Riot Platforms Q4 Gross Margin Slips from Prior Quarter and Year-Ago

TigerMar 2, 2026 11:49 PM

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Riot Platforms reported on Monday that its Q4 gross margin fell to 37% from 56% in the prior quarter, with bitcoin gross margin sliding to 39% from 59% in Q3.

The bitcoin miner and data center operator released full-year revenue and earnings but didn't immediately release its Q4 income statement. Full-year adjusted EBITDA of $13.0M sank from $463.2M in 2024, while 2025 revenue of $647.4M climbed from $376.7M in the prior year, mainly on a $255.3M increase in bitcoin mining revenue. 2025 net income tumbled to -$663.2M from $109.4M.

For 2026, Riot (RIOT) aims to deliver the full 25 MW of compute for its AMD lease and to execute on additional leases at its Corsicana and Rockdale sites, beginning with its first core and shell at Corsicana. It also targets securing low-cost financing that reflects the quality of its tenants and sites, it said.

Q4 gross margin of 37% fell from 56% in Q3 and 39% in Q4 2024. Bitcoin gross margin fell to 39% from 59% in the prior quarter and 50% in the year-ago period. Meanwhile, engineering gross margin of 26% slipped from 28% in Q3 and improved from -21% in the year-ago quarter.

Hash cost (PH/s/day) increased to 25.5 in Q4 from 22.6 in Q3 and declined from 27.4 in Q4 2024.

As of Dec. 31, 2025, the company held 18,005 bitcoins (BTC-USD) (of which 3,977 are held as collateral), equating to ~$1.6B market price of $87,498 per bitcoin. That compared with 19,287 bitcoins valued at ~$2.2B on Sept. 30, 2025

Riot Platforms stock edged down 1.7% in after-hours trading.

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