Riot Platforms Earnings Call Transcripts
Fiscal Year 2026
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The meeting was held virtually with all directors and key executives present. Stockholders approved all proposals, including director elections, auditor ratification, executive compensation, and an equity plan amendment. No questions were submitted during the Q&A.
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Q1 2026 marked a pivotal shift to data center operations, highlighted by AMD's 25 MW expansion and strong progress at Corsicana. Revenue reached $167M, with high-margin lease income scaling and robust Bitcoin mining performance. Growth is funded by Bitcoin sales and cash flow.
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Announced full ownership of Rockdale, unlocking 700 MW for data center development, and secured a 25 MW, 10-year lease with AMD, with options up to 200 MW. The deal is funded by Bitcoin sales, supports rapid, cost-efficient deployment, and validates the team’s execution and growth strategy.
Fiscal Year 2025
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2025 saw a strategic pivot to data center development, highlighted by a major AMD lease and record Bitcoin mining revenue. The company leveraged its large, approved power portfolio and internal engineering to deliver on aggressive timelines, while maintaining strong financial flexibility and targeting further growth in 2026.
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Announced 112 MW data center development at Corsicana, leveraging strong power assets and balance sheet. Q3 revenue rose 18% to $180.2M, with net income of $104.5M and 19,287 Bitcoin held. Focus remains on maximizing power value, expanding data centers, and maintaining cost discipline.
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Second quarter results showed strong financial performance, with net income of $219.5 million driven by Bitcoin price appreciation and operational efficiency. Strategic expansion into data centers continues, supported by a robust balance sheet and increased power capacity.
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Q1 2025 saw a 13% revenue increase and improved mining efficiency, but a $296.4M net loss due to Bitcoin price declines. Strategic moves included acquiring Rhodium's assets, advancing AI HPC data center plans, and diversifying financing while maintaining strong operational metrics.
Fiscal Year 2024
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Achieved record hash rate growth and a 34% revenue increase in 2024, while pivoting to capitalize on AI/HPC power demand and expanding engineering capabilities through acquisitions. Ended the year with $1.7B in Bitcoin and strong financial performance, positioning for further growth in 2025.
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Revenue surged 65% year-over-year to $84.8M, but net loss widened to $154.4M due to non-cash and one-time items. Hash rate reached 28 exahash, with 2024 guidance revised to 35 exahash and 2025 to 46.7 exahash amid project delays.
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Deployed hash rate surged 77% sequentially, with 2024 and 2025 targets raised and fully funded. Despite a 52% drop in Bitcoin mined due to the halving, mining revenue rose 12% year-over-year. The Block Mining acquisition expands capacity and national reach.