Bitcoin mining revenue totaled $140.9 million, stable compared to the prior quarter, with a 50% gross margin, up from 48%, driven by higher Bitcoin prices.
Bitcoin production was 1,426 BTC, down from 1,530 BTC in Q1 due to global network hash rate growth outpacing Riot's hash rate increase.
Direct cost to mine was $48,992 per Bitcoin, with power costs at $37,767 (77%) and non-power costs at $11,225 (23%), the latter increased due to property tax assessments at Corsicana.
Engineering business revenue was $10.6 million, down 14% from $13.9 million in the prior quarter, with a backlog of $118.7 million.
Gross profit was $70.3 million with a gross margin of 46%, flat quarter-over-quarter.
Net income was $219.5 million or $0.65 per share, compared to a net loss of $296.4 million in the prior quarter, driven by a $477 million mark-to-market gain from Bitcoin price appreciation.
Non-GAAP adjusted EBITDA was $495.3 million, a significant improvement from a loss of $176.3 million in the prior quarter.
Riot reported total revenue of $153 million for Q2 2025, a 5% decrease from $161.4 million in Q1, primarily due to lower Bitcoin production as global hash rate grew faster than Riot's self-mining hash rate.
Year-to-date Bitcoin holdings per million fully diluted shares increased to 47.4, representing a 3.7% Bitcoin yield through June 30, 2025.
Advisor and institutional businesses had flat sequential revenue growth as market appreciation in May and June offset April declines.
AUM and AUA grew sequentially and year-over-year, with AUM net flows roughly flat year-to-date, a significant improvement from prior year outflows.
Consolidated operating margins improved slightly year-over-year but declined sequentially due to onetime expenses and corporate overhead.
Excluding onetime items, adjusted EPS was $1.20, an increase from both the prior year and prior quarter.
Investment Managers revenue grew 8% year-over-year with double-digit growth in alternatives offsetting a 1% decline in traditional revenue due to mark-to-market weakness.
Margins declined sequentially due to investments in talent and technology, with Investment Managers margins impacted by hiring ahead of expected new business.
Private Banking revenue increased year-over-year and sequentially, supported by larger clients going live.
SEI reported EPS of $1.78 including significant onetime items totaling a $0.60 EPS impact, partially offset by $0.02 of expenses related to foreign currency losses and legal fees tied to the Stratos investment.
SEI returned significant capital to shareholders with buybacks exceeding $700 million on a trailing 12-month basis.
Allowance for credit losses to total loans was 1.28%, consistent with prior periods, and allowance to nonperforming loans improved to 175% from 122%.
Effective tax rate was 14.6% for the quarter and 14.7% year-to-date.
Efficiency ratio improved to 64.5% from 64.9% in the linked quarter and 72.6% in Q2 2024.
Loan and lease portfolio grew at an annualized rate of 6.1%, with residential loans increasing by $42 million.
Loan-to-deposit ratio was 98.6%, higher than targeted, with plans to reduce it to 90%-95%.
Margin expanded by 13 basis points to 3.64% compared to the linked quarter.
Net income for Q2 2025 was $11 million or $0.71 per diluted share, a 56% increase over Q2 2024 and a $847,000 increase over the linked quarter.
Net interest income was $34.8 million, up 6.2% from the linked quarter, driven by a 13 basis point increase in earning asset yield to 5.84%.
Noninterest expense was $27.5 million, a 1.3% increase over the first quarter due to merit increases and salary adjustments, but declined 3.2% from Q2 2024 due to fewer FTEs and reduced equipment expense.
Noninterest income declined $1.3 million or 16.2% from the first quarter and $3.8 million from Q2 2024, mainly due to nonrecurring adjustments related to leasing operations.
Pre-provision net revenue increased by $3.3 million or 37.5% over Q2 2024 and $770,000 or 6.7% over the linked quarter.
Tier 1 leverage ratio was 8.8%, tangible common equity ratio was 6.7%, both improving post capital raise and acquisition.
Cross-border volume increased 15% globally, reflecting growth in both travel and non-travel related spending.
Domestic assessments were up 9%, cross-border assessments increased 15%, transaction processing assessments were up 18%.
EPS was $4.15, including a $0.09 contribution from share repurchases.
Net income and EPS increased 12% and 14%, respectively, driven primarily by strong operating income growth, partially offset by a higher effective tax rate due to global minimum tax rules.
Net revenue growth was ahead of expectations, primarily driven by higher-than-expected revenue from FX volatility.
Operating expenses increased 14%, including a full ppt increase from acquisitions.
Operating income was up 17%, which includes a 1 ppt headwind from acquisitions.
Outside the U.S., volume increased 10% with credit growth of 9% and debit growth of 11%.
Payment Network net revenue increased 13%, driven by domestic and cross-border transaction and volume growth.
Second quarter net revenues were up 16% and adjusted net income up 12% versus a year ago on a non-GAAP currency-neutral basis.
Switch transactions grew 10% year-over-year; contactless penetration now represents 75% of all in-person switched purchase transactions.
Total adjusted operating expenses increased 14%, including a 4 ppt impact from acquisitions, driven by spending on strategic initiatives.
Value Added Services & Solutions net revenue increased 22%, with acquisitions contributing approximately 4 ppt to this growth.
Worldwide gross dollar volume (GDV) increased by 9% year-over-year; U.S. GDV increased 6%, impacted by lapping of the Citizens debit portfolio migration.
Dafinchi