Riot Platforms (RIOT) AI Stock Analysis

• Market Cap: $5.07B
• Dividend Yield: N/A
• Average Volume (3M): 17.74M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.59
• Revenue Growth: 103.62%
• EPS Growth: 49.48%
• Country: US
• Employees: 783
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): -1.88
• Shares Outstanding: 379,125,850
• 10 Day Avg. Volume: 16,912,903
• 30 Day Avg. Volume: 17,744,166
• PEG Ratio: 0.01
• Price to Book (P/B): 1.51
• Price to Sales (P/S): 6.67
• P/FCF Ratio: -5.58
• Enterprise Value/Market Cap: 1.01
• Enterprise Value/Revenue: 7.91
• Enterprise Value/Gross Profit: 20.85
• Enterprise Value/Ebitda: -17.19
• 1Y Price Target: $26.36
• Price Target Upside: 97.04% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 12
• EPS Forecast (FY): -1.21
• Revenue Forecast (FY): $598.94M

• Rating: 54 Neutral
• Price Target: $13.50 ▲(0.90% Upside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is held back primarily by weak financial quality—large profitability swings and persistently negative operating/free cash flow—despite a solid balance sheet. The latest earnings call supports a more constructive outlook due to the AMD lease and data-center execution roadmap, while technicals are mildly supportive. Valuation is a headwind given the high P/E and lack of dividend support.

Positive Factors

Long-duration Anchor Lease (AMD)

An investment-grade, long-term AMD lease creates a durable, contracted revenue stream distinct from Bitcoin mining. The 10-year base term, expansion options and ROFR materially de-risk capital deployment, support predictable NOI, and provide a scalable pathway to convert energized MW into recurring data-center cash flows.

1.7 GW Energized Power Portfolio

Owning a large, fully approved and energized power inventory is a structural competitive advantage in data-center markets. It shortens tenant on-ramp timelines, bypasses 4+ year grid lead times for new power, and positions Riot as a scarce supplier to hyperscale and AI customers seeking immediate, utility-grade capacity.

Vertical Integration & Engineering Backlog

A growing engineering backlog and ownership of ESS Metron reduce procurement and delivery risk while lowering build costs. Vertical integration accelerates project timelines, protects against transformer/switchgear shortages, and sustainably improves capital efficiency when scaling data-center developments and converting MW to leases.

Negative Factors

Weak Cash Generation

Persistently negative operating and free cash flow limits internal funding for expansion and forces reliance on asset sales, equity raises, or cryptocurrency disposals. Over time this elevates financing risk, can dilute shareholders, and reduces resilience to execution delays or lower Bitcoin prices.

Profitability Volatility & Large GAAP Losses

Swings from a profitable year to a large GAAP loss reveal inconsistent earnings quality. Heavy noncash charges and mark-to-market volatility complicate forecasting of sustainable margins and may impair the company's ability to demonstrate stable operating performance to lenders and long-term counterparties.

Execution & Financing Risk

Relying on Bitcoin treasury sales and contingent project financing ties development funding to crypto prices and capital markets access. Combined with long equipment lead times and remaining procurement constraints, this raises the risk that planned lease conversions, refinancing of projects, and NOI stabilization could be delayed or more costly.

Riot Platforms Business Overview & Revenue Model

Company Description

Riot Platforms, Inc., together with its subsidiaries, operates as a Bitcoin mining company in the United States. The company operates in two segments, Bitcoin Mining and Engineering. It offers comprehensive and critical infrastructure for institutional-scale Bitcoin mining facilities in Rockdale and Navarro counties, Texas; and two Bitcoin mining sites in Paducah, Kentucky. The company also designs and manufactures power distribution equipment and custom engineered electrical products; and electricity distribution product design, manufacturing, and installation services for large-scale commercial and governmental customers, as well as data center, power generation, utility, water, industrial, and alternative energy markets. The company was founded in 2000 and is based in Castle Rock, Colorado.

