The company's profitability is under severe pressure, with gross margins deteriorating to a negative 36.4% in 2025Q4, reflecting structural challenges in maintaining cost-efficient mining operations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Sales/Revenue | 653.27M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -89.12M | -101.25M | 113.9M | 26.34M | 65.47M | 131.15M | 5.83M | 740K | 2.02M | 244.47K | 103.06K | 167.5K | 191.18K | 119.5K | 61.54K | 265.25K | 80.53K | -419.33K | 581.68K | 233.26K | 383.5K | 351.31K | 328.43K | 132.08K | 82.61K | 962.11K |
| Gross Margin % | -13.64% | -15.64% | 30.24% | 9.39% | 25.26% | 61.5% | 48.26% | 10.82% | 25.81% | 90.66% | 97.12% | 84.56% | 72.79% | 84.94% | 99.05% | 94.2% | 18.36% | -144.16% | 66.91% | 27.48% | 33.63% | 40.85% | 40.84% | 20.3% | 11.08% | 85.65% |
| Gross Profit Growth % | - | -188.89% | 332.35% | -59.76% | -50.08% | 2149.57% | 687.84% | -63.46% | 728.32% | 137.22% | -38.47% | -12.39% | 59.99% | 94.19% | -76.8% | 229.39% | 119.2% | -172.09% | 149.36% | -39.18% | 9.16% | 6.97% | 148.65% | 59.89% | -91.41% | - |
| Operating Expenses | 303.51M | 298.78M | -39.69M | 89.39M | 578.18M | 161.02M | 21.37M | 10.16M | 61.39M | 13.4M | 6.43M | 8.92M | 10.59M | 12.22M | 9.02M | 11.24M | 13.53M | 15.13M | 10.75M | 6.68M | 3.34M | 2.25M | 2.1M | 1.42M | 1.01M | 765.11K |
| OpEx % of Revenue | - | 46.15% | -10.54% | 31.85% | 223.09% | 75.51% | 176.92% | 148.56% | 782.55% | 4968.89% | 6061.43% | 4501.18% | 4033.53% | 8687.79% | 14523.56% | 3992% | 3084.67% | 5201.83% | 1236.79% | 786.78% | 292.52% | 262.06% | 261.25% | 217.94% | 135.45% | 68.11% |
| Selling, General & Admin | 303.51M | 298.48M | 266.92M | 100.35M | 67.45M | 87.43M | 10.25M | 9.16M | 20.86M | 7.31M | 5.57M | 6.76M | 6.56M | 5.52M | 5.18M | 5.58M | 7.42M | 6.63M | 4.43M | 4.01M | 1.97M | 1.38M | 1.11M | 877.56K | 387.2K | 494.68K |
| SG&A % of Revenue | - | 46.1% | 70.86% | 35.75% | 26.03% | 41% | 84.85% | 133.96% | 265.88% | 2712.2% | 5248.37% | 3411.18% | 2497.45% | 3921.09% | 8345.39% | 1979.84% | 1691.13% | 2279.67% | 509.94% | 472.58% | 173.04% | 161.04% | 138.43% | 134.89% | 51.94% | 44.04% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -816.32M | -400.03M | 153.59M | -63.05M | -512.7M | -29.87M | -15.54M | -9.42M | -59.37M | -13.15M | -6.31M | -8.75M | -10.4M | -12.1M | -8.96M | -10.98M | -13.45M | -15.55M | -10.17M | -6.45M | -2.95M | -1.9M | -1.77M | -1.29M | -927.05K | 197K |
| Operating Margin % | -124.96% | -61.79% | 40.78% | -22.46% | -197.82% | -14.01% | -128.66% | -137.74% | -756.74% | -4878.23% | -5943.68% | -4416.62% | -3960.74% | -8602.85% | -14424.51% | -3897.81% | -3066.31% | -5345.99% | -1169.88% | -759.3% | -258.88% | -221.21% | -220.41% | -197.64% | -124.37% | 17.54% |
| Operating Income Growth % | - | -360.45% | 343.61% | 87.7% | -1616.44% | -92.16% | -65.06% | 84.14% | -351.3% | -108.57% | 27.91% | 15.9% | 14.05% | -35.06% | 18.35% | 18.39% | 13.51% | -52.89% | -57.79% | -118.37% | -55.18% | -7.33% | -37.84% | -38.69% | -570.59% | - |
