Riot Platforms Q2 Revenue Falls Short of Consensus as Bitcoin Mining Costs Rise

Riot Platforms shares slid 6.9% in Thursday after-hours trading after the bitcoin miner and data center developer delivered softer-than-expected Q2 revenue, as bitcoin mining costs and the average global network hashrate increased from a year ago.

Q2 total revenue of $153.0M, trailing the average analyst estimate of $157.1M, declined from $161.4M in Q1 and jumped from $40.0M in last year’s Q2 due to an $85.1M Y/Y increase in bitcoin mining revenue.

Bitcoin mining revenue of $140.9M dropped from $142.9M in Q1 and climbed from $55.8M in Q2 2024. The year-over-year change was driven by higher average bitcoin prices and an increase in operational hash rate, partly offset by the block subsidy "halving": event and an increase in the average global network hash rate.

Engineering revenue of $10.6M compared with $13.9M in the prior quarter and $9.6M a year ago.

Adjusted EBITDA of $495.3M vs. -$176.4M in Q1 and -$75.2M in last year’s Q2.

Riot mined 1,426 bitcoins during the quarter, down from 1,530 in Q1 and up from 844 in the year-ago period.

The average cost to mine bitcoin, excluding depreciation, was $48,992 in the quarter, compared with $25,329 per bitcoin in last year's Q2. The increase was primarily driven by the block subsidy "halving" event, which occurred in April 2024, and a 45% increase in the average global network hash rate as compared to the same period in 2024.

"Strong tailwinds in the price of bitcoin contributed to Riot achieving a record $219.5M in net income and $495.3M in adjusted EBITDA, representing exceptionally strong results for the quarter," said CEO Jason Les.

Q2 net income of $219.5M compared with -$296.3M in the previous quarter and -$84.4M a year ago.

As of June 30, 2025, the company held 19,273 bitcoins, equating to ~$2.1B based on a market price of $107,174 per bitcoin.