Riot Platforms, Inc. (RIOT)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$674.5M

Revenue growth

24.5%

Net income, last twelve months

-$1.3B

Earnings per share

-$3.75

Operating margin

-199.2%

Net margin

-196.3%

Free cash flow

-$776.7M

Return on equity

-60.4%

Market value

$5.5B

Cash

$471.4M

Debt

$843.0M

Debt to equity

0.38

Shares outstanding

378.0M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 10 August 2026.

• Revenue rose 14% year-over-year. Total revenue was $174.2 million, up 14% from $153.0 million in the same quarter of 2025.
• Net loss and Adjusted EBITDA reported. The company reported a net loss of $237.2 million, against net income of $219.5 million a year earlier, and Adjusted EBITDA of negative $69.7 million.
• Bitcoin output rose year-over-year. The company produced 1,587 bitcoin in the quarter, up from 1,426 in the same quarter of 2025.
• Data Center segment revenue reported. Data Center revenue was $23.2 million: $4.9 million operating lease revenue and $18.3 million tenant fit-out services revenue. The company called this its second quarter of Data Center segment revenue.
• Bitcoin Mining revenue declined. Bitcoin Mining revenue was $113.7 million, down from $140.9 million. The company attributed the decline to lower average bitcoin prices and higher global network hash rate, partly offset by higher Riot hash rate.
• Engineering revenue rose. Engineering revenue was $37.3 million, compared with $10.6 million in the same quarter of 2025.
• 191 MW Rockdale lease signed. The company executed a 20-year lease for 191 MW of critical IT capacity at Rockdale with a frontier AI lab, expected to generate about $9.1 billion of initial contract revenue.
• Extension options raise total value. The lease includes two five-year extension options at the tenant's election, with total potential contract value of about $16.1 billion if both are exercised.
• Estimated NOI from the lease. Estimated cumulative NOI over the base term is $7.3 to $8.2 billion, or $365 to $411 million a year on average.
• Cost to mine rose year-over-year. Cost to mine one bitcoin, excluding depreciation, was $49,912, against $48,992 in the same quarter of 2025.
• Power costs and Kentucky expansion cited. The company said the increase in cost to mine was primarily driven by higher power costs and the expansion at its Kentucky facilities.
• Miners paid from cash balance. Cash paid for miner purchases was $25.2 million in the quarter, against $71.3 million a year earlier, paid from the company's cash balance.
• 241 MW contracted across two tenants. With the AMD lease, the company has contracted 241 MW of critical IT capacity with two companies in the AI ecosystem.
• About $9.8 billion of contracted revenue. The company put long-term contracted revenue from its leases at about $9.8 billion, with the leases executed in just over six months.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 378 held.

Every filing

The newest filings with the SEC of 798 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

510 funds held it at 30 Jun 2026: 240 added and 130 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• American Express Co. (AXP): revenue $77.6B, market value $213.5B
• Nu Holdings Ltd. (NU): revenue $15.8B, market value $58.1B
• Strategy Inc. (MSTR): revenue $498.3M, market value $51.2B
• Coinbase Global, Inc. (COIN): revenue $6.3B, market value $42.8B
• Synchrony Financial (SYF): revenue $15.0B, market value $23.4B
• SoFi Technologies, Inc. (SOFI): revenue $4.3B, market value $22.1B
• Circle Internet Group, Inc. (CRCL): revenue $2.9B, market value $22.0B
• Chime Financial, Inc. (CHYM): revenue $2.5B, market value $11.3B
• Iren Ltd. (IREN): revenue $707.0M, market value $10.3B
• Hut 8 Corp. (HUT): revenue $318.0M, market value $8.6B

What the company does

Riot Platforms describes itself as a vertically integrated digital infrastructure company engaged in developing and optimizing large-scale power assets. It deploys that electrical infrastructure across two platforms: Bitcoin Mining and scalable data center solutions designed for non-mining workloads.

How the business is organised

The company reports two segments, Bitcoin Mining and Engineering. It has focused on a vertically integrated model since 2021, owning and operating its own mining sites rather than renting space from third parties.

A former Data Center Hosting segment is no longer reported. In 2023 the company decided to stop pursuing new bitcoin mining hosting contracts, and all legacy hosting agreements were terminated during 2024. It says it has no plans to offer bitcoin mining hosting services to new customers.

Where it operates

The Rockdale Facility in Rockdale, Texas has 700 MW of developed capacity. The Corsicana Facility in Navarro County, Texas has 400 MW, and the company says it expects approximately one GW once complete. The Kentucky Facility came with the 2024 acquisition of Block Mining, Inc. and consists of two operational sites.

In January 2026 the company bought the approximately 200-acre parcel under the Rockdale Facility, which it had previously occupied under a long-term ground lease.

How it mines bitcoin

The company runs specialised servers, called miners, that use ASIC chips built to mine bitcoin. They sit in both air-cooled and immersion-cooled environments. Rewards come through a mining pool on a "Full-Pay-Per-Share" basis, which pays out according to the hash rate the company contributes, whether or not the pool solves a block. The current block reward is 3.125 bitcoin plus transaction fees.

All of its miner purchases in 2024 and 2025 were from MicroBT. Under a Master Agreement with MicroBT, purchase orders through 31 December 2025 covered miners with a total hash rate of 49.2 EH/s. The company says it expects all of them to be received by the second quarter of 2026.

The company holds its bitcoin in cold storage with two custodians, NYDIG Trust Company LLC and Coinbase. It sells bitcoin to fund operations and holds only bitcoin it has mined or purchased, not bitcoin for third parties.

How it manages power

Long-term power purchase agreements cover the Rockdale, Corsicana and Kentucky facilities.

- Manual curtailment: it powers down and returns power to the utility when market prices let it earn power credits worth more than the mining it would otherwise do. - Ancillary services: it bids to sell ERCOT and MISO the option to control its electrical load during certain hours. - ERCOT's 4CP Program: at both Texas sites it powers down during summer peak demand to reduce transmission costs in the following year.

Engineering and data centers

The Engineering business designs and manufactures power-distribution equipment and engineered-to-order electrical products. It supports the company's own site development and also serves outside customers, primarily large-scale industrial and governmental ones. Its markets include data center, power generation, utility, water, industrial and alternative energy. Products are built to customer specifications under fixed-price contracts and typically take between four and 12 weeks to complete. The company acquired E4A Solutions, an electrical engineering services provider, in December 2024.

In 2025 the company began a data center leasing effort, launching a platform for Data Center Phase I at the Corsicana Facility. In January 2026 it signed the AMD Lease with Advanced Micro Devices, Inc. for 25 MW of critical IT load capacity at Rockdale. The lease has an initial term of ten years, options for up to an additional 75 MW, a right of first refusal on up to an additional 100 MW, and three successive five-year renewal terms at the lessee's option.

Competition and its people

In mining, the company competes with public and private miners and with individuals in mining pools. It says its advantages include an energy portfolio concentrated in the Dallas-Austin corridor of Texas, low-cost power and vertical integration in electrical infrastructure and engineering. In data centers, it names established operators and infrastructure providers, along with other bitcoin miners moving into the field, as its main competitors.

Of its approximately 816 employees, about 641 work in engineering, construction, manufacturing and Bitcoin Mining operations, and about 175 are in general or administrative roles. About 63% are in Texas, 31% in Colorado and 3% in Kentucky. The principal executive office is in Castle Rock, Colorado. Eligible employees receive service-based restricted stock awards that generally vest over three years, and performance-based awards.

*From Riot Platforms's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1167419/000110465926022322/riot-20251231x10k.htm)*

From the company's 10-K.