Riot Platforms (RIOT, Financial) has shared its preliminary figures for April 2025 regarding bitcoin production and operations. The company successfully mined 463 bitcoins in April, showcasing a 23% increase compared to April 2024. The total bitcoin reserve stood at 19,211, reflecting a significant rise of 117% from the 8,872 bitcoins held the previous year, although it remained stable compared to the 19,223 bitcoins reported in March 2025.
In terms of operational efficiency, RIOT maintained a deployed hash rate of 33.7 exahashes per second (EH/s) in April, which is consistent with March 2025 metrics and significantly higher than the 12.6 EH/s recorded in April 2024. This stability in hash rate underlines the company's continued commitment to maintaining and potentially expanding its mining capabilities.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 14 analysts, the average target price for Riot Platforms Inc (RIOT, Financial) is $15.64 with a high estimate of $22.00 and a low estimate of $9.00. The average target implies an upside of 86.45% from the current price of $8.39. More detailed estimate data can be found on the Riot Platforms Inc (RIOT) Forecast page.
Based on the consensus recommendation from 16 brokerage firms, Riot Platforms Inc's (RIOT, Financial) average brokerage recommendation is currently 1.9, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Riot Platforms Inc (RIOT, Financial) in one year is $13.34, suggesting a upside of 59% from the current price of $8.39. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Riot Platforms Inc (RIOT) Summary page.
RIOT Key Business Developments
Release Date: May 01, 2025
- Revenue: $161.4 million for Q1 2025, a 13% increase from the previous quarter's $142.6 million.
- Bitcoin Production: 1,530 Bitcoin in Q1 2025, up from 1,516 Bitcoin in the prior quarter.
- Gross Profit: $73.6 million for Q1 2025, compared to $55.7 million in the prior quarter.
- Gross Margin: 46% in Q1 2025, up from 39% in the previous quarter.
- Net Loss: $296.4 million or $0.90 per share for Q1 2025, compared to a net income of $136.4 million or $0.43 per share in the prior quarter.
- Bitcoin Holdings: 19,223 Bitcoin at the end of Q1 2025, an 8% increase from 17,722 Bitcoin at the end of 2024.
- Bitcoin Mining Revenue: $142.9 million for Q1 2025, a 13% increase from $126.3 million in the prior quarter.
- Engineering Revenue: $13.9 million for Q1 2025, a 20% increase from $11.6 million in the prior quarter.
- Non-GAAP Adjusted EBITDA: Negative $176.3 million for Q1 2025, compared to $296.3 million in the prior quarter.
- Cash SG&A Expenses: $41.9 million for Q1 2025, including onetime litigation expenses of $8.6 million and advisory fees of $3.0 million.
- Direct Cost of Mining: $43,808 per Bitcoin in Q1 2025, with power costs at $35,313 per Bitcoin.
- Capital Expenditures: $48.9 million in Q1 2025, primarily for substation expansion and hash rate growth.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Riot Platforms Inc (RIOT, Financial) achieved an average uptime of nearly 90% in Bitcoin Mining operations, indicating significant improvements in operating efficiency.
- The acquisition of Rhodium's assets, including mining operations and access to 125 megawatts of power, is expected to enhance hash rate capacity and reduce operating losses.
- Riot Platforms Inc (RIOT) reported a 13% increase in total revenue for Q1 2025 compared to the previous quarter, driven by increased uptime and improved operating efficiency.
- The company increased its Bitcoin holdings by 8% to 19,223 Bitcoin by the end of Q1 2025, reflecting a strategic focus on long-term value creation.
- Riot Platforms Inc (RIOT) is advancing its AI/HPC data center business, with significant progress in site development and engagement with potential counterparties.
Negative Points
- Riot Platforms Inc (RIOT) reported a net loss of $296.4 million for Q1 2025, primarily due to mark-to-market adjustments from a decline in Bitcoin price and marketable securities.
- Non-GAAP adjusted EBITDA was negative $176.3 million for the first quarter, a significant decrease from the prior quarter.
- The company incurred substantial depreciation and amortization expenses of $77.9 million and noncash stock-based compensation expenses of $29.6 million.
- Cash SG&A expenses included $8.6 million in litigation expenses and $3.0 million in advisory fees, contributing to higher operational costs.
- Despite improvements, Riot Platforms Inc (RIOT) faced challenges with global network hash rate growing at a slightly greater pace than its deployed hash rate.
