Riot Platforms posts record FY2025 revenue of $647M, bitcoin production up 18% YoY

Riot Platforms, Inc.

Record annual revenue of $647.4M, up 72% from $376.7M in FY2024; gross profit of $302M.
Bitcoin mined 5,686, up from 4,828 YoY; average cost to mine (ex-depreciation) rose to $49,645 from $32,216.
AMD data center lease commenced Jan 2026, generating revenue; validates power capacity strategy.
Liquidity of ~$1.9B: 18,005 bitcoin (~$1.6B at $87,498/btc) plus $309.8M cash; 3,977 btc collateral.
Engineering revenue $64.7M (up from $38.5M); $23.2M capex savings from ESS Metron acquisition.

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