RIOT
Riot Platforms, Inc.13.47
-0.24-1.75%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
Reaffirms strategy, leasing color
Q&A largely reaffirmed the Corsicana Core & Shell launch and data center pivot, but surfaced Corsicana leasing talks advancing with hyperscalers amid 'insatiable' power demand—management stayed non-specific on deals. Rockdale emerges as logical next site after Corsicana, with active power pipeline scouting yet higher hurdles versus current 1.8GW. Neoclouds tempt, but build-to-suit for top credits leads; recent sales SVP hire signals leasing push. No walk-backs. Pace hinges on tenants. Watch lease signatures.
Key Stats
Market Cap
5.01BP/E (TTM)
25.90Basic EPS (TTM)
0.52Dividend Yield
0%Recent Filings
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.
10-Q
Q3 FY2025 results
Riot Platforms swung to an operating profit of $80.1 million in Q3 FY2025 ended September 30, 2025, up from a $121.5 million loss a year earlier, fueled by Bitcoin mining revenue that more than doubled to $160.8 million year-over-year on higher bitcoin prices and a 29.4% jump in deployed hash rate to 36.5 EH/s, while engineering revenue rose 51.1% to $19.1 million (derived). Gross margins improved sharply as power curtailment credits hit $30.6 million, offsetting elevated costs from Corsicana Facility expansion, though depreciation climbed 38.2% to $82.9 million. Net income reached $104.5 million, or $0.26 diluted EPS on 403.2 million shares, reconciling to basic $0.30 on 347.1 million shares with anti-dilution from convertibles. Liquidity strengthened with $330.7 million in cash and $839.7 million total debt including $594.4 million 2030 Notes at 0.75%; free cash flow not disclosed in the 10-Q. The Rhodium asset acquisition closed April 2025 for $185.0 million (cash/stock mix), recognizing $7.3 million in equipment but a $158.1 million settlement loss. Yet bitcoin volatility persists as a core risk.
8-K
Riot's Q3 profit surge, data center push
Riot Platforms reported Q3 2025 revenue of $180.2 million, up from $84.8 million last year, fueled by $160.8 million in Bitcoin mining from 1,406 BTC produced at a $46,324 cost excluding depreciation. Net income swung to $104.5 million from a $154.4 million loss, with Adjusted EBITDA at $197.2 million including a $133.1 million Bitcoin gain. Riot kicked off core and shell development for 112 MW at its Corsicana campus after acquiring a 67-acre parcel, positioning it to convert power assets into data centers amid surging demand. Yet execution risks loom in lengthy ERCOT timelines.
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