Kneat.com, Inc.

Riot reported second-quarter 2026 revenue of $174 million, up 14% year over year. GAAP net loss was $237 million, or $0.68 per diluted share, and adjusted EBITDA was a loss of $70 million. Data center segment revenue was $23.2 million, including $4.9 million of operating lease revenue at an 84% operating lease gross margin, while Bitcoin mining revenue was $113.7 million. Riot mined 1,587 Bitcoin, held 11,380 Bitcoin at quarter end valued at $666 million, and ended the quarter with $1.2 billion in total liquidity, including $549 million of cash and $666 million in Bitcoin. For forward outlook, management did not give companywide financial guidance, but said the 191-megawatt AI lab lease is expected to generate about $9.1 billion of total contract revenue over the initial term, $7.3 billion to $8.2 billion of estimated NOI, and that first 96 megawatts are targeted for December 2027 delivery with full deployment in June 2028.

Jason Les framed the quarter as a proof point for Riot’s power-and-execution strategy, saying the AI era’s two binding constraints are power and execution and that Riot is addressing both. He emphasized that the company moved from zero contracted data center revenue earlier this year to 241 megawatts of executed capacity in seven months, and he called the new AI lab lease a validation of Riot’s sites, team, and development approach. His tone was confident and expansionary, with repeated focus on Rockdale, Corsicana, and the opportunity to build a long-duration, high-quality contracted cash flow platform.

Jason Chung focused on financing discipline and the balance sheet, saying Riot ended with over $1.2 billion of total liquidity, including $666 million in Bitcoin and $549 million in cash, and that the company did not issue any common equity during the quarter. He outlined a capital recycling plan using an expected roughly $180 million term loan on AMD’s initial 25 megawatts, a $70 million delayed-draw loan for AMD’s second 25 megawatts, and a $573 million interim Morgan Stanley facility for the new AI lab project. On operations, he highlighted Q2 revenue of $174 million, a $237 million net loss driven by over $240 million of noncash items, 84% operating lease gross margin in data centers, $10 million of power curtailment credits, and a net power cost of $0.036 per kilowatt hour.

Analysts focused on the new AI lab lease economics, CapEx, and bridge financing. Management said the CapEx range reflected detailed design work, procurement visibility, and contractor collaboration, and that the $573 million interim facility is meant to fund near-term build costs while a takeout financing/backstop is finalized. Questions on Corsicana centered on the LOI and what still needs to happen; management said the site is now under LOI for the entire campus with a single tenant, but emphasized that design, legal, and commercial work remains substantial and that an LOI is not a signed lease.