Riot Platforms annual revenue reaches $647 million, with AI transformation driving 71% growth

Riot Platforms (Nasdaq: RIOT) announced that its full-year 2025 revenue will reach $647.4 million, a 71.8% increase from $376.7 million in 2024, setting a new company record. CEO Jason Les stated that the company is transforming into a leading provider of AI and high-performance computing (HPC) infrastructure through the redeployment of nearly 2 gigawatts of power reserves.

2025 Financial Performance: Bitcoin Mining and AI Transformation as Dual Growth Engines

In 2025, Riot Platforms’ revenue growth is primarily driven by the synchronized expansion of its Bitcoin mining operations and the initial success of its AI data center transformation strategy:

Full-year revenue: $647.4 million (up 71.8%)

Bitcoin mining revenue: $576.3 million (up 79.5% from $321 million in 2024)

2025 Bitcoin production: 5,686 BTC (an approximately 18% increase from 4,828 BTC in 2024)

Current BTC holdings: Over 18,000 BTC (continuing to grow compared to the previous fiscal year)

Average mining cost: $49,645 per BTC (estimated $32,216 in 2024, a significant increase)

AMD leasing agreement: Phase one to officially launch in January 2026 and begin contributing revenue

Throughout most of the fiscal year, Bitcoin prices remained near historic highs, significantly boosting mining revenue. However, the rising costs of mining also reflect increased competition for hash power and higher mining difficulty in the industry.

Strategic Blueprint for AMD Partnership and AI Transformation

Riot’s core AI transformation strategy involves repositioning its extensive power infrastructure as data center services. Les stated, “By unlocking nearly 2 gigawatts of our substantial power reserves for high-demand data center infrastructure, we are creating significant value for shareholders.”

In January 2026, Riot and AMD completed the first phase of their data center partnership agreement, with Les noting, “This collaboration validates Riot’s unique ability to rapidly deliver large-scale power capacity for leading technology companies worldwide.”

Aggressive investor Starboard Value also actively endorses this transformation, estimating Riot’s new focus on AI and HPC could be worth up to $21 billion. They encourage the company to accelerate its transition to keep pace with competitors like Marathon Digital Holdings and TeraWulf, which are also actively repositioning as AI data center operators.

Frequently Asked Questions

How does Riot Platforms’ AI transformation impact its core Bitcoin mining business?

Currently, Riot’s Bitcoin mining operations still constitute the majority of annual revenue ($576.3 million, about 89% of total revenue), with AI data center business still in early stages. The company’s strategy is to leverage its large existing power capacity to reallocate some of its mining operations toward high-demand AI computing services, aiming for more stable and higher-margin long-term revenue streams rather than abandoning mining altogether.

Does the increase in mining costs from $32,216 to $49,645 per BTC weaken profitability?

The sharp rise in mining costs mainly reflects structural factors such as the halving event in April 2024, which reduced block rewards, and increased network hash rate competition. Since Bitcoin prices remained well above mining costs for most of 2025, overall mining revenue still saw significant growth. However, if Bitcoin prices continue to decline, the higher costs could compress profit margins, which is a key reason why miners are actively seeking non-cyclical income sources like AI computing services.

On what basis does Starboard Value estimate Riot’s AI transformation potential at $21 billion?

Starboard’s valuation primarily considers the scarcity of Riot’s nearly 2 gigawatts of power reserves in the AI computing infrastructure market, the premium of long-term AI compute leasing contracts, and Riot’s demonstrated delivery capability through its partnership with AMD. This is an optimistic estimate from an aggressive investor aiming to maximize market value, reflecting a scenario of full successful transformation rather than a direct projection based solely on current financial data.