Riot Blockchain, Inc. (RIOT): Business Model Canvas [Dec-2025 Updated]

You're looking past the daily hash rate reports to understand the core engine driving Riot Platforms, Inc. (RIOT) as they transition into a full-spectrum digital infrastructure player. Honestly, their late 2025 Business Model Canvas reveals a strategy far more complex than simple mining; they are securing the Bitcoin network with a $\mathbf{36.5}$ EH/s deployed hash rate while simultaneously acting as a critical grid stabilizer for operators like ERCOT, all while building out a $\mathbf{1}$ GW campus in Corsicana and holding a treasury worth approximately $\mathbf{\$2.2}$ billion in Bitcoin. It's this deep vertical integration-from engineering their own power solutions via ESS Metron to managing that massive BTC reserve-that defines their near-term opportunity, and you need to see the full nine blocks below to grasp precisely how these moving parts create their unique value proposition.

Riot Blockchain, Inc. (RIOT) - Canvas Business Model: Key Partnerships

You're looking at the backbone of Riot Platforms' operational stability and its strategic pivot, which really comes down to who they partner with for power and technology. Honestly, the relationships with power grid operators are what set them apart from many peers.

Power Grid Operators like ERCOT and MISO for Demand Response

Riot Platforms' participation in demand response programs isn't just a side project; it's a core financial lever. They actively engage with the Electric Reliability Council of Texas (ERCOT) through its Four Coincident Peak (4CP) program and also with MISO demand response initiatives. This lets them turn off load when the grid is stressed, and they get paid for it, which is a huge advantage when competitors might face penalties.

Here's a look at how those grid partnerships translated into tangible financial benefits in 2025:

Metric	Q3 2025 Value	Comparison/Context
Power Credits Received (June 2025)	$5.6 million	A 141% surge from May 2025.
Power Credits Year-over-Year Growth (Q3 2025 vs Q3 2024)	147% increase	Reflects enhanced participation or higher spot prices for curtailment.
All-in Power Cost (June 2025)	3.4¢/kWh	An 11% decline from May 2025's 3.8¢/kWh.
Fleet Efficiency (June 2025)	21.2 J/TH	An 18% improvement from June 2024's 25.8 J/TH.

This operational discipline is key. For instance, in November 2025, total power credits reported a 76% year-over-year increase. You see, these credits significantly lower the cost to mine Bitcoin, making Riot one of the lowest-cost producers in the industry, even with network difficulty rising.

Technology Advisors for AI/High-Performance Computing (HPC) Data Center Pivot

The strategic shift to serve AI and High-Performance Computing (HPC) clients is heavily reliant on expert guidance. Riot Platforms engaged Altman Solon, a leading consultant to the data center industry, to conduct a feasibility assessment for redirecting power capacity. Altman Solon delivered its study in March 2025, confirming viability factors for the 600 MW of remaining capacity at the Corsicana Facility.

To execute this, Riot hired Jonathan Gibbs as Chief Data Center Officer in June 2025 to spearhead the new HPC division. This pivot involves halting the previously announced 600 MW Phase II Bitcoin mining expansion at Corsicana, leading to projected capital expenditure reductions of $245 million for 2025 alone. The company is securing the physical space, too; they closed on an additional 238 acres in Corsicana in July 2025, bringing total land ownership to 858 acres.

Financial Institutions for Treasury Management and Bitcoin-Backed Collateral

Riot Platforms treats its Bitcoin holdings as a core treasury asset, working with financial institutions for management and leveraging that asset base. As of September 30, 2025, the company held 19,287 bitcoin. Critically, 3,300 of those were held as collateral. Based on the September 30, 2025 market price of $114,068 per Bitcoin, this treasury position represented approximately $2.2 billion.

The balance sheet strength supports these activities. For the third quarter of 2025, Riot maintained $170.0 million in working capital, which included $330.7 million in unrestricted cash on hand. Their accumulation strategy is consistent; for example, they announced an addition of 531 BTC to the treasury in April 2025.

Strategic Hardware Suppliers for Latest-Generation Miner Procurement

While the focus shifts to HPC, the existing Bitcoin mining operation still requires ongoing investment in efficient hardware. Riot Platforms' vertical integration strategy includes managing payments for these large capital outlays. For the nine months ended September 30, 2025, the company paid approximately $152.4 million in total deposits and payments for the purchase of miners. This is distinct from historical supplier relationships, such as the nearly $230 million in purchase agreements made with Bitmain since 2019.

Power Management Services with Priority Power Inc.

While specific 2025 contract details with Priority Power Inc. aren't public, the function they represent-power management-is embedded in Riot's overall energy strategy. The company utilizes its vertically integrated engineering teams and assets, like the acquisition of ESS Metron in December 2021, to realize significant savings. Riot has realized $23.0 million in capex savings alone since that acquisition, demonstrating the value of controlling power infrastructure design and execution.

