Riot Platforms reports Q1 revenue up 4% to $167M; AMD doubles data center lease to 50 MW

The company announced its first quarter 2026 financial results through a press release and earnings presentation deck posted to its investor relations website. The 8-K itself does not contain the actual financial figures or operational metrics, which are provided in the attached exhibits.

Riot reported Q1 2026 revenue of $167.2 million, up 3.6% year-over-year from $161.4 million in Q1 2025. The revenue mix shifted significantly with the company's first quarter generating data center revenue of $33.2 million (comprised of $0.9 million operating lease revenue and $32.2 million tenant fit-out services), while bitcoin mining revenue declined to $111.9 million from $142.9 million in the prior year period due to lower average bitcoin prices and increased global network hash rate.

AMD exercised its option to double its data center footprint with Riot, adding 25 MW of capacity to bring the total contracted capacity to 50 MW. This expansion validates Riot's ability to execute at institutional scale and represents a significant milestone in the company's transition from pure bitcoin mining to diversified data center operations. CEO Jason Les characterized this as marking "a definitive inflection point for Riot, as we officially transitioned into an active, revenue-generating data center operator."

Riot produced 1,473 bitcoin in Q1 2026, down 3.7% from 1,530 bitcoin in Q1 2025, primarily due to a 24% increase in global network hash rate. The average cost to mine bitcoin (excluding depreciation) increased to $44,629 from $43,808, though this was partially offset by a 169% increase in power curtailment credits ($21.0 million in Q1 2026 vs $7.8 million in Q1 2025). The company maintained a strong liquidity position with 15,679 bitcoin holdings (5,802 held as collateral) worth approximately $1.1 billion at quarter-end bitcoin price of $68,222.

Riot reported an Adjusted EBITDA loss of $311.1 million in Q1 2026, compared to a loss of $176.3 million in Q1 2025. The net loss for the quarter was $500.5 million compared to $296.4 million in the prior year period. The increased losses reflect the challenging bitcoin mining environment with lower bitcoin prices and higher network difficulty, partially offset by the new data center revenue stream.

Riot reported Q1 2026 net income of negative $1.44 per diluted share on total revenue of $167 million (up 2% year-over-year). The company mined 1,473 bitcoin at a cost of $44,629 per coin with 42.5 EH/s deployed hash rate. Data center operations contributed $33 million in revenue with a 91% operating lease gross margin from the initial 5 MW AMD deployment. Adjusted EBITDA was negative $311 million.

AMD exercised a 25 MW expansion option, doubling the total contracted capacity to 50 MW. The expanded lease has total contract revenue of $636 million and estimated net operating income of $510 million over the initial 10-year term, requiring $172.7 million in capital expenditures. AMD retains options for an additional 150 MW (50 MW on the initial option plus a new 100 MW option), bringing total potential capacity to 200 MW.

The 25 MW expansion will be delivered in two phases: 10 MW in November 2026 and 15 MW in May 2027, bringing total deployed capacity to 50 MW by mid-2027.

Riot commenced construction on the first core-and-shell building at its Corsicana site, which is planned for up to 756 MW of total IT capacity across 4.5 buildings (168 MW per building). The company has advanced procurement of long-lead items for the full buildout and strengthened its in-house data center team with experienced leadership.

Bitcoin mining revenue was $111.9 million with gross profit of $46.2 million in Q1 2026. Riot achieved a cost to mine of $44,629 per bitcoin and a record-high 90% hash rate utilization. The company's power strategy generated $21.0 million in curtailment credits ($14,272 per bitcoin), driving an all-in power cost of 3.0 cents per kWh, among the industry's lowest.