Riot Platforms announces losses in Q1, exceeding revenue estimates

Bitcoin mining company Riot Platforms reported a loss in Q1 2025 despite achieving record quarterly revenue.

Bitcoin mining company Riot Platforms reported its highest quarterly revenue to date but still posted a loss as mining costs nearly doubled compared to the same period last year amid the company's efforts to expand its operations.

"We achieved a new record for quarterly revenue this quarter, at $161.4 million," Riot CEO Jason Les said in the May 1 report on first-quarter earnings for 2025. The company just surpassed Wall Street’s estimate of $159.79 million by 1%.

Riot's Q1 revenue increased by 50% compared to the same period last year.

Riot blames the 'halving' event for rising costs

The company reported a net loss of $296,367 in Q1, down 240% from net income of $211,777 in the same period last year.

Riot stated that the average cost to mine Bitcoin in the quarter was $43,808, nearly 90% higher than the Bitcoin mining cost of $23,034 in the same period last year.

Riot said, "This increase is primarily due to the 'halving' event of block subsidies, which occurred in April 2024, and a 41% increase in average global network hashrate compared to the same period in 2024."

According to Google Finance, shares of Riot Platforms (RIOT) closed on May 1 with a gain of 7.32%, trading at $7.77.

Meanwhile, Riot produced an additional 166 Bitcoins in this quarter compared to the same period in 2024. At the time of publication, with Bitcoin trading at $97,072, this is equivalent to about $16.13 million.