‹ Riot Platforms
Ch 5 · The Story Behind the Numbers
Chapter 5 · Behind the Numbers
The numbers, in the company's own words.
Every filing has a section where management explains what just happened — and why. Here's Riot's.
↓ scroll to read
✦ The bottom line
Anyone can read the revenue line. The story — why the loss is so big, what's funding the pivot, and what the AMD lease really means — is the part Riot writes itself. Here are the threads that matter.
↓ the brief below
✦ Five threads from Riot's FY2025 filing
1
Mining grew — even through the halving.
Riot mined 5,686 Bitcoin in 2025, up 18% from 4,828 in 2024, despite the April 2024 'halving' cutting the per-block reward to 3.125 coins. More efficient machines and more power offset a smaller reward.
2
The headline loss is mostly Bitcoin's price, not the business.
The change in fair value of bitcoin re-prices Riot's coin hoard every quarter and runs straight through earnings — which is why profit swung from +$62M to −$500M in consecutive quarters. Strip it out to see the operating business.
3
The pivot to AI is now contractual.
The 10-year AMD lease (25 MW initial, with options for +75 MW and a right of first refusal on +100 MW more) turns 'we could lease power to AI' into a signed customer. It's small versus Riot's total capacity, but it's the proof of concept.
4
Power is the strategy.
Riot frames itself around gigawatts: 400 MW (heading toward ~1 GW) at Corsicana, plus Kentucky. The whole bet is that this energized capacity is worth more to AI tenants than to Bitcoin miners.
5
It's funded by markets, not profits.
Building gigawatt data centers while losing money means Riot leans on selling shares and its Bitcoin treasury to fund growth. Dilution is the price current shareholders pay for the pivot — and a key thing to watch each quarter.
Source · 10-K · MD&A + Business · FY2025 · Filed Mar 2, 2026
●
Read the whole story
Five threads: mining grew, the loss is mostly Bitcoin re-pricing, the AI pivot is now contractual, power is the asset, and dilution funds it all.
You just finished
Chapter 5 · BEHIND THE NUMBERS
The Story Behind the Numbers
you now read: reading the MD&A
Up next