Riot Platforms, Inc. (RIOT) Q3 2025 10-Q Quarterly Report
Riot Platforms, Inc. (RIOT) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 30, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Riot Platforms, Inc. Q3 2025 10-Q Analysis
Management Discussion & Analysis
- • Revenue Bitcoin Mining $160.8M for Q3 2025, up from approx. $61.1M YoY (derived from production value per bitcoin mined x quantity mined)
- • Operating margin not explicitly stated; cost to mine 1 bitcoin including depreciation 77.9% of production value, improved from 123.5% YoY
- • Best segment: Bitcoin Mining with Q3 revenue $160.8M; Worst: Engineering with $19.1M Q3 revenue
- • Cash used for miner purchases $60.2M Q3 2025 vs $44.1M Q3 2024, no debt financing for miners, increased power curtailment credits $30.6M vs $12.4M YoY
- • Management notes intensified competition due to rising bitcoin network hash rate and new miners, with increased focus on vertical integration and power cost optimization strategies
Risk Factors
- • New AI/HPC development risk at Corsicana Facility with uncertain success, schedule, and budget due to early-stage technical and financial challenges
- • Updated trade policy risk from recent U.S. tariffs potentially disrupting procurement of mining hardware and construction materials critical to operations
- • Regulatory risk from U.S. tariffs and possible foreign trade restrictions impacting import/export of necessary equipment and materials
- • Operational risk of resource diversion to AI/HPC reducing power capacity for Bitcoin mining, limiting hash rate growth and market competitiveness
- • Market partnership risk relying on third-party consultants and customers for AI/HPC success, with failure potentially negating investment returns
Riot Platforms, Inc. Q3 2025 Quarterly FinancialsXBRL
Revenue
$180M
▲ +112.6% YoY▲ +17.8% QoQ
Net Income
$104M
▲ +167.7% YoY▼ -52.4% QoQ
Operating Margin
44.4%
▲ +18773bp YoY▼ -9687bp QoQ
Net Margin
58.0%
▲ +24003bp YoY▼ -8547bp QoQ
ROE
3.0%
Total Assets
$4.5B
EPS (Diluted)
$0.31
▲ +150.8% YoY▼ -53.7% QoQ
Operating Cash Flow
-$114M
▼ -102.4% YoY▲ +50.7% QoQ
Source: XBRL data from Riot Platforms, Inc. Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
Get deeper insights on Riot Platforms, Inc.
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.