Riot Platforms, a company specializing in bitcoin mining, reported a net loss of $296.4 million in the first quarter of 2025, despite significant revenue growth. According to the financial report, the company’s total revenue reached $161.4 million, which is a 103.5% increase compared to the same period last year.
This is reported by Finway
“We achieved record quarterly revenue thanks to the years of hard work from our teams, including the launch of the first phase of the facility in Corsicana, the expansion of hash rate, and improved efficiency,” said Riot CEO Jason Les.
The main source of revenue growth was the bitcoin mining segment, which brought the company an additional $71.5 million. At the same time, Riot Platforms continues its strategic transition from traditional mining to infrastructure for artificial intelligence (AI) and high-performance computing (HPC). In 2023, the company began investing in the facility in Corsicana, Texas, which is one of Riot’s largest projects.
The report noted that the Corsicana facility will receive up to 1 GW of power upon the completion of the substation in 2026.
The infrastructure of the facility has already been enhanced: new fiber-optic communication lines have been laid, water supply has been expanded, and additional land has been acquired for development. In the first quarter of 2025, Riot mined 1,530 BTC, which is more than in the same period of 2024. However, the average cost of mining one bitcoin rose to $43,808, while a year earlier it was $23,034.
The company attributed this to the halving event in April 2024, which reduced the block reward, as well as a 41% increase in the average hash rate of the bitcoin network. By the end of March 2025, Riot held 19,223 BTC on its balance sheet.
It is also worth noting that in February of this year, the company appointed former Hut 8 bitcoin miner CEO Jamie Leverton to its board of directors, focusing on development in the AI and HPC segments.