| EBITDA | -449.7M | -53.22M | 365.64M | 189.31M | -404.75M | -3.55M | -10.68M | -7M | -54.1M | -12.26M | -6.21M | -8.49M | -10.11M | -11.78M | -8.53M | -10.49M | -12.96M | -15.38M | -9.85M | -6.15M | -2.71M | -1.65M | -1.1M | -992.04K | -756.76K | 306.49K |
| EBITDA Margin % | -68.84% | -8.22% | 97.08% | 67.45% | -156.17% | -1.66% | -88.43% | -102.4% | -689.6% | -4547.85% | -5855.74% | -4288.49% | -3850.8% | -8370.76% | -13732.03% | -3723.62% | -2954.11% | -5286.08% | -1133.12% | -724.1% | -237.42% | -192.15% | -136.71% | -152.49% | -101.52% | 27.29% |
| EBITDA Growth % | -463.52% | -114.55% | 93.15% | 146.77% | -11314.3% | 66.81% | -52.59% | 87.06% | -341.13% | -97.36% | 26.85% | 16.01% | 14.12% | -38.04% | 18.64% | 19.08% | 15.73% | -56.08% | -60.27% | -127.06% | -63.84% | -50.3% | -10.81% | -31.09% | -346.91% | - |
| D&A (Non-Cash Add-back) | 366.62M | 346.81M | 212.05M | 252.35M | 107.95M | 26.32M | 4.86M | 2.42M | 5.27M | 890.89K | 93.32K | 253.82K | 288.75K | 326.53K | 430.23K | 490.51K | 492.16K | 174.26K | 319.58K | 298.85K | 244.66K | 249.93K | 673.01K | 293.74K | 170.29K | 109.49K |
| EBIT | -316.45M | -400.03M | 112.13M | -255.14M | -519.99M | -14.89M | -8.91M | -20.32M | -60.88M | -13.23M | -3.13M | -8.66M | -10.33M | -12.01M | -8.96M | -10.03M | -13.2M | -15.76M | -9.88M | -6.45M | -2.95M | -1.9M | -1.77M | -1.29M | -927.05K | 197K |
| Net Interest Income | -11.25M | -10.16M | 25.18M | 8.22M | 454K | -296K | 85K | -122K | -123K | -4.7M | 96.14K | 54.62K | -116.18K | -135.22K | -248.13K | -164.09K | -71.09K | -10.71K | 517.54K | 210.19K | -157.05K | -211.56K | -319.26K | -349.9K | -126.89K | -84.81K |
| Interest Income | 12.9M | 13.98M | 27.17M | 8.22M | 1.76M | 0 | 85K | 0 | 0 | 104.89K | 126.3K | 153.59K | 0 | 0 | 0 | 16.42K | 61.7K | 189.43K | 746.09K | 451.8K | 88.91K | 43.55K | 4.56K | 3.44K | 7.52K | 0 |
| Interest Expense | 19.22M | 24.14M | 1.99M | 0 | 1.31M | 296K | 0 | 122K | 123K | 4.81M | 30.41K | 98.96K | 116.18K | 96.13K | 248.63K | 180.51K | 132.79K | 200.14K | 228.55K | 241.61K | 245.96K | 255.12K | 323.82K | 353.34K | 134.41K | 84.81K |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -867.59M | -663.33M | 110.14M | -54.56M | -521.3M | -15.18M | -14.11M | -20.45M | -61.01M | -18.04M | -4.27M | -8.76M | -10.44M | -12.15M | -9.21M | -10.21M | -13.34M | -15.55M | -10.17M | -6.45M | -2.95M | -1.9M | -2.09M | -1.72M | -1.23M | 112.18K |
| Pretax Margin % | -132.81% | -102.46% | 29.24% | -19.44% | -201.14% | -7.12% | -116.77% | -299.05% | -777.67% | -6688.86% | -4026.61% | -4421.09% | -3975.99% | -8635.17% | -14827.8% | -3627.07% | -3040.82% | -5345.99% | -1169.88% | -759.3% | -258.88% | -221.21% | -260.11% | -263.95% | -164.95% | 9.99% |
| Income Tax | -878K | -150K | 744K | -5.09M | -11.75M | 254K | 0 | -143K | -699K | -1.61M | 30.41K | 0 | 0 | 0 | 0 | 0 | 0 | -32.43K | -602.65K | -245.17K | 157.05K | 211.56K | 0 | 0 | -5.3K | 11K |
