The AMD expansion validates the data center pivot, but the core mining business is under pressure from declining bitcoin prices and rising network hash rate. Watch for further AMD lease expansions and the Corsicana development timeline. The $1.1B bitcoin treasury provides a cushion, but the widening GAAP loss and negative adjusted EBITDA (-$311M) suggest the transition to data center operator will take time to offset mining headwinds.
Price Chart
Executive Summary
Riot Platforms reported Q1 2026 revenue of $167.2M (up 3.6% YoY from $161.4M) but a GAAP net loss of $500.5M (vs $296.4M loss a year ago), driven by $97.7M in depreciation, $39.2M in stock-based compensation, and a $51.9M non-cash fair value loss on derivatives. Bitcoin mining revenue fell 22% to $111.9M due to lower bitcoin prices and higher network hash rate, partially offset by the first-ever Data Center revenue of $33.2M from the AMD lease. The company ended the quarter with 15,679 bitcoin ($1.1B at $68,222/BTC) and $282.5M cash. The AMD expansion option exercise (25 MW additional) is a positive strategic signal, but the core mining business continues to face headwinds from declining bitcoin prices and rising network difficulty.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue $167.2M vs $161.4M YoY (+3.6%)
- GAAP net loss $500.5M vs $296.4M loss YoY, driven by $97.7M D&A, $39.2M SBC, $51.9M derivative loss
- Bitcoin mining revenue $111.9M vs $142.9M YoY (-22%)
- First-ever Data Center revenue of $33.2M ($0.9M operating lease + $32.2M tenant fit-out services)
- Engineering revenue $22.2M vs $13.9M YoY (+60%)
- Produced 1,473 bitcoin vs 1,530 YoY; cost to mine (ex-depreciation) $44,629 vs $43,808
- AMD exercised 25 MW expansion option, bringing total contracted capacity to 50 MW
- Ended quarter with 15,679 bitcoin ($1.1B at $68,222/BTC) and $282.5M cash ($76.9M restricted)
- Adjusted EBITDA -$311.1M vs -$176.3M YoY
- No formal EPS guidance provided; consensus for next quarter is $-0.33
Financial Impact
Revenue beat consensus of $130.6M by 28%, but GAAP EPS of -$2.06 was a 635.7% miss vs consensus -$0.28. Net loss widened by $204M YoY.
Risk Factors
- Bitcoin price decline below $68K would impair the $1.1B treasury and mining economics
- Rising global network hash rate continues to compress mining margins (cost to mine 58.8% of production value vs 46.9% a year ago)
- Data center revenue is still small ($33.2M) relative to total; execution risk on Corsicana buildout
- GAAP net loss of $500M and negative operating cash flow may pressure liquidity if bitcoin prices fall further
- Stock-based compensation ($39.2M) and derivative losses ($51.9M) are significant non-cash drags
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-052943 |
| Document: 0001104659-26-052943-index.html | 0001104659-26-052943 |
| Document: 0001104659-26-052943.txt | 0001104659-26-052943 |
| 8-K Data (Synthetic) | 0001104659-26-052943 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 6w ago | 8-K | $20.04 $19.70 | ▼ −1.70% | ▲ +0.28% | $19.51 (−2.62%) |
Aug 10, 2026 7w ago | 8-K | $20.24 $22.07 | ▲ +9.04% | ▲ +10.10% | $19.51 (−3.59%) |
Aug 10, 2026 7w ago | Press Release | $20.24 $22.07 | ▲ +9.04% | ▲ +10.10% | $19.51 (−3.59%) |
Aug 9, 2026 7w ago | Press Release | $19.40 $22.78 | ▲ +17.40% | ▲ +18.31% | $19.51 (+0.59%) |
Aug 4, 2026 8w ago | Press Release | $21.50 $18.64 | ▼ −13.33% | ▼ −12.72% | $19.51 (−9.24%) |
Jun 24, 2026 14w ago | Insider Cluster | $27.76 $23.86 | ▼ −14.05% | ▼ −14.58% | $19.51 (−29.70%) |
Apr 30, 2026 22w ago | 8-K | $18.50 $28.25 | ▲ +52.70% | ▲ +47.44% | $19.51 (+5.48%) |
Apr 16, 2026 24w ago | Press Release | $18.11 $24.62 | ▲ +35.95% | ▲ +30.58% | $19.51 (+7.75%) |
Mar 2, 2026 30w ago | Press Release | $15.29 $12.36 | ▼ −19.16% | ▼ −14.76% | $19.51 (+27.63%) |
US Market Status
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