How the Company Makes Money

Riot primarily makes money by mining Bitcoin: it operates fleets of specialized ASIC computers at its mining facilities to perform proof-of-work computations, and in return earns Bitcoin block rewards and transaction fees when its hash power contributes to successfully mining blocks (typically via participation in mining pools). Revenue is recognized when the mined Bitcoin is earned, measured at the Bitcoin spot price at that time; the company may then hold the Bitcoin on its balance sheet or sell some portion to fund operations and capital expenditures, meaning reported results are sensitive to Bitcoin price movements. A key driver of profitability is the spread between the value of Bitcoin mined and operating costs—especially electricity, hosting/operations, labor, repairs/maintenance, and depreciation of mining equipment—so access to low-cost power and efficient miners materially impacts earnings. Riot also generates revenue from power and grid-related activities at its facilities when applicable, such as participating in demand response/curtailment programs and other electricity-related arrangements that can provide credits or payments tied to reducing consumption or supporting grid stability; the availability and magnitude of these programs depend on market and regulatory conditions. Significant factors influencing Riot’s earnings include the Bitcoin network hash rate and mining difficulty (which affect how much Bitcoin it can mine for a given amount of compute), the Bitcoin protocol’s block subsidy changes (e.g., halving events), uptime of its mining fleet and facilities, the terms and performance of mining pool arrangements, and the cost and availability of power and mining hardware.

Riot Platforms Financial Statement Overview

Summary

Strong recent revenue growth, but results are dominated by profitability volatility (swinging from a strong net margin in 2024 to a deep loss in 2025) and persistently negative operating and free cash flow. The balance sheet/leverage profile is a relative strength, but cash generation and earnings consistency are the main constraints.

Income Statement

Revenue growth has been strong recently (up ~161% in 2025 vs. 2024, following ~34% growth in 2024), but profitability is highly volatile. After a profitable 2024 (net margin ~29%), results swung to a large loss in 2025 (net margin ~-102%) with deeply negative operating and EBITDA performance. Overall, the business shows the ability to scale revenue, but earnings quality and consistency remain weak.

Balance Sheet

Leverage looks manageable with low debt relative to equity (debt-to-equity ~0.10 in 2025, down from ~0.20 in 2024), supported by a sizable equity base (~$2.86B). However, returns to shareholders are inconsistent, flipping from a positive return in 2024 (~3.5%) to a meaningfully negative return in 2025 (~-23%). Balance sheet capacity is a strength, but profitability swings are a key risk to capital durability over time.

Cash Flow

Cash generation is weak: operating cash flow is negative in both 2024 (-$255M) and 2025 (-$573M), and free cash flow is deeply negative (2024: -$1.52B; 2025: -$774M), even though 2025 improved versus 2024. The gap between accounting earnings and cash flow is notable given negative operating cash flow even in the profitable year (2024), indicating elevated reinvestment and/or working-capital volatility.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	647.43M	376.66M	280.68M	259.17M	213.24M
Gross Profit	245.56M	113.90M	26.34M	65.47M	131.15M
EBITDA	-292.38M	324.18M	-2.79M	-412.04M	11.44M
Net Income	-663.18M	109.40M	-49.47M	-509.55M	-15.44M
Balance Sheet
Total Assets	3.94B	3.94B	2.05B	1.32B	1.52B
Cash, Cash Equivalents and Short-Term Investments	233.52M	412.13M	908.35M	339.75M	473.71M
Total Debt	279.85M	613.16M	21.34M	22.25M	13.44M
Total Liabilities	1.08B	791.62M	163.06M	168.52M	173.62M
Stockholders Equity	2.86B	3.14B	1.89B	1.15B	1.35B
Cash Flow
Free Cash Flow	-774.31M	-1.52B	-391.05M	-352.33M	-508.36M
Operating Cash Flow	-572.93M	-255.05M	33.09M	530.00K	-86.38M
Investing Cash Flow	76.13M	-1.51B	-414.77M	-354.86M	-490.33M
Financing Cash Flow	455.29M	1.52B	748.52M	272.35M	665.64M

Riot Platforms Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 13.38
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RIOT, the sentiment is Negative. The current price of 13.38 is below the 20-day moving average (MA) of 15.20, below the 50-day MA of 15.63, and below the 200-day MA of 15.01, indicating a bearish trend. The MACD of -0.46 indicates Positive momentum. The RSI at 39.24 is Neutral, neither overbought nor oversold. The STOCH value of 26.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for RIOT.

