Riot Platforms Q3 Profit Rises on $180M Revenue
Riot Platforms delivered a stronger-than-expected Q3 performance, reporting net income of $104.5 million versus a $154.4 million loss a year ago. Quarterly revenue reached a record $180.2 million, driven by a $93 million increase in bitcoin mining revenue. The firm mined 1,406 BTC at an average cost of $46,324 per coin. Adjusted EBITDA climbed to $197.2 million, boosted by bitcoin gains. Shares of Riot Platforms jumped 5% pre-market on the results. Riot Platforms also advanced its data center expansion, initiating 112 MW of core and shell development at its Corsicana, Texas campus. As of September 30, the company held 19,287 BTC valued at approximately $2.2 billion, with 3,300 BTC pledged as collateral. CEO Jason Les said these milestones will transform Riot Platforms into a multifaceted operator in the crypto infrastructure sector.
Bullish
The strong Q3 results from Riot Platforms—record revenue, a sharp swing to $104.5M net income, and a 5% pre-market share jump—signal renewed investor confidence. Lower mining costs and a 19,287 BTC treasury bolster balance-sheet strength and reduce market supply. The 112 MW data center expansion diversifies revenue, enhancing long-term stability. Altogether, these factors support bullish momentum for bitcoin demand and crypto infrastructure stocks in both the short and long term.