit facility with Coinbase; maintained focus on low dilution and flexible asset monetization. " " " "

Increasing flexibility: There is a clear evolution toward a more diversified and proactive financing strategy, leveraging various instruments to minimize dilution and maximize asset value.

Diminished Emphasis on MicroBT Procurement and Third-Party Hosting Litigation

Q3 2024: Emphasized ongoing long-term purchase agreement with MicroBT – deploying the majority of initial orders and noting stable miner performance; acknowledged ongoing litigation with legacy third-party hosting customers from the Whinstone acquisition, which continues to affect margins temporarily. " " Q2 2024: Discussed the existing MicroBT purchase option securing capacity up to 100 EH/s while evaluating alternative suppliers; noted litigation issues indirectly through discussion of hosting costs and challenges. "

Q1 2025: This topic was not explicitly mentioned.

Evolving narrative: While Q3 and Q2 emphasized continued reliance on MicroBT and acknowledged third-party hosting litigation as a temporary drag, Q1 2025 does not address it, suggesting it may be less of a focus now.

Talent Pool and Geographic Expansion Challenges

Q3 2024: Highlighted location advantages near Dallas and Austin; mentioned that proximity to major talent pools is bolstered by local developments (e.g. Samsung Foundry in Rockdale), which adds to workforce quality; no explicit discussion of challenges. " Q4 2024 & Q2 2024: No notable discussion on talent or geographic expansion challenges [–].

Q1 2025: This topic is not discussed during the earnings call.

Stable positive focus with minimal challenges: Earlier periods stressed location advantages; no new challenges are reported in Q1 2025, implying geographic factors remain an asset.