Riot Platforms runs massive Bitcoin mining farms in Texas and Kentucky, essentially giant computer warehouses competing to solve math puzzles for Bitcoin rewards.
Money comes from Bitcoin mining revenue, which hit USD 0.65B in 2025 but gross margin was negative at -15.64%, meaning mining costs exceeded revenue. The engineering division sells electrical equipment but doesn't offset mining losses.
Riot's scale and low-cost Texas power contracts give some edge over smaller miners like Marathon Digital and CleanSpark, but Bitcoin's price volatility and rising network difficulty erode any advantage.
Sell (sector percentile 2) — value F, growth D-, profitability F, momentum B, revisions C+. Updated daily, sector-relative, identical for every user.
Key events, in time order
Call-heavy activity before earnings; historical post-earnings move ~9.5%
Multiple independent sources confirm RIOT reports Q2 earnings next week, raising market attention
Bernstein's new report covers RIOT with $30 PT, independently corroborating MS's $36
Multiple sources confirm Q1 additions to RIOT within AI compute theme
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Facts and opinions separated · All items sourced · Not investment advice
