Riot Platforms, Inc. RIOT
We are a vertically integrated digital infrastructure company principally engaged in developing and optimizing our large-scale power assets. Our business centers on enhancing our electrical infrastructure and deploying it across two complementary platforms: (i) Bitcoin Mining and (ii) scalable data center solutions designed to support non-mining workloads. By leveraging our energy portfolio, engineering capabilities, and operational footprint, we aim to capitalize on both the long-term potential of bitcoin and the accelerating demand for power-intensive compute.
We operate in two reportable business segments: Bitcoin Mining and Engineering. Each of our business segments is further discussed herein. We own and manage multiple large-scale data center facilities in Texas and Kentucky that currently provide mission-critical power and infrastructure for our Bitcoin Mining operations and, over time, are expected to support diversified data center tenants. Our large-scale data center located in Rockdale, Texas (the "Rockdale Facility") with 700 megawatts ("MW") of developed capacity available for data center workloads, is believed to be one of the largest Bitcoin Mining facilities in North America, as measured by developed capacity. Our other large-scale data center located in Navarro County, Texas (the "Corsicana Facility"), currently has 400 MW of developed capacity and, upon completion, is expected to have a total of approximately one gigawatt ("GW") of developed capacity available for data center workloads. Additionally, in 2024, we acquired Block Mining, Inc. ("Block Mining"), a Kentucky-based vertically-integrated bitcoin miner (the "Block Mining Acquisition"). Block Mining consists of two operational sites in Kentucky (the "Kentucky Facility" and, together with the Rockdale Facility and Corsicana Facility, the "Facilities"). The Kentucky Facility currently has approximately 137 MW of developed capacity. We are targeting the Kentucky Facility to reach a total capacity of approximately 232 MW through the remainder of 2026, with additional expansion anticipated.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $647.4M | $376.7M | $280.7M | $259.2M | $213.2M | $12.1M | $6.8M | $7.8M | $269.7K | $9.4K |
| Cost of revenue | — | — | — | — | — | $6.3M | $6.1M | $5.8M | $25.2K | $3.1K |
| Gross profit | — | — | — | — | — | $5.8M | $740.0K | $2.0M | $244.5K | $6.4K |
| R&D | — | — | — | — | — | — | — | — | $20.0K | $249.2K |
| SG&A | $298.8M | $266.9M | $100.3M | $67.5M | $87.4M | $87.4M | $9.2M | $20.9M | $7.3M | $4.4M |
| Total operating expenses | $1.27B | $223.1M | $343.7M | $771.9M | $243.1M | $27.6M | $16.3M | $67.2M | $13.4M | $5.3M |
| Operating income | -$622.2M | $153.6M | -$63.0M | -$512.7M | -$29.9M | -$15.5M | -$9.4M | -$59.4M | -$13.2M | -$5.2M |
| Interest expense | — | — | — | — | $296.0K | — | $122.0K | $123.0K | $4.8M | $30.2K |
| Pre-tax income | -$663.3M | $110.1M | -$54.6M | -$521.3M | -$15.2M | -$14.1M | -$20.4M | -$61.0M | -$18.0M | -$3.2M |
| Income tax | $150.0K | $744.0K | $5.1M | $11.7M | $254.0K | — | $143.0K | $699.0K | $1.6M | — |
| Net income | -$663.2M | $109.4M | -$49.5M | -$509.6M | -$15.4M | -$15.4M | -$20.0M | -$58.0M | -$19.8M | -$4.3M |
