RIOT Riot Platforms (RIOT) Q4 FY25 earnings call
Riot Platforms significantly advanced its data center strategy in Q4 FY25, highlighted by a 10-year lease with AMD for 25 MW at its Rockdale site, validating its execution capabilities and power-first approach. The company reported strong financial results from its Bitcoin mining operations, with record revenue and gross profit, while strategically leveraging its engineering capabilities and balance sheet to fund data center development. Management is focused on securing additional high-creditworthy tenants and optimizing financing for its substantial 1.7 GW power portfolio.
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RIOT operating KPIs by quarter
| KPI | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Backlog Engineering | $224.6MEngineering backlog reached a record $224.6 million at the end of 2025, up dramatically from $55.9 million at the end of 2024, representing a 302% increase over the course of the year.Source: earnings call transcript | $193.4MEngineering backlog stood at $193.4 million during the quarter, with approximately 90% of backlog continuing to be driven by Data Center sector demand.Source: earnings call transcript | $177.1MEngineering revenue was $37.3 million in the quarter, more than triple the $10.6 million from a year ago, while gross margin expanded from approximately 7% to over 27%, with the data center sector representing approximately 90% of our $177.1 million backlog.Source: earnings call transcript | -8.4% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.