Riot Platforms reports Q3 earnings and sells 10,599 Bitcoin to fund $28 billion data‑center lease
Riot Platforms posted third‑quarter revenue of $181.4 million, a 0.7% year‑over‑year increase. The miner sold 10,599 Bitcoin in the quarter, reducing its reserve to 2,418 Bitcoin and generating about $1.5 billion, which is being used to finance a 15‑year, $28 billion lease for a Texas data‑center campus. Mining revenue fell 28% to $116 million, while data‑center revenue rose to $18.4 million. The company ended the quarter with $748.2 million in cash and terminated its $200 million Coinbase credit facility.
Why it matters
The Bitcoin sales provide cash to fund the data‑center expansion without issuing new equity, preserving shareholder dilution. The long‑term lease creates an estimated $28 billion of contracted revenue, potentially boosting future cash flow and net operating income.
Key facts
- 1Q3 revenue was $181.4 million, up 0.7% YoY. seekingalpha.com
- 2Riot sold 10,599 Bitcoin in the third quarter. theenergymag.com
- 3Bitcoin reserves fell to 2,418 Bitcoin at quarter‑end. theenergymag.com
- 4The company signed a 15‑year lease for its Corsicana campus valued at $28 billion in contracted revenue. theenergymag.com
- 5Cash on hand at September end was $748.2 million, including $79.2 million restricted. theenergymag.com
- 6Net income for the quarter was $4.03 million, a 96% decline year‑over‑year. en.bloomingbit.io
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.