Riot Platforms, Inc.

Listed Company

RIOTCIK 0001167419NasdaqLarge AcceleratedFinance ServicesNevadaFY ends Dec 31

Period

FY 2025

Revenue

$647.43M

Net Income

$-663.18M

Total Assets

$3.94B

Equity

$2.86B

Shares Out

378.15M

Op. Cash Flow

$-572.93M

Business

Riot Platforms, Inc. is a vertically-integrated Bitcoin mining company that builds, owns and operates large-scale mining facilities to support the Bitcoin blockchain. It provides institutional-scale Bitcoin mining services by deploying ASIC miners in air-cooled and immersion-cooled environments and holding mined Bitcoin under its Bitcoin Treasury Strategy. The company operates two reportable segments: Bitcoin Mining and Engineering, the latter designing and manufacturing power distribution and custom electrical equipment. Riot distributes mining capacity across large facilities in Texas and Kentucky and uses custodial third-party services for Bitcoin custody and brokered sales.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	647	377	281	259	213
Acquisition-related costs	187,000	6	—	78,000	21
Selling, general, and administrative	299	267	100	67	87
Depreciation and amortization	347	212	252	108	26
Change in fair value of bitcoin	116	−457	−185	—	—
Change in fair value of derivative assets	1	−45	−7	−71	−12
Power curtailment credits	−57	−34	−71	−27	−7
Change in fair value of contingent consideration	−18	−2	—	−159,000	975,000
Loss on contract settlement	158	—	—	—	—
Loss on legal settlement	20	—	—	—	—
Gain on acquisition post-close dispute settlement	−26	—	—	—	—
Loss (gain) on sale of equipment	−2	17	5	−16	—
Casualty-related charges (recoveries), net	−174,000	−3	−6	10	—
Impairment of property and equipment	30	—	—	—	—
Total costs and expenses	1,270	223	344	772	243
Operating income (loss)	−622	154	−63	−513	−30
Interest income	14	27	11	2	—
Interest expense	−24	−2	−3	−1	—
Loss on equity method investment - marketable securities	−28	−69	—	—	—
Loss on convertible notes investment	−6	—	—	—	—
Other income (expense)	3	863,000	260,000	−59,000	2
Total other income (expense)	−41	−43	8	−9	15
Net income (loss) before taxes	−663	110	−55	−521	−15
Current income tax benefit (expense)	150,000	−744,000	48,000	−789,000	−254,000
Deferred income tax benefit (expense)	—	—	5	13	—
Total income tax benefit (expense)	150,000	−744,000	5	12	−254,000
Net income (loss)	−663	109	−49	−510	−15
Basic net income (loss) per share (in Dollars per share)	−1.95	0.4	−0.28	−3.65	−0.17
Diluted net income (loss) per share (in Dollars per share)	−1.95	0.34	−0.28	−3.65	−0.17
Basic weighted average number of shares outstanding (in Shares)	341	276	175	139	93
Diluted weighted average number of shares outstanding (in Shares)	341	319	175	139	93

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-09-30
Cash and cash equivalents	234	278	597	230	255
Restricted cash	76	73	—	—	—
Accounts receivable, net	30	27	25	27	17
Contract assets	8	7	15	20	—
Prepaid expenses and other current assets	59	40	29	33	22
Derivative assets, current portion	41	40	31	—	—
Equity method investment - marketable securities, at fair value	0	134	—	—	—
Total current assets	449	599	1,009	443	472
Property and equipment, net	1,529	1,339	704	693	650
Bitcoin	1,227	1,654	—	—	—
Restricted bitcoin	348	—	—	—	—
Deposits	77	30	215	42	—
Finite-lived intangible assets, net	30	34	16	21	13
Derivative assets, less current portion	107	109	73	97	113
Right-of-use assets	30	27	—	—	—
Goodwill	123	122	—	—	—
Other long-term assets	18	20	13	310,000	310,000
Total assets	3,937	3,935	2,051	1,320	1,449
Accounts payable	23	18	23	18	13
Contract liabilities	37	10	4	8	—
Accrued expenses	143	76	62	65	39
Deferred gain on acquisition post-close dispute settlement	—	26	26	—	—
Deferred revenue, current portion	—	3	2	3	—
Contingent consideration liabilities, current portion	6	24	271,000	24	40
Current portion of debt	254	314,000	257,000	—	—
Operating lease liability, current portion	6	5	2	2	2
Total current liabilities	470	160	121	122	107
Deferred revenue, less current portion	—	14	16	18	18
Operating lease liability, less current portion	20	24	19	20	21
Contingent consideration liabilities, less current portion	2	3	638,000	638,000	—
Debt, less current portion	587	584	526,000	—	—
Other long-term liabilities	19,000	6	6	8	8
Total liabilities	1,078	792	163	169	154
Commitments and contingencies - Note 17	—	—	—	—	—
Preferred stock, no par value, 15,000,000 shares authorized:	—	—	—	—	—
2% Series A Convertible Preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and December 31, 2024	—	—	—	—	—
0% Series B Convertible Preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of December 31, 2025 and December 31, 2024	—	—	—	—	—
Common stock, no par value; 680,000,000 shares authorized; 371,573,949 and 344,890,208 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	4,212	3,834	2,688	1,908	1,891
Accumulated deficit	−1,354	−690	−800	−756	−596
Accumulated other comprehensive income (loss), net	—	222,000	150,000	—	—
Total stockholders' equity	2,858	3,144	1,888	1,151	—
Total liabilities and stockholders' equity	3,937	3,935	2,051	1,320	1,449

