Riot Platforms posts Q1 loss, beats revenue estimates

Bitcoin miner Riot Platforms has reported its highest-ever quarterly revenue, but inactive posted a nonaccomplishment arsenic mining costs person astir doubled compared to the aforesaid clip past twelvemonth and it moves to bolster its facilities.

“We achieved a caller grounds for quarterly gross this quarter, astatine $161.4 million,” Riot CEO Jason Les said successful a May 1 study for its archetypal 4th 2025 earnings. The institution conscionable surpassed Wall Street estimates of $159.79 cardinal by 1%.

Riot’s Q1 gross was a 50% leap compared to the aforesaid 4th a twelvemonth ago.

Riot blames “halving event” for expenses

The steadfast reported a nett nonaccomplishment of $296,367 implicit Q1, a 240% alteration from the $211,777 nett income it posted successful the year-ago quarter.

Riot said that the mean outgo to excavation Bitcoin (BTC) implicit the 4th was $43,808, astir 90% much than the $23,034 it outgo to excavation Bitcoin successful the aforesaid play past year.

“The summation was chiefly driven by the artifact subsidy ‘halving’ event, which occurred successful April 2024, and a 41% summation successful the mean planetary web hashrate arsenic compared to the aforesaid play successful 2024,” Riot said.

Shares successful Riot Platforms (RIOT) closed May 1 trading up 7.32%, trading astatine $7.77, according to Google Finance.

Riot Platforms is down 13.47% implicit the past six months. Source: Google Finance

Meanwhile, Riot produced 166 much Bitcoin during the 4th than it did implicit the aforesaid play successful 2024. At the clip of publication, with Bitcoin trading astatine $97,072, that equates to astir $16.13 million.

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Riot presently holds 19,223 unencumbered Bitcoin, worthy astir $1.86 cardinal astatine the clip of publication.

On April 23, Riot announced that it had used its monolithic Bitcoin stockpile arsenic collateral to unafraid a $100 cardinal recognition installation from Coinbase arsenic the cryptocurrency miner eyes continued expansion. 

Les said the $100 cardinal indebtedness from Coinbase’s recognition limb marked Riot’s “first Bitcoin-backed facility.”

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