Slide 1: Riot Platforms Q2 2025 Update
NASDAQ: RIOT Riot Platforms (NASDAQ: RIOT) Q2 2025 Update July 31, 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 Riot’s Strategic Roadmap II. II Q2 2025 Key Accomplishments III. Q2 2025 Financial Update III I. Capital Expenditures Update IV II. Data Center Update V III. Closing Remarks VI 3
Slide 4: Riot's Strategic Roadmap
© Riot’s Strategic Roadmap 1OoT 4
Slide 5: Unique Opportunity to Drive Shareholder Value Accretion
Riot has a Unique Opportunity to Drive Shareholder Value Accretion Across Multiple Avenues • Leveraging our Engineering • Maximizing the value business to manage Infrastructure of every watt in our supply chain for data power portfolio center development and Data Centers Engineering efficient operat
Slide 6: Q2 2025 Key Accomplishments
II Q2 2025 Key Accomplishments ▪ Hired industry veteran Jonathan Gibbs as Chief Data Center Officer, continue to build the team Advancing the Data Center ▪ Acquired an additional 238 acres at Corsicana, taking total acreage footprint to 858 acres Business ▪ Continue to see strong market demand and e
Slide 7: Financial Update
FYQ2 III 2025 2023 Financial Financial Update Update 700 MW Rockdale Facility - Rockdale, Texas 7
Slide 8: Riot Platforms Q2 2025 Snapshot
Riot Platforms Q2 2025 Snapshot Bitcoin produced 1,426 BTC ▪ Equates to an average daily production of 15.7 BTC per day Bitcoin held 1 19,273 BTC ▪ Value of $2.1B, representing a $479 MM increase Bitcoin held per 1MM fully 45.9 BTC / 1MM shares ▪ Bitcoin Yield of 3.7% year-to-date diluted shares 2 E
Slide 9: Bitcoin Mining – Increasing Efficiency and Scale of Operations
Bitcoin Mining – Increasing Efficiency and Scale of Operations Riot Revenue Breakdown – Q2 2025 3 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Avg. Hash 1% Price $67 $45 $54 $54 $51 $/PH/s/Day) 7% Avg. Network 604 EH/s 625 EH/s 728 EH/s 801 EH/s 876 EH/s Bitcoin Mining Hash Rate1 Engineering Cost to Mine
Slide 10: Profitability per Bitcoin Mined Remained In-Line with Prior Quarter
Profitability per Bitcoin Mined Remained In-Line with Prior Quarter Q1 2025 vs. Q2 2025 Cost to Mine per BTC ▪ Average global network hash rate up 9% in Q2 2025 vs Q1 2025 Q1 2025 Q2 2025 - Global network hash rate avg. 876 EH/s 1,530 BTC Mined 1,426 BTC Mined in Q2 2025 versus 801 EH/s in Q1 2025 A
Slide 11: Bitcoin Mining Run-Rate Profitability in Q2 2025
Bitcoin Mining Business Demonstrated Strong Run-Rate Profitability in Q2 2025 Q2 Actuals Current Hash Price1 Hash Price Scenarios ($/PH/s/Day) $40 $45 $51 $55 $60 $65 Global Network Hash Rate (Q2 Avg.) - - 876 EH/s - - - ▪ Improvements in operational Riot Operating Hash Rate (Q2 Avg.) - - 31.7 EH/s
Slide 12: Engineering – Key Component of Vertical Integration Strategy
Engineering – A Key Component of Riot’s Vertical Integration Strategy Riot Riot Revenue Revenue Breakdown Breakdown –– Q2 202311 Q4 2025 $18.5 1% 7% Cumulative $12.4 $10.4 Capex Bitcoin Mining Savings to $7.5 Engineering Riot Other $0.3 92% 2021 2022 2023 2024 Q2 2025 $114.9 $118.7 $72.8 Growing $67
Slide 13: Capital Expenditures Update
IV Capital Expenditures Update 13
Slide 14: 2025 Capex Forecast Increase Driven by Rockdale Spend
2025 Capex Forecast Increase Driven by Additional Rockdale Related Spend YTD Q3-Q4 2025 Use of Funds Description Spend Forecasted Capex Corsicana Phase II ▪ Includes capex for a 600 MW substation development and other long- $51.3 million $17.9 million Capital Expenditures lead items ▪ Closed on acqu
Slide 15: Maintaining Market Share Through Measured Hash Rate Growth
Maintaining Bitcoin Mining Market Share Through Measured Growth in Installed Hash Rate 45.0 EH/s ▪ 2025 hash rate growth target Historical increased from 38.4 EH/s to 40.0 EH/s 38.4 EH/s 40.0 EH/s, representing a 26% 35.4 EH/s year-over-year growth target 33.7 EH/s 31.5 EH/s ▪ First Quarter 2026 Has
Slide 16: Data Center Update
© Data Center Update 1OoT 16
Slide 17: Aggressive Progress in the Data Center Business Continues
Aggressive Progress in the Data Center Business Continues Completed Progressing Focus Areas Added Engaged Active Build Complete Secure Added Future 01 Engaged Consultants 02 Experience Experience the the Board Board toto 03 Financial Advisors 04 Infrastructure Development 05 Internal Expertise 06 Ba
Slide 18: Experienced Data Center Leadership
Experienced Data Center Leadership Strengthens Riot’s Position with Potential Tenants • Extensive experience driving holistic company strategy – including capital planning, infrastructure delivery, operations, and customer engagement • Led cross-functional teams spanning design, construction, procur
Slide 19: Further Enhancing the Corsicana Facility
Further Enhancing the Corsicana Facility for Data Center Development In July 2025, Riot acquired an Total 858 Acres Available at Corsicana Facility additional 238 acre parcel ▪ High performance contiguous with existing 355 acre computing data parcel in close proximity to centers typically existing C
Slide 20: Existing Grid Infrastructure Not Sufficient to Meet 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 21: Closing Remarks
@® Closing Remarks 1OoT 21
Slide 22: Unique Opportunity to Drive Shareholder Value Accretion
Riot has a Unique Opportunity to Drive Shareholder Value Accretion Across Multiple Avenues • Leveraging our Engineering • Maximizing the value business to manage Infrastructure of every watt in our supply chain for data power portfolio center development and Data Centers Engineering efficient operat
Slide 23: Appendix
Appendix 1OoT 23
Slide 24: 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 25: 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 Six Months Ended June 30, June 30, Riot Platforms, Inc.: 2025 2024 2
Slide 26: 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 27: 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 Six Months Ended June 30, June 30, 2025 2024 2025 2024 Riot
Slide 28: 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 29: Q2 2025 Statement of Operations (Unaudited)
Q2 2025 Statement of Operations (Unaudited) 29
Slide 30: Q2 2025 Balance Sheet (Unaudited)
Q2 2025 Balance Sheet (Unaudited) 30
Slide 31: 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 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: Hash Price Rebounding Post-Halving
Hash Price Rebounding Post-Halving $/PH/s/Day 1 $80 $75 $70 $65 $60 $60 $55 $50 Period Average: $52 $45 $40 $35 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Note: Sourced from Hash Rate Ind ex by Lu xor as of July 10, 2025. 33