Riot Platforms, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 30 April 2026: press release. Guidance figures: 1 new. The quarter’s numbers.

Key takeaways

Revenue rose to $167.2 million: Total revenue was $167.2 million, compared with $161.4 million in the same period of 2025. Source
Net loss and Adjusted EBITDA loss widened: Net loss was $(500,477) against $(296,367) a year earlier. Adjusted EBITDA was $(311,117) against $(176,337), as shown in the reconciliation table. Source
Bitcoin Mining revenue fell year over year: Bitcoin Mining revenue was $111.9 million against $142.9 million. Management cited lower average bitcoin prices and a higher network hash rate, partly offset by higher operating hash rate. Source
AMD option lifts contract to 50 MW: AMD exercised an option for 25 MW more, so contracted critical IT capacity reached 50 MW. Management said AMD chose to double its footprint. Source
Cost to mine rose to $44,629: Cost to mine one bitcoin, excluding depreciation, was $44,629 against $43,808, or 58.8% of production value against 46.9%. Cost of power for self-mining was $72,317 against $61,830. Source
Bitcoin holdings fell to 15,679: Bitcoin held was 15,679 at quarter end, of which 5,802 were collateral. Year-end 2025 holdings were 18,005, with 3,977 held as collateral. Source
Power portfolio positioned for data centers: Management said Riot has secured power, in-house development expertise and significant financial resources required for data center work. Source

“The first quarter of 2026 marks a definitive inflection point for Riot, as we officially transitioned into an active, revenue-generating data center operator,”
Jason Les, CEO of Riot

Guidance

Area	Period	Figure	Against last quarter
Bitcoin miner depreciation schedule Source	Remainder of 2026 through 2029	197,735; 216,084; 94,489; 13,865; total 522,173
AMD contracted critical IT capacity Source	not stated	50 MW	New

What changed from last quarter

New: Data Center revenue reported for the first time as a revenue line this quarter. Source
New: AMD exercised an option for 25 MW more of capacity. Source
New: Company describes itself as an active, revenue-generating data center operator, following the start of AMD lease operations. Source

Results and growth drivers

Revenue rose to $167.2 million: Total revenue was $167.2 million, compared with $161.4 million in the same period of 2025. Source
Net loss and Adjusted EBITDA loss widened: Net loss was $(500,477) against $(296,367) a year earlier. Adjusted EBITDA was $(311,117) against $(176,337), as shown in the reconciliation table. Source
Depreciation and amortization increased: Depreciation and amortization was 97,734 against 77,926 a year earlier. EBITDA was (402,147) against (219,093). Source

Segments and revenue mix

Bitcoin Mining revenue fell year over year: Bitcoin Mining revenue was $111.9 million against $142.9 million. Management cited lower average bitcoin prices and a higher network hash rate, partly offset by higher operating hash rate. Source
Engineering revenue rose: Engineering revenue was $22.2 million, against $13.9 million in the same quarter of 2025. Source
First quarter of Data Center revenue: The company reported its first quarter of Data Center revenue, at $33.2 million. Source

“Our ongoing delivery of initial capacity to AMD, and their decision to already double their footprint with a 25 megawatt expansion, validates our ability to execute at institutional scale with the most demanding tenants.”
Jason Les, CEO of Riot

Data center and AMD contract

AMD option lifts contract to 50 MW: AMD exercised an option for 25 MW more, so contracted critical IT capacity reached 50 MW. Management said AMD chose to double its footprint. Source
Lease operations began January 2026: The first phase of the AMD lease began operations in January 2026 and generated revenue, according to the prior-quarter release.
Data Center revenue split by type: Data Center revenue comprised $0.9 million of operating lease revenue and $32.2 million of tenant fit-out services revenue in the quarter. Source

Mining costs and margins

Cost to mine rose to $44,629: Cost to mine one bitcoin, excluding depreciation, was $44,629 against $43,808, or 58.8% of production value against 46.9%. Cost of power for self-mining was $72,317 against $61,830. Source
Hash rate and power credits drove cost: Management attributed the cost increase mainly to a 24% rise in average global network hash rate, partly offset by a 169% rise in power credits received. Source
Cost including depreciation rose: Cost to mine including bitcoin miner depreciation was $96,283 against $81,109, or 126.7% of production value against 86.9%. Source
Curtailment credits rose year over year: Power curtailment credits were $21,023 thousand against $7,801 thousand, earned by pausing mining to take part in ERCOT demand response programs. Source
Bitcoin produced fell to 1,473: The company produced 1,473 bitcoin against 1,530 a year earlier. Production value per bitcoin was $75,964 against $93,385. Source

