RIOT
RIOT
Riot Platforms, Inc.
$22.11
-$1.85 (-7.72%)
Mkt Cap: $8.36B
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Data Center Lease Anchors Revenue: AMD Expansion Drives Growth (RIOT Q1 2026 Earnings Call)

By Dr. Graph | Updated on May 31, 2026 | earnings

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Riot Platforms transitioned into an active data center operator in the first quarter of fiscal year 2026 by generating $167 million in total revenue.

Accounting Adjustments Drive Net Loss Despite Inception of Lease Revenue

Riot reported a GAAP net loss of $500 million due to non-cash cryptocurrency adjustments. This net loss translated to a diluted GAAP loss per share of $1.44. Additionally, non-cash accounting items drove an adjusted EBITDA loss of $311 million.

Infrastructure Pipeline Positions Firm for Scaled Revenue Run Rate Expansion

Management expects to exit this fiscal year with an annualized operating lease revenue run rate of $37.8 million. Jason Les stated that 'access to power is a key bottleneck to data center development globally' as he forecast this run rate scaling to $55.6 million exiting the subsequent fiscal year. To support this growth, the company projects expansion capital expenditures of $3.3 million per megawatt.

Robust Operational Segments Secure Vertical Integration and Cost Efficiencies

The Bitcoin Mining segment produced 1,473 Bitcoin during the quarter. Riot generated $21 million in power curtailment credits to optimize its net energy costs. Furthermore, the Engineering segment maintained a backlog of $193.4 million to support ongoing infrastructure builds.

AMD Option Restructuring and Initial High-Margin Lease Delivery De-risk Pipeline

Jason Les explained that converting the right of first refusal into a 100-megawatt option simplifies the AMD partnership expansion. The company recognized $900,000 in operating lease revenue during the early stage of this lease. This initial delivery achieved a gross margin of 91% due to light initial operating costs.

Disclaimer: This report is for informational purposes only and does not constitute financial or investment advice. Always conduct your own research or consult a qualified professional before investing. Past performance is not indicative of future results.

Frequently Asked Questions

What is the total planned capacity of the Corsicana campus, and what are the development targets?
The Corsicana campus has a total planned capacity of 756 megawatts. Riot is targeting completion of 160 megawatts of core and shell capacity by the second quarter of 2027.
What are the total revenue and income expectations for the expanded AMD lease?
The expanded AMD lease is projected to generate $636 million in total revenue over the primary 10-year period. This contract is expected to deliver an average of $51 million in annual net operating income.
How is Riot utilizing its Bitcoin treasury to finance these projects?
Riot holds 15,679 Bitcoin in treasury, valued at approximately $1.1 billion. This asset base provides self-funding liquidity for infrastructure builds without equity dilution.