Riot Platforms (RIOT) Q1 2026 earnings summary

Executive summary

• Achieved a major inflection point, transitioning into a significant data center operator with AMD lease expansion to 50 MW and initial deliveries at Rockdale, alongside substantial progress at Corsicana.

• Delivered first 5 MW of IT capacity to AMD on schedule; remaining 20 MW on track for May 2026, with AMD exercising an additional 25 MW expansion and options for up to 200 MW total capacity.

• Achieved total revenue of $167.2 million for Q1 2026, up 2% year-over-year, with strong data center and engineering growth.

• Maintained strong capital discipline, funding growth through operating cash flow and disciplined Bitcoin sales, with no equity issued.

• Enhanced leadership and engineering teams with experienced hires and executed amended executive employment agreements for key executives, outlining compensation, equity, and severance terms.

Financial highlights

• Q1 2026 revenue reached $167.2 million, including $33.2 million from the new data center segment and $111.9 million from Bitcoin mining.

• GAAP net loss of $500.5 million ($1.44 per diluted share), driven by $326.7 million in non-cash Bitcoin mark-to-market adjustments and $97.7 million in depreciation/amortization.

• Adjusted EBITDA loss of $311.1 million for the quarter.

• Bitcoin mining segment produced 1,473 BTC, with a 26% reduction in direct mining cost to $44,629 per BTC and a gross margin of 41%.

• Ended the quarter with 15,679 Bitcoin valued at $1.1 billion and $282.5 million in cash.

Outlook and guidance

• Expect annualized operating lease revenue run rate to reach $37.8 million by end of 2026 and $55.6 million by end of 2027 as AMD's full 50 MW comes online, with options for up to 200 MW.

• High-margin lease revenue to scale as more AMD capacity is delivered, targeting normalized NOI margins of 80%+.

• Ongoing commercial discussions for additional leases at both Rockdale and Corsicana, with strong demand signals from hyperscalers and AI tenants.

• Corsicana campus development underway, targeting up to 756 MW total IT capacity.

• Focus on broadening capital availability and lowering cost of capital as asset base matures.