Riot Blockchain, Inc. (RIOT) - Canvas Business Model: Key Activities

Riot Platforms, Inc.'s key activities center on its vertically integrated strategy, balancing large-scale Bitcoin mining with the development of high-density data center infrastructure.

Large-scale Bitcoin mining operations to secure the network

Riot Platforms, Inc. maintains significant operational scale to secure the Bitcoin network. As of end-September 2025, the deployed hash rate stood at 36.5 EH/s, representing roughly a 29% increase from the prior year. The average operating hash rate for September 2025 was 32.2 EH/s. Fleet efficiency for September 2025 improved to 20.5 J/TH.

The company's production volume fluctuates based on network difficulty and power management commitments. In Q3 2025, Riot Platforms produced 1,406 bitcoin. For November 2025 specifically, production was 428 bitcoin, averaging 14.3 bitcoin per day. The average cost to mine one bitcoin in Q2 2025, excluding depreciation, was $48,992.

You can see the scale of their mining output and cost structure here:

Metric	Q2 2025	September 2025
Bitcoin Produced	1,426 BTC	445 BTC
Deployed Hash Rate	35.4 EH/s	36.5 EH/s
Average Cost to Mine (Excl. Dep.)	$48,992 per BTC	N/A

Development of 1 GW Corsicana data center campus

A core activity is the transformation of the Corsicana, Texas facility into a large-scale data center campus. The site has approval from the Electric Reliability Council of Texas (ERCOT) for up to 1 gigawatt (GW) of total power capacity. As of January 2025, 400 MW was already deployed for Bitcoin mining.

The strategic pivot involves repurposing capacity for high-performance computing (HPC). The previously announced 600 MW Phase II Bitcoin-mining expansion at Corsicana was halted for evaluation for AI/HPC uses. Riot Platforms initiated Core & Shell development for the first two buildings at Corsicana, representing an initial milestone of 112 megawatts of critical IT data center capacity, with construction slated to begin in Q1 2026. The company acquired additional land, bringing the total owned acreage near Corsicana to 858 acres as of July 2025, supporting the full 1 GW utilization plan.

Engineering and fabrication of electrical infrastructure via ESS Metron/E4A Solutions

Riot Platforms leverages its internalized engineering capabilities, stemming from the acquisition of ESS Metron. This activity de-risks procurement of mission-critical infrastructure and enhances the electrical supply chain position. The acquisition was valued at approximately $50 million, with $25 million paid in cash.

The engineering segment contributes directly to revenue and cost savings. For the third quarter of 2025, engineering revenue reached $19.1 million. Since the acquisition in December 2021, Riot Platforms has realized approximately $23.0 million in capital expenditure savings alone.

Strategic power management and curtailment for grid stability

Monetizing megawatts through grid services is a key activity, particularly in Texas where the company participates in ERCOT programs like Four Coincident Peak (4CP). This involves voluntarily curtailing power usage to support grid stability, which generates significant credits.

Power credit generation shows variability based on grid needs:

• In June 2025, total power credits earned were $5.6 million, including $3.8 million from power curtailment.
• Total power credits for July 2025 spiked to $13.9 million.
• For November 2025, total power credits were $2.3 million.

The all-in power cost metric, which is net of these credits, was reported at 4.2 ¢/kWh in September 2025.

Bitcoin treasury management and strategic sales

Riot Platforms, Inc. maintains a strategy of accumulating and holding Bitcoin as a core treasury asset. As of the end of November 2025, the company held 19,368 bitcoin. This compares to 19,273 BTC held as of June 30, 2025, which was valued at approximately $2.1 billion based on the June 30, 2025 price of $107,174 per bitcoin.

The company engages in strategic sales to manage liquidity and fund operations. In November 2025, Riot Platforms sold 383 bitcoin, generating net proceeds of $37 million at an average price of $96,560 per bitcoin. For Q3 2025, the company recorded a $133.1 million gain on Bitcoin held on the balance sheet.

Here are the treasury and sales figures for recent months:

Month End	Bitcoin Held	Bitcoin Sold	Net Proceeds from Sales
June 30, 2025	19,273 BTC	N/A	N/A
November 30, 2025	19,368 BTC	383 BTC	$37 million

Finance: draft 13-week cash view by Friday.

Riot Blockchain, Inc. (RIOT) - Canvas Business Model: Key Resources

You're looking at the core assets Riot Platforms, Inc. (RIOT) relies on to execute its Bitcoin-driven infrastructure strategy. These aren't just line items; they are the physical and financial foundations of their operation, especially as they pivot toward data center optionality.

