Bitcoin miner Riot Platforms reported its highest-ever quarterly revenue, but still posted a loss as mining costs have nearly doubled compared to the same period last year amid efforts to expand its facilities.

“We achieved a new record for quarterly revenue this quarter, at $161.4 million,” Riot CEO Jason Les said in a May 1 report for its first quarter 2025 earnings. The company just surpassed Wall Street estimates of $159.79 million by 1%.

Riot’s Q1 revenue was a 50% jump compared to the same quarter a year ago.

Riot blames “halving event” for expenses

The firm reported a net loss of $296,367 over Q1, a 240% decrease from the $211,777 net income it posted in the year-ago quarter.

Riot said that the average cost to mine Bitcoin ( BTC ) over the quarter was $43,808, almost 90% more than the $23,034 it cost to mine Bitcoin in the same period last year.

“The increase was primarily driven by the block subsidy ‘halving’ event, which occurred in April 2024, and a 41% increase in the average global network hashrate as compared to the same period in 2024,” Riot said.

Shares in Riot Platforms (RIOT) closed May 1 trading up 7.32%, trading at $7.77, according to Google Finance.

Riot Platforms posts Q1 loss, beats revenue estimates image 0 Riot Platforms is down 13.47% over the past six months. Source: Google Finance

Meanwhile, Riot produced 166 more Bitcoin during the quarter than it did over the same period in 2024. At the time of publication, with Bitcoin trading at $97,072, that equates to approximately $16.13 million.

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Riot currently holds 19,223 unencumbered Bitcoin, worth approximately $1.86 billion at the time of publication.

On April 23, Riot announced that it had used its massive Bitcoin stockpile as collateral to secure a $100 million credit facility from Coinbase as the cryptocurrency miner eyes continued expansion. 

Les said the $100 million loan from Coinbase’s credit arm marked Riot’s “first Bitcoin-backed facility.”

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