Riot Platforms Earnings Call Transcripts
Fiscal Year 2026
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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 transformation with record revenue, a major AMD lease, and expansion into data center development. Strong Bitcoin mining performance, disciplined capital management, and a robust power portfolio position the company for continued growth.
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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.