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Call sheet · Q1'25

Riot Platforms (RIOT)

Q1'25 earnings call · held 2025-05-01 · compared with the Q4'24 call · management-credibility review
2/12
Disclosure score
2 high, 4 medium, 2 low flags
Financial quality
Bottom line
The sleeper story Wall Street is missing: RIOT has no LOI after months of HPC pursuit while burning $42M in quarterly SG&A and hiding cash flow statements entirely. Yes, they hit 90% mining uptime, but they're losing Bitcoin market share and the Rhodium deal valued avoided losses at 12.7x, desperate math by any measure. The binding constraint isn't power or location, it's that RIOT lacks the credibility and balance sheet hyperscalers require, as management admitted when discussing 'blue chip counterparty' financing requirements. Most revealing quote: 'It's too early to know what that exact type of target is' regarding HPC economics, translation: they have no idea what the returns would be. My view changes if they announce a signed LOI with a hyperscaler name attached and >$100M in committed annual revenue.

The 30-second version

  • The real story: RIOT just admitted they have zero LOI for their 'crown jewel' Corsicana HPC pivot
  • The obvious headline: Bitcoin mining efficiency hit 90% uptime, but that's lipstick on a dying pig
  • The metric that vanished: They stopped disclosing DSO and receivables growth, classic red flag

What changed this quarter

MetricQ4'24Q1'25Change
Revenue$142.6M (Q4 2024)$161.4M (Q1 2025)+13% QoQ acceleration
EPS$0.43 (Q4 2024)-$0.90 (Q1 2025)Swung to massive loss
Net Income$136.4M profit (Q4)-$296.4M loss (Q1)$432.8M deterioration
Gross Margin39% (Q4 2024)46% (Q1 2025)+700 bps expansion
Bitcoin Production1,516 BTC (Q4)1,530 BTC (Q1)+14 BTC despite halving headwinds
Self-Mining Hash Rate31.5 EH (Q4)33.7 EH (Q1)+7% growth lagging network's 10%
Bitcoin Holdings17,722 BTC (Q4)19,223 BTC (Q1)+8% accumulation
Operating Cash FlowNot disclosedNot disclosedStill hiding CFFO metrics
Adjusted EBITDA$296.3M (Q4)-$176.3M (Q1)Turned deeply negative
Cash SG&A$30-33M guidance$41.9M actual+27% above guidance midpoint

Accountability tracked

7 new promises made5 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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