Riot Platforms, Inc. · NASDAQ:RIOT
Riot Platforms — Q3 2025 Earnings Presentation
44 slides from Riot Platforms's earnings presentation, Oct 30, 2025
Slide 1: Riot Platforms Q3 2025 Update
NASDAQ: RIOT Riot Platforms (NASDAQ: RIOT) Q3 2025 Update October 30, 2025 Corsicana data center conceptual rendering
Slide 2: Forward Looking Statements
Forward Looking Statements Statements in this presentation that are not statements of historical fact are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions, and are not guarantees of future performance
Slide 3: Table of Contents
•I Q3 2025 KEY HIGHLIGHTS •II BUSINESS UPDATE: DATA CENTERS Table of • RIOT POWER PORTFOLIO III Contents • Q3 2025 FINANCIAL UPDATE IV •V RIOT’S CLOSING REMARKS
Slide 4: Q3 2025 Key Highlights
-Q3.2025 KEY HIGHLIGHTS
Slide 5: Riot Announces Initiation of Core & Shell Development at Corsicana
Riot Announces Initiation of Core & Shell Development at Corsicana Initiating Core & Shell development of first 2 buildings at Corsicana Data Center campus, representing 112 MW of critical IT load capacity Corsicana data center conceptual rendering Enabled By 1 Acquired 67-Acre Parcel Adjacent to Co
Slide 6: Business Update: Data Centers
BUSINESS UPDATE: II DATA CENTERS
Slide 7: Significant Progress in the Data Center Business Continues
Significant Progress in the Data Center Business Continues Completed Progressing 01 Engaged Consultants Ongoing Build Advance Future 05 Infrastructure Development 06 Internal Expertise 07 Leasing Discussions 08 Pipeline Added 02 Experience the Board to Engaged 03 Financial Advisors Initiated develop
Slide 8: Riot's Basis of Design for Data Centers Completed
Riot’s Basis of Design for Data Centers Completed Exterior Building: Two-story design Enable maximization of campus capacity with single, two & three story designs 7-MOD Centered Dual-Level: Tri-Level: Design • 56 MW Critical IT • 84 MW Critical IT Standards • ~325,000 SF • ~500,000 SF • (4) 7-MODs
Slide 9: Establishing an Industry-Leading Team with Proven Experience and Results
Establishing an Industry-Leading Team with Proven Experience and Results Key hires made across design, engineering, sales, procurement, construction, operations, marketing & administration to deliver at scale Key Roles Added Riot Data Center Team ▪ Chief Data Center Officer ▪ Senior Vice President o
Slide 10: Corsicana Site Now Ideally Positioned to Fully Utilize 1 GW of Power
Corsicana Site Now Ideally Positioned to Fully Utilize 1 GW of Power Corsicana Land Holdings Now Total 925 Acres In September 2025, Riot entered a contract to acquire an additional 67-acre parcel contiguous with the existing 265-acre Corsicana site for $40 million 1 ✓ No easements required to bring
Slide 11: Corsicana Data Center Campus Will be Developed Over Two Phases
Corsicana Data Center Campus Will be Developer Over Two Phases Phase 1 504 MW Total Critical IT Load Capacity Six 56 MW Buildings Substation Two 84 MW Buildings PHASE 1 Expansion ▪ Development of Core & Shell for first two buildings initiated ▪ Pace of development will be driven by tenant demands Ph
Slide 12: Riot has Initiated Core & Shell Development at Corsicana
Riot has Initiated Core & Shell Development at Corsicana Riot’s Core & Shell represents the first stage of data center development, where the exterior is complete, with additional infrastructure ready to support full buildout ▪ As part of Corsicana Phase 1, Riot has initiated Core & Shell developmen
Slide 13: Riot Power Portfolio
RIOT III POWER PORTFOLIO
Slide 14: Power-First Strategy
POWER-FIRST STRATEGY APPROACH FOCUS ON TO BTC MINING MAXIMIZING THE VALUE HAS EVOLVED OF OUR MEGAWATTS Provides greater optionality in the Our goal is to fully convert Riot’s megawatts utilization of our current power to Data Center use over time portfolio “Tool” to monetize Riot’s large-scale BTC M
Slide 15: Riot's North American Power Portfolio Ranks Amongst the Largest Within the Data Center Vertical
Riot’s North American Power Portfolio Ranks Amongst the Largest Within the Data Center Vertical 4,088 MW Acquired on Oct. 15th, 2025, by Public Companies Nvidia, Microsoft, xAI, and Private Companies BlackRock for $40 billion (EV) 2,605 MW 2,550 MW 1,862 MW 1,857 MW 1,535 MW 1,505 MW 1,475 MW 1,084
