Riot Platforms Reports Third Quarter 2026 Financial Results and Strategic
Riot Platforms, Inc. (RIOT) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Riot Platforms Reports Third Quarter 2026 Financial Results and Strategic Highlights Executed a 15-year, 910 critical IT MW triple-net powered land lease with a leading Frontier AI Lab at Corsicana, representing approximately $28 billion in total contract value and a
How this was made
The 30-second read
Why it matters
The disclosed lease and earnings beat provide a clear catalyst for short‑term price appreciation and longer‑term revenue visibility.
Market read
First‑report 8‑K filing with material contract and earnings data, likely to move RIOT stock.
What to watch
Potential regulatory or environmental challenges to large‑scale power infrastructure could delay deployment.
Riot Platforms Reports Third Quarter 2026 Financial Results and Strategic Highlights
Quarterly revenue increased 1% year-over-year as Data Center and Engineering revenue offset lower Bitcoin Mining revenue. The company also announced a 15-year, 910 critical IT MW Corsicana lease with approximately $28 billion in total contract value, while quarterly GAAP net income declined to $4,034 from $104,480 and Bitcoin Mining revenue fell to $116.0 million from $160.8 million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended September 30, 2026GAAP | $181.4M | – | 1% increase year-over-year |
| Net income, three months ended September 30, 2026GAAP | $4,034 | – | – |
| Net loss, nine months ended September 30, 2026GAAP | $(733,613) | – | – |
| EBITDA, three months ended September 30, 2026non-GAAP | $125,154 | – | – |
| EBITDA, nine months ended September 30, 2026non-GAAP | $(417,420) | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $191,333 | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $(189,882) | – | – |
| Interest income, three months ended September 30, 2026GAAP | $(5,622) | – | – |
| Interest income, nine months ended September 30, 2026GAAP | $(11,558) | – | – |
| Interest expense, three months ended September 30, 2026GAAP | $2,748 | – | – |
| Interest expense, nine months ended September 30, 2026GAAP | $8,053 | – | – |
| Income tax expense, three months ended September 30, 2026GAAP | $73 | – | – |
| Income tax expense, nine months ended September 30, 2026GAAP | $259 | – | – |
| Depreciation and amortization, three months ended September 30, 2026GAAP | $123,921 | – | – |
| Depreciation and amortization, nine months ended September 30, 2026GAAP | $319,439 | – | – |
| Stock-based compensation expense, net of amounts capitalized, three months ended September 30, 2026non-GAAP | $21,444 | – | – |
| Stock-based compensation expense, net of amounts capitalized, nine months ended September 30, 2026non-GAAP | $95,823 | – | – |
| Change in fair value of derivatives, three months ended September 30, 2026non-GAAP | $26,323 | – | – |
| Change in fair value of derivatives, nine months ended September 30, 2026non-GAAP | $86,537 | – | – |
| Impairment of property and equipment, three months ended September 30, 2026non-GAAP | $18,453 | – | – |
| Impairment of property and equipment, nine months ended September 30, 2026non-GAAP | $46,425 | – | – |
| Bitcoin produced, three months ended September 30, 2026other | 1,637 bitcoin | – | 16% increase |
| Bitcoin produced, nine months ended September 30, 2026other | 4,697 | – | – |
| Production value of one bitcoin mined, three months ended September 30, 2026other | $70,855 | – | – |
| Production value of one bitcoin mined, nine months ended September 30, 2026other | $72,732 | – | – |
| Cost to mine one bitcoin, excluding bitcoin miner depreciation, three months ended September 30, 2026other | $39,265 | – | – |
| Cost to mine one bitcoin, excluding bitcoin miner depreciation, as a % of production value of one bitcoin mined, three months ended September 30, 2026other | 55.4 % | – | – |
| Cost to mine one bitcoin, including bitcoin miner depreciation, three months ended September 30, 2026other | $78,805 | – | – |
| Cost to mine one bitcoin, including bitcoin miner depreciation, as a % of production value of one bitcoin mined, three months ended September 30, 2026other | 111.2 % | – | – |
| Cost to mine one bitcoin, excluding bitcoin miner depreciation, nine months ended September 30, 2026other | $44,544 | – | – |
| Cost to mine one bitcoin, excluding bitcoin miner depreciation, as a % of production value of one bitcoin mined, nine months ended September 30, 2026other | 61.2 % | – | – |
| Cost to mine one bitcoin, including bitcoin miner depreciation, nine months ended September 30, 2026other | $88,282 | – | – |
| Cost to mine one bitcoin, including bitcoin miner depreciation, as a % of production value of one bitcoin mined, nine months ended September 30, 2026other | 121.4 % | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Data Center revenue, three months ended September 30, 2026Comprised of $7.7 million in base rent, $0.5 million in variable lease revenue, and $10.2 million in tenant fit-out reimbursement revenue, reflecting the first full quarter of the stabilized 25 MW delivered to AMD. | $18.4M | – | – |
| Bitcoin Mining revenue, three months ended September 30, 2026Primarily driven by a lower average bitcoin price of $70,855, as compared to $114,361 in the prior-year period, partially offset by a 16% increase in production. | $116M | – | – |
| Engineering revenue, three months ended September 30, 2026Driven by strong third-party data center demand for custom electrical equipment. | $47M | – | – |
Capital returns
- No equity raised in 2026.