The most immediate measure of their mining scale is the hash rate. As of the end of September 2025, Riot Platforms achieved a deployed hash rate of 36.5 EH/s. That month, their average operating hash rate was 32.2 EH/s, a 65% jump year-over-year from September 2024's 19.5 EH/s.

Power infrastructure is the next massive piece of the puzzle. Riot Platforms has a significant footprint in Texas and Kentucky. The Corsicana Facility in Navarro County, Texas, has an approved total capacity of 1 GW, with 400 MW already developed as part of Phase 1. The planned 600 MW Phase II expansion there has been paused to explore High-Performance Computing (HPC) uses. The Rockdale Facility has a total developed capacity of 700 MW.

Here's a quick breakdown of the power capacity:

• Total Approved Capacity at Corsicana: 1 GW
• Developed Capacity at Corsicana (Phase 1): 400 MW
• Total Capacity at Rockdale: 700 MW
• Rockdale Infrastructure Split: 500 MW Air-cooling and 200 MW Immersion-cooling

The company's balance sheet strength is heavily tied to its Bitcoin treasury. As of September 30, 2025, Riot held 19,287 BTC, which included 3,300 in restricted Bitcoin. This treasury was valued at approximately $2.3 billion at that time-end. This places Riot Platforms among the top public company holders.

Vertical integration is secured through the acquisition of ESS Metron, which designs and produces electrical equipment. This capability helps speed up miner installation and provides supply chain control. By Q2 2025, the engineering segment's backlog stood at $118.7 million, and the company noted approximately $18.5 million in capital expenditure savings since the ESS Metron acquisition.

Securing low-cost power is critical for margin. While power credits fluctuate, the all-in power cost in September 2025 was reported at 4.2¢/kWh. To give you context on their best-case scenario, in July 2025, aggressive power credit utilization drove the all-in cost down to a low of 2.8¢/kWh after securing $13.9 million in total power credits. Historically, Riot signed a 10-year power purchase agreement in 2020 with Vistra Corp. subsidiary TXU Energy Retail Co. LLC for its Whinstone site.

Here is a summary of key operational metrics around that time:

Metric	Value (September 2025)	Comparison Point
Deployed Hash Rate	36.5 EH/s	Up 29% Year/Year from 28.2 EH/s
Bitcoin Held	19,287 BTC	Up 85% Year/Year from 10,427 BTC
All-in Power Cost	4.2¢/kWh	Up 19% Year/Year from 3.5¢/kWh
Fleet Efficiency	20.5 J/TH	Improved 12% Year/Year from 23.2 J/TH

Finance: review the Q3 2025 power credit realization impact on the all-in cost for next week's board deck.

Riot Blockchain, Inc. (RIOT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Riot Platforms, Inc. stands out in the digital infrastructure space as of late 2025. It's not just one thing; it's the combination of low-cost digital asset production with a major pivot into high-demand computing infrastructure. Honestly, the value proposition is now dual-pronged.

Low-cost Bitcoin production, with Q3 2025 cost to mine at $46,324

Riot Platforms, Inc. maintains a focus on keeping the cost to produce Bitcoin competitive, even as network difficulty rises. For the third quarter of 2025, the average cost to mine one Bitcoin, excluding depreciation, was reported at $46,324. This figure represents an increase from the $35,376 per Bitcoin cost seen in Q3 2024. The increase was largely attributed to a 52% rise in the average global network hash rate during the period. Still, the company managed to offset some of these higher costs through power credits received. You've got to appreciate the operational discipline here; they mined 1,406 BTC in Q3 2025.

Grid stabilization and reliability through flexible load management

A key differentiator for Riot Platforms, Inc. is its role as a flexible load resource, particularly within the Electric Reliability Council of Texas (ERCOT). The company actively participates in programs like ERCOT's Four Coincident Peaks (4CP) Program and MISO demand response initiatives. This participation means Riot can strategically curtail power usage during peak grid demand, which helps maintain balance and stability. This flexibility turns potential curtailment penalties into revenue. For instance, in June 2025, participation in these programs generated $5.6 million in power credits. For September 2025, the total power credits received amounted to $1.4 million. This strategy helps smooth out total demand on the grid, making Riot an ideal consumer of new power generation when supply is plentiful. The all-in power cost for their Texas operations in September 2025 was 4.2¢/kWh.

High-density computing (HPC) and AI data center capacity for enterprise clients

Riot Platforms, Inc. is aggressively pivoting to capture demand in the high-performance computing (HPC) and Artificial Intelligence (AI) sectors. They have announced the initiation of core and shell development for the first two buildings at their Corsicana data center campus, which will bring 112 MW of total critical IT capacity online. This is part of a larger strategy where the company repurposed 600 MW of power capacity at the Corsicana site for AI/HPC uses in 2025, pausing a planned Bitcoin mining expansion. The ultimate goal for the Corsicana facility is to support up to 1.0 GW in total power capacity for future data center builds. They even hired a Chief Data Center Officer in Q2 2025 to spearhead this platform for hyperscale and enterprise clients.

