The Q2 operational miss (EPS -354% vs consensus, net loss widening) is likely outweighed by the post-quarter 191 MW AI lease with a top-tier lab, which transforms Riot's business model toward high-margin, long-term contracted data center revenue. Monitor construction milestones (first 96 MW due Dec 2027, full 191 MW by June 2028) and Morgan Stanley financing closure. The cross-filing actuarial amplifiers (press-8k-context + press-activist-context, press-offering-context) suggest elevated price sensitivity — historical calibration shows score-7 filings at only 43-47% observed P up at T+20, but the $9.1B contract magnitude justifies elevated impact. Watch Bitcoin price and hash rate for mining profitability headwinds.
Price Chart
Executive Summary
Riot Platforms reported Q2 2026 revenue of $174.2M, up 14% YoY, but GAAP net loss of -$237.2M vs. $219.5M net income in the year-ago period, driven by impairment, higher depreciation, and lower Bitcoin mining margins. The headline EPS miss (-$1.44 actual vs. -$0.32 consensus) reflects Bitcoin's price decline and elevated hash rate, overshadowing a transformative post-quarter event: a 20-year, 191 MW AI data center lease with a leading frontier AI lab, expected to generate ~$9.1B in total contract revenue. This lease, alongside the existing AMD agreement, positions Riot as a major AI infrastructure developer, with $9.8B in contracted long-term revenue and a $573M Morgan Stanley financing facility.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $174.2M (+14% YoY vs. $153.0M) but net loss -$237.2M vs. $219.5M net income in Q2 2025.
- EPS of -$1.44 missed consensus of -$0.32 by -354.6%, reflecting Bitcoin mining revenue drop to $113.7M (from $140.9M) and $27.97M impairment.
- Bitcoin production 1,587 vs. 1,426 YoY; average cost to mine (ex-depreciation) $49,912 vs. $48,992; cost as % of production value rose to 69.6% from 49.6%.
- After quarter end, signed a 20-year, 191 MW lease with a frontier AI lab at Rockdale, expected to generate $9.1B initial contract revenue (up to $16.1B with extensions).
- Combined with the AMD lease (50 MW), Riot has contracted 241 MW of AI data center capacity, representing ~$9.8B in long-term contracted revenue.
- Data Center segment generated $23.2M in Q2 revenue, including $4.9M operating lease and $18.3M tenant fit-out services.
- Ended quarter with $1.2B in liquid assets: 11,380 bitcoin (5,821 collateralized, valued at $666M based on $58,527/BTC) and $548.9M cash ($77.5M restricted).
- Morgan Stanley provided a $573M interim financing facility for the new AI data center build-out.
Financial Impact
EPS miss of -$1.44 vs -$0.32 consensus; net loss of -$237.2M for the quarter; new lease represents ~$9.1B in total initial contract revenue for 20 years
Risk Factors
- Execution risk on AI data center build-out; construction delays, cost overruns, or tenant default could impair the $9.1B contract value.
- Bitcoin mining revenue continues to decline due to lower BTC prices and rising network hash rate; cost to mine as % of production value rose from 49.6% to 69.6% YoY.
- EPS consensus for next quarter (Jun 2026) is -$0.39 (range -$0.79 to -$0.14), suggesting continued GAAP losses; negative outlook from Street if mining headwinds persist.
- Attractive lease terms may require significant upfront capital; $573M Morgan Stanley facility carries financing cost and covenant risk.
- Regulatory or ERCOT changes to demand response programs could increase Bitcoin mining power costs.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3342174 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 6w ago | 8-K | $20.04 $19.70 | ▼ −1.70% | ▲ +0.28% | $19.43 (−3.04%) |
Aug 10, 2026 7w ago | 8-K | $20.24 $22.07 | ▲ +9.04% | ▲ +10.10% | $19.43 (−4.00%) |
Aug 10, 2026 7w ago | Press Release | $20.24 $22.07 | ▲ +9.04% | ▲ +10.10% | $19.43 (−4.00%) |
Aug 9, 2026 7w ago | Press Release | $19.40 $22.78 | ▲ +17.40% | ▲ +18.31% | $19.43 (+0.15%) |
Aug 4, 2026 8w ago | Press Release | $21.50 $18.64 | ▼ −13.33% | ▼ −12.72% | $19.43 (−9.63%) |
Jun 24, 2026 14w ago | Insider Cluster | $27.76 $23.86 | ▼ −14.05% | ▼ −14.58% | $19.43 (−30.01%) |
Apr 30, 2026 22w ago | 8-K | $18.50 $28.25 | ▲ +52.70% | ▲ +47.44% | $19.43 (+5.03%) |
Apr 16, 2026 24w ago | Press Release | $18.11 $24.62 | ▲ +35.95% | ▲ +30.58% | $19.43 (+7.29%) |
Mar 2, 2026 30w ago | Press Release | $15.29 $12.36 | ▼ −19.16% | ▼ −14.76% | $19.43 (+27.08%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access