Riot Platforms, a prominent name in the Bitcoin mining industry, has revealed a striking increase in its first-quarter revenue for 2025. The company’s revenue soared to $161.4 million, a significant leap from the previous year’s $79.3 million, as highlighted in its most recent financial outcomes. This growth is largely attributed to the firm’s expansion and strategic enhancement of its operations, particularly at its Corsicana Facility in Texas, amidst more favorable market conditions.

Despite achieving a record in revenue, Riot Platforms encountered a substantial net loss of $296.4 million in the same quarter, contrasting sharply with a net income of $211.8 million in the first quarter of 2024. This downturn was reflected in the adjusted EBITDA, which plummeted to a negative $176.4 million from the previous year’s positive $245.7 million, mainly due to marketable securities’ fair value losses and non-cash accounting adjustments.

### Rising Costs Amidst Greater Bitcoin Production

The company reported a significant increase in Bitcoin production, mining 1,530 BTC in the first quarter, up from 1,364 BTC in the previous year. However, the cost of mining each Bitcoin, excluding depreciation, surged by 90% year-over-year to $43,808. This rise in costs was attributed to the halving of the Bitcoin block subsidy in April 2024 and a 41% increase in the global network hash rate. Despite these higher costs, Riot Platforms’ Bitcoin mining revenue doubled to $142.9 million from $71.4 million in the prior-year period.

Additionally, Riot Platforms saw an increase in its engineering revenue, which climbed to $13.9 million from $4.7 million the year before, partly due to its acquisition of E4A Solutions, an engineering firm, into its ecosystem in December 2024.

### Strategic Acquisitions and Infrastructure Development

In a strategic move, Riot Platforms acquired Rhodium Enterprises’ hosted mining operations and infrastructure, settling ongoing litigation and reclaiming power for its use. This acquisition is expected to alleviate approximately $15 million in annual losses related to Rhodium’s prior hosting contract and legal expenses.

Looking forward, Riot Platforms is focusing on transforming the Corsicana Facility into a cutting-edge hub for AI and high-performance computing (HPC). The company is also enhancing its infrastructure to support up to 1 gigawatt (GW) of total power capacity by early 2026, reinforcing its commitment to leading the infrastructure platform driven by Bitcoin.

Riot Platforms, with operations spanning Texas and Kentucky and engineering operations in Denver and Houston, continues to solidify its position as a key player in the Bitcoin-driven infrastructure realm.

“Riot Platforms’ Q1 report unveils a dramatic revenue leap to $161.4M and ambitious expansions, despite a $296M net loss. #BitcoinMining #TechGrowth”