RIOT · Riot Platforms, Inc.

Riot Platforms reported Q1 2026 results that reflect a strategic pivot toward data center operations. Total revenue rose 3.6% year-over-year to $167.2 million, driven by the initial contribution of Data Center revenue ($33.2 million) and a 60% increase in Engineering revenue to $22.2 million. However, Bitcoin Mining revenue fell 21.7% to $111.9 million due to lower average bitcoin prices and a 24% increase in global network hash rate, partially offset by higher operating hash rate. The net loss widened to $500.5 million from $296.4 million, primarily due to a $51.9 million loss from changes in fair value of derivatives (compared to a $41.9 million gain in the prior year) and higher depreciation and amortization ($97.7 million vs. $77.9 million). Adjusted EBITDA turned more negative at -$311.1 million versus -$176.3 million. Bitcoin production declined 3.7% to 1,473 BTC, while the cost to mine (excluding depreciation) increased slightly to $44,629 per BTC. Management highlighted the AMD lease expansion as a key validation of the company's data center strategy. The company ended the quarter with 15,679 bitcoin (worth ~$1.1 billion at $68,222 per BTC) and $282.5 million cash, providing substantial liquidity to fund growth. The transition to a data center operator is expected to generate recurring, high-margin revenue, though near-term profitability remains pressured by bitcoin mining headwinds and non-cash fair value adjustments.