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation	126	125	32	25	68
Issuance of common stock to a third-party advisor	—	2	—	—	1
Amortization of license fee revenue	−388,000	−97,000	−97,000	−97,000	−97,000
Noncash lease expense	6	4	3	12	275,000
Amortization of debt issuance costs	4	250,000	—	—	—
Deferred income tax expense (benefit)	—	—	−5	−12	254,000
Change in fair value of derivative assets	1	−45	−7	−71	−12
Change in fair value of contingent consideration	−18	−2	—	−159,000	975,000
Loss on contract settlement	36	—	—	—	—
(Gain) loss on equity method investment - marketable securities	28	69	—	—	—
Casualty-related charges	—	310,000	2	10	—
Revenue recognized from bitcoin mined	−576	−321	−189	−157	−184
Proceeds from sale of bitcoin	—	10	176	80	295,000
(Increase)/decrease in operating assets	−30	8	6	12	−7
Increase/(decrease) in operating liabilities	24	14	−8	3	4
Net cash provided by (used in) operating activities	−573	−255	33	530,000	−86
Acquisition of bitcoin	—	−578	—	—	—
Acquisition of assets from Rhodium	−7	—	—	—	—
Acquisition of land	−148	—	—	—	—
Deposits on equipment	−214	−442	−230	−195	−275
Proceeds from sale of bitcoin	535	—	—	—	—
Security deposits	2	−4	—	—	—
Proceeds from the sale of equity method investment - marketable securities	106	—	—	—	—
Investment in equity method investment - marketable securities	—	−204	—	—	—
Investment in convertible debt	—	—	−5	—	—
Purchases of property and equipment, including construction in progress	−201	−240	−194	−148	−147
Purchases of right-of-use assets	−4	—	—	—	—
Casualty-related recoveries	174,000	3	8	—	—
Proceeds from the sale of equipment	7	14	6	—	—
Patent costs incurred	—	—	−34,000	−10	−30,000
Net cash provided by (used in) investing activities	76	−1,509	−415	−355	−491
Proceeds from the issuance of common stock / At-the-market offering	213	977	778	305	685
Offering costs for the issuance of common stock / At-the-market offering	−5	−20	−17	−7	−15
Proceeds from issuance of convertible notes	—	594	—	—	—
Repayments of revolving credit facilities	−7	−866,000	−6	—	—
Debt issuance costs	−2	−15	−77,000	—	—
Repayment of debt assumed in Block Mining Acquisition	—	−5	—	—	—
Repayment of note payable	—	−352,000	—	—	—
Repurchase of common shares to pay employee withholding taxes	−4	−12	−14	−10	−5
Net cash provided by (used in) financing activities	455	1,518	749	272	666
Net increase (decrease) in cash and cash equivalents and restricted cash	−42	−246	367	−82	89
Cash paid for interest	15	45,000	84,000	—	—
Cash paid for taxes	1	107,000	680,000	—	—
Issuance of common stock for the Block Mining Acquisition	—	74	—	—	353
Reclassification of deposits to property and equipment	165	623	78	423	47
Construction in progress included in accrued expenses	51	15	23	17	2

Filings

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