Organization and Basis of Presentation	6 Months Ended
Jun. 30, 2025
Organization and Basis of Presentation
Organization and Basis of Presentation	Note 1. Organization and Basis of Presentation Organization Riot Platforms is a vertically integrated bitcoin mining company principally engaged in enhancing its power infrastructure to support efficient and large-scale Bitcoin mining operations in support of the Bitcoin blockchain. In addition to its growing mining and engineering businesses, the Company is in the process of developing a scalable data center platform designed to allocate a portion of its power capacity toward supporting AI/HPC workloads. The Company provides comprehensive and critical infrastructure for institutional-scale bitcoin mining at its large-scale Bitcoin Mining facilities in Rockdale, Texas (the “Rockdale Facility”), Navarro County, Texas (the “Corsicana Facility”), and two Bitcoin Mining sites in Kentucky (the “Kentucky Facility” and, together with the Rockdale Facility and the Corsicana Facility, the “Facilities”). The Rockdale Facility is a large-scale Bitcoin Mining facility in Rockdale, Texas that currently provides 700 megawatts (“MW”) of total developed capacity. The Company’s second large-scale Bitcoin Mining facility, the Corsicana Facility, is currently equipped to provide up to 400 MW of capacity for our Bitcoin Mining and, upon completion, is expected to have approximately one gigawatt (“GW”) of capacity available. During 2024, the Company acquired Block Mining, Inc. (“Block Mining”), a Kentucky-based vertically integrated bitcoin miner (the “Block Mining Acquisition”), and E4A Solutions, LLC (“E4A Solutions”), a leading provider of electrical engineering services to a diverse customer base of energy developers and data center operators (the “E4A Solutions Acquisition”). The Block Mining Acquisition added 60 MW of operational capacity for self-mining operations, which the Company is working to expand to 110 MW in 2025, and provided access to a second electrical grid. The E4A Solutions Acquisition added engineering expertise to service the Company’s existing and future electrical infrastructure and allows the Company to provide electrical solutions and services to support the rapidly growing market for electrical infrastructure. AI/HPC Development The Company strengthened its execution capacity by recruiting critical talent and launching a scalable data center platform to support the initial phase of development, designated for AI/HPC applications at the Corsicana Facility, representing an initial 600 MW of AI/HPC capacity (“AI/HPC Phase I”). Additionally, the Company is evaluating further expansion opportunities and assessing the feasibility of developing additional power capacity to support AI/HPC applications. The Company is in the process of standardizing design templates and assessing procurement of all long-lead equipment, in alignment with its disciplined capital allocation strategy focused on delivering superior risk-adjusted returns. These foundational investments reflect a proactive, strategic approach that positions the Company for durable, long-term leadership and value creation in the data center sector. Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements (“Condensed Consolidated Financial Statements”) and these notes (these “Notes”) have been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal and recurring adjustments, considered necessary for a fair presentation of such interim results. Unless otherwise indicated, amounts are stated in thousands of U.S. dollars except for: share, per share, per megawatt hours (“MWh”) and miner amounts; bitcoin quantities, prices and hash rate; cost to mine one bitcoin; and production value of one bitcoin mined. The results in the Condensed Consolidated Financial Statements and these Notes include required estimates and assumptions of management, and they are not necessarily indicative of results to be expected for the year ending December 31, 2025, or for any future interim period. Further, the Condensed Consolidated Financial Statements and these Notes do not include all the information and notes required by GAAP for a complete presentation of annual financial statements. As such, the Condensed Consolidated Financial Statements and these Notes should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024, and notes thereto, included in the 2024 Annual Report. As described in Note 19. Segment Information, the Company’s two reportable segments are: Bitcoin Mining and Engineering.

Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2025

Organization and Basis of Presentation

Note 1. Organization and Basis of Presentation

Organization

Riot Platforms is a vertically integrated bitcoin mining company principally engaged in enhancing its power infrastructure to support efficient and large-scale Bitcoin mining operations in support of the Bitcoin blockchain. In addition to its growing mining and engineering businesses, the Company is in the process of developing a scalable data center platform designed to allocate a portion of its power capacity toward supporting AI/HPC workloads.

The Company provides comprehensive and critical infrastructure for institutional-scale bitcoin mining at its large-scale Bitcoin Mining facilities in Rockdale, Texas (the “Rockdale Facility”), Navarro County, Texas (the “Corsicana Facility”), and two Bitcoin Mining sites in Kentucky (the “Kentucky Facility” and, together with the Rockdale Facility and the Corsicana Facility, the “Facilities”). The Rockdale Facility is a large-scale Bitcoin Mining facility in Rockdale, Texas that currently provides 700 megawatts (“MW”) of total developed capacity. The Company’s second large-scale Bitcoin Mining facility, the Corsicana Facility, is currently equipped to provide up to 400 MW of capacity for our Bitcoin Mining and, upon completion, is expected to have approximately one gigawatt (“GW”) of capacity available.

During 2024, the Company acquired Block Mining, Inc. (“Block Mining”), a Kentucky-based vertically integrated bitcoin miner (the “Block Mining Acquisition”), and E4A Solutions, LLC (“E4A Solutions”), a leading provider of electrical engineering services to a diverse customer base of energy developers and data center operators (the “E4A Solutions Acquisition”). The Block Mining Acquisition added 60 MW of operational capacity for self-mining operations, which the Company is working to expand to 110 MW in 2025, and provided access to a second electrical grid. The E4A Solutions Acquisition added engineering expertise to service the Company’s existing and future electrical infrastructure and allows the Company to provide electrical solutions and services to support the rapidly growing market for electrical infrastructure.

AI/HPC Development

The Company strengthened its execution capacity by recruiting critical talent and launching a scalable data center platform to support the initial phase of development, designated for AI/HPC applications at the Corsicana Facility, representing an initial 600 MW of AI/HPC capacity (“AI/HPC Phase I”). Additionally, the Company is evaluating further expansion opportunities and assessing the feasibility of developing additional power capacity to support AI/HPC applications. The Company is in the process of standardizing design templates and assessing procurement of all long-lead equipment, in alignment with its disciplined capital allocation strategy focused on delivering superior risk-adjusted returns. These foundational investments reflect a proactive, strategic approach that positions the Company for durable, long-term leadership and value creation in the data center sector.

Basis of presentation and principles of consolidation

The accompanying unaudited condensed consolidated financial statements (“Condensed Consolidated Financial Statements”) and these notes (these “Notes”) have been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal and recurring adjustments, considered necessary for a fair presentation of such interim results. Unless otherwise indicated, amounts are stated in thousands of U.S. dollars except for: share, per share, per megawatt hours (“MWh”) and miner amounts; bitcoin quantities, prices and hash rate; cost to mine one bitcoin; and production value of one bitcoin mined.

The results in the Condensed Consolidated Financial Statements and these Notes include required estimates and assumptions of management, and they are not necessarily indicative of results to be expected for the year ending December 31, 2025, or for any future interim period. Further, the Condensed Consolidated Financial Statements and these Notes do not include all the information and notes required by GAAP for a complete presentation of annual financial statements. As such, the Condensed Consolidated Financial Statements and these Notes should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024, and notes thereto, included in the 2024 Annual Report.

As described in Note 19. Segment Information, the Company’s two reportable segments are: Bitcoin Mining and Engineering.