Second Quarter 2026
Filed Aug 10, 2026Riot Platforms Reports Second Quarter 2026 Financial Results and Strategic Highlights
Total revenue increased 14% year-over-year to $174.2 million, supported by new Data Center and sharply higher Engineering revenue, while Bitcoin Mining revenue declined year-over-year. Subsequent to quarter end, Riot executed a 20-year lease for 191 MW of critical IT capacity expected to generate approximately $9.1 billion in total initial contract revenue.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueother | $174.2 million | – | 14% increase year-over-year |
| Bitcoin producedother | 1,587 bitcoin | – | – |
| Average cost to mine bitcoin, excluding depreciationother | $49,912 | – | – |
| Liquid assetsother | over $1.2 billion | – | – |
| Bitcoin holdingsother | 11,380 bitcoin | – | – |
| Bitcoin holdings held as collateralother | 5,821 | – | – |
| Value of bitcoin holdingsother | approximately $666.0 million | – | – |
| Cashother | $548.9 million | – | – |
| Restricted cashother | $77.5 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Data CenterComprised of $4.9 million in operating lease revenue and $18.3 million in tenant fit-out services revenue, reflecting the Company’s second quarter of Data Center segment revenue and the completed delivery of the initial 25 MW to AMD. | $23.2 million | – | – |
| Bitcoin MiningPrimarily driven by lower average bitcoin prices and an increase in global network hash rate, partially offset by an increase in Riot’s average operating hash rate. | $113.7 million | – | – |
| Engineering | $37.3 million | – | – |
Subsequent to quarter end and future delivery schedule outlook
- NoteThe Data Center Lease carries an initial term of 20 years, running through June 2048, and is expected to generate approximately $9.1 billion in total initial contract revenue.
- NoteThe Data Center Lease also includes two five-year extension options at the tenant’s election, representing a total potential contract value of approximately $16.1 billion if both extensions are fully exercised.
- NoteEstimated cumulative NOI range of $7.3 to $8.2 billion over the base lease term, with an estimated average annual NOI contribution of $365 to $411 million.
- NoteThe initial 96 IT MW is expected in December 2027 and full 191 IT MW deployment is expected by June 2028.
- Note$573 million interim financing facility provided by Morgan Stanley to fund initial development costs while the investment-grade credit backstop is finalized.
- NoteThe 10 MW Phase 3 is on track for delivery in November 2026 and the 15 MW Phase 4 is to follow in May 2027, at which point AMD's total contracted capacity of 50 MW will be fully deployed.
What drove it
- Total revenue increased 14% year-over-year to $174.2 million.
- Data Center revenue reflected operating lease revenue, tenant fit-out services revenue and the completed delivery of the initial 25 MW to AMD.
- Engineering revenue was $37.3 million, compared with $10.6 million for the same three-month period in 2025.
- Bitcoin Mining revenue was affected by lower average bitcoin prices and an increase in global network hash rate, partially offset by an increase in Riot’s average operating hash rate.
- Riot completed delivery of the final 20 MW of AMD’s initial deployment, bringing the full 25 MW of commissioned capacity online, on time and on budget.
Concerns
- Bitcoin Mining revenue declined to $113.7 million from $140.9 million for the same three-month period in 2025.
- The average cost to mine bitcoin, excluding depreciation, increased to $49,912 from $48,992 per bitcoin, primarily driven by higher power costs and the expansion at Riot’s Kentucky facilities.
- The 191 MW lease's expected revenue, NOI contribution, delivery schedule and financing arrangements are forward-looking and subject to risks including construction plans, delays, supply chain issues, permitting or regulatory hurdles, unforeseen technical challenges, anticipated data-center demand and financing risks.
- 5,821 of the Company's 11,380 bitcoin holdings were held as collateral.
What to watch
- Delivery of the initial 96 IT MW under the 191 MW Rockdale lease expected in December 2027 and full 191 IT MW deployment expected by June 2028.
- Finalization of the investment-grade credit backstop for the $573 million interim financing facility.
- Delivery of AMD's 10 MW Phase 3 in November 2026 and 15 MW Phase 4 in May 2027.
- Conversion of the AMD lease to recurring revenue at full initial scale following completion of the 25 MW initial deployment.
- Bitcoin Mining revenue exposure to average bitcoin prices, global network hash rate, Riot’s average operating hash rate and power costs.
Balance sheet and cash flow
- Ended the quarter with over $1.2 billion in liquid assets.