Financial stability via a large, unencumbered Bitcoin reserve

The company's substantial holdings of the digital asset provide a significant financial cushion. As of September 30, 2025, Riot Platforms, Inc. held 19,287 Bitcoin, of which 3,300 were held as collateral. At the September 30, 2025 market price of $114,068 per Bitcoin, this reserve was valued at approximately $2.2 billion. This treasury position is a core element of their strategy, offering liquidity and a hedge against operational volatility. To be fair, the stock did drop 4% on December 1, 2025, during a broader crypto market sell-off.

Vertically integrated, efficient infrastructure build-out and maintenance

Riot Platforms, Inc. controls more of its supply chain than many peers, which drives efficiency and supports its data center expansion. The company operates Bitcoin mining facilities in central Texas and Kentucky, complemented by electrical engineering and fabrication capabilities in Denver, Colorado, and Houston, Texas. This vertical integration has yielded tangible savings; for example, they realized $23.0 million in capital expenditure savings since acquiring ESS Metron in December 2021. Furthermore, their fleet efficiency improved to 20.5 J/TH by September 2025, a 12% reduction from 23.2 J/TH in September 2024.

Here's a quick look at some key operational metrics underpinning these value propositions:

Metric	Value (As of Late 2025 Data)	Period/Context
Q3 2025 Cost to Mine BTC (Excl. Depreciation)	$46,324	Q3 2025
BTC Held on Balance Sheet	19,287	As of September 30, 2025
Value of BTC Reserve	Approx. $2.2 billion	Based on BTC price of $114,068 on Sept 30, 2025
Corsicana Campus IT Capacity Under Development	112 MW	First two buildings
Repurposed Power Capacity for AI/HPC at Corsicana	600 MW	2025
Total Power Credits Received	$1.4 million	September 2025
Fleet Efficiency	20.5 J/TH	September 2025

The engineering segment backlog reached $118.7 million in Q2 2025, up from $72.8 million in Q2 2024, showing the growth in their infrastructure services arm.

• Total revenue for Q3 2025 was $180.2 million.
• Net income for Q3 2025 was $104.5 million.
• Deployed Hash Rate (Total) was 36.5 EH/s as of September 2025 month-end.
• The company has approximately 1.7 GW of readily available power across its sites.

Finance: draft 13-week cash view by Friday.

Riot Blockchain, Inc. (RIOT) - Canvas Business Model: Customer Relationships

You're looking at how Riot Platforms, Inc. manages its external stakeholders, which is crucial now that they are pivoting hard into being a multi-service data center operator alongside their core Bitcoin mining. It's a complex web of utility-like contracts, investor transparency, and future enterprise commitments.

Transactional and contractual relationships with power grid operators

Riot Platforms maintains transactional relationships with power grid operators, primarily through participation in demand response programs in Texas (ERCOT) and Kentucky (MISO). These programs allow Riot Platforms to monetize its power capacity by reducing load during peak demand events, effectively turning curtailment into a revenue stream. For instance, in November 2025, Total Power Credits amounted to \$2.3 million, which included \$1.3 million from Demand Response Credits, showing a 76% year-over-year increase in total credits. This proactive grid engagement is a core part of their cost management, as evidenced by their All-in Power Cost remaining steady at 4.0¢/kWh in November 2025, compared to 3.8¢/kWh in November 2024. This strategy contrasts with peers who faced penalties for non-compliance.

Investor relations via detailed monthly production and quarterly financial reports

Investor relations for Riot Platforms are anchored in high-frequency, detailed reporting, reflecting their dual focus on mining and infrastructure. You get monthly production updates and comprehensive quarterly financial reports. For Q3 2025, the company reported record total revenue of \$180.2 million, a significant jump from \$84.8 million in Q3 2024, resulting in a net income of \$104.5 million, or \$0.26 Diluted EPS. The monthly reports provide granular operational metrics, which is key for tracking the mining segment that funds the infrastructure build.

Here's a snapshot of the latest monthly performance data you can expect:

Metric	November 2025 Value	October 2025 Value	Year-over-Year Change (Nov '24 vs Nov '25)
Bitcoin Produced	428	437	-14%
Average Bitcoin Produced per Day	14.3	14.1	-14%
Deployed Hash Rate - Total	36.6 EH/s	36.6 EH/s	19%
Total Power Credits	\$2.3 million	\$2.1 million	76%

Direct, long-term contracts for future hyperscale/enterprise data center clients

The relationship with future hyperscale and enterprise data center clients is currently in the development and pre-leasing phase, focused on securing the physical footprint and construction readiness for their massive power capacity. Riot Platforms is actively securing land adjacent to its Corsicana site to support the full 1.0 GW power capacity planned there. They closed on an initial 355 acres in May 2025 and finalized the acquisition of an additional 67-acre parcel, which completes the footprint needed for the full gigawatt. Construction has started on the first phase, initiating 112 MW of core-and-shell development in Q3 2025, with the first building targeted for tenant handover in Q1 2027. This signals a shift from purely transactional power sales to long-term, high-value infrastructure hosting relationships.