Liquidity, bitcoin holdings and cash

Bitcoin holdings fell to 15,679: Bitcoin held was 15,679 at quarter end, of which 5,802 were collateral. Year-end 2025 holdings were 18,005, with 3,977 held as collateral. Source
Cash on hand declined: Cash on hand was $282.5 million at quarter end, of which $76.9 million was restricted, against $309.8 million and $76.3 million restricted at year-end 2025. Source
Bitcoin value near $1.1 billion: Holdings were about $1.1 billion at $68,222 per bitcoin on March 31, 2026, against about $1.6 billion at $87,498 on December 31, 2025. Source

Capital spending and depreciation

Miner depreciation over three years: Bitcoin miner depreciation was $76,086 against $57,062. Miners are depreciated over three years and expected to contribute to bitcoin revenue during that time. Source
Miner purchases paid in cash: The company paid $23.5 million in deposits and payments for miners in the quarter, against $21.0 million a year earlier. Source
No financing on miner purchases: The company said costs to finance miner purchases were zero in the periods presented, because miners were paid from the cash balance. Source

Strategy and power portfolio

Power portfolio positioned for data centers: Management said Riot has secured power, in-house development expertise and significant financial resources required for data center work. Source
Prior release cited two-gigawatt portfolio: In the prior-quarter release, management described unlocking a nearly two-gigawatt power portfolio for high-demand data center infrastructure.
Operating footprint in Texas and Kentucky: Bitcoin mining facilities are in central Texas and Kentucky, with engineering and fabrication capabilities in Denver and Houston. Source

Coming up, as management said on 30 April 2026

Power portfolio execution continues: Management said it is rapidly executing on value creation from its fully-approved power portfolio. No dated milestones were given. Source

Figures management reported

Figure	Reported
Bitcoin produced Source	1,473
Bitcoin held (of which collateral 5,802) Source	15,679
Contracted critical IT capacity (AMD) Source	50 MW

Risks management discussed

External: Management attributed lower bitcoin mining revenue to lower average bitcoin prices and a higher global network hash rate. Source
Financial: Derivative fair value change was an adjustment of 51,852 this quarter, against (41,894) a year earlier, in the Adjusted EBITDA reconciliation. Source

Earlier plans management reported on

Met: Management said operations on the first phase of the AMD lease commenced and generated revenue as of January 2026.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Riot Platforms Reports First Quarter 2026 Financial Results and Strategic Highlights

Quarterly revenue of $167.2 million, including $33.2 million in Data Center revenue
Announces AMD exercise of option for an additional 25 MW, bringing total contracted capacity to 50 MW of critical IT capacity

CASTLE ROCK, Colo., April 30 2026 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), a Bitcoin-driven industry leader in the development of large-scale data centers and bitcoin mining applications, reported financial results for the three-month period ended March 31, 2026. The accompanying presentation materials are available on Riot’s website.

“The first quarter of 2026 marks a definitive inflection point for Riot, as we officially transitioned into an active, revenue-generating data center operator,” said Jason Les, CEO of Riot. “Our ongoing delivery of initial capacity to AMD, and their decision to already double their footprint with a 25 megawatt expansion, validates our ability to execute at institutional scale with the most demanding tenants. With 50 megawatts now firmly contracted with AMD, we are rapidly executing on the value creation opportunity presented by our significant, fully-approved power portfolio. We have the secured power, the in-house development expertise, and the significant financial resources required to capitalize on strong market demand with high-quality tenants in order to drive compounding shareholder value.”

First Quarter 2026 Financial and Operational Highlights

Key financial and operational highlights for the quarter include:

