Short answer
Riot Platforms, Inc. (RIOT) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $647M (+71.9% year over year) and net income of −$663M.
- Top risk flagged: Legal risk from ongoing litigation with $17.3M increase in related fees for 2025, plus $20M loss on legal settlement with legacy customer in Feb 2026
FY2025 key financial metrics · XBRL
- Revenue
- $647M
- +71.9% YoY
- Net income
- −$663M
- −706.2% YoY
- Operating margin
- -96.1%
- −136.9 pp YoY
- EPS (diluted)
- −$1.95
- −673.5% YoY
- ROE
- -23.2%
- −26.7 pp YoY
- Operating cash flow
- −$573M
- −124.6% YoY
Source: XBRL data from the Riot Platforms, Inc. (RIOT) FY2025 10-K on SEC EDGAR. USD.
Riot Platforms, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Bitcoin mining via proprietary deployment of SHA-256 ASIC miners and participation in third-party mining pools
- Emphasis on immersion-cooling technology at Rockdale and Corsicana Facilities, an emerging method with uncertain long-term performance
- Strategic focus on growing hash rate to keep pace with global network hash rate amid rising network difficulty and miner scarcity
- Mining pool revenue increased to 89.0% of total revenue in 2025 vs 85.2% in 2024, showing growing reliance on pooled mining
- Patent infringement claim by Green Revolution Cooling on immersion cooling systems highlights new IP legal risk this year
Management Discussion & Analysis
- Data center segment posited as higher-margin, more stable revenue source than Bitcoin Mining; strategy still early and uncertain
- Bitcoin Mining faces risks from declining block rewards, increasing network difficulty, and intense competition for hash rate growth
- Capital needs substantial for expansion; risks in accessing sufficient capital, possible dilution, and debt with restrictive covenants
- Key risks: regulatory changes, operational complexity from dual data center and mining businesses, and global macroeconomic/geopolitical impacts
Risk Factors
- Legal risk from ongoing litigation with $17.3M increase in related fees for 2025, plus $20M loss on legal settlement with legacy customer in Feb 2026
- Macroeconomic exposure to bitcoin price volatility, requiring sale of more bitcoin to fund operations after 2025 price decline
- Supply chain vulnerability from global disruptions causing delays in miner delivery and infrastructure, with $29.4M committed to MicroBT miners through Q2 2026
- Competitive risk from increased global network hash rate and April 2024 bitcoin halving impacting mining revenue growth
- Financial risk from $853.7M total debt outstanding including $594.4M 2030 Notes and $200M bitcoin-backed credit facility, increasing interest expense to $24.1M in 2025
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