Overview
- Riot reported Q3 revenue of $180.2 million and net income of $104.5 million, reversing earlier‑year losses and topping expectations.
- Adjusted EBITDA reached $197.2 million, including a $133.1 million gain from appreciation of the company’s bitcoin holdings.
- The company mined 1,406 BTC in the quarter at an average cost of $46,324 per coin, with higher costs linked to a 52% quarter‑over‑quarter jump in global hash rate.
- Management began core‑and‑shell work for 112 megawatts at the Corsicana, Texas campus, framing bitcoin mining as a cash‑generating bridge to scale data‑center capacity.
- Shares fell 4.87% in regular trading but rose in pre‑/after‑hours, as analysts highlighted the pivot to AI and data‑center workloads and Needham lifted its price target to $28.