Riot Platforms, Inc. · NASDAQ:RIOT
Riot Platforms — Q1 2025 Earnings Presentation
34 slides from Riot Platforms's earnings presentation, May 1, 2025
Slide 1: Q1 2025 Update
NASDAQ: RIOT Riot Platforms (NASDAQ: RIOT) Q1 2025 Update May 1, 2025
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
Table FY of Financial 2023 ContentsUpdate I.I Q1 2025 Key Accomplishments II. II Q1 2025 Financial Update III. Rhodium Acquisition & Settlement III IV. Capital Expenditures Update IV V. V AI/HPC Data Center Process VI. Key Focus Areas for Q2 – Q4 2025 VI 3
Slide 4: Q1 2025 Key Accomplishments
I Q1 2025 Key Accomplishments FY 2023 Financial Update ▪ In Q1 2025, Riot's Bitcoin Mining operations achieved >88% uptime - a significant increase year- Mining Uptime over-year ▪ Resulted in quarter-over-quarter production growth despite network difficulty increasing at a faster rate than Riot's ha
Slide 5: Q1 2025 Financial Update
FYQ1 II 2025 2023 Financial Financial Update Update 700 MW Rockdale Facility - Rockdale, Texas 5
Slide 6: Riot Platforms Q1 2025 Snapshot
Riot Platforms Q1 2025 Snapshot Bitcoin produced 1,530 BTC ▪ Equates to an average daily production of 17.0 BTC per day Bitcoin held 1 19,223 BTC ▪ 8% increase quarter-over-quarter; value of $1,587MM Bitcoin held per 1M fully 47.4 BTC / 1M shares ▪ Bitcoin Yield of 7% year-to-date diluted shares 2 E
Slide 7: Hash Rate and BTC Production Continue to Increase
Riot Platforms – Hash Rate and BTC Production Continue to Increase Quarter-over-Quarter Hash Rate (EH/s) BTC per 1M Fully Diluted Shares (# of BTC) +10% 801 +7% 33.7 +7% 47.4 ▪ Q1 2025 Self-Mining deployed hash 728 31.5 rate up 7% over Q4 2024, compared 44.3 to average global network hash rate growt
Slide 8: Increased Revenues & Gross Margins
Riot Platforms – Increased Revenues & Gross Margins $175 m +13% $161.4 $155 m $142.6 $4.6 $80 m $73.6 200% $13.9 $135 m +68% $4.6 $70 m 180% $11.5 Revenue $55.7 160% $115 m Gross $60 m ($ million) 140% -12% +21% $84.8 Profit1$50 m / $95 m $79.3 120% $70.0 $4.7 ($ million) $37.3 Growth$75 m $3.2 $12.
Slide 9: Bitcoin Mining Segment – Cost to Mine Remained Stable Quarter-over-Quarter
Bitcoin Mining Segment – Cost to Mine Remained Stable Quarter-over-Quarter Riot Revenue Breakdown – Q1 2025 3 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Avg. Hash Price $92 $67 $45 $54 $54 3% $/PH/s/Day) 9% Bitcoin Mining Avg. Network Engineering 568 EH/s 604 EH/s 625 EH/s 728 EH/s 801 EH/s Hash Rate1
Slide 10: Q1 2025 Cost to Mine – Continued Decline in Direct Costs, Non-Power
Q1 2025 Cost to Mine – Continued Decline in Direct Costs, Non-Power Q4 2024 vs. Q1 2025 Cost to Mine per BTC ▪ Average global network hash rate up 10% in Q4 2024 Q1 2025 Q1 2025 vs Q4 2024 1,516 BTC Mined 1,530 BTC Mined - Global network hash rate averaged 801 EH/s in Q1 2025 versus $43,808 $42,011
Slide 11: Engineering – Return to Growth & Profitability
Engineering – Return to Growth & Profitability Riot Riot Revenue Revenue Breakdown Breakdown –– Q1 202311 Q4 2025 $13.9 9% 3% $12.6 Bitcoin Mining $11.6 Engineering $9.6 Other Revenue ($ million) 89% $4.7 ▪ Engineering division seeing immediate impact from E4A acquisition Q1 2024 Q2 2024 Q3 2024 Q4
Slide 12: Rhodium Transaction and Settlement Agreement Returns MW to Riot
III Rhodium Transaction and Settlement Agreement Returns 125 MW to Riot at FYRockdale 2023Facility Financial Update and Terminates Legacy Unprofitable Contract Deal Terms Description A B C D E F G $129.9MM cash, $6.1MM return of $185.0MM in total consideration security deposit, $49.0MM in Riot share
Slide 13: Capital Expenditures Update
IV Capital Expenditures Update 13
Slide 14: 2025 Key Capital Expenditures
2025 Key Capital Expenditures Q2-Q4 2025 Q1 2025 Use of Funds Forecasted Description Spend CapEx Corsicana Phase II ▪ Includes capex for a 600MW substation development and other $27.0 million $38.0 million Capital Expenditures long-lead items Corsicana Land Acquisition & ▪ Acquiring additional devel
Slide 15: Installed Hash Rate Growth Forecast