Total revenue of $167.2 million, as compared to $161.4 million for the same three-month period in 2025.
Produced 1,473 bitcoin, as compared to 1,530 during the same three-month period in 2025.
The average cost to mine bitcoin, excluding depreciation, was $44,629 in the quarter, as compared to $43,808 per bitcoin in the same three-month period in 2025. The increase was primarily driven by a 24% increase in the average global network hash rate as compared to the same period in 2025, partially offset by a 169% increase in power credits received in first quarter 2026 compared to power credits received in first quarter 2025.
Bitcoin Mining revenue of $111.9 million for the quarter, as compared to $142.9 million for the same three-month period in 2025, primarily driven by lower average bitcoin prices and an increase in global network hash rate, partially offset by an increase in Riot’s average operating hash rate.
The Company’s first quarter of Data Center revenue of $33.2 million. Data Center revenue was comprised of $0.9 million in operating lease revenue and $32.2 million in tenant fit-out services revenue.
Engineering revenue of $22.2 million for the quarter, as compared to $13.9 million for the same three-month period in 2025.
Maintained strong liquidity position with 15,679 bitcoin (of which 5,802 were held as collateral), equating to approximately $1.1 billion based on a market price for one bitcoin on March 31, 2026, of $68,222. The quarter ended with $282.5 million of cash on hand (of which $76.9 million is restricted).

About Riot Platforms, Inc.

Riot’s (NASDAQ: RIOT) vision is to be the world’s most trusted platform for powering and building digital infrastructure.

Riot’s mission is to empower the future of digital infrastructure by positively impacting the sectors, networks, and communities that we touch. We believe that the combination of an innovative spirit and strong community partnership allows the Company to achieve best-in-class execution and create successful outcomes.

Riot is a Bitcoin-driven industry leader in the development of large-scale data centers and bitcoin mining applications. The Company’s vertically integrated strategy spans Bitcoin mining, engineering, and the development of large-scale data center projects designed to support the growing demand for high-density computing. Riot currently operates Bitcoin mining facilities in central Texas and Kentucky, with engineering and fabrication capabilities in Denver and Houston. The Company is now expanding into data center development, strengthening its position as a foundational builder in the digital economy.

For more information, visit www.riotplatforms.com.

Safe Harbor

Forward-looking statements notice

Statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions. Such statements rely on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” similar expressions and their negatives are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to: plans to develop data centers, projections, objectives, expectations, and intentions about future events, short-term and long-term business operations and objectives and financial needs; the Company’s data center lease at the Rockdale Site; forecasted demand for energy at the sites; the Company’s expansion plans at the site, the Company’s anticipated financing plan for the project, and the Company’s other plans, projections, objectives, expectations, and intentions more generally. These forward-looking statements are subject to a number of risks and uncertainties that may cause results, performance, or achievements to be materially different from those expressed or implied, including, without limitation: risks relating to the Company’s growth and developing the Company’s power capacity for data center purposes, including construction plans, delays, supply chain issues, permitting or regulatory hurdles, and unforeseen technical challenges; the anticipated demand for large data centers; changes in leasing arrangements; risks relating to the financing of new data centers; future economic conditions, performance, or outlooks; future political conditions; the outcome of contingencies; potential acquisitions or divestitures; our ability to maximize the value of our full power portfolio; the number and value of Bitcoin rewards and transaction fees we earn from our ongoing Bitcoin Mining operations; future self-mining hash rate capacity; 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 the future; unaudited estimates of bitcoin production; risks related to the success, schedule, cost and difficulty of integrating businesses we acquire; and our failure to realize anticipated efficiencies and strategic and financial benefits from our acquisitions. Detailed information regarding the factors identified by the Company’s management which they believe may cause actual results to differ materially from those expressed or implied by such forward-looking statements in this press release may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risks, uncertainties and other factors discussed under the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC’s website, www.sec.gov. All forward- looking statements included in this press release are made only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on such forward-looking statements.

Additional Information and Communications

For important news and information regarding the Company, including presentations and other news and events, visit the Investor Relations section of the Company’s website, riotplatforms.com/overview, and the Company’s social media accounts, including on X and LinkedIn.

Non-U.S. GAAP Measures of Financial Performance

In addition to financial measures presented under generally accepted accounting principles in the United States of America (“GAAP”), we consistently evaluate our use of and calculation of non-GAAP financial measures such as “Adjusted EBITDA.” EBITDA is computed as net income before interest, taxes, depreciation, and amortization. Adjusted EBITDA is a financial measure defined as EBITDA, adjusted to eliminate the effects of certain non-cash and/or non-recurring items that do not reflect our ongoing strategic business operations, which management believes results in a performance measurement that represents a key indicator of the Company’s core business operations of Bitcoin mining. The adjustments include fair value adjustments such as derivative power contract adjustments, equity securities fair value changes, and non-cash stock-based compensation expense, in addition to financing and legacy business income and expense items. We believe Adjusted EBITDA can be an important financial performance measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including our return on capital and operating efficiencies from period-to-period by making such adjustments. Additionally, Adjusted EBITDA is used as a performance metric for share-based compensation.