Community engagement to support local economic development in Texas and Kentucky

Riot Platforms explicitly states its mission includes positively impacting the networks and communities it touches, relying on what they call a strong community partnership. This relationship management is qualitative in public disclosures, focusing on the vision of being a foundational builder in the digital economy. While specific dollar amounts for local economic development initiatives in Texas or Kentucky aren't detailed in the latest operational updates, the company emphasizes hiring across its locations, including engineering and fabrication operations in Houston, Texas, and Denver, Colorado, to support its growth.

• Vision to positively impact the sectors, networks, and communities they touch.
• Actively recruiting for positions across the Company to secure talent.
• Operations span central Texas and Kentucky.

Proactive communication on Bitcoin treasury strategy

The Bitcoin treasury strategy is communicated through the monthly and quarterly reports, showing how the asset base is managed alongside operational needs. Riot Platforms holds a substantial amount of Bitcoin, which acts as a balance sheet hedge and a source of capital for infrastructure expansion without equity dilution. As of November 30, 2025, the company held 19,368 bitcoins in reserves. To fund growth, they strategically sell portions; for example, in November 2025, they sold 383 bitcoins, generating net proceeds of \$37.0 million at an average price of \$96,560 per bitcoin. This disciplined approach to asset management is a key communication point for investors.

Finance: draft 13-week cash view by Friday.

Riot Blockchain, Inc. (RIOT) - Canvas Business Model: Channels

You're looking at how Riot Platforms, Inc. gets its product-mined Bitcoin and engineering services-to the customer, and how it secures the necessary capital to keep the lights on and the machines humming. It's a multi-pronged approach, blending digital asset generation with industrial infrastructure services.

Direct operation of large-scale, owned Bitcoin mining facilities

Riot Platforms, Inc. primarily moves its product through the direct operation of its own massive, owned Bitcoin mining facilities located in central Texas and Kentucky. This is the core engine of the business. As of November 2025, the company maintained a total deployed hash rate of 36.6 E+H/s, showing zero month-over-month change but a 19% increase year-over-year from November 2024. The actual mining activity, measured by the average operating hash rate, was 34.6 E+H/s in November 2025, which was a 4% rise from October 2025 and a substantial 34% increase compared to November 2024. The efficiency of this operation, a key metric for cost control, stood at 20.5 J/TH in November 2025, an 8% improvement from the previous year. To put the scale in perspective, Riot produced 428 Bitcoin in November 2025, and 1,406 Bitcoin in the third quarter of 2025.

The company is actively expanding its physical footprint to support this channel, including the commencement of core construction for two facilities at the Corsicana, Texas data center campus, targeting 112 MW of capacity.

Here are some key operational metrics from late 2025:

• Deployed Hash Rate (November 2025): 36.6 E+H/s
• Average Operating Hash Rate (November 2025): 34.6 E+H/s
• Fleet Efficiency (November 2025): 20.5 J/TH
• Bitcoin Produced (Q3 2025): 1,406 BTC
• Total Power Capacity for AI/HPC at Corsicana: Repurposed 600 MW

Direct sales of mined Bitcoin to the open market or over-the-counter (OTC)

Riot Platforms moves the Bitcoin it mines directly into the market, either through open market sales or via Over-The-Counter (OTC) transactions. This is a critical revenue realization channel. In November 2025, the company sold 383 Bitcoin, generating net proceeds of $37.0 million. The average net price received for these sales was $96,560 per Bitcoin, which was a 16% drop from the previous month. For the entire third quarter of 2025, the company generated total revenue of $180.2 million, with Bitcoin Mining revenue accounting for $160.8 million of that total.

The sales strategy appears flexible, as seen in July 2025 when Riot sold 475 Bitcoin at a higher average price of $115,411, resulting in net proceeds of $54.8 million. The company also maintains a significant treasury position, holding 19,368 Bitcoins at the end of November 2025, which represents a 70% year-over-year increase in holdings.

