Riot Platforms Q3 2025 slides: Revenue up 18% as data centers advance

Introduction & Market Context

Riot Platforms (NASDAQ:RIOT) released its Q3 2025 earnings presentation on October 30, 2025, highlighting an 18% quarter-over-quarter revenue increase to $180 million, despite its stock falling 4.89% in regular trading and an additional 3.47% in aftermarket trading. The company continues its strategic pivot from Bitcoin mining toward developing large-scale data centers, leveraging its substantial power portfolio while maintaining Bitcoin operations as a cash flow generator.

The presentation emphasized Riot’s progress in developing its Corsicana Data Center campus in Texas, with the company initiating core and shell development for the first two buildings. This strategic shift comes amid growing demand for data center capacity, particularly for AI and cloud computing applications.

Quarterly Performance Highlights

Riot reported strong financial results for Q3 2025, with net income reaching $104 million (representing a 58% margin) and earnings per share of $0.26, significantly outperforming analyst expectations of -$0.16. Adjusted EBITDA came in at $197 million.

The company’s Bitcoin mining operations produced 1,406 BTC during the quarter (averaging 15.3 BTC daily) with a hash rate of 36.5 EH/s, representing approximately 3.5% of the global network. Riot maintained 19,287 BTC in its treasury, valued at approximately $2.2 billion at quarter-end.

As shown in the following comprehensive snapshot of Riot’s Q3 2025 performance, the company achieved notable improvements across financial, power, and mining metrics:

Riot’s Bitcoin mining efficiency improved significantly year-over-year, with hash rate utilization increasing to 86% in Q3 2025 from 66% in Q3 2024. The company’s gross margin for Bitcoin mining operations expanded to 59% in Q3 2025 from 42% in the same period last year, driven by operational improvements and power strategy.

The following chart illustrates Riot’s Bitcoin mining performance over several quarters, showing consistent production despite increasing network difficulty:

Strategic Initiatives: Data Center Expansion

A central focus of Riot’s presentation was its progress in developing the Corsicana Data Center campus. The company announced the initiation of core and shell development for the first two buildings, which will represent 112 MW of critical IT load capacity. Riot also acquired an additional 67-acre parcel adjacent to the existing site, bringing total Corsicana land holdings to 925 acres.

As illustrated in the following slide, Riot has made significant progress in advancing its data center business:

The company completed its basis of design for data centers, enabling advancement in technical outreach to potential hyperscale, neocloud, and enterprise customers. The design maximizes campus capacity with single, two, and three-story configurations:

Riot has initiated core and shell development at Corsicana, with forecasted capital expenditures of $214 million over the next 18 months for two buildings, representing $1.9 million per Critical IT MW. This development is expected to enable the company to deliver full build-to-suit data centers in 2027:

The Corsicana site is now positioned to fully utilize 1 GW of power, with the company’s land holdings strategically assembled to ensure efficient development:

Competitive Industry Position

Riot emphasized its competitive positioning in the data center market, highlighting that its North American power portfolio of 1,862 MW ranks among the largest within the data center vertical:

The company noted that it currently trades at one of the lowest EV/MW multiples in the sector at $3.3 million per 2027 Available MW, below the peer median of $4.9 million. Riot suggested potential for valuation re-rating upon signing co-location leases, similar to higher-valued peers:

Riot has assembled an industry-leading team with proven experience to execute its data center strategy, having completed over 200 projects globally with 4.8 GW of design and construction experience. The company’s Engineering division provides significant operational synergies, with a growing backlog of $159.6 million, 90% of which originates from the data center sector.

Financial Outlook and Capital Expenditures

Riot has made substantial progress in reducing its SG&A costs as a percentage of revenue, from 79% in Q3 2024 to 38% in Q3 2025, through enhanced budget discipline and operational efficiencies:

The company outlined its key capital expenditures for the remainder of 2025, totaling $153 million for Q4, with the largest allocations going to miner purchases ($70.4 million) and Bitcoin mining infrastructure ($61.2 million):

Riot’s "Power-First Strategy" represents an evolution in its approach to Bitcoin mining, providing greater optionality in utilizing its power portfolio while generating cash flows to support data center development:

The company emphasized its synergistic business model, which leverages the interplay between data centers, Bitcoin mining, and treasury assets:

Despite the positive financial results and strategic progress outlined in the presentation, investors responded cautiously, with Riot’s stock declining following the earnings release. This may reflect broader market concerns about the cryptocurrency sector or questions about the timeline and execution risks associated with the company’s strategic pivot toward data center operations.

Full presentation:

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