Riot Platforms Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FUFU	68 Neutral	$259.71M	-7.54	20.19%	―	29.96%	66.09%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
BTBT	61 Neutral	$501.70M	1.58	22.65%	―	9.52%	496.04%
RIOT	54 Neutral	$5.07B	-6.51	-21.05%	―	103.62%	49.48%
CIFR	54 Neutral	$5.68B	-6.85	-107.05%	―	35.41%	-38.08%
CLSK	52 Neutral	$2.40B	-1.90	-13.75%	―	102.21%	―
MARA	47 Neutral	$3.22B	-2.43	-30.59%	―	53.51%	112.53%

Riot Platforms Corporate Events

Riot Platforms Expands Rockdale Site With AMD Data Center Deal

On January 16, 2026, Riot Platforms completed the fee simple acquisition of 200 acres of land underlying its Rockdale, Texas facility for $96 million, funded entirely by the sale of approximately 1,080 bitcoin, securing long-term control over a 700 MW, fully interconnected, infrastructure-ready site in the Texas Triangle. On the same date, the company signed a 10-year data center lease with AMD for an initial 25 MW of critical IT load at Rockdale, expected to generate about $311 million in contract revenue and an average annual net operating income contribution of roughly $25 million, with options that could expand AMD’s capacity to 200 MW and total contract value to about $1 billion. Together, these moves rapidly advance Riot’s transition into a major data center developer with 1.7 GW of approved power capacity across its Texas sites, position Rockdale as a key hyperscale and AI data center hub, and create a new, long-duration revenue stream while validating the company’s infrastructure and power advantages for top-tier technology tenants.

The most recent analyst rating on (RIOT) stock is a Buy with a $42.00 price target. To see the full list of analyst forecasts on Riot Platforms stock, see the RIOT Stock Forecast page.

Riot Platforms announces CFO transition and executive pay changes

On January 2, 2026, Riot Platforms announced a planned chief financial officer transition under which current EVP and Head of Corporate Development & Strategy, Jason Chung, will assume the CFO role on March 1, 2026, succeeding Colin Yee, who will move into a Senior Advisor position through at least January 1, 2028 with revised cash and equity compensation; the company emphasized that Yee’s transition was not due to any disagreement over accounting or financial reporting. In parallel, the Compensation Committee approved amendments effective January 1, 2026 to the company’s long-term incentive award structures, executive employment agreements, and 2026 annual incentive plan, including a reworked equity LTIP with separate service- and performance-based award agreements and a TSR cap, substantial base salary increases for top executives and removal of the Bitcoin component of CEO and Executive Chairman pay, extended employment terms through 2031, and a redesigned 2026 incentive plan that eliminates the “Bitcoin Yield” metric in favor of new data center revenue and NOI targets, underscoring Riot’s operational shift and performance focus on data center development and long-term infrastructure growth.

The most recent analyst rating on (RIOT) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on Riot Platforms stock, see the RIOT Stock Forecast page.

Riot Platforms Launches Larger 2025 At-The-Market Offering

On December 30, 2025, Riot Platforms, Inc. entered into a new at-the-market equity offering program of up to $500 million of common stock, appointing a syndicate of investment banks as sales agents to sell shares from time to time at prevailing market prices under an existing shelf registration. Under this 2025 sales agreement, Riot will pay up to 1.0% commission on gross proceeds, may flexibly issue placement notices and suspend sales at its discretion, and has provided customary indemnities and representations, positioning the company with a sizable, on-demand capital-raising mechanism while potentially diluting existing shareholders over time. Effective the same day, Riot terminated its prior 2024 at-the-market program, under which it had already raised about $600.5 million in common stock, leaving roughly $149.5 million of capacity unused but incurring no costs or penalties for the early termination, thereby consolidating its capital markets activity under the new, larger facility.

The most recent analyst rating on (RIOT) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on Riot Platforms stock, see the RIOT Stock Forecast page.