| EPS, basic | -1.95 | 0.40 | -0.28 | -3.65 | -0.17 | -0.34 | -1.02 | — | — | — |
| EPS, diluted | -1.95 | 0.34 | -0.28 | -3.65 | -0.17 | -0.33 | -1.02 | -4.33 | -3.30 | -1.05 |
| Shares, diluted (wtd. avg.) | 340.7M | 318.9M | 175.0M | 139.4M | 93.5M | 42.0M | 19.6M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $233.5M | $277.9M | $597.2M | $230.3M | $312.3M | $223.4M | $7.4M | $225.0K | $41.7M | $5.5M |
| Short-term investments | — | — | — | $2.0M | $24.8M | — | — | — | — | $7.5M |
| Receivables | $29.8M | $27.1M | $24.7M | $26.9M | $27.0K | — | — | — | — | $4.5K |
| Inventory | — | — | — | — | — | — | — | — | — | $415.8K |
| Total current assets | $448.7M | $599.5M | $1.01B | $443.4M | $217.2M | $272.4M | $12.6M | $2.3M | $42.4M | $13.7M |
| Property, plant and equipment | $1.53B | $1.34B | $704.2M | $692.6M | $142.3M | $28.3M | $5.1M | $26.0K | $4.3M | $5.5K |
| Goodwill | $122.5M | $121.9M | — | — | $253.9M | — | — | — | $1.2M | $387.2K |
| Other intangibles | $30.2M | $34.1M | $15.7M | $21.5M | $89.7M | $351.0K | $459.0K | $507.0K | $510.0K | $550.8K |
| Total assets | $3.94B | $3.94B | $2.05B | $1.32B | $902.2M | $372.1M | $30.4M | $13.9M | $52.3M | $17.0M |
| Accounts payable | $23.4M | $17.6M | $23.2M | $18.4M | $28.6M | $2.9M | $717.0K | $3.8M | $410.0K | $253.8K |
| Short-term debt | $253.9M | $314.0K | $257.0K | — | — | — | — | — | — | — |
| Total current liabilities | $469.8M | $160.4M | $121.0M | $121.5M | $37.5M | $7.4M | $3.4M | $6.7M | $1.0M | $1.1M |
| Long-term debt | $586.9M | $584.3M | $526.0K | — | — | — | — | — | — | — |
| Total liabilities | $1.08B | $791.6M | $163.1M | $168.5M | $192.2M | $8.1M | $4.1M | $9.4M | $2.7M | $2.1M |
| Retained earnings | -$1.35B | -$690.4M | -$799.8M | -$756.3M | -$207.2M | -$226.2M | -$217.2M | -$197.2M | -$139.3M | -$109.9M |
| Total equity | $2.86B | $3.14B | $1.89B | $1.15B | $1.35B | $275.6M | $26.2M | $4.5M | $49.6M | $14.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$572.9M | -$255.1M | $33.1M | $530.0K | -$86.1M | -$2.8M | -$15.4M | -$19.1M | -$4.4M | -$5.5M |
| Depreciation and amortisation | $342.8M | $206.2M | $246.5M | $105.9M | $26.1M | $4.3M | $100.0K | $5.2M | $890.9K | $93.3K |
| Stock-based compensation | $125.7M | $125.2M | $32.2M | $24.6M | $68.5M | $3.4M | $745.0K | $4.7M | $2.6M | $545.5K |
| Capital expenditure | $201.4M | $240.3M | $193.7M | $148.4M | $147.1M | $8.1M | $5.0M | $20.2M | — | $35.4K |
| Investing cash flow | $76.1M | -$1.51B | -$414.8M | -$354.9M | -$490.6M | -$41.1M | -$3.2M | -$24.9M | $5.6M | $9.3M |
| Financing cash flow | $455.3M | $1.52B | $748.5M | $272.3M | $665.6M | $259.9M | $25.9M | $2.5M | $35.0M | -$311.1K |
| Dividends paid | — | — | — | — | — | — | — | — | $9.6M | — |
| Buybacks | $4.3M | $11.6M | $14.0M | $10.1M | $5.1M | $446.0K | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-053098.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.4K | $269.7K | $7.8M | $6.8M | $12.1M | $213.2M | $259.2M | $280.7M | $376.7M | $647.4M |
| Gross profit | $6.4K | $244.5K | $2.0M | $740.0K | $5.8M | — | — | — | — | — |
| Net income | -$4.3M | -$19.8M | -$58.0M | -$20.0M | -$15.4M | -$15.4M | -$509.6M | -$49.5M | $109.4M | -$663.2M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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