Riot Platforms is evolving from a Bitcoin mining-focused enterprise to a diversified data center and digital infrastructure company, leveraging its power assets for both Bitcoin Mining and scalable data center solutions designed to support non-mining workloads like AI/HPC. Total revenue for 2025 was $647.4 million, a significant increase from $376.7 million in 2024. Bitcoin Mining revenue increased by 79.5% to $576.3 million in 2025, driven by higher average bitcoin prices ($101,350 in 2025 vs. $66,488 in 2024) and an increased deployed hash rate. The company mined 5,686 bitcoin in 2025, an increase of 17.8% compared to 4,828 bitcoin mined in 2024. Deployed hash rate reached 38.5 EH/s as of December 31, 2025, up 22.1% from 31.5 EH/s in 2024. Engineering revenue increased to $64.7 million in 2025 from $38.5 million in 2024, attributed to the completion of custom products and the E4A Solutions acquisition. A net loss of $663.2 million was reported in 2025, a substantial shift from a net income of $109.4 million in 2024. The net loss was primarily due to a $115.9 million loss from the change in fair value of bitcoin, a $158.1 million loss on contract settlement (Rhodium Settlement), a $20.0 million loss on legal settlement (SBI Settlement), and a $29.7 million impairment of property and equipment. Cash used in operating activities significantly increased to $572.9 million in 2025 from $255.1 million in 2024. A long-term data center lease agreement was executed with Advanced Micro Devices, Inc. (AMD) for an initial 25 MW of critical IT load capacity at the Rockdale Facility, with expansion options for up to an additional 175 MW. The fee simple land underlying the Rockdale Facility was acquired for $96.0 million, securing its 700 MW grid interconnection and facilitating further data center development. Total developed power capacity across its facilities (Rockdale, Corsicana, Kentucky) reached 1,292 MW as of December 31, 2025. The company entered into a $200 million bitcoin-backed credit facility and fully drew down the amount, pledging 3,977 bitcoin as collateral as of December 31, 2025, with an additional 1,825 bitcoin pledged in February 2026 due to price decline. The cost to mine one bitcoin (excluding depreciation) increased to $49,645 in 2025 from $32,216 in 2024. Power curtailment credits increased to $56.7 million in 2025 from $33.7 million in 2024, reflecting the company's power strategy and support for grid stability.