Adjusted EBITDA is provided in addition to, and should not be considered a substitute for, or superior to, net income, the most comparable measure under GAAP to Adjusted EBITDA. Further, Adjusted EBITDA should not be considered as an alternative to revenue growth, net income, diluted net income per share or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of our liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider this financial measure either in isolation or as a substitute for analyzing our results as reported under GAAP.

The following table reconciles Adjusted EBITDA to Net income (loss), the most comparable GAAP financial measure:

	Three Months Ended
	March 31,
	2026	2025
Net income (loss)	$(500,477)	$(296,367)
Interest income	(2,313)	(3,397)
Interest expense	2,618	2,308
Income tax expense (benefit)	291	437
Depreciation and amortization	97,734	77,926
EBITDA	(402,147)	(219,093)
Adjustments:
Stock-based compensation expense	39,166	29,576
Acquisition-related costs	-	76
Change in fair value of derivatives	51,852	(41,894)
Change in fair value of contingent consideration	-	(8,252)
Loss (gain) on equity method investment - marketable securities	-	63,238
Loss (gain) on sale of equipment	-	129
Other (income) expense	12	(93)
Amortization of license fee revenue	-	(24)
Adjusted EBITDA	$(311,117)	$(176,337)

The Company defines Cost to Mine as the cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as calculated in the table below.

	Three Months Ended
	March 31,
	2026	2025
Cost of power for self-mining operations	$72,317	$61,830
Other direct cost of revenue for self-mining operations(1)(2), excluding bitcoin miner depreciation	14,445	12,988
Cost of revenue for self-mining operations, excluding bitcoin miner depreciation	86,762	74,818
Less: power curtailment credits	(21,023)	(7,801)
Cost of revenue for self-mining operations, net of power curtailment credits, excluding bitcoin miner depreciation	65,739	67,017
Bitcoin miner depreciation(4)(5)	76,086	57,062
Cost of revenue for self-mining operations, net of power curtailment credits, including bitcoin miner depreciation	$141,825	$124,079
Quantity of bitcoin mined	1,473	1,530
Production value of one bitcoin mined	$75,964	$93,385
Cost to mine one bitcoin, excluding bitcoin miner depreciation	$44,629	$43,808
Cost to mine one bitcoin, excluding bitcoin miner depreciation, as a % of production value of one bitcoin mined	58.8%	46.9%
Cost to mine one bitcoin, including bitcoin miner depreciation	$96,283	$81,109
Cost to mine one bitcoin, including bitcoin miner depreciation, as a % of production value of one bitcoin mined	126.7%	86.9%

Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property tax.
During the three months ended March 31, 2026 and 2025, we paid cash of $23.5 million and $21.0 million, respectively, in total deposits and payments for the purchase of miners. Costs to finance the purchase of miners were zero in all periods presented as the miners were paid for with cash from the Company’s cash balance. The seller did not provide any financing nor did the Company borrow from a third-party to purchase the miners.
Power curtailment credits are credited against our power invoices as a result of temporarily pausing our operations to participate in ERCOT’s Demand Response Service Programs. Our fixed-price power purchase contracts enable us to strategically curtail our mining operations and participate in these programs, which significantly lower our cost to mine bitcoin. These credits are recognized in Power curtailment credits on our Condensed Consolidated Statements of Operations, outside of cost of revenue, but significantly reduce our overall cost to mine bitcoin.
We capitalize the acquisition cost of our miners and include these costs in Property and equipment, net on our Condensed Consolidated Balance Sheets. The miners are depreciated over an estimated useful life of three years, during which time, they are expected to contribute to the generation of bitcoin revenue. We do not consider depreciation expense in determining whether it is economical to operate our miners because depreciation is a non-cash expense and is not a variable operating cost that can be avoided even if we curtail operations temporarily. Depreciation expense incurred is disclosed for each respective period in the table above.
The following table presents the future depreciation expense of all of our bitcoin miners:

Remainder of 2026	$197,735
2027	216,084
2028	94,489
2029	13,865
Total	$522,173

Computed as revenue recognized from bitcoin mined divided by the quantity of bitcoin mined during the same period.

Contacts
Joshua Kane
IR@Riotplatforms.com
Becca Rincon
PR@Riotplatforms.com