Installed Hash Rate Growth Forecast Historical 37.0 EH/s 38.4 EH/s 38.4 EH/s ▪ Full year hash rate 33.7 EH/s growth target of 22% 31.5 EH/s 28.2 EH/s ▪ Estimate Riot will maintain ~4% share of 22.0 EH/s global network ▪ Recent Rhodium 12.4 EH/s 12.4 EH/s acquisition provides 9.7 EH/s upside to guida
Slide 16: AI / HPC Data Center Update
V AI / HPC Data Center Update 16
Slide 17: Corsicana Feasibility Study for Data Center Development Completed
Corsicana Feasibility Study for Data Center Development Completed Altman Solon’s feasibility study identified four key factors that we believe support the site’s viability to potentially serv e AI / HPC customers in a competitive timeframe I Secured 400 MW 600 MW 1 GW Power Substation currently oper
Slide 18: Advancing the Data Center Development Initiative
Advancing the Data Center Development Initiative Existing parcel combined with incremental land provides maximum flexibility to fully utilize 1.0 GW of available power 35 acres immediately Initial 35 acre finished pad primed available to for immediate first phase develop… development 355 acres close
Slide 19: The Path for Corsicana's AI/HPC Data Center
The Path for Corsicana’s AI/HPC Data Center Criteria Current Status Path to HPC • 1.0 GW total power, 600MW available • Substation expansion underway, completed in 2026 Power • No curtailment obligations • Full 1.0 GW of power capacity available for contracting • Close in May on 355 acres of develop
Slide 20: Riot is Aggressively Pursuing the Data Center Development Opportunity
Riot is Aggressively Pursuing the Data Center Development Opportunity Completed Ongoing Added Engaged Continue Build Complete Secure 01 Engaged Consultants 02 Experience to the Board 03 Financial Advisors 04 Infrastructure Development 05 Internal Expertise 06 Basis of Design 07 Lease with Tenant Rio
Slide 21: Key Focus Areas for Q2 – Q4 2025
VI Key Focus Areas for Q2 – Q4 2025 21
Slide 22: Key Focus Areas for 2025
Key Focus Areas for 2025 Operational ▪ Riot will continue to focus on enhancing operational performance through 2025 and beyond Efficiency ▪ In Q1 2025, Riot achieved an average operational uptime greater than 88%, inclusive of planned downtime for economic curtailment and ancillary services ▪ Riot
Slide 23: Appendix
Appendix 1OoT 23
Slide 24: Definitions, Terms, and Reconciliations
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 25: Definitions, Terms, and Reconciliations
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 March 31, Riot Platforms, Inc.: 2025 2024 Fully Costed Gross Profit
Slide 26: Definitions, Terms, and Reconciliations
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 27: Definitions, Terms, and Reconciliations
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 March 31, 2025 2024 Riot Platforms, Inc.: Fully Costed Gross
Slide 28: Definitions, Terms, and Reconciliations
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 29: Q1 2025 Statement of Operations
Q1 2025 Statement of Operations (Unaudited) 29
Slide 30: Q1 2025 Balance Sheet
Q1 2025 Balance Sheet (Unaudited) 30
Slide 31: Non-GAAP Adjusted EBITDA
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 includes impairment of bitcoin charges. Adjusted EBITDA is
Slide 32: Management Team and Board of Directors
Management Team and Board of Directors ✓ Supported by industry-leading ✓ Unique, Bitcoin-focused strategic infrastructure expansion vision capabilities ✓ Veteran public company ✓ Highly experienced independent expertise directors with focus on traditional Benjamin Yi Jason Les data center developmen
Slide 33: There is massive demand growth for AI and Cloud, requiring more HPC infrastructure
There is massive demand growth for AI and Cloud, requiring more HPC infrastructure US Cloud & AI Data Center Demand Market Opportunity1 (GW) “We are planning to spend $80 billion on AI data centers in 2025, primarily to support our partnership with OpenAI and Historical Forecast expand our cloud com
Slide 34: 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 34