| Effective Tax Rate % | 0.1% | 0.02% | 0.68% | 9.33% | 2.25% | -1.67% | 0% | 0.7% | 1.15% | 8.92% | -0.71% | 0% | 0% | 0% | 0% | 0% | 0% | 0.21% | 5.93% | 3.8% | -5.32% | -11.12% | 0% | 0% | 0.43% | 9.81% |
| Net Income | -867.29M | -663.18M | 109.4M | -49.47M | -509.55M | -15.44M | -14.11M | -20.04M | -58.01M | -19.85M | -4.27M | -8.76M | -10.44M | -12.15M | -9.21M | -10.21M | -13.34M | -15.52M | -9.57M | -6.2M | -3.11M | -2.11M | -2.09M | -1.72M | -1.22M | 101.18K |
| Net Margin % | -132.76% | -102.43% | 29.05% | -17.63% | -196.61% | -7.24% | -116.83% | -293.1% | -739.43% | -7359.67% | -4026.61% | -4421.09% | -3975.99% | -8635.17% | -14827.8% | -3627.07% | -3040.82% | -5334.84% | -1100.56% | -730.42% | -272.65% | -245.81% | -260.11% | -263.95% | -164.23% | 9.01% |
| Net Income Growth % | -117.51% | -706.19% | 321.14% | 90.29% | -3200.86% | -9.37% | 29.57% | 65.45% | -192.29% | -364.47% | 51.21% | 16.14% | 14.04% | -31.88% | 9.81% | 23.42% | 14.05% | -62.18% | -54.31% | -99.45% | -47.07% | -1.06% | -21.8% | -40.26% | -1309.93% | - |
| Net Income (Continuing) | -867.29M | -663.18M | 109.4M | -49.47M | -509.55M | -15.44M | -14.11M | -20.3M | -60.31M | -16.43M | -3.16M | -8.76M | -10.44M | -12.15M | -9.21M | -10.21M | -13.34M | -15.52M | -9.57M | -6.2M | -3.11M | -2.11M | -2.09M | -1.72M | -1.22M | 101.18K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 96K | -3.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7K | -1.3M | 758.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.49 | -1.95 | 0.34 | -0.28 | -3.65 | -0.08 | -0.30 | -1.04 | -4.33 | -3.30 | -1.05 | -2.26 | -2.92 | -5.73 | -14.75 | -60.92 | -81.39 | -112.28 | -73.67 | -56.85 | -42.88 | -35.26 | -45.90 | -44.60 | -31.92 | 2.40 |
| EPS Growth % | -84.96% | -673.53% | 221.43% | 92.33% | -4204.25% | 71.73% | 71.15% | 75.98% | -31.21% | -214.29% | 53.54% | 22.6% | 49.04% | 61.15% | 75.79% | 25.15% | 27.51% | -52.41% | -29.59% | -32.58% | -21.61% | 23.18% | -2.91% | -39.72% | -1430% | - |
| EPS (Basic) | - | -1.95 | 0.40 | -0.28 | -3.65 | -0.08 | -0.30 | -1.04 | -4.33 | -3.30 | -1.05 | -2.26 | -2.92 | -5.73 | -14.75 | -60.92 | -81.39 | -112.28 | -73.67 | -56.85 | -42.88 | -35.26 | -45.90 | -44.60 | -31.92 | 2.40 |
| Diluted Shares Outstanding | 347.62M | 340.72M | 318.93M | 175.03M | 139.43M | 93.45M | 41.98M | 19.6M | 13.4M | 6.02M | 4.07M | 3.88M | 3.58M | 2.12M | 624.6K | 167.67K | 163.87K | 138.21K | 129.89K | 109.08K | 72.5K | 59.95K | 45.57K | 38.5K | 38.35K | 38.75K |
| Basic Shares Outstanding | 347.62M | 340.72M | 275.98M | 175.03M | 139.43M | 93.45M | 41.98M | 19.6M | 13.4M | 6.02M | 4.07M | 3.88M | 3.58M | 2.12M | 624.6K | 167.67K | 163.87K | 138.21K | 129.89K | 109.08K | 72.5K | 59.95K | 45.57K | 38.5K | 38.35K | 38.75K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Bitcoin price volatility exposure
As reported in recent financial statements, RIOT's gross margin has deteriorated significantly, reaching a negative 36.4% in 2025Q4, which highlights the company's struggle to maintain profitability amidst rising operational costs and the inherent volatility of the digital asset mining sector's primary revenue stream.