Here's a snapshot of recent Bitcoin sales activity:

Metric	November 2025	July 2025
Bitcoin Sold	383	475
Net Proceeds	$37.0 million	$54.8 million
Average Net Price per BTC	$96,560	$115,411

Direct engagement with power grid operators (ERCOT) for power credits

A key differentiator for Riot Platforms is its direct engagement with power grid operators, primarily the Electric Reliability Council of Texas (ERCOT), through demand response programs. This channel effectively turns energy curtailment into a revenue stream, significantly lowering the all-in cost to mine. In November 2025, the company reported total power credits of $2.3 million, which included $1.3 million from demand response programs. This was a 76% increase in total power credits compared to November 2024.

This strategy is vital for cost management. For instance, in July 2025, Riot secured $13.9 million in total power credits, leading to an all-in power cost of just 2.8¢/kWh. This contrasts with the all-in power cost reported in September 2025, net of credits, which was approximately 4.2 ¢/kWh. The company actively participates in ERCOT's Four Coincident Peak (4CP) program, using its large, flexible load to help maintain grid reliability when demand spikes.

• Total Power Credits (November 2025): $2.3 million
• Demand Response Credits (November 2025): $1.3 million
• All-in Power Cost (July 2025, net of credits): 2.8¢/kWh
• Year-over-year Total Power Credit Growth (Nov 2024 to Nov 2025): 76%

Engineering segment (ESS Metron/E4A Solutions) for internal and external infrastructure projects

The Engineering segment, which includes ESS Metron and the recently acquired E4A Solutions, LLC (acquired December 2024), serves as a channel for both internal infrastructure development and external customer contracts. For the third quarter of 2025, this segment generated revenue of $19.1 million, up from $12.6 million in the third quarter of 2024. In the second quarter of 2025, the engineering revenue was $10.6 million. The backlog for this segment stood at $118.7 million as of Q2 2025.

This internal capability is leveraged to reduce capital expenditure for the core mining business. Riot has realized approximately $23.0 million in capital expenditure savings since the acquisition of ESS Metron in December 2021. The engineering operations are primarily based in Denver, Colorado, and Houston, Texas.

Engineering Revenue Comparison:

Period End	Engineering Revenue	Year-over-Year Change
Q3 2025	$19.1 million	N/A
Q2 2025	$10.6 million	N/A
Q3 2024	$12.6 million	N/A

Investor conferences and press releases for capital markets

Riot Platforms uses investor conferences and formal press releases as a primary channel to communicate with capital markets, which is essential for financing its large-scale operations and infrastructure build-outs. For example, the company participated in the B. Riley Securities Convergence Conference, focusing on AI, Blockchain & Energy, held in New York City on December 4, 2025. This is the direct communication channel to analysts and potential investors.

The company has a history of using this channel for significant capital raises. In 2024, Riot raised substantial funds, issuing approximately 90.6 million shares through ATM equity offerings for net proceeds of $956.6 million. As of the end of Q3 2025, Riot maintained a strong liquidity position with $330.7 million in unrestricted cash on hand.

Key capital market communication points:

• Investor Event (Dec 4, 2025): B. Riley Securities Convergence Conference
• Unrestricted Cash (End of Q3 2025): $330.7 million
• Capital Raised in 2024 (ATM Offering): $956.6 million
• Total Revenue (TTM, as of late 2025): $0.63 Billion USD

Finance: draft 13-week cash view by Friday.

Riot Blockchain, Inc. (RIOT) - Canvas Business Model: Customer Segments

You're looking at the customer base for Riot Platforms, Inc. as of late 2025, and it's definitely more complex than just people buying Bitcoin. The business is now a platform play, balancing core mining with infrastructure services. Here's the quick math on who Riot is serving across its operations.

The global Bitcoin network (as a validator/security provider)

This segment is Riot's foundational customer, as the company provides the computational security necessary for the network to function. Riot's scale directly translates to its value proposition here. As of end-September 2025, the total deployed hash rate stood at 36.5 EH/s. To give you context on its contribution, this represented approximately 3.5% of the global network hash rate during the third quarter of 2025. The average operating hash rate for September 2025 was 32.2 EH/s.

Institutional and retail investors seeking exposure to Bitcoin mining and digital infrastructure

Investors buy Riot stock for exposure to Bitcoin production and, increasingly, to the growth story of their data center build-out. The company's treasury position is a key metric for this segment. As of the end of November 2025, Riot Platforms held 19,368 Bitcoins. This is a substantial asset base, with the holdings as of September 30, 2025, valued at approximately $2.2 billion. We see institutional interest in the stock; for instance, FMR LLC added 15,893,094 shares, a 350.2% increase, to their portfolio in the third quarter.

The scale of investor interest is reflected in the balance sheet strength Riot maintains to support its growth plans:

• Unrestricted cash on hand as of Q3 2025 was $330.7 million.
• Bitcoin held as of June 30, 2025, was 19,273 BTC.
• The company raised its 2025 year-end hash rate target to approximately 40.0 EH/s.

