Bitcoin miner Riot Platforms reported record annual revenue of $647.4 million for 2025, a 72% increase from the prior year. This growth was driven by higher Bitcoin mining revenue and production, though the company posted a net loss of $663 million due to accounting adjustments. Riot held 18,005 Bitcoin valued at approximately $1.6 billion at year-end, alongside a strategic pivot toward artificial intelligence and data centers.
Riot Platforms announced its 2025 financial performance, revealing record annual revenue. The $647.4 million total marked a 72% increase from $376.7 million in 2024, largely driven by a $255.3 million jump in Bitcoin mining revenue to $576.3 million. The company produced 5,686 Bitcoin, up from 4,828 BTC the previous year.
The average cost to mine one Bitcoin, excluding depreciation, climbed to $49,645 from $32,216 in 2024. Riot attributed the higher cost primarily to a 47% increase in the global network hashrate, a factor partly offset by a 68% rise in power credits received during the year. Engineering revenue also grew, reaching $64.7 million compared with $38.5 million in 2024.
Despite the revenue record, Riot reported a net loss of $663 million because of accounting adjustments and changes in the paper value of its Bitcoin holdings. Adjusted earnings before interest, taxes, depreciation, and amortization for the year was $13 million.
Riot ended 2025 with 18,005 Bitcoin on its balance sheet, including 3,977 BTC pledged as collateral. Based on a year-end Bitcoin price of $87,498, those holdings were valued at roughly $1.6 billion. The company also held $309.8 million in cash, as stated in its announcement.
In January, Riot signed a data center agreement with chipmaker AMD and sold Bitcoin to buy 200 acres of land in Rockdale, Texas. This move followed activist investor Starboard Value urging the Bitcoin miner to accelerate a pivot toward artificial intelligence and high-performance computing.
Several other publicly traded Bitcoin miners faced pressure in 2025 as crypto prices weakened. Core Scientific reported fourth-quarter revenue of $79.8 million, down 16% year-on-year, with mining revenue nearly halved to $42.2 million.
TeraWulf also missed estimates, reporting quarterly revenue of $35.8 million, down from $50.6 million in the previous quarter. MARATHON Digital Holdings posted a fourth-quarter net loss of $1.71 billion, as revenue slipped 6% to $202.3 million.
