Riot Platforms, Inc. (RIOT)
NASDAQ:RIOT
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Riot Platforms
(NASDAQ:RIOT)
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Rating:58Neutral
Price Target:
$24.50
▲(35.28% Upside)
Action:Reiterated
Date:05/07/26
The score is held back primarily by weak financial performance—sharp profitability deterioration and substantial cash burn—despite manageable leverage. Offsetting this, technical momentum is strong and the earnings call outlined tangible contracted data-center leasing progress and improving development economics, though execution timing and crypto-linked funding/earnings volatility remain meaningful risks.
Positive Factors
Long-term AMD lease (50 MW, $636M TCV)
A ten-year, tenant-backed AMD expansion with $636M TCV and ~$51M average annual NOI creates durable, predictable cash flow beyond mining revenue. Multi-year contracted lease revenue materially de-risks growth, supports data-center margin conversion from fit-outs to recurring high-margin operating leases.
Negative Factors
Large GAAP & adjusted EBITDA losses
Steep GAAP and adjusted EBITDA losses signal current operating and scaling inefficiencies; ongoing negative earnings erode equity and limit reinvestment capacity. Even if partly driven by non-cash items, sustained adjusted losses indicate the business has not yet converted growth into durable, positive operating profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Long-term AMD lease (50 MW, $636M TCV)
A ten-year, tenant-backed AMD expansion with $636M TCV and ~$51M average annual NOI creates durable, predictable cash flow beyond mining revenue. Multi-year contracted lease revenue materially de-risks growth, supports data-center margin conversion from fit-outs to recurring high-margin operating leases.
Read all positive factors
Riot Platforms Key Performance Indicators (KPIs)
Any
Average Cost to Mine Bitcoin
Shows the cost efficiency of mining operations, crucial for understanding profitability margins and how well the company can withstand fluctuations in Bitcoin prices.
Shows the cost efficiency of mining operations, crucial for understanding profitability margins and how well the company can withstand fluctuations in Bitcoin prices.
Data provided by:
The Fly
The FlyRiot Platforms (RIOT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.86B
Dividend YieldN/A
Average Volume (3M)19.25M
Price to Earnings (P/E)―
Beta (1Y)2.69
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. Volume14,844,935
30 Day Avg. Volume19,252,931
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 Cap0.95
Enterprise Value/Revenue14.30
Enterprise Value/Gross Profit-60.17
Enterprise Value/Ebitda-101.35
Forecast
1Y Price Target
$27.31Price Target Upside50.79% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)-1.83
Revenue Forecast (FY)$666.89M
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 institut...
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 contr...
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 | 289.52M | 279.85M | 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
Positive
18.11
Price Trends
18.49
Positive
17.09
Positive
16.67
Positive
Market Momentum
2.04
Negative
73.07
Negative
88.18
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RIOT, the sentiment is Positive. The current price of 18.11 is below the 20-day moving average (MA) of 22.85, below the 50-day MA of 18.49, and above the 200-day MA of 16.67, indicating a bullish trend. The MACD of 2.04 indicates Negative momentum. The RSI at 73.07 is Negative, neither overbought nor oversold. The STOCH value of 88.18 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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% | |
58 Neutral | $9.86B | -2.15 | -28.78% | ― | 42.40% | -72.16% | |
57 Neutral | $9.42B | -13.19 | -117.65% | ― | 37.96% | -506.10% | |
51 Neutral | $4.40B | -1.51 | -29.93% | ― | 37.68% | -117.99% | |
50 Neutral | $5.44B | -0.62 | -52.07% | ― | 23.08% | -291.74% | |
48 Neutral | $694.89M | -0.73 | -0.14% | ― | 13.14% | 4.89% | |
45 Neutral | $341.64M | -13.88 | -17.60% | ― | 3.07% | -157.38% |
* Financial Sector Average
RIOT
Riot Platforms
26.94
18.56
221.48%
MARA
MARA Holdings
14.33
-0.53
-3.57%
BTBT
Bit Digital
2.03
-0.45
-18.15%
CLSK
Cleanspark
18.04
8.93
98.02%
CIFR
Cipher Mining
25.16
21.81
651.04%
FUFU
BitFuFu
2.04
-1.45
-41.55%
Riot Platforms Corporate Events
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...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Riot Platforms Adopts Phased Declassification of Board Structure
Positive
Apr 1, 2026
On March 26, 2026, Riot Platforms, Inc.’s board approved amended and restated bylaws that implement a phased declassification of its board of directors, following a non-binding advisory vote by stockholders at the June 10, 2025 annual meetin...
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.