Bitcoin mining firm Riot Platforms reported a net income of $104.5 million in the third quarter of 2025, reversing losses from earlier in the year.

The company generated $180.2 million in revenue during the quarter ending September 30, a sharp increase from the $84.8 million earned in the same period last year.

The primary driver was a $93.3 million boost in bitcoin mining revenue, with Riot mining 1,406 bitcoin in Q3, up from 1,104 in 2024.

Rising costs and hash rate impact

Riot’s results come amid a 52% quarter-over-quarter increase in global network hashrate, which pushed the average cost to mine each bitcoin to $46,324, up from $35,376 last year.

Some of these higher costs were offset by increased power credits.

The company’s adjusted EBITDA reached $197.2 million, with $133.1 million attributed to gains on its bitcoin holdings.

Expansion into data centers

CEO Jason Les highlighted the firm’s continued investment in its data center business, including development of the 112 MW Corsicana campus. Les stated:

“Riot made decisive progress in the development of our data center business this quarter. Together, these developments represent key advancements in our efforts to transform Riot into a large-scale, multi-faceted data center operator, in line with our strategy of maximizing the value of our unique portfolio of land and power assets.”

Strong bitcoin treasury position

Riot now maintains a sizable bitcoin treasury of nearly 20,000 BTC, worth over $2 billion, making it the second-largest holder among public mining firms.

Despite these achievements, Riot’s stock price fell 4.87% on the day following the earnings announcement.