Riot Platforms, Inc. Q2 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Total Revenue: $153 million, down 5% from $161.4 million in Q1 2025 due to lower Bitcoin production.
  • Bitcoin Production: 1,426 BTC, down from 1,530 BTC in Q1 2025 amid a 9% increase in global network hash rate vs. Riot’s 5% hash rate growth.
  • Self-Mining Hash Rate: Increased from 33.7 EH/s to 35.4 EH/s (+5%).
  • Adjusted EBITDA: Rose to $495.3 million from a loss of $176.3 million in Q1 2025, driven by a $470.8 million unrealized Bitcoin valuation gain.
  • Net Income: $219.5 million or $0.65/share versus a loss of $296.4 million or $0.90/share in Q1 2025.
  • Bitcoin Holdings: 19,000 BTC and $330 million in cash. Total liquidity stands at $2.4 billion, includes a new $200 million BTC-collateralized credit facility with Coinbase.
  • Bitcoin Mining Revenue: $140.9 million, flat versus Q1 ($142.9 million).
  • Bitcoin Mining Gross Margin: 50%, up from 48% in Q1, aided by higher BTC prices.
  • Hash Rate Utilization: Increased to 87% from 61% YoY.
  • Cost to Mine (per Bitcoin): $48,992 — 77% power cost ($37,767) and 23% non-power cost ($11,225). Non-power cost increased due to $3.8M property tax expenses.

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Operator: Good day, and thank you for standing by. Welcome to Riot Platforms' Second Quarter 2025 Earnings Conference Call. [Operator Instructions] Please also be advised that today's call is being recorded. I would now like to turn the conference call over to Phil McPherson, Vice President of Capital Markets and Investor Relations at Riot Platforms. Please go ahead. Philip James McPherson: Thank you, operator. Good afternoon, and welcome to Riot Platforms Second Quarter Earnings Conference Call. My name is Phil McPherson, Vice President, Capital Markets and Investor Relations. And joining me on today's call from Riot are Jason Les, CEO; Benjamin Yi, Executive Chairman; Colin Yee, CFO; and Jason Chung, Executive Vice President and Head of Corporate Development and Strategy. On the Riot Investor Relations website, you can find our second quarter earnings press release and an accompanying earnings presentation, which are intended to supplement today's prepared remarks and which include a discussion of certain non-GAAP items. Non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP and are included as additional clarifying items to aid investors in further understanding the company's second quarter performance. During today's call, we will be making forward-looking statements regarding potential future events. These statements are based on management's current expectati

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