Riot Platforms, Inc. Q3 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Total Revenue (Q3 2025): $180.2 million, up 18% from $153 million in Q2 2025.
  • Net Income (Q3 2025): $104.5 million ($0.26 per diluted share), down from $219.5 million ($0.58 per diluted share) in Q2 2025 primarily due to elevated costs and transitional investment into data center development.
  • Adjusted EBITDA (Q3 2025): $197.2 million, a decline from $495.3 million in Q2 2025.
  • Bitcoin Production: 1,406 Bitcoin vs. 1,426 Bitcoin in Q2 2025. Decline attributed to increased global hash rate (+8%) exceeding Riot’s hash rate growth (+3%).
  • Power Credit Income: $31 million generated via power strategy, reducing net power cost to $0.032/kWh. Utilization rate improved to 86%.
  • Bitcoin Holdings: 19,287 BTC (valued at $2.2 billion as of quarter end).
  • CapEx Plan: $214 million for initial Core & Shell build at Corsicana, representing ~$1.9M per IT megawatt.

Data Center Transformation Highlights

  • Initiated Core & Shell development of two buildings at Corsicana campus – offering 112 MW of critical IT capacity, with completion expected in Q1 2027.

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Operator: Good day, and thank you for standing by. Welcome to Riot Platforms Third Quarter 2025 Earnings Conference Call. [Operator Instructions]. Please also be advised that today's call is being recorded. I would now like to hand the conference call over to Josh Kane, Vice President of Investor Relations at Riot Platforms. Please go ahead. Joshua Kane: Thank you, operator. Good afternoon, and welcome to Riot Platforms Third Quarter Earnings Conference Call. My name is Josh Kane, Vice President of Investor Relations. And joining me on today's call from Riot are Jason Les, CEO; Benjamin Yee, Executive Chairman; Colin Yee, CFO; and Jason Chung, EVP and Head of Corporate Development and Strategy. On the Riot Investor Relations website, you can find our third quarter earnings press release and 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 third 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 expectations and assumptions and are subject to risks and uncertainties. Actual results could m

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