- The Company does not currently anticipate issuing equity to fund its announced projects.
- Management stated it will allocate capital with discipline to whichever use creates the most value per share, whether its development pipeline or returning capital to shareholders.
What drove it
- The Corsicana transaction is a 15-year triple-net powered land lease with a leading Frontier AI Lab covering 910 MW of critical IT capacity on a contiguous 332-acre parcel.
- The Corsicana lease has approximately $28 billion of total contract value and approximately $1.8 billion of average annual rent, including contractual escalators.
- Riot has contracted 1,151 MW and approximately $38 billion of data center revenue through the Corsicana lease, its AMD contract, and the Rockdale lease with the same Frontier AI Lab.
- The Corsicana triple-net structure is estimated to have an NOI margin of approximately 99%, or approximately $1.8 billion of average annual net operating income over the initial term.
- Management cited lower power costs, higher production, and $24.7 million of power curtailment credits, equivalent to $15,067 per bitcoin mined, as drivers of the lower average cost to mine bitcoin excluding depreciation.
Concerns
- Bitcoin Mining revenue declined to $116.0 million from $160.8 million, primarily due to the lower average bitcoin price of $70,855 compared with $114,361 in the prior-year period.
- Quarterly GAAP net income was $4,034 compared with $104,480 in the prior-year period.
- Cost to mine one bitcoin excluding bitcoin miner depreciation was 55.4 % of production value of one bitcoin mined, compared with 40.5 % in the prior-year period.
- Cost to mine one bitcoin including bitcoin miner depreciation was 111.2 % of production value of one bitcoin mined, compared with 77.9 % in the prior-year period.
- The Corsicana development has a $5.5 billion overall capital requirement. Reimbursements are expected to be funded with non-recourse project debt sized to contracted rent, or directly funded by the tenant if financing on comparable market terms is not available.
What to watch
- Delivery of 400 MW in September 2027, 200 MW in January 2028, and 310 MW in July 2028 at Corsicana.
- Rent commencement on each Corsicana phase no later than 60 days after delivery of its powered pads.
- Funding of the $2 million per IT MW Riot cash contribution from existing liquidity and the availability of non-recourse project debt for tenant reimbursements.
- The stabilized 25 MW delivered to AMD and subsequent Data Center revenue.
- Bitcoin price, production, power costs, and power curtailment credits, which affected Bitcoin Mining revenue and cost to mine.
Balance sheet and cash flow
- Ended the quarter with $950.2 million in cash and bitcoin.
- Cash was $748.2 million, of which $79.2 million is restricted.
- Held 2,418 bitcoin, equating to approximately $202.0 million based on the market price for one bitcoin on September 30, 2026 of $83,554.
- During the first nine months of 2026, the Company sold 20,264 bitcoin for proceeds of approximately $1.5 billion, primarily to fund data center development.
- Repaid in full and terminated its $200 million Coinbase credit facility, releasing all pledged bitcoin.
- Cost of power for self-mining operations, three months ended September 30, 2026: $74,849, compared with $82,370.
- Power curtailment credits, three months ended September 30, 2026: $(24,664), compared with $(30,634).
- Cost of revenue for self-mining operations, net of power curtailment credits, excluding bitcoin miner depreciation, three months ended September 30, 2026: $64,276, compared with $65,131.
- Bitcoin miner depreciation, three months ended September 30, 2026: $64,728, compared with $60,106.
- Future depreciation expense of all bitcoin miners: Remainder of 2026 $67,749; 2027 $223,713; 2028 $103,123; 2029 $24,682; Total $419,267.
Analysis
Riot reported $181.4 million of third-quarter revenue, up 1% year-over-year from $180.2 million. Data Center revenue was $18.4 million, including $7.7 million in base rent, $0.5 million in variable lease revenue, and $10.2 million in tenant fit-out reimbursement revenue. Engineering revenue increased to $47.0 million from $19.1 million on strong third-party data center demand for custom electrical equipment. These businesses offset lower Bitcoin Mining revenue, which declined to $116.0 million from $160.8 million.