The persistent negative gross margins suggest that the company's current cost of production, heavily influenced by electricity and depreciation, is not being adequately offset by Bitcoin mining rewards. Investors should monitor whether the shift toward newer, more efficient cooling technologies can eventually lower the cost basis enough to achieve sustainable positive margins.
Based on the company's reported figures, SG&A expenses have remained elevated, often exceeding $70 million per quarter, which prevents the firm from achieving meaningful operating leverage even during periods of higher revenue, as evidenced by the significant operating losses recorded throughout the 2025 fiscal year.
The inability to scale operating income alongside revenue growth indicates a high fixed-cost burden that may be difficult to manage without a substantial increase in mining output or a significant rise in Bitcoin prices. This structure suggests that the company remains highly sensitive to operational inefficiencies that are currently amplified by its aggressive expansion strategy.
According to recent SEC filings, RIOT's net income has exhibited extreme volatility, swinging from a $219.5 million profit in 2025Q2 to a $690.7 million loss in 2025Q4, largely due to non-operating items and fair value adjustments that obscure the underlying performance of the core mining business.
The significant discrepancy between operating losses and net income fluctuations warrants further investigation into the impact of non-cash charges and asset impairments. Investors should be cautious of relying on headline net income figures, as they appear heavily influenced by accounting treatments rather than consistent operational cash generation.
As indicated by the consistent quarterly stock-based compensation expenses, which averaged over $30 million recently, RIOT's cost structure is heavily weighted toward equity-linked incentives, which may continue to dilute shareholder value while the company attempts to scale its physical mining infrastructure in Texas.
The reliance on equity-based compensation and external funding for capital expenditures suggests a model that prioritizes rapid capacity expansion over immediate expense discipline. This approach appears to leave the company vulnerable to market downturns, as the cost of maintaining such a large footprint remains high regardless of the current Bitcoin price environment.
Quick answers to the most common questions about buying RIOT stock.
Riot Platforms, Inc. (RIOT) reported a net loss of $663.2M for the fiscal year ending 2025.
Riot Platforms, Inc. (RIOT) reported an operating income of $-400.0M, resulting in an operating profit margin of -61.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Riot Platforms, Inc. (RIOT) generated $-101.3M in gross profit for the year, representing a gross profit margin of -15.6%. This demonstrates the company's core pricing power and production efficiency.