Riot Blockchain Smashes Expectations with $180.2M Q3 Revenue, $104.5M Net Income
Bitcoin miner delivers powerhouse performance while traditional finance struggles to keep pace
Riot Blockchain just dropped financial results that would make Wall Street blush - posting $180.2 million in quarterly revenue while banking $104.5 million in pure profit. The numbers reveal a mining operation hitting its stride while legacy institutions continue wrestling with regulatory red tape.
Mining operations scale new heights
While traditional finance executives debate digital asset strategies in boardrooms, Riot's rigs simply mint money - proving that sometimes the smartest investment is in the infrastructure powering the revolution rather than endless meetings about whether to join it.
The profit margins tell the real story - nearly 58% net income demonstrates operational efficiency that would make any Fortune 500 CEO envious. Meanwhile, traditional finance continues charging 2% management fees for mediocre returns.
Riot's performance underscores crypto's relentless march forward while legacy finance remains stuck debating the merits of digital transformation. Sometimes the revolution isn't just televised - it's profitable.
Riot expands data center development
Riot said the growth this quarter came alongside major steps in its data center development plan.
CEO Jason Les said the company is moving ahead with the Core and shell construction of the first two buildings at its Corsicana data center campus, which together will support 112 megawatts of critical IT load when operational.
Les stated, “Riot made decisive progress in the development of our data center business this quarter. This progress has culminated in announcing today the initiation of the CORE and shell development of the first two buildings at our Corsicana data center campus, representing 112 MW of total critical IT capacity.”
He said the company reached four key achievements this quarter connected to the Corsicana expansion:
Les said these moves support the company’s plan to transform Riot into a large‑scale data center operator linked directly to its land and power access strategy.
Mining revenue increases while cost pressures continue
The company reported $160.8 million in Bitcoin mining revenue, up from $67.5 million in the same quarter in 2024. The increase came from higher average Bitcoin prices and increases in Riot’s operational hash rate.
The company noted, however, that the average global network hash rate also increased during the same period, which limited some of the revenue upside.
The average cost to mine one bitcoin, excluding depreciation, was $46,324 this quarter, compared to $35,376 last year. Riot linked this rise mainly to a 52% increase in the global network hash rate from last year.
This was partly offset by a 147% increase in power credits the company received in Q3 2025 compared to Q3 2024.
Riot reported $19.1 million in engineering revenue for the quarter, up from $12.6 million in Q3 2024. Since purchasing ESS Metron in December 2021, the company said it has achieved $23.0 million in capex savings tied directly to that acquisition.
Riot also reported Non‑GAAP Adjusted EBITDA of $197.2 million, which includes a $133.1 million gain on Bitcoin held on its balance sheet.
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