Bitcoin miner Riot posts net income of $104.5 million in Q3, reversing previous quarter's losses

Bitcoin mining firm Riot Platforms (ticker RIOT) posted record revenue for the third quarter of the year. The firm brought in net income of $104.5 million on revenues of $180.2 million during the three months ended Sept. 30, according to its earnings report on Thursday.

For comparison, Riot saw total revenue of $84.8 million in the same period last year. The increase was primarily driven by a $93.3 million increase in Riot’s bitcoin mining revenue, the firm said, noting it mined 1,406 bitcoin this past quarter, up from 1,104 during the same three-month period in 2024.

Riot’s profits come in light of the increased cost to mine bitcoins, driven by the sharp 52% increase in global hash rate, quarter-over-quarter. The average cost to mine bitcoin, excluding depreciation, was $46,324 compared to $35,376 per bitcoin in last year's quarter. Some of Riot’s increased costs were offset by increased power credits.

CEO Jason Les also pointed to the firm’s investments in expanding its data center business, including the development of its 112 MW Corsicana campus. The firm posted a net loss of $76.9 million over the first half of 2025, largely due to capital expenditures driving its pivot towards high-performance computing and AI workloads.

"Riot made decisive progress in the development of our data center business this quarter," Les said. "Together, these developments represent key advancements in our efforts to transform Riot into a large-scale, multi-faceted data center operator, in line with our strategy of maximizing the value of our unique portfolio of land and power assets."

Much of Riot's sustainability is also tied to its sizable bitcoin treasury of nearly 20,000 BTC , worth over $2 billion. The firm holds the second-largest bitcoin treasury among miners and seventh-largest among all public companies, according to The Block’s data .

Riot's adjusted EBITDA of $197.2 million included a $133.1 million gain on its balance sheet from bitcoins. Shares dropped 4.87% on the day .