Riot Platforms tops rival Marathon with Q2 earnings making all-time high

Riot Platforms beat out its rival Marathon Digital in the second-quarter earnings race, reporting the strongest financials of any Bitcoin mining firm so far in 2025.

The Colorado-based company published its results after the Closing Bell, showing $219.5 million in net income and $495.3 million in adjusted EBITDA.

The numbers cover the three-month period ending June 30, 2025, and were disclosed alongside its full earnings presentation on the company’s website, according to a press release published via Globe Newswire.

Jason Les, Riot’s Chief Executive Officer, credited the rising price of Bitcoin as a key reason behind the company’s best-ever quarter. Riot saw total revenue surge to $153 million, more than double the $70 million it posted in the same quarter last year. That leap was mostly fueled by its Bitcoin mining revenue, which hit $140.9 million, up from $55.8 million a year earlier.

Bitcoin production jumps despite halving and rising mining costs

Riot mined a total of 1,426 Bitcoin during the quarter, a significant jump from 844 Bitcoin mined in Q2 of 2024. But the company didn’t mine them cheaply. The average cost to mine each coin, excluding depreciation, jumped to $48,992, up from $25,329 in the same period last year.

The sharp increase came after the April 2024 halving, which cut miner rewards in half, and a 45% increase in the global hash rate, which made mining more competitive and expensive.

Les said Riot’s current strength is the result of years of investment in infrastructure, mining scale, and power procurement. He explained the company’s strategy revolves around what he called their “ready-for-service power portfolio,” which includes two of Riot’s major operational hubs; Rockdale and Corsicana. The company is now moving more of its available energy resources into data centers as demand for high-performance computing keeps growing.

Riot recently hired Jonathan Gibbs as Chief Data Center Officer to lead that transition. Les described Gibbs as one of several key leadership additions meant to help the company expand into new territory beyond Bitcoin mining

 “We are immensely proud of our evolution over the past several years,” Les said. He said Riot is in a strong position to “maximize utilization of our significant power capacity” while still riding the Bitcoin cycle.

Vertical integration and strong reserves boost Riot’s position

Engineering revenue for the second quarter also rose slightly, hitting $10.6 million, compared to $9.6 million in Q2 of 2024. Riot said much of that benefit comes from its December 2021 acquisition of ESS Metron, a move that has saved the company $18.5 million in capital expenditures since then. The acquisition allowed Riot to integrate power infrastructure engineering directly into its operations, giving it tighter control over supply chains and spending.

As of the end of June, Riot held 19,273 Bitcoin on its books, with 3,300 BTC held as collateral. Based on the June 30 market price of $107,174 per Bitcoin, the total value of those holdings comes out to roughly $2.1 billion. The company also reported a strong cash position, with $255.4 million in unrestricted cash, $74.9 million in restricted cash, and $62.5 million in marketable securities. That brought Riot’s working capital to $141.1 million.

Despite the huge quarter, Riot’s stock dropped 0.81% in after-hours trading. The company gave no explanation for the dip, and no executives commented on it during the release. Investors may have already priced in the earnings or reacted to broader crypto market movements, but the drop came immediately after the announcement.

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