Riot Platforms posted record annual revenue of $647.4 million for 2025, marking a 72% increase from $376.7 million the previous year. The surge was largely fueled by a $255.3 million jump in Bitcoin mining revenue, which climbed to $576.3 million as operational hashrate expanded and average Bitcoin prices increased. The company produced 5,686 BTC during the year, up from 4,828 BTC in 2024.

Despite the revenue milestone, Riot reported a net loss of $663 million, primarily due to accounting adjustments and changes in the paper value of its Bitcoin holdings. The average cost to mine one Bitcoin rose to $49,645 from $32,216 in 2024, driven by a 47% increase in global network hashrate that raised mining difficulty. Adjusted EBITDA for the year came in at $13 million.