Riot Platforms, Inc.
riotplatforms.comWhat Do They Do?
Mines bitcoin through mining pools and designs and manufactures power-distribution equipment and engineered electrical products for industrial, governmental and data center customers.
10-K for FY2025, filed Mar 2, 2026Our Bitcoin Mining operations are focused on maximizing our ability to successfully mine bitcoin by growing our hash rate (the amount of…View ↗
Our Engineering business designs and manufactures power-distribution equipment and engineered-to-order electrical products. These products…View ↗
Our Engineering business also provides electricity distribution product design, manufacturing, and installation services primarily focused…View ↗
How Do They Make Money?
Mining pool operators pay Riot in bitcoin each day for its computing services, based mainly on the computing power it contributes. Engineering customers buy custom electrical products and services under fixed-price contracts, with revenue earned as work progresses.
10-K for FY2025, filed Mar 2, 2026The Company participates in digital asset mining pools by executing agreements with mining pool operators for the provision of hash…View ↗
In exchange for providing hash calculation services, the Company is entitled to a FPPS payout of bitcoin based on a contractual formula…View ↗
The Company is entitled to consideration even if a block is not successfully placed by the mining pool operator. Bitcoin network block…View ↗
Substantially all Engineering revenue is derived from the sale of custom products built to customers’ specifications under fixed-price…View ↗
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10-K for FY2025, filed Mar 2, 2026
FY2025 revenue by product or service ↗
$647.4M
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10-K for FY2025, filed Mar 2, 2026
$647.4M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Bitcoin Mining
Usage-based
10-K for FY2025, filed Mar 2, 2026 |
89%
FY2022: 61%
|
Bitcoin Mining, FY2025
$576.3M Sources
|
Usage-based |
|
Engineering
Recurring
10-K for FY2025, filed Mar 2, 2026 |
10.0%
FY2022: 25%
|
Engineering, FY2025
$64.7M Sources
|
Recurring |
|
Other
|
1.0%
FY2022: 14%
|
Other, FY2025
$6.5M Sources
|
Who Are Their Customers?
Mining pool operators contract for computing services; large industrial and governmental customers contract for custom electrical products and services, while data center tenants lease capacity.
10-K for FY2025, filed Mar 2, 2026The Company participates in digital asset mining pools by executing agreements with mining pool operators for the provision of hash…View ↗
Our Engineering business also provides electricity distribution product design, manufacturing, and installation services primarily focused…View ↗
Additionally, in January 2026, we announced the execution of a long-term data center lease agreement (the “AMD Lease”) with Advanced Micro…View ↗
Do Revenues Turn Into Profits?
No. It lost $663.2M in FY2025.
10-K for FY2025, filed Mar 2, 2026
−$622.2MView ↗
10-K for FY2025, filed Mar 2, 2026
−$663.2MView ↗
10-K for FY2025, filed Mar 2, 2026
−$774.3MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 10, 2026
−$237.2MView ↗
- ▼ Now a loss
- vs $219.5M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
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Aug 10, 2026
Signs a long-term data center lease with an AI lab
The 20-year lease covers 191 MW at Rockdale and is expected to generate $9.1 billion over its initial term.
Sources
8-K, filed Aug 10, 2026
Subsequent to quarter end, Riot announced the execution of a Data Center Lease and Services Agreement (the “Data Center Lease”) with one of…View ↗
Data center customers
The earlier business offered hosting infrastructure to institutional Bitcoin miners; the latest report describes leasing facility capacity for non-mining workloads and developing data centers for diversified tenants.
10-K for FY2022, filed Mar 2, 2023 10-K for FY2025, filed Mar 2, 2026
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