Riot Platforms posts net profit in Q2 as cost to mine bitcoin doubles year-over-year

Riot Platforms, a bitcoin mining firm that trades on the Nasdaq exchange, nearly undid its first-quarter losses with strong second-quarter earnings.

Riot brought in $219.5 million in net income over the second quarter of 2025, driven mainly by a $470.8 million unrealized revaluation of its bitcoin treasury following its $296.4 million net loss in the first quarter. Overall, the firm has posted a net loss of $76.9 million over the first half of 2025, as it continues its pivot towards high-performance computing and AI workloads.

The company produced 1,426 BTC in the quarter, bringing its holdings to 19,273 BTC, the fourth-most among publicly traded companies globally. The production comes as the cost to mine a single bitcoin has risen 93% since the same period last year, primarily as a result of a rise in the average global network hash rate.

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

Shares of Riot Platforms' stock fell about 5% in after-hours trading following the earnings announcement, according to Yahoo Finance data. The company boasts a market capitalization of around $4.8 billion, according to the data, making it the second-largest publicly-traded bitcoin mining firm, behind Marathon.

Riot also disclosed that it has purchased more land around its Corsicana facility, intended to further develop its high-performance computing and AI offerings as a way to diversify its income streams. The company has spent $28 million on the land acquisition year-to-date and forecasts an additional $49 million of capital expenditures by the end of the year.