📈 Price History

Ratio Health

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By Category

📊 Peer Medians

About

Riot Platforms, Inc., together with its subsidiaries, operates as a Bitcoin mining company in the United States. It operates in two segments, Bitcoin Mining and Engineering. The company offers comprehensive and critical infrastructure for bitcoin mining and data center services at its facilities. The company also designs and manufactures power distribution equipment and engineered-to-order electrical products; and electricity distribution product design, manufacturing, and installation services for large-scale industrial and governmental customers, as well as data center, power generation, utility, water, industrial, and alternative energy markets. The company was founded in 2000 and is based in Castle Rock, Colorado.

Key Ratios Snapshot

📈 Growth Pattern

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management uses strong, assured language like 'incredibly proud', 'our mission is clear', and provides concrete numbers (19k Bitcoin, $330M cash, 40 EH/s target). They detail a multi-step strategy and specific milestones (basis of design by Q3 end), showing command of details.

Q3 2025

Confident Specific

Management repeatedly uses confident language like 'incredibly excited' and 'significant progress', and backs up claims with specific milestones (e.g., 112 MW core and shell development, $214 million cost, 1.8 GW total power).

Q4 2025

Confident Specific

The tone is consistently positive and specific, with frequent use of phrases like 'transformational year', 'exceptionally proud', 'clear roadmap', and 'validates our capabilities'. Management provides concrete numbers and milestones (e.g., $647 million revenue, 72% increase, 1.7 GW capacity, AMD lease details) to back their claims.

Q1 2026 latest

Confident Specific

Management used precise numbers and milestones, emphasizing on-time delivery, cost savings, and tenant confidence, e.g., 'definitive inflection point,' 'delivering exactly as promised, on time and on budget.'

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. The AMD expansion validates Riot's ability to deliver on schedule and attract investment-grade tenants, while the Corsicana design upgrade improves capital efficiency without incremental spend. The Bitcoin treasury and disciplined capital allocation provide flexibility without dilution. Key catalysts to watch: signing additional leases at Rockdale or Corsicana, closing project-level financing for the AMD asset, and execution of the 168 MW core-and-shell delivery by Q2 2027. Risks include reliance on Bitcoin sale funding and tenant concentration, but the multi-site pipeline and vertical integration mitigate these. Overall, the transition from Bitcoin miner to data center operator is gaining tangible traction.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Riot: 2 GW power, 50 MW AMD lease, $167M Q1 revenue.

Revenue & Profitability

Total revenue of $167 million. GAAP net loss of $500 million ($1.44 per share) and adjusted EBITDA loss of $311 million, driven by non-cash mark-to-market on Bitcoin ($326.7M) and depreciation ($97.7M). Bitcoin mining produced 1,473 BTC with a direct cost of $44,629 per BTC (net power cost $0.03/kWh). Data center segment revenue $33.2M (lease $0.9M, fit-out $32.2M). Ended with 15,679 BTC valued at ~$1.1B.

Outlook

Management sees data center demand outpacing supply due to AI commercialization, with hyperscalers growing CapEx and short on compute. Power access is a key bottleneck. Riot's 2 GW of secured power positions it well in this environment. The outlook is positive for continued demand for high-density compute capacity.

Growth Drivers

Growth levers include expanding the AMD relationship (current 50 MW with options to 200 MW), active leasing discussions at Rockdale and Corsicana, and building the power pipeline via greenfield/brownfield, self-generation, M&A, and JVs (100+ opportunities evaluated). Corsicana campus capacity increased to 756 MW from enhanced design. ESS Metron capacity expanding 25% in 2026.

Balance Sheet & CapEx

AMD expansion CapEx is $83.2 million at ~$3.3 million per MW (reduced from $3.6M due to leaner scope). Core and shell CapEx at Corsicana unchanged but now delivers 168 MW vs 112 MW. No equity issued; funded via operating cash flow and Bitcoin sales. Targeting project-level non-recourse financing with ~80% loan-to-cost.

Margins

Data center lease margin was 91% in Q1, expected to normalize to 80%+ as O&M scales. Tenant fit-out services margin ~5%. Bitcoin mining net power cost $0.03/kWh and direct cost per BTC $44,629 (26% reduction from Q4 2025). Overall margin expected to expand as high-margin lease revenue scales.

Key Risks

Non-cash mark-to-market on Bitcoin causing GAAP losses. Bitcoin price volatility. Financing execution risk (though positive lender feedback). Unpredictable leasing timeline (peers have deals that start/stop). Reliance on Bitcoin sales for funding. Standard forward-looking statement risks.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-10

Secured a $9.1B, 20-year lease with a leading AI lab and expanded AMD partnership, driving Q2 revenue up 14% year-over-year to $174M. Liquidity stands at $1.2B, with strong capital recycling and project financing supporting rapid data center growth.

Q1 2026 Q1 2026 2026-04-30

Q1 2026 marked a pivotal shift to data center operations, highlighted by AMD's 25 MW expansion and strong progress at Corsicana. Revenue reached $167M, with high-margin lease income scaling and robust Bitcoin mining performance. Growth is funded by Bitcoin sales and cash flow.

Q4 2025 Q4 2025 2026-03-02

2025 saw a strategic transformation with record revenue, a major AMD lease, and a shift toward data center development. Strong power assets, internal engineering, and disciplined capital allocation position the company for growth as it targets further high-quality leases and NOI expansion.

Q3 2025 Q3 2025 2025-10-30

Announced 112 MW data center development at Corsicana, leveraging strong power assets and balance sheet. Q3 revenue rose 18% to $180.2M, with net income of $104.5M and 19,287 Bitcoin held. Focus remains on maximizing power value, expanding data centers, and maintaining cost discipline.

Q2 2025 Q2 2025 2025-07-31

Second quarter results showed strong financial performance, with net income of $219.5 million driven by Bitcoin price appreciation and operational efficiency. Strategic expansion into data centers continues, supported by a robust balance sheet and increased power capacity.

📊 Analysis Methodology

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