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what it is
Riot runs giant facilities that mine bitcoin today and hopes to rent power-heavy data center space tomorrow.
how it gets paid
Last year Riot Platforms made $647M in revenue. Bitcoin mining was the main engine at $576.3M, or 89% of sales.
why it's growing
Revenue grew 71.9% last year. Annual revenue reached $647.4 million, up 71.9% vs. prior year, driven mainly by Bitcoin mining.
what just happened
Revenue hit $495M, but EPS fell to $0.08 as Riot kept spending into its mining and data-center buildout.
At a glance
B+ balance sheet — decent shape, but not bulletproof
10/100 earnings predictability — expect surprises
49.8x trailing p/e — you're paying up for this one
3.0% return on capital — nothing to write home about
$0.34 fy2024 eps est
xvary composite: 49/100 — below average
What they do
Riot runs giant facilities that mine bitcoin today and hopes to rent power-heavy data center space tomorrow.
Riot wins on scale and power access. It runs large Bitcoin mining sites in Texas and Kentucky, and that matters because cheap electricity is the whole sport. The company did $647.4 million in 2025 revenue, with $576.3 million tied to Bitcoin mining, so your bet is really on whether that power footprint can earn more in AI than in crypto.
How they make money
$647M
annual revenue · their business grew +71.9% last year
Bitcoin mining
$576.3M
+72.0%
Engineering services
$39.0M
n/a
Power curtailment credits
$20.0M
n/a
Hosting and other
$12.1M
n/a
The products that matter
mines and sells bitcoin
Bitcoin Mining
$576.3M · 89% of sales
It generated $576.3M in 2025 revenue and produced 5,686 bitcoin. This is still the business, not just the legacy segment.
89% of sales
hosts compute infrastructure
Data Center Hosting
$71.1M · 11% of sales
This segment brought in $71.1M in 2025. The AMD agreement runs 10 years and is worth $311M, but the page does not show material profits from it yet.
10-year deal
powers both businesses
Power & Infrastructure
supports $647M revenue base
These assets feed the $576.3M mining operation and the newer hosting push. If Riot cannot earn more per megawatt outside crypto, the AI pivot stays marketing copy.
asset base
Key numbers
96.1%
operating margin
Operating margin → what is left after running the business → so what: Riot's core operations still lose about 96 cents for every dollar of sales.
$612M
long-term debt
Long-term debt → money the company owes years from now → so what: debt is 10% of capital, which looks fine until bitcoin drops and expansion spending rises.
49.8x
trailing p/e
P/E → price divided by profit → so what: you are paying nearly 50 times trailing earnings for a business with wild commodity exposure.
2.5
beta
Beta → how violently a stock moves versus the market → so what: Riot tends to move about 2.5 times as much as the index.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $612M (10% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for RIOT right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $495M, but EPS fell to $0.08 as Riot kept spending into its mining and data-center buildout.
Annual revenue reached $647.4 million, up 71.9% vs. prior year, driven mainly by Bitcoin mining. The problem is simple: sales are growing faster than durable profitability.
$495M
revenue
$0.08
eps
+174%
revenue growth
the number that mattered
$647.4 million in annual revenue matters most because it shows Riot can scale top-line dollars even while the business model stays brutally cyclical.
source: company earnings report, 2026
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What could go wrong
The #1 risk is bitcoin price volatility against a mining-heavy revenue base.
med
bitcoin price volatility
Riot's revenue still depends on monetizing mined bitcoin. If the coin price falls, profitability can disappear faster than the production volume suggests.
Impact: 89% of 2025 sales on this page came from bitcoin mining.
med
rising mining costs
The page already tells you the average cost to mine bitcoin increased in 2025. That means Riot can be operationally busier and economically worse off at the same time.
Impact: margins get squeezed even if production stays high.
med
the AI pivot stays too small
The AMD agreement is worth $311M over 10 years. That sounds large until you compare it with $576.3M of mining revenue in one year.
Impact: if hosting remains near the current 11% mix, the stock remains a crypto vehicle with extra capex.
med
volatility meets leverage
A B+ balance sheet is fine. A 5/100 price stability score is not. Add a quarterly loss and $612M of long-term debt, and you get limited room for mistakes.
Impact: downside can compound through weak quarters, not just weak crypto prices.
With 89% of 2025 sales tied to mining and $612M of long-term debt, this business still rises and falls with crypto economics more than data center economics.
source: institutional data · regulatory filings · risk analysis
Pay attention to
mix shift
does non-mining revenue move above 11%?
That is the cleanest scoreboard for whether the diversification story is happening or just being narrated.
unit economics
cost to mine bitcoin
Management already disclosed that this cost rose in 2025. If that keeps climbing, scale stops helping you.
calendar
next earnings report
You want two things at once: fewer misses and clearer proof that the hosting business is earning its keep.
balance sheet
losses versus $612M of debt
The debt load is manageable until weak quarters start stacking. Then the balance sheet story changes fast.
Analyst rankings
earnings predictability
10 / 100
In human-speak, analysts do not expect clean, steady quarters here.
price stability
5 / 100
This stock whips around. You are not buying calm exposure to a growing business.
risk rank
3
Roughly middle-of-the-pack on formal risk scoring, but the bitcoin linkage makes the lived experience feel hotter than that.
source: institutional data
Institutional activity
institutional ownership data for RIOT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$16
current price
n/a
target midpoint · n/a from current
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