Riot Platforms Inc 2025年季度报告

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submitsuch files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growthcompany” in Rule12b-2 of the Exchange Act. Large accelerated filer☒Non-accelerated filer☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒ As of April 28, 2025, the registrant had357,263,742shares of its common stock, no par value per share, outstanding, which was the only class of itsregistered securities outstanding as of that date. RIOT PLATFORMS,INC. PagePART I - FINANCIAL INFORMATIONItem 1.Financial Statements (Unaudited)1Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 20241Condensed Consolidated Statements of Operations for the three months ended March 31,2025 and 20242Condensed Consolidated Statements of Comprehensive Income (Loss) for the three monthsended March 31, 2025 and 20243Condensed Consolidated Statements of Stockholders’ Equity for the three months endedMarch 31, 2025 and 20244Condensed Consolidated Statements of Cash Flows for the three months ended March 31,2025 and 20245Notes to Condensed Consolidated Financial Statements7Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations34Item 3.Quantitative and Qualitative Disclosures About Market Risk47Item 4.Controls and Procedures48PART II - OTHER INFORMATIONItem 1.Legal Proceedings49Item 1A.Risk Factors49Item 2.Unregistered Sales of Equity Securities and Use of Proceeds49Item 5.Other Information49Item 6.Exhibits51Signatures53 RIOT PLATFORMS,INC. As used in this Quarterly Report on Form10-Q for the quarterly period ended March31,2025 (this “QuarterlyReport”), the terms “we,” “us,” “our,” the “Company,” the “Registrant,” “Riot Platforms,” and “Riot” mean RiotPlatforms,Inc., a Nevada corporation, and its consolidated subsidiaries, unless otherwise indicated. CAUTIONARY NOTEREGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report contains forward-looking statements within the meaning of the U.S. Private SecuritiesLitigation Reform Act of 1995 (the “PSLRA”). The Company may also make forward-looking statements in otherreports and documents filed with the United States Securities and Exchange Commission (the “SEC”), includingthose documents and filings incorporated by reference herein. All statements in this Quarterly Report and thedocuments incorporated by reference herein, other than statements of historical fact, are “forward-lookingstatements” within the scope of this cautionary note, including, but not limited to, statements concerning: our plans,strategies and objectives for future operations, integration of new equipment, systems, technologies, services ordevelopments, the feasibility of developing the Company’s remaining power capacity for artificial intelligence(“AI”)/high-performance computing (“HPC”) uses, and the development and implementation of industrial-scaleimmersion-cooled Bitcoin mining hardware at our Bitcoin Mining facilities in Kentucky and Texas; the anticipateddemand for AI/HPC uses; future economic conditions, performance, or outlooks; future political conditions; theoutcome of contingencies; potential acquisitions or divestitures; the number and value of Bitcoin rewards andtransaction fees we earn from our Bitcoin Mining operations; future self-mining hash rate capacity; timing ofreceipt and deployment of miners; expected cash flows or capital expenditures; our beliefs or expectations;activities, events or developments that we intend, expect, project, believe, or anticipate will or may occur in thefuture; and assumptions underlying or based upon any of the foregoing. Forward-looking statements may beidentified by their use of forward-looking terminology, such as “believes,” “expects,” “may,” “should,” “would,”“will,” “intends,” “plans,” “estimates,” “anticipates,” “projects” and similar words or expressions; however,forward-looking statements may be made without such terminology. Such forward-looking statements reflect our management’s opinions, expectations, beliefs, and assumptions basedon information currently available to management regarding future events, which may not materialize or prove tobe correct due to c