Power grid operators (e.g., ERCOT) needing flexible, large-scale load management

This is where Riot monetizes its power infrastructure flexibility, acting as a crucial demand response provider for grid operators like ERCOT in Texas and MISO. They get paid to power down when the grid is stressed. The financial impact of these programs varies based on grid conditions. For example, power credits received in June 2025 surged to $5.6 million due to participation in the ERCOT Four Coincident Peak (4CP) program and MISO demand response initiatives. However, this is not always consistent; power credits in September 2025 dropped significantly to only $0.7 million. The all-in power cost metric shows the net effect of these programs:

Period	All-in Power Cost (Net of Credits)	Power Credits
September 2025	4.2 ¢/kWh	$0.7 million
August 2025	2.6c/kWh	$16.1 million
June 2025	3.4¢/kWh	$5.6 million

The goal is to use these programs to keep the net cost of energy low, which is essential for mining profitability, especially after the halving.

Future hyperscale and enterprise clients requiring high-density data center capacity

Riot Platforms is actively pivoting to serve the high-performance computing (HPC) and Artificial Intelligence (AI) compute market, leveraging its massive power portfolio. The Corsicana, Texas facility is the epicenter of this customer acquisition strategy. They announced the initiation of core and shell development for the first two buildings at Corsicana, targeting 112 MW of total critical IT capacity. This is built upon a foundation of land and power capacity that is already secured:

• Total power capacity available at Corsicana is 1.0 GW.
• A feasibility study evaluated the potential to develop approximately 600 MW of remaining power capacity for AI/HPC uses.
• Riot owned 858 acres in Corsicana as of July 2025, providing development flexibility.

The engineering business segment, which supports this build-out, is a direct service to these future infrastructure clients, reporting revenue of $19.1 million in Q3 2025.

Financial institutions for lending and treasury services

While not a direct service customer in the traditional sense, financial institutions are key counterparties for Riot's treasury management and potential secured lending activities, given the large Bitcoin holdings. The company uses a portion of its Bitcoin as collateral to secure financing, which is a direct interaction with the lending side of finance. As of June 30, 2025, of the 19,273 BTC held, 3,300 BTC were held as collateral. This collateralized amount remained the same as of September 30, 2025. The average net price per Bitcoin sold in November 2025 was $96,560.

Riot Blockchain, Inc. (RIOT) - Canvas Business Model: Cost Structure

You're looking at the major cash drains and capital commitments for Riot Platforms, Inc. as it balances aggressive infrastructure build-out with its core mining activity. The cost structure is heavily weighted toward acquiring and powering the latest generation of mining hardware, plus the significant, ongoing investment into data center infrastructure.

Significant Capital Expenditure (CapEx) for Miner Procurement

Acquiring the latest Application-Specific Integrated Circuits (ASICs) is a massive, lumpy cost. For the second quarter of 2025, Riot Platforms paid cash of approximately $\mathbf{\$92.3 \text{ million}}$ in total deposits and payments for the purchase of miners. Year-to-date through the first nine months of 2025, the total cash paid for miner purchases reached $\mathbf{\$152.4 \text{ million}}$. Looking ahead, the forecast for the fourth quarter of 2025 allocated $\mathbf{\$70.4 \text{ million}}$ specifically for miner purchases as part of a total $\mathbf{\$153 \text{ million}}$ CapEx plan for that quarter.

High Electricity and Power-Related Costs

Power is the single largest variable cost in Bitcoin mining, so you watch the all-in cost per kilowatt-hour (kWh) closely. For September 2025, Riot Platforms reported an all-in power cost, net of power credits, of approximately $\mathbf{4.2\text{c/kWh}}$. This was up from $\mathbf{3.5\text{c/kWh}}$ in September 2024. The impact of lower power credits in September 2025, which fell to $\mathbf{\$1.4 \text{ million}}$ total, contributed to this higher net cost. The operational cost to mine one Bitcoin, which includes power but excludes depreciation, was $\mathbf{\$46,324}$ in the third quarter of 2025.

Costs Associated with Data Center Development and Construction

Riot Platforms is channeling profits into its strategic pivot, which means heavy upfront spending on its infrastructure platform. The company announced the initiation of the core and shell development for the first two buildings at its Corsicana data center campus, targeting $\mathbf{112 \text{ MW}}$ of total critical IT capacity. For Q4 2025 planning, $\mathbf{\$61.2 \text{ million}}$ was earmarked for Bitcoin mining infrastructure, which encompasses these data center builds. Furthermore, Riot Platforms spent $\mathbf{\$28 \text{ million}}$ on land acquisition year-to-date as of the Q2 2025 report, supporting future development.