- Bitcoin holdings were 11,380 bitcoin, of which 5,821 were held as collateral, equating to approximately $666.0 million based on the market price for one bitcoin on June 30, 2026 of $58,527.
- Cash was $548.9 million, of which $77.5 million is restricted.
- $573 million interim financing facility provided by Morgan Stanley to fund initial development costs while the investment-grade credit backstop is finalized.
Analysis
Riot reported total revenue of $174.2 million for the three-month period ended June 30, 2026, up 14% year-over-year from $153.0 million. The revenue mix shifted toward the developing data-center business and engineering operations. Data Center revenue was $23.2 million, including $4.9 million in operating lease revenue and $18.3 million in tenant fit-out services revenue, while Engineering revenue was $37.3 million compared with $10.6 million in the same period of 2025. The company described this as its second quarter of Data Center segment revenue.
Bitcoin Mining remained the largest reported revenue segment at $113.7 million, but it declined from $140.9 million in the same period of 2025. Riot attributed the decline primarily to lower average bitcoin prices and higher global network hash rate, partially offset by higher average operating hash rate. Bitcoin production increased to 1,587 bitcoin from 1,426, but the average cost to mine bitcoin, excluding depreciation, increased to $49,912 from $48,992 per bitcoin, driven primarily by higher power costs and expansion at the Kentucky facilities.
Operational progress at Rockdale is central to the quarter's strategic change. Riot completed delivery of the final 20 MW of AMD’s initial deployment, bringing 25 MW of commissioned capacity online and converting the lease to recurring revenue at full initial scale. The next AMD expansion is under construction, with a 10 MW Phase 3 scheduled for November 2026 and a 15 MW Phase 4 scheduled for May 2027. The filing identifies in-house procurement, engineering and construction capabilities as support for the delivery record.
Subsequent to quarter end, Riot executed a 20-year Data Center Lease and Services Agreement for 191 MW of critical IT capacity at Rockdale. The agreement is expected to generate approximately $9.1 billion in total initial contract revenue, with potential contract value of approximately $16.1 billion if two five-year extension options are fully exercised. Riot disclosed an estimated cumulative NOI range of $7.3 to $8.2 billion over the base lease term and an estimated average annual NOI contribution of $365 to $411 million. The initial 96 IT MW is expected in December 2027, with full deployment expected by June 2028.
Liquidity disclosed at quarter end was over $1.2 billion in liquid assets, including 11,380 bitcoin and $548.9 million in cash. Of the bitcoin holdings, 5,821 were held as collateral, and $77.5 million of cash was restricted. The company also disclosed a $573 million Morgan Stanley interim financing facility for initial development costs while the investment-grade credit backstop is finalized. The filing does not provide conventional company-wide financial outlook for revenue, margin, operating expenses or tax rate.
Management, verbatim
Today's announcement of a landmark 20-year, 191-megawatt data center lease with a leading frontier AI lab marks a defining moment in our evolution into a leading developer of large-scale data centers. It builds directly on a strong second quarter, in which we completed delivery of the initial 25 megawatts to AMD on time and on budget. In just over six months, Riot has now executed leases totaling 241 megawatts of capacity, representing approximately $9.8 billion of long-term, contracted revenue with two of the most important companies in the AI ecosystem.
Jason Les, CEO of Riot
Our platform stands apart through three elements working together: multi-gigawatt-scale power capacity that is already fully approved and energized, in-house data center development expertise, and the ability to engineer custom infrastructure for computing's most demanding workloads. With all three, and the financial resources to deploy them already secured, we are positioned to convert strong market demand from high-quality tenants into compounding shareholder value.
Jason Les, CEO of Riot
Not in the filing
stated, not guessed- GAAP gross profit and gross margin
- GAAP operating income or loss and operating margin
- GAAP net income or loss
- GAAP diluted EPS
- Non-GAAP gross profit, gross margin, operating income or loss, net income or loss, and EPS
- Operating cash flow
- Free cash flow
- Capital expenditures
- Debt balance
- Share repurchases
- Dividends
- Prior-quarter comparisons for reported revenue, segment revenue, bitcoin production, mining cost, liquidity, bitcoin holdings and cash
- Year-over-year percentage changes for individual segment revenue
- Conventional company-wide financial guidance for revenue, gross margin, operating expenses and tax rate
- Previous-quarter outlook for comparison
AlphaAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.