RIOT
Riot Platforms, Inc.13.47
-0.24-1.75%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Pipeline hits commercial stage
Q&A confirmed Riot's leasing pipeline has advanced to commercial talks across hyperscalers and AI players, with Corsicana seeing full-site interest favoring single-tenant outcomes. Financing discussions for AMD yield optimism on low-cost debt layered atop Bitcoin sales, dodging construction premiums. ERCOT batching skips their approved power; M&A eyes on-site generation to beat grid woes. ESS Metron slashed CapEx by $23 million, fueling speed and talent. Pipeline announcements targeted for 2026. Execution stays crisp. Investors watch lease closes.
Key Stats
Market Cap
5.01BP/E (TTM)
25.90Basic EPS (TTM)
0.52Dividend Yield
0%Recent Filings
10-K
FY2025 results
Riot Platforms boosted deployed hash rate 22.1% y/y to 38.5 EH/s by December 31, 2025, driving FY2025 bitcoin mining output up 17.8% y/y to 5,686 coins despite the April 2024 halving, with revenue jumping 79.5% y/y to $576M on higher bitcoin prices (~$101K avg) and Corsicana Facility ramp-up. Q4 momentum shone through Corsicana's average operating hash rate hitting 14.2 EH/s (vs Q3's implied lower), Kentucky expansion to 6.4 EH/s deployed, and power costs steady at 3.7¢/kWh—all while generating $57M in curtailment credits. Engineering revenue doubled to $65M on data center demand, but $663M net loss stemmed from $347M depreciation, $116M bitcoin fair-value hit, $158M Rhodium settlement, and $20M legacy host payout. Liquidity held at $310M cash/restricted cash post-$208M ATM raise and $535M bitcoin sales, with $854M debt (mostly bitcoin-collateralized). Bitcoin price volatility threatens mining rewards.
8-K
Record $647M revenue, AMD lease live
Riot Platforms reported 2025 revenue of $647.4 million, up from $376.7 million, with 5,686 bitcoin mined versus 4,828 last year. Bitcoin mining revenue jumped to $576.3 million, yet mining costs excluding depreciation rose to $49,645 per bitcoin from $32,216 amid higher network hash rates. AMD data center lease kicked off in January 2026, bolstering diversification. Liquidity stands strong at $1.9 billion.
8-K
Riot buys Rockdale land, leases to AMD
Riot Platforms bought 200 acres at its Rockdale Site for $96 million, funded by selling 1,080 bitcoin, securing ownership for data center growth. It signed a 10-year lease with AMD for 25 MW initial IT load, worth $311 million in revenue and $25 million yearly NOI, with delivery starting January 2026. Data center pivot unlocked. Expansions hinge on options.
8-K
CFO transition announced
Riot Platforms announced CFO Colin Yee steps down March 1, 2026, succeeded by EVP Jason Chung with 20 years in investment banking. Yee shifts to Senior Advisor through 2028, earning $500,000 base for 12 months post-transition, then $20,000 monthly, plus $2M RSUs. Executive base salaries rose—CEO and Chairman to $900,000—while 2026 AIP pivots to data center revenue and NOI metrics, dropping Bitcoin yield. Smooth handoff planned.
8-K
New $500M ATM sales pact
Riot Platforms terminated its 2024 sales agreement on December 30, 2025, after selling $600,533,914.83 in common stock, leaving $149,466,085.17 unsold. It inked a fresh 2025 Sales Agreement with nine agents for up to $500 million in at-the-market offerings at prevailing prices. Agents earn up to 1.0% commission. No termination costs.
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