Slide 16: Riot Currently Trades Among the Lowest EV/MW Multiples in the Sector
Riot Currently Trades Among the Lowest EV/MW Multiples in the Sector EV / 2027 Available MW 1,2 ($m) $9.2 ▪ Riot currently has 1,862 MWs of fully permitted and readily available power $7.3 $7.2 $6.3 ▪ When compared to a peer group of public Bitcoin Miners, Riot $5.3 Median: $4.9 trades at a discount
Slide 17: Q3 2025 Financial Update
Q3 2025 IV FINANCIAL UPDATE
Slide 18: Riot Platforms Q3 2025 Snapshot
RIOT PLATFORMS Q3 2025 SNAPSHOT Financial Metrics BTC Statistics $180 million Total Revenue 1,406 BTC Produced 18% increase quarter-over-quarter Daily production of 15.3 BTC per day $104 million Net Income 19,287 BTC Held Represents a 58% margin Quarter-end value of $2.2 billion 3 $0.26 Earnings per
Slide 19: Bitcoin Mining Driving Strong Cashflows Supporting the Data Center Platform
Bitcoin Mining Driving Strong Cashflows Supporting the Data Center Platform 1 Improvements in operational uptime and economies of scale continue to be realized Period Q4 2024 Q1 2025 Q2 2025 Q3 2025 LTM Global Network Hash Rate (Avg.) 728 EH/s 801 EH/s 876 EH/s 948 EH/s 838 EH/s Riot Operating Hash
Slide 20: Riot Engineering is a Leader in Service and Equipment Manufacturing for Data Center Infrastructure
Riot Engineering is a Leader in Service and Equipment Manufacturing for Data Center Infrastructure “In terms of the biggest components that are in short supply … The biggest would be the low and medium voltage switchgear …” UBS Global Research Report (May 2025) ▪ Riot Engineering provides significan
Slide 21: Economies of Scale Driving Ongoing SG&A Cost Reduction
Economies of Scale Driving Ongoing SG&A Cost Reduction Increasingly Disciplined Approach to Key Accomplishments Cost Control Showing Results 1 SG&A $66.9 $81.1 $71.4 $75.9 $69.8 Rhodium Settlement and Asset Acquisition: ($m) Eliminates future losses on the legacy hosting contract ($14.6M in Revenue
Slide 22: Riot Closing Remarks
RIOT V CLOSING REMARKS
Slide 23: Unique, Synergistic Portfolio of Power, BTC Mining, and Treasury Assets
Unique, Synergistic Portfolio of Power, BTC Mining, and Treasury Assets Driving Growth of Large-Scale Data Center Business Infrastructure • Maximizing the value of every watt in our Data Centers Engineering power portfolio • Transitioning Bitcoin Mining to Data Center Powered Land Shareholder operat
Slide 24: Appendix: Q3 Operational Data
APPENDIX Q3 OPERATIONAL DATA
Slide 25: Bitcoin Mining – Increasing Efficiency and Scale of Operations
Bitcoin Mining – Increasing Efficiency and Scale of Operations Riot Revenue Breakdown – Q3 2025 3 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Avg. Hash Price $45 $54 $54 $51 $56 $/PH/s/Day) 11% Avg. Network 625 EH/s 728 EH/s 801 EH/s 876 EH/s 948 EH/s Bitcoin Mining Hash Rate1 Engineering Cost to Mine2
Slide 26: Profitability per Bitcoin Mined Remained In-Line with Prior Quarter
Profitability per Bitcoin Mined Remained In-Line with Prior Quarter Q2 2025 vs. Q3 2025 Cost to Mine per BTC Q2 2025 1 Q3 2025 2 ▪ Average global network hash rate up 8% in Q3 1,426 BTC Mined 1,406 BTC Mined 2025 vs Q2 2025 Avg. BTC Price of $98,800 Avg. BTC Price of $114,361 - Global network hash r
Slide 27: Engineering – A Key Component of Riot's Vertical Integration Strategy
Engineering – A Key Component of Riot’s Vertical Integration Strategy Riot Riot Revenue Revenue Breakdown Breakdown –– Q3 202311 Q4 2025 $23.0 11% Cumulative Capex $12.4 $10.4 Bitcoin Mining Savings to $7.5 Engineering Riot $0.3 89% 2021 2022 2023 2024 Q3 2025 $159.6 $114.9 $118.7 Growing $67.8 ▪ Si
Slide 28: Key Capital Expenditures
Key Capital Expenditures Q4 2025 YTD 2025 Use of Funds Forecasted Description Spend Capex ▪ Includes Core & Shell capex for first 2 buildings at the Corsicana Data Corsicana Data Center Campus - Center campus $0.2 million $3.4 million Core & Shell Development ▪ Represents 112 MW of critical IT with
Slide 29: Maintaining Bitcoin Mining Market Share Through Measured Growth in Installed Hash Rate
