Short answer
Riot Platforms, Inc. (RIOT) filed its Q3 2025 10-Q quarterly report on Oct 30, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $180M (up 112.6% year over year) with net income of $104M.
Q3 2025 key financials · XBRL
- Revenue
- $180M
- +112.6% YoY · +17.8% QoQ
- Net income
- $104M
- +167.7% YoY · −52.4% QoQ
- Operating margin
- 44.4%
- EPS (diluted)
- $0.31
- +150.8% YoY · −53.7% QoQ
Source: XBRL data from the Riot Platforms, Inc. (RIOT) Q3 2025 10-Q on SEC EDGAR. USD.
Riot Platforms, Inc. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
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
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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