Operating Expenses for Facility Maintenance and Personnel

General overhead and personnel costs are being managed aggressively as the company scales. Selling, general, and administrative (SG&A) expenses, as a percentage of revenue, saw a significant reduction, moving from $\mathbf{79\%}$ in Q3 2024 down to $\mathbf{38\%}$ in Q3 2025, reflecting enhanced budget discipline. For Q2 2025, cash SG&A expenses were $\mathbf{\$29.5 \text{ million}}$ when excluding one-time litigation expenses of $\mathbf{\$14.3 \text{ million}}$ and advisory fees of $\mathbf{\$2 \text{ million}}$. These operating costs also include items like compensation, insurance, repairs, and ground lease rent, which are bundled into the direct cost of revenue calculation.

Depreciation and Amortization of Mining Equipment

Depreciation is a non-cash charge that reflects the scheduled wear-and-tear of the mining fleet. While the total depreciation expense isn't explicitly itemized here, its exclusion from the operational cost metric is key for understanding cash flow. The average cost to mine one Bitcoin in Q3 2025 was $\mathbf{\$46,324}$, but this figure specifically excludes the depreciation of the mining equipment. This is a defintely important distinction when you look at the GAAP profitability versus operational cash flow.

Here's a quick look at how some of these major cost components stack up based on recent reporting periods:

Cost Component/Metric	Period	Amount
Cash Paid for Miner Purchases	Q2 2025 (3 Months)	$92.3 million
Cash Paid for Miner Purchases (YTD)	Nine Months Ended Sept 30, 2025	$152.4 million
Forecasted Miner Purchases CapEx	Q4 2025	$70.4 million
All-in Power Cost (Net of Credits)	September 2025	4.2c/kWh
Average Cost to Mine BTC (Excl. Depreciation)	Q3 2025	$46,324
SG&A as Percentage of Revenue	Q3 2025	38%
Cash SG&A (Excl. One-Time Items)	Q2 2025	$29.5 million
Data Center Development Allocation	Q4 2025 Infrastructure Forecast	$61.2 million

Finance: draft 13-week cash view by Friday.

Riot Blockchain, Inc. (RIOT) - Canvas Business Model: Revenue Streams

Riot Blockchain, Inc. (RIOT) generates revenue through several distinct channels, with the core business remaining anchored in digital asset mining, supplemented by its engineering segment and energy market participation.

Primary revenue from Bitcoin mining rewards constituted the vast majority of the top line for the third quarter of 2025. For Q3 2025, Bitcoin Mining revenue reached $160.8 million. This figure compares to $67.5 million in the same three-month period in 2024. During that quarter, Riot Platforms produced 1,406 bitcoin.

The company also captures revenue from energy market participation, specifically through power credits and demand response programs. For the month of September 2025, the combined estimated power-curtailment and demand-response credits totaled $1.4 million. This represented a significant decrease from August 2025, when those credits were $16.1 million.

A secondary, yet substantial, revenue stream comes from its Engineering segment, which includes operations from ESS Metron/E4A Solutions. Engineering revenue for Q3 2025 was reported at $19.1 million, up from $12.6 million in Q3 2024.

Riot Blockchain, Inc. also realizes cash flow from proceeds from strategic sales of mined Bitcoin to manage liquidity and capital structure. In September 2025, the company sold 465 bitcoin, generating net proceeds of $52.6 million. The average net price realized on these sales was $113,043 per bitcoin.

The company is actively developing potential future revenue from high-performance computing (HPC) data center hosting. CEO Jason Les noted decisive progress in transforming Riot into a large-scale, multi-faceted data center operator. This includes initiating the core and shell development of the first two buildings at the Corsicana data center campus, which will provide 112 MW of total critical IT capacity.

Here's a quick look at the key revenue components for the third quarter and September 2025:

Revenue Component	Period	Amount (USD)
Bitcoin Mining Revenue	Q3 2025	$160.8 million
Engineering Revenue	Q3 2025	$19.1 million
Power Credits (Combined)	September 2025	$1.4 million
Net Proceeds from Strategic Bitcoin Sales	September 2025	$52.6 million

The overall revenue picture for the third quarter of 2025 shows significant growth, with total revenue reaching $180.2 million, compared to $84.8 million in Q3 2024.

The revenue streams are diversified across:

• Core Mining Operations: Revenue earned directly from successfully mining and holding/selling Bitcoin.
• Energy Services: Income derived from participating in grid balancing through power curtailment and demand response programs.
• Engineering Services: Revenue from customer contracts for custom engineered electrical products via the ESS Metron/E4A Solutions division.
• Treasury Management: Proceeds generated from the tactical sale of a portion of the mined Bitcoin holdings.
• Future Data Center Hosting: Potential revenue from leasing capacity within the developing, large-scale data center infrastructure.

Finance: draft 13-week cash view by Friday.