Riot Platforms Sees Revenue Surge in Q1 Despite Losses Amid AI Pivot

Riot Platforms, one of the largest publicly traded Bitcoin mining firms, reported a sharp revenue increase in the first quarter of 2025, though the company still posted a sizable net loss as it accelerates its transition toward artificial intelligence and high-performance computing.

In its Q1 earnings report released Thursday, the Nasdaq-listed firm posted total revenue of $161.4 million, marking a 103.5% increase compared to the same quarter last year.

Bitcoin Mining Boosts Riot Platforms Revenue by $71.5M in Q1

The surge was largely fueled by a $71.5 million rise in Bitcoin mining revenue.

However, despite the revenue milestone, the company reported a net loss of $296.4 million, a reversal from the $211.8 million net income it recorded during the first quarter of 2024.

“We achieved a new record for quarterly revenue this quarter, at $161.4 million,” Riot Platforms CEO Jason Les said in a statement.

He credited the growth to long-term investments, including development of the Corsicana Facility, expanded hash rate capacity, and improved operational efficiency.

Riot’s stock rose 7.32% to close at $7.77 on Thursday but fell 3.73% in after-hours trading, according to Yahoo Finance.

As part of a broader strategy shift, Riot has been gradually pivoting from a Bitcoin-centric business model toward the booming AI and HPC (high-performance computing) sectors.

The Corsicana facility in Texas is at the heart of this transition. Les previously stated that the company sees strong potential in AI, echoing similar moves by industry peers such as Hut 8 and Core Scientific.

JUST IN: 📈 @RiotPlatforms reports record Q1 revenue of $161.4M, up from $79.3M last year. Bitcoin mining revenue surged to $142.9M, producing 1,530 Bitcoin. The recent acquisition of Rhodium's operations repositions 125 MW for self-mining, cutting $15M in annual losses. $RIOT pic.twitter.com/toVZvWT2uR

— Bitcoin Mining Stock (@miningstockinfo) May 1, 2025

To support this transition, Riot has acquired additional land around Corsicana, expanded its fiber network, and improved on-site water access.

A major substation under construction is expected to bring 1.0 gigawatt of power capacity online by early 2026.

In terms of mining output, Riot produced 1,530 BTC in the first quarter, up from 1,364 BTC in the same period last year. The firm held 19,223 BTC as of March’s end.

Still, mining costs have increased significantly. The average cost to mine one Bitcoin rose to $43,808 in Q1 2025, nearly doubling from $23,034 a year earlier.

Riot attributed the cost hike to the April 2024 Bitcoin halving and a 41% year-over-year increase in the global network hash rate.

Bitcoin Mining’s Sustainable Energy Usage Rises to 52%

A recent study from Cambridge University shows that sustainable energy now powers 52.4% of Bitcoin mining, a significant increase from 37.6% reported in 2022.

According to the report, 42.6% of Bitcoin mining’s sustainable energy comes from renewables like wind and hydropower, while 9.8% is sourced from nuclear energy.

Natural gas has now overtaken coal as the largest energy contributor to Bitcoin mining, with usage rising to 38.2%, compared to 25% in 2022.

Coal’s share, meanwhile, has fallen sharply to 8.9% from 36.6%.

The United States became a global leader in Bitcoin mining following China’s 2021 crackdown on the crypto industry.

With cheap electricity and strong capital markets, American mining firms quickly gained dominance, and the election of pro-crypto President Donald Trump initially fueled optimism for continued growth.