Johann Wilfred
Bitcoin mining company Riot Platforms has declared a loss in its quarterly revenue for Q1 2025, according to the company’s statement of operations. Despite achieving the highest quarterly revenue on record, the company could not beat the increased mining costs as compared to last year.
Total revenue for the quarter was $161.387 million, up from total revenue of $79,296 in Q1 2024. Net income was a total loss of $296.397 million, up from a positive net income of $211.777 million on a year-on-year basis. Bitcoin mining costs increased significantly to $74.818 million.
Riot Platforms’ CEO Jason Les’ comments on an investor relations press release dated May 1st remained optimistic.
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“Riot made strong progress on a number of key financial and strategic initiatives during the first quarter of 2025, which I am excited to announce today,” said Les.
“We achieved a new record for quarterly revenue this quarter, at $161.4 million, driven by the significant work our teams have put in during the preceding years, including the multi-year development of the first phase of our Corsicana Facility, significantly expanding our hash rate, and further enhancing our operating efficiency.”
Source: Yahoo Finance
According to Yahoo Finance, Riot Platforms’ stock price was trading at $7.77 post the announcement, and the company’s shares are down by 23.9% year-to-date.
