Riot Platforms (RIOT) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 13, 2026

TBA (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

-0.57

Last Year’s EPS

-0.9

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 12 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Mar 02, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call emphasized substantial operational progress: a strategic pivot to data center development marked by the Rockdale acquisition, expansion of Corsicana, the AMD anchor lease (25 MW initial with large expansion potential), a 1.7 GW fully approved power portfolio, strong revenue growth (+72% YoY), material increases in mining production (+18%) and hash rate (+22%), and a 302% increase in Engineering backlog. However, material GAAP losses ($663M) driven by large noncash charges, modest non‑GAAP EBITDA ($13M), a sizable rise in cost to mine per BTC (~+54%), continued dependence on Bitcoin-sales to fund CapEx, and an existing market valuation discount introduce meaningful financial and execution risks. Overall, operational momentum is strong but financial results and execution/financing risks keep the picture balanced.

Company Guidance

Guidance centered on 2026 execution: deliver the full 25 MW AMD deployment (5 MW commenced and began rent in January; remaining 20 MW on track for May), with initial capital of ~$90M (≈$3.6M per critical IT MW) and a 10‑year base contract value of $311M equating to ~ $25M average annual NOI; AMD holds options to expand +75 MW and a ROFR for +100 MW (up to 200 MW total). Riot expects to convert additional megawatts into leases at Corsicana and Rockdale (1.7 GW fully approved: 1,000 MW Corsicana, 700 MW Rockdale; Corsicana substation expansion to 1 GW over the next 12 months), to secure low‑cost project financing and refinance with permanent debt upon stabilization to recycle equity, and to fund near‑term CapEx via Bitcoin balance‑sheet sales (Rockdale purchase $96M funded by ~1,080 BTC) plus non‑dilutive debt; management expects more lease announcements in 2026 and sees potential portfolio NOI of $1.6B–$2.1B upon full buildout.

Transformational Site Acquisitions and Land Expansion

Completed fee-simple acquisition of Rockdale (200 acres) for $96M funded via sale of ~1,080 BTC; eliminated approximately $130M of future rental payments. Expanded Corsicana land footprint to ~900 acres to support full development of 1.0 GW of approved power on Riot-owned contiguous campus.

Signed Anchor Tenant Lease with AMD

Announced first data center lease with AMD (investment-grade counterparty, S&P A). Initial 25 MW deployment under a 10-year base term (3 × 5-year extensions possible). First 5 MW delivered and commenced rent in January 2026; remaining 20 MW on track for May 2026. Initial 25 MW contract value $311M and expected average annual net operating income of ~$25M. AMD holds options to expand +75 MW and ROFR for +100 MW (potential 200 MW total).

Large Fully Approved Power Portfolio (Competitive Advantage)

Riot controls 1.7 GW of fully approved, firm, energized power across Texas sites (Rockdale 700 MW; Corsicana 1,000 MW). Fiscal 2025 average loads: Rockdale 351 MW, Corsicana 335 MW. Having energized power today addresses a multi-year industry timeline (new power 4+ years) and is positioned as a rare scarce asset for data center customers.

Strong Revenue Growth Driven by Bitcoin Mining

Fiscal 2025 total revenue of $647M, a 72% year-over-year increase. Bitcoin Mining contributed $576M (89% of revenue) and Engineering/other $71M (11%). Bitcoin Mining delivered its highest annual revenue and gross profit on record—FY25 Bitcoin mining gross profit $294M (including power curtailment credits).

Operational Scale and Mining Metrics Improvement

Produced 5,686 BTC in 2025, an 18% increase versus 4,828 in 2024. Hash rate deployed reached 38.5 EH/s (+22% year-over-year), representing ~3.5% of global hash rate. Hash rate utilization improved to 87% (from 70% in 2024). Ended year with 18,005 BTC on balance sheet valued at $1.6B (BTC price $87,498 on 12/31/2025).

Engineering Backlog and Vertical Integration Benefits

Engineering backlog reached $224.6M at year-end 2025, up 302% from $55.9M in 2024; ~90% of backlog is data-center related. ESS Metron (switchgear/PDC manufacturer) delivered supply-chain advantages and realized $23.2M cumulative CapEx savings since acquisition, accelerating delivery and reducing procurement risk.

Low Power Cost and Curtailment Credits

Net cost of power for 2025 was $0.037/kWh—among the lowest reported in the industry. Power strategy generated $56.7M in curtailment credits for the year (equivalent to ~ $10,000 per Bitcoin mined), supporting margins and cash flow.

Demonstrated Fast Delivery and Capital Efficiency

Delivered first phase of AMD capacity on time and on budget; initial deployment capital ~ $90M (~$3.6M per critical IT MW), described as significantly below typical new-build costs. Management outlined financing plans to use project debt and refinance stabilized assets to recycle capital.

Riot Platforms (RIOT) Earnings, Revenues Date & History

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RIOT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 13, 2026	2026 (Q1)	-0.57 / -	-0.9	―	―	―
Mar 02, 2026	2025 (Q4)	-0.21 / -1.88	0.38	-594.74% (-2.26)
Oct 30, 2025	2025 (Q3)	-0.07 / 0.26	-0.54	148.15% (+0.80)
Jul 31, 2025	2025 (Q2)	-0.22 / 0.57	-0.346	264.74% (+0.92)
May 01, 2025	2025 (Q1)	-0.34 / -0.90	0.82	-209.76% (-1.72)
Feb 24, 2025	2024 (Q4)	-0.18 / 0.38	0.453	-16.11% (-0.07)
Oct 30, 2024	2024 (Q3)	-0.18 / -0.54	-0.25	-116.00% (-0.29)
Jul 31, 2024	2024 (Q2)	-0.10 / -0.35	-0.17	-103.53% (-0.18)
May 01, 2024	2024 (Q1)	-0.20 / 0.82	-0.33	348.48% (+1.15)	―
Feb 22, 2024	2023 (Q4)	-0.28 / 0.45	-0.91	149.78% (+1.36)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

RIOT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Mar 02, 2026	$16.43	$15.29	-6.94%
Oct 30, 2025	$21.09	$19.78	-6.21%
Jul 31, 2025	$13.41	$11.03	-17.75%
May 01, 2025	$7.77	$8.39	+7.98%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.