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Riot Platforms
(NASDAQ:RIOT)
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Rating:56Neutral
Price Target:
$21.50
▲(18.72% Upside)
Action:Reiterated
Date:06/16/26
The score is held back primarily by weak financial performance (large losses and negative cash flow). Technicals are supportive with a clear uptrend, and the earnings call outlined credible, contracted growth drivers (AMD capacity and lease ramp), but valuation is constrained by unprofitability and funding remains exposed to Bitcoin-related volatility.
Positive Factors
Contracted AMD Lease Growth
A long‑dated, large tenant expansion creates predictable, annuity‑like operating lease revenue and NOI over a decade. This materially de-risks part of Riot’s growth plan versus pure mining revenue, enabling durable cash flows, easier project financing, and better-capitalized buildouts over the 2–6 month horizon and beyond.
Negative Factors
Negative Cash Flow Profile
Persistently negative operating and free cash flow increases reliance on external financing or bitcoin sales to fund development and capex. Over months this constrains optionality, raises refinancing and covenant risk, and forces prioritization of projects that generate near‑term cash rather than optimal long‑term returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted AMD Lease Growth
A long‑dated, large tenant expansion creates predictable, annuity‑like operating lease revenue and NOI over a decade. This materially de-risks part of Riot’s growth plan versus pure mining revenue, enabling durable cash flows, easier project financing, and better-capitalized buildouts over the 2–6 month horizon and beyond.
Read all positive factors
Riot Platforms Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down earnings from different business areas, highlighting which segments drive growth and where the company might face challenges.
Breaks down earnings from different business areas, highlighting which segments drive growth and where the company might face challenges.
Data provided by:
The Fly
The FlyRiot Platforms (RIOT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.93B
Dividend YieldN/A
Average Volume (3M)15.47M
Price to Earnings (P/E)―
Beta (1Y)2.59
Revenue Growth42.40%
EPS Growth-72.16%
CountryUS
Employees783
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-2.35
Shares Outstanding378,151,250
10 Day Avg. Volume14,768,011
30 Day Avg. Volume15,471,083
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)1.51
Price to Sales (P/S)6.67
P/FCF Ratio-5.58
Enterprise Value/Market Cap1.39
Enterprise Value/Revenue16.91
Enterprise Value/Gross Profit-71.11
Enterprise Value/Ebitda-119.78
Forecast
1Y Price Target
$31.00Price Target Upside71.18% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)-1.94
Revenue Forecast (FY)$665.73M
Riot Platforms Business Overview & Revenue Model
Company Description
Riot Platforms, Inc., along with its associated companies, primarily operates as a Bitcoin mining enterprise within the United States. The firm's activities are divided into two main areas: Bitcoin Mining and Engineering. It develops and manages e...
How the Company Makes Money
Riot’s primary revenue model is tied to Bitcoin mining. It earns bitcoin through (1) block rewards and (2) transaction fees included in blocks it successfully mines; these earnings are a function of its deployed hash rate, mining difficulty, netwo...
Riot Platforms Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call presented a strong operational and commercial progress narrative: a material tenant expansion with AMD, tangible delivery of first operating lease capacity, aggressive scaling at Corsicana with improved capital efficiency, robust mining operations and a sizable Bitcoin treasury providing non-dilutive funding. The principal negatives were large reported GAAP and adjusted EBITDA losses driven primarily by non-cash mark-to-market Bitcoin adjustments and early-stage data center revenue composition skewed toward low-margin fit-out services. Because most low points are driven by accounting volatility and the data center business is demonstrably progressing from development to recurring high-margin leases, the positives—large contracted capacity, improved CapEx metrics, a deep power portfolio, vertical engineering integration, and a significant BTC treasury—outweigh the near-term reported losses and early-stage revenue mix.Positive Updates
AMD Lease Expansion and Delivery Progress
AMD exercised an additional 25 MW expansion at Rockdale, bringing its contracted footprint to 50 MW. Riot delivered the first 5 MW in January and expects the remaining 20 MW to be delivered in May 2026. The expansion's total contract value (TCV) for the additional 25 MW is embedded in a primary 10-year period with total revenue cited as $636 million and an average annual NOI of $51 million over that period.
Negative Updates
Large GAAP and Adjusted EBITDA Losses
Riot reported a GAAP net loss of $500M (loss of $1.44 per diluted share) and an adjusted EBITDA loss of $311M for Q1 2026, driven primarily by non-cash accounting and early-stage costs.
Read all updates
Q1-2026 Updates
Positive
Negative
AMD Lease Expansion and Delivery Progress
AMD exercised an additional 25 MW expansion at Rockdale, bringing its contracted footprint to 50 MW. Riot delivered the first 5 MW in January and expects the remaining 20 MW to be delivered in May 2026. The expansion's total contract value (TCV) for the additional 25 MW is embedded in a primary 10-year period with total revenue cited as $636 million and an average annual NOI of $51 million over that period.