Bitcoin mining output improved, with 1,637 bitcoin produced compared with 1,406 in the prior-year quarter, a 16% increase. However, the production value of one bitcoin mined was $70,855 compared with $114,361. The average cost to mine bitcoin excluding depreciation improved to $39,265 from $46,324, supported by lower power costs, higher production, and $24.7 million of power curtailment credits. Cost including miner depreciation was $78,805, and was 111.2 % of production value per bitcoin mined.
Profitability remained materially below the prior-year quarter. GAAP net income was $4,034, compared with $104,480, while Adjusted EBITDA was $191,333 compared with $197,197. The nine-month result was a GAAP net loss of $(733,613) and Adjusted EBITDA of $(189,882). The release reported $18,453 of impairment of property and equipment in the quarter, compared with $15,279 in the prior-year quarter.
The central strategic development was the 15-year Corsicana powered-land lease for 910 MW of critical IT capacity. Riot described approximately $28 billion of total contract value, approximately $1.8 billion of average annual rent, and estimated NOI margin of approximately 99% under its triple-net structure. The project has a $5.5 billion overall capital requirement, with delivery scheduled for 400 MW in September 2027, 200 MW in January 2028, and 310 MW in July 2028. Management said it does not currently anticipate issuing equity to fund announced projects.
Liquidity at quarter end was $950.2 million in cash and bitcoin, including $748.2 million of cash and 2,418 bitcoin equating to approximately $202.0 million. Riot sold 20,264 bitcoin for approximately $1.5 billion during the first nine months of 2026, primarily to fund data center development, and repaid and terminated its $200 million Coinbase credit facility. Execution against the Corsicana delivery schedule, project-financing arrangements, Data Center lease monetization, and Bitcoin Mining economics are the key reported variables to monitor.
Management, verbatim
Today, we are excited to announce the largest lease in Riot’s history: a 15-year triple-net powered land lease with a leading Frontier AI Lab for the entirety of our Corsicana campus, representing 910 megawatts of critical IT capacity and approximately $28 billion of contracted revenue over the initial term.
Jason Les, CEO
The structure of this new lease matters as much as the scale. With total capital costs of approximately $6 million per IT megawatt, the Corsicana development will require about half the capital of a Tier 3 build while significantly limiting procurement, development, and ongoing operational risk to Riot.
Jason Les, CEO
As these significant contracted cash flows come online, we will allocate our capital with discipline to whichever use creates the most value per share, whether that is our development pipeline or returning capital to shareholders.
Jason Les, CEO
Not in the filing
stated, not guessed- GAAP gross profit and gross margin were not reported in the provided document.
- GAAP operating income or loss was not reported in the provided document.
- GAAP diluted EPS and non-GAAP diluted EPS were not reported in the provided document.
- Cash flow from operating activities was not reported in the provided document.
- Free cash flow was not reported in the provided document.
- Capital expenditures were not reported in the provided document.
- Total debt at September 30, 2026 was not reported in the provided document.
- A formal forward revenue, gross margin, operating-expense, or tax-rate outlook was not provided.
- Prior-quarter comparisons were not reported for the presented quarterly revenue, segment revenue, net income, EBITDA, or mining metrics.
- A previous-release outlook was not provided. તેથી vs_prior_guidance is empty.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Riot Platforms is a Nasdaq‑listed provider of large‑scale crypto mining and data‑center infrastructure.
Ticker impact
Riot Platforms disclosed Q3 2026 results and announced a $28 billion, 15‑year triple‑net lease for 910 MW of IT capacity.
likely upward pressure as investors price in the $28 B contract and higher future NOI.
The lease represents a material revenue boost and low‑capex structure, reducing dilution risk and supporting a higher valuation.
Market effects
Strengthens the digital infrastructure and crypto‑mining data‑center sector, signaling demand for large‑scale AI‑related power leases.
Positive for U.S. data‑center and AI hardware suppliers, especially AMD, which benefits from the lease.
Highlights growing investment in AI‑focused compute capacity, relevant to global tech and energy markets.
Counterpoint
If the lease terms are overly optimistic, actual utilization could lag, pressuring cash flow.
Key entities
- CompanyRiot Platforms, Inc.
NASDAQ: RIOT, digital infrastructure and crypto mining operator.
- PartnerFrontier AI Lab
Tenant for the 910 MW powered land lease.
