Filing Flows › Riot Platforms (RIOT) › Q1 2025
Riot Platforms (RIOT) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
Riot Platforms (RIOT) reported revenue of $161M for the first quarter 2025 (Q1 2025), +104% from a year earlier and +13% from the quarter before. Operating margin was -144.9%, net earnings $296M (183.4% of revenue).
Riot Platforms, Q1 2025: revenue $161M (+104% year over year), operating margin -144.9%, net earnings $296M, operating cash flow −$122M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $161M | +13% | +104% |
| Operating profit | −$234M | — | — |
| Net earnings | $296M | — | — |
| Operating cash flow | −$122M | — | — |
What changed
Revenue was $161.4M in Q1 2025, up 104% year over year and up 13% from the previous quarter. Bitcoin Mining was the largest line at 89% of revenue. Bitcoin Mining added $71.5M year over year (up 100%), 87% of the total change.
Operating costs exceeded revenue by $233.9M, an operating margin of -144.9%. Net earnings were −$296.4M. The effective tax rate was 0.0%. Non-operating items added $529.8M, 179% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$122.1M. Non-cash charges added back $77.9M of depreciation and amortization and $29.6M of share-based compensation. Working capital and other items used $525.5M. Capital expenditures of $32.9M exceeded it, leaving free cash flow of −$154.9M.
Questions
What was Riot Platforms' revenue in the first quarter 2025?
Riot Platforms (RIOT) reported revenue of $161M for the first quarter 2025 (Q1 2025), +104% from a year earlier and +13% from the quarter before.
Was Riot Platforms profitable in the first quarter 2025?
Operating loss was $234M (-144.9% of revenue) and net earnings $296M.
Source: Riot Platforms 10-Q on SEC EDGAR.