0001104659-26-053120
SEC filingRevenue grew to $167.2M, but net loss widened to $500.5M on $326.7M bitcoin fair value loss; Bitcoin Mining revenue fell 21.7%.
Total revenue for Q1 2026 was $167.2M, up 3.6% from $161.4M in Q1 2025, driven by new Data Center and Engineering growth, partially offset by a decline in Bitcoin Mining. Bitcoin Mining revenue fell 21.7% to $111.9M, due to a 17.3% drop in average bitcoin price ($68,223 vs $82,535) and a 3.7% decrease in bitcoin production (1,473 vs 1,530). These were partially offset by a 22.6% increase in average operating hash rate to 36.4 EH/s.
Net loss widened to $500.5M from $296.4M, largely due to a $326.7M non-cash loss from the change in fair value of bitcoin, a $51.9M loss from derivative revaluation (forward power prices fell from $55.7/MWh to $49.1/MWh), and increased depreciation ($97.7M vs $77.9M) from miner deployments. Adjusted EBITDA worsened to -$311.1M from -$176.3M.
Management highlighted strategic priorities: scaling bitcoin mining hash rate (10.4% increase in deployed hash rate to 42.5 EH/s since year-end), advancing Data Center development (Corsicana Facility targeting 1 GW capacity), and continued vertical integration via Engineering. The Bitcoin Treasury Strategy selectively monetizes holdings to fund operations and capex; during Q1 2026, 3,778 bitcoin were sold for $289.5M. No ATM issuances occurred in Q1 2026, but $500M remains available under the 2025 ATM Program. Liquidity includes $205.7M cash and $33.3M net working capital, with $853.7M total debt principal outstanding (primarily $594.4M 2030 Notes and $200M bitcoin-backed credit facility). Management expects continued capital deployment in miner purchases ($4.8M remaining commitment) and facility expansion, with potential need for future equity or debt financing depending on bitcoin price and operational cash flows.
As of March 31, 2026, Riot held $205.7M in cash and equivalents, down from $233.5M at year-end 2025. Total debt stood at $842.2M, comprising convertible notes ($594.4M principal) and credit facilities. The company's bitcoin holdings totaled 15,679 BTC, valued at $1.07B at fair value, of which 5,802 BTC were pledged as collateral. Stockholders' equity was $2.39B, a decline from $2.86B due to a $500.5M net loss.
Remaining purchase commitments amount to $13.7M: $4.8M for miners under the MicroBT master agreement (expected Q2 2026) and $8.9M for Corsicana water infrastructure. The company also has operating lease liabilities of $35.0M and a note payable of $5.0M. No material off-balance sheet commitments were identified.
Capital expenditures totaled $115.5M in Q1 2026, focused on miner purchases and infrastructure, representing 69% of revenue. Debt increased modestly by $1.4M from amortization of issuance costs. The company did not repurchase any shares or pay dividends. The $500M ATM program remained fully available, with no shares sold during the quarter.
Three reportable segments: Bitcoin Mining (67% of revenue), Data Center (20%), and Engineering (13%). Bitcoin Mining revenue fell 21.7% YoY to $111.9M due to lower production and bitcoin prices. Data Center, a new segment, generated $33.2M driven by the AMD lease (tenant fit-out services). Engineering revenue grew 59.3% to $22.2M. Segment gross profit margins: Bitcoin Mining 22.5%, Data Center 7.2%, Engineering 33.6%. All power sourced from ERCOT.