Maintaining Bitcoin Mining Market Share Through Measured Growth in Installed Hash Rate Historical 43.5 EH/s 38.5 EH/s 36.5 EH/s 35.4 EH/s 33.7 EH/s 31.5 EH/s 28.2 EH/s 22.0 EH/s 12.4 EH/s 12.4 EH/s 9.7 EH/s 3.1 EH/s 2021A 2022A 2023A Q1 2024A Q2 2024A Q3 2024A Q4 2024A Q1 2025A Q2 2025A Q3 2025E Q4
Slide 30: Appendix: Q3 Financial Data
APPENDIX - Q3 FINANCIAL DATA
Slide 31: Definitions, Terms, and Reconciliations (Unaudited)
Definitions, Terms, and Reconciliations (Unaudited) Cost of Power: The Company defines Cost of Power as the cost of power directly used in the process of mining bitcoin, less power curtailment credits divided by the kilowatt (“kWh”) hours used. Power is overwhelmingly the largest marginal input cost
Slide 32: Definitions, Terms, and Reconciliations (Unaudited)
Definitions, Terms, and Reconciliations (Unaudited) Fully Costed Gross Margin: The Company defines Fully Costed Gross Margin as Fully Costed Gross Profit (as defined below) divided by Revenue as calculated below. Three Months Ended Three Months Ended Nine Months Ended December 31, March 31, June 30,
Slide 33: Definitions, Terms, and Reconciliations (Unaudited)
Definitions, Terms, and Reconciliations (Unaudited) Cash SG&A: The Company defines Cash SG&A as Selling, General, and Administrative expenses less Stock-Based Compensation expense. Cash SG&A is used by the Company as we believe it better reflects the operational requirements of the Company by exclud
Slide 34: Definitions, Terms, and Reconciliations (Unaudited)
Definitions, Terms, and Reconciliations (Unaudited) Gross Profit: The Company defines Gross Profit as Fully Costed Gross Profit (as defined below) plus Power curtailment Credits plus Deprecia tion & Amortization expense. Three Months Ended Three Months Ended Nine Months Ended December 31, March 31,
Slide 35: Definitions, Terms, and Reconciliations (Unaudited)
Definitions, Terms, and Reconciliations (Unaudited) Hash Cost: The Company defines Hash Cost as Cost of Revenue for self-mining operations, net of Power Curtailment Credits, excluding Bitcoin miner depreciation divided by the average Petahash per second per day (“PH/s/Day”) produced by operations ov
Slide 36: Q3 2025 Statement of Operations (Unaudited)
Q3 2025 Statement of Operations (Unaudited) 36
Slide 37: Q3 2025 Balance Sheet (Unaudited)
Q3 2025 Balance Sheet (Unaudited) 37
Slide 38: Non-GAAP Adjusted EBITDA (Unaudited)
Non-GAAP Adjusted EBITDA (Unaudited) * Indicates Non-GAAP measure. We use Adjusted EBITDA to eliminate the effects of certain non-cash and/or non-recurring items, that do not reflect our ongoing strategic business operations. Adjusted EBITDA is provided in addition to, and not as a substitute for, o
Slide 39: Appendix: Industry Data
APPENDIX - INDUSTRY DATA
Slide 40: Current ERCOT Energization Timeline is Prohibitively Lengthy
Current ERCOT Energization Timeline is Prohibitively Lengthy Total ERCOT energization timeline of ~4+ years dependent on location/utility provider, scope of project, etc. 2026 2027 2028 2029 2030 Includes pre-application, scoping, Planning 6 Months and formal queue entry Includes screening study, sy
Slide 41: Existing Grid Infrastructure is Not Sufficient to Meet Forecasted Demand
Existing Grid Infrastructure is Not Sufficient to Meet Forecasted Demand US On-Grid Annual Electricity Demand (GW) Significant Lead Times to Procure Power2 600 Market Share Market By Net UPS Power¹ Months² Pittsburgh, PA 0.3% 36 550 2 2024-2030 2.2% CAGR Chicago, IL 7.7% 36 Houston, TX 1.7% 36 1 200
Slide 42: Proximity to Tier 1 Data Centers in the United States
Proximity to Tier 1 Data Centers in the United States Tier 1 DC Emerging market DC market Tier 2 DC Riot market sites 42
Slide 43: Appendix: Management Team & Board of Directors
APPENDIX MANAGEMENT TEAM & BOARD OF DIRECTORS
Slide 44: Management Team and Board of Directors
Management Team and Board of Directors Benjamin Yi Jason Les Executive Chairman of the Board Chief Executive Officer; Director Jonathan Gibbs William Jackman Colin Yee Stephen Howell Jason Chung Chief Data Center Officer Executive Vice President, Executive Vice President, Chief Operating Officer Exe