Riot Platforms | 10-Q: FY2025 Q2 Revenue Misses Estimate at USD 152.99 M

Revenue: As of FY2025 Q2, the actual value is USD 152.99 M, missing the estimate of USD 157.13 M.

EPS: As of FY2025 Q2, the actual value is USD 0.58, beating the estimate of USD -0.19.

EBIT: As of FY2025 Q2, the actual value is USD 305.73 M.

Revenue: $140.9 million for the three months ended June 30, 2025, compared to $55.8 million for the same period in 2024. For the six months ended June 30, 2025, revenue was $283.7 million, compared to $127.2 million for the same period in 2024.
Cost of Revenue: $78.2 million for the three months ended June 30, 2025, compared to $35.3 million for the same period in 2024. For the six months ended June 30, 2025, cost of revenue was $153.0 million, compared to $71.8 million for the same period in 2024.
Gross Profit: $62.7 million for the three months ended June 30, 2025, compared to $20.5 million for the same period in 2024. For the six months ended June 30, 2025, gross profit was $130.8 million, compared to $55.3 million for the same period in 2024.
Operational Metrics: Average operating hash rate was 31.7 EH/s for the three months ended June 30, 2025, compared to 11.3 EH/s for the same period in 2024. For the six months ended June 30, 2025, the average operating hash rate was 30.8 EH/s, compared to 12.7 EH/s for the same period in 2024.
Power Curtailment Credits: $8.3 million for the three months ended June 30, 2025, compared to $13.9 million for the same period in 2024. For the six months ended June 30, 2025, power curtailment credits were $16.1 million, compared to $19.0 million for the same period in 2024.

Revenue: $10.6 million for the three months ended June 30, 2025, compared to $9.6 million for the same period in 2024. For the six months ended June 30, 2025, revenue was $24.5 million, compared to $14.3 million for the same period in 2024.
Cost of Revenue: $9.9 million for the three months ended June 30, 2025, compared to $8.3 million for the same period in 2024. For the six months ended June 30, 2025, cost of revenue was $21.7 million, compared to $14.3 million for the same period in 2024.
Gross Profit: $5.7 million for the three months ended June 30, 2025, compared to $4.1 million for the same period in 2024. For the six months ended June 30, 2025, gross profit was $14.2 million, compared to $3.5 million for the same period in 2024.

Core Business Focus: Riot Platforms, Inc. plans to continue expanding its Bitcoin Mining operations by increasing its deployed hash rate and improving operational efficiency. The company is also focusing on developing a scalable data center platform to support AI/HPC workloads, which is expected to enhance long-term value creation.
Non-Core Business: The company is exploring opportunities in the AI/HPC sector by developing infrastructure at the Corsicana Facility. This initiative aims to capitalize on the growing demand for power and data center infrastructure, positioning the company to participate in two rapidly evolving sectors.

Operating Cash Flow: Net cash used in operating activities was $353.4 million for the six months ended June 30, 2025, compared to $100.4 million for the same period in 2024.
Investing Cash Flow: Net cash used in investing activities was $40.0 million for the six months ended June 30, 2025, compared to $520.7 million for the same period in 2024.
Financing Cash Flow: Net cash provided by financing activities was $372.4 million for the six months ended June 30, 2025, compared to $505.1 million for the same period in 2024.