Riot Platforms, Inc.

For Q2 2026, Riot reported total revenue of $174 million, up 14% year over year. GAAP net loss was $237 million, or $0.68 per diluted share, and adjusted EBITDA loss was $70 million. The company said results included over $240 million of noncash items, including a $75 million mark-to-market loss on Bitcoin holdings, $98 million of depreciation and amortization, and a $28 million impairment of mining-related construction items at Rockdale. In the Data Center segment, revenue was $23.2 million and gross profit was $6.5 million; recurring operating lease revenue was $4.9 million, up over 400% from $900,000 in Q1, at an 84% operating lease gross margin. Bitcoin Mining revenue was $113.7 million, Riot produced 1,587 Bitcoin, and direct cost to mine was $49,912 per Bitcoin, with net power cost at $0.036 per kWh. The company ended the quarter with 11,380 Bitcoin valued at $666 million and $549 million of cash, for total liquidity of more than $1.2 billion. Management did not give formal company-wide quarterly or full-year financial guidance, but it did say the new AI lab lease is expected to generate about $9.1 billion of revenue over the term and that Rockdale’s two executed leases together imply about $416 million to $462 million of estimated average annual NOI.

Jason Les framed the quarter as a turning point from preparation to execution, saying the “AI era has 2 binding constraints, power and execution” and arguing Riot is addressing both. He emphasized the new frontier AI lab lease, the AMD relationship, and the Corsicana LOI as evidence that Riot’s sites and team are gaining validation from high-quality counterparties. His tone was confident and expansive, with repeated emphasis on scale, speed, and the ability to convert power assets into durable contracted cash flows.

Jason Chung focused on financing discipline and the company’s ability to fund growth without issuing common equity. He said Riot ended Q2 with over $1.2 billion of liquidity, including $666 million in Bitcoin and $549 million in cash, and noted the company sold all monthly Bitcoin production and meaningfully reduced Bitcoin inventory while increasing cash. He also highlighted the AMD recapitalization process, saying the initial 25 MW facility is nearing a roughly $180 million term loan and the second 25 MW could support a $70 million delayed-draw term loan, while the new AI lab project is backed by a $573 million interim financing facility from Morgan Stanley.

Analysts focused on the economics and funding of the new 191 MW AI lab deal, the status and structure of Corsicana’s LOI, and whether the AMD expansion options could be affected. Management said the CapEx range reflected detailed design work, procurement visibility, and contractor experience, and that the Morgan Stanley interim facility immediately funds long-lead items while an investment-grade backstop is finalized. On Corsicana, management said the full site is under LOI to a single tenant but cautioned it is still uncertain and requires extensive design, legal, and commercial work. On AMD, Riot clarified the option structure and said it could not speculate on tenant motivations, but noted AMD’s public statements suggest its demand could exceed even the full expansion option.