Riot Blockchain Stock Earnings Reports

Riot Platforms reports Q1 2026 as a pivotal quarter in its transition into a major data-center operator. Key operational achievements include AMD exercising a 25 MW expansion (bringing AMD to 50 MW contracted at Rockdale) with initial 5 MW delivered on schedule in January and the remaining 20 MW on track for May 2026; Rockdale expansion phases targeting additional capacity in Nov 2026 and May 2027; and active core-and-shell development at Corsicana using an enhanced 168-MW standard design (consolidated from a prior two‑building plan), increasing Corsicana campus capacity to 756 MW on the same approved power and land, with 160 MW of core-and-shell expected completed by Q2 2027. Riot funded this initial development via operating cash flow and disciplined Bitcoin sales (no equity issuance) and ended the quarter with 15,679 BTC (~$1.1B). Q1 results: total revenue $167M, GAAP net loss $500M (driven by mark-to-market on Bitcoin and non-cash D&A), adjusted EBITDA loss $311M. Data Center segment inaugural revenue was $33.2M (mostly $32.2M tenant fit-out services; $0.9M recurring lease revenue from AMD, with 91% gross margin this quarter expected to normalize toward ~80% as operations scale). Bitcoin mining remained robust (1,473 BTC produced, deployed hash rate 42.5 EH, net cost to mine ~$44.6k/BTC after power curtailment credits). Financing plan emphasizes sequential capital cycle: use Bitcoin and operating cash for early builds, pursue tenant-backed project financing (targeting ~80% LTC), then recycle equity/refinance to fund subsequent development. Management highlights: strong secured power position (~2 GW approved power, 1.7 GW energized at two key sites), vertically integrated engineering/procurement (ESS Metron/E4A Solutions) to shorten lead times, and a scaled leadership team to execute concurrent leasing and builds. Near-term priorities: deliver contracted AMD megawatts on schedule, advance additional leases at Rockdale and Corsicana, continue core-and-shell development, secure low-cost financing, and selectively grow power pipeline via multiple avenues.