Read all positive updates
Company Guidance
Management guided a clear, metric‑driven plan: deliver contracted AMD megawatts on schedule (5 MW online in Jan; remaining 20 MW on track for May 2026; AMD’s additional 25 MW expansion in two phases—10 MW Nov 2026, 15 MW May 2027—to reach 50 MW total), driving an annualized operating lease revenue run‑rate of $37.8M exiting 2026 and $55.6M exiting 2027; the AMD expansion carries a 10‑year TCV of $636M, ~ $51M average annual NOI, and incremental CapEx of ~$3.3M/MW ($83.2M total) versus $3.6M/MW initially. Corsicana’s standard was upgraded to a 168 MW core‑and‑shell (single building) with campus capacity now planned at 756 MW, core‑and‑shell completion targeted in 2027 and core‑and‑shell CapEx unchanged (yielding ~50% more capacity for the same spend). Financing guidance: fund near‑term development with operating cash flow and disciplined Bitcoin sales (15,679 BTC held, ~ $1.1B value at quarter end), pursue tenant‑backed project financing with target loan‑to‑cost ~80%, recycle equity via refinancing/project finance, and maintain no common equity issuance this quarter. Operational/segment targets reiterated: Q1 consolidated revenue $167M, data center revenue $33.2M (tenant fit‑out $32.2M; operating lease $0.9M with a 91% gross margin this quarter, normalizing toward 80%+), Bitcoin production 1,473 BTC, deployed hash rate 42.5 EH, $21M curtailment credits, net power cost $0.03/kWh, $44,629 direct cost per BTC (‑26% vs 2025), engineering backlog $193.4M with ESS Metron capacity +25% planned in 2026, and a continued push to grow a 2 GW power portfolio (1.7 GW fully approved) via greenfield/brownfield, behind‑the‑meter, M&A and partnerships after evaluating >100 opportunities.Riot Platforms Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
63
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 653.27M | 647.43M | 376.66M | 280.68M | 259.17M | 213.24M |
| Gross Profit | -155.31M | -101.25M | 113.90M | 26.34M | 65.47M | 131.15M |
| EBITDA | -92.20M | -53.22M | 324.18M | -2.79M | -412.04M | 11.44M |
| Net Income | -867.29M | -663.18M | 109.40M | -49.47M | -509.55M | -15.44M |
Balance Sheet | ||||||
| Total Assets | 3.44B | 3.94B | 3.94B | 2.05B | 1.32B | 1.52B |
| Cash, Cash Equivalents and Short-Term Investments | 205.67M | 233.52M | 412.13M | 908.35M | 339.75M | 473.71M |
| Total Debt | 877.18M | 866.76M | 613.16M | 21.34M | 22.25M | 13.44M |
| Total Liabilities | 1.04B | 1.08B | 791.62M | 163.06M | 168.52M | 173.62M |
| Stockholders Equity | 2.39B | 2.86B | 3.14B | 1.89B | 1.15B | 1.35B |
Cash Flow | ||||||
| Free Cash Flow | -1.02B | -774.31M | -1.52B | -391.05M | -352.33M | -508.36M |
| Operating Cash Flow | -633.52M | -572.93M | -255.05M | 33.09M | 530.00K | -86.38M |
| Investing Cash Flow | 293.15M | 76.13M | -1.51B | -414.77M | -354.86M | -490.33M |
| Financing Cash Flow | 385.04M | 455.29M | 1.52B | 748.52M | 272.35M | 665.64M |
Riot Platforms Technical Analysis
Negative
18.11
Price Trends
24.79
Negative
20.18
Positive
18.47
Positive
Market Momentum
-1.23
Positive
32.20
Neutral
9.04
Positive
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 18.11 is below the 20-day moving average (MA) of 25.35, below the 50-day MA of 24.79, and below the 200-day MA of 18.47, indicating a neutral trend. The MACD of -1.23 indicates Positive momentum. The RSI at 32.20 is Neutral, neither overbought nor oversold. The STOCH value of 9.04 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for RIOT.
Riot Platforms Risk Analysis
Riot Platforms disclosed 54 risk factors in its most recent earnings report. Riot Platforms reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Riot Platforms Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
59 Neutral | $9.04B | -8.59 | -117.65% | ― | 37.96% | -506.10% | |
56 Neutral | $7.93B | -8.59 | -28.78% | ― | 42.40% | -72.16% | |
46 Neutral | $4.80B | ― | -52.07% | ― | 23.08% | -291.74% | |
44 Neutral | $590.13M | -3.43 | -0.14% | ― | 13.14% | 4.89% | |
43 Neutral | $3.30B | -6.32 | -29.93% | ― | 37.68% | -117.99% | |
42 Neutral | $234.98M | -4.47 | -29.26% | ― | 18.94% | -2819.27% |
* Financial Sector Average
RIOT
Riot Platforms
20.19
7.68
61.39%
MARA
MARA Holdings
12.19
-7.02
-36.54%
BTBT
Bit Digital
1.64
-1.65
-50.15%
CLSK
Cleanspark
12.36
-0.24
-1.90%
CIFR
Cipher Mining
20.09
14.06
233.08%
FUFU
BitFuFu
1.34
-2.43
-64.46%
Riot Platforms Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Riot Platforms Shareholders Approve Expanded Equity Incentive Plan
Positive
Jun 15, 2026
On June 9, 2026, Riot Platforms, Inc. held its 2026 Annual General Meeting of Stockholders, where shareholders approved the Seventh Amendment to the company’s 2019 Equity Incentive Plan, increasing the pool of common shares available for equ...
Business Operations and StrategyPrivate Placements and Financing
Riot Platforms Extends Coinbase Credit Facility with Fixed Rate
Positive
Apr 27, 2026
On April 21, 2026, Riot Platforms, Inc. entered into a second amended and restated credit agreement with Coinbase Credit, Inc., replacing their prior 2025 facility while preserving access to a multiple drawdown secured term loan of up to $200 mill...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.