Riot Platforms (NASDAQ: RIOT) grows data center revenue and AMD capacity
Rhea-AI Filing Summary
Riot Platforms reported first quarter 2026 results and highlighted its expansion into data center hosting alongside bitcoin mining. The company generated $167.2 million in quarterly revenue, including $33.2 million from its new data center business.
Riot noted that AMD exercised an option for an additional 25 megawatts of capacity, bringing AMD’s total contracted critical IT capacity to 50 megawatts, which management views as validation of its large-scale data center strategy. Despite this growth, Riot posted a net loss of $ (500,477) for the quarter and reported negative Adjusted EBITDA of $ (311,117).
For bitcoin mining, cost to mine one bitcoin excluding miner depreciation was $44,629 versus a production value per bitcoin of $75,964. Including depreciation, the cost to mine one bitcoin rose to $96,283, or 126.7% of production value, indicating mining operations were not profitable on a fully loaded cost basis in the period.
Positive
- Data center revenue traction and AMD expansion: Riot generated $33.2 million of Q1 2026 data center revenue and disclosed that AMD doubled its contracted capacity to 50 megawatts of critical IT capacity, supporting the company’s strategy to grow a large-scale digital infrastructure hosting business alongside bitcoin mining.
Negative
- Large loss and unprofitable bitcoin mining on full costs: Riot reported a Q1 2026 net loss of $ (500,477) and Adjusted EBITDA of $ (311,117). Cost to mine one bitcoin including depreciation was $96,283, or 126.7% of the $75,964 production value, indicating negative mining margins on a fully loaded basis.
Insights
Riot grows data center revenue but posts sizable Q1 loss.
Riot Platforms is pivoting from pure bitcoin mining toward digital infrastructure, generating $167.2 million in Q1 2026 revenue, with $33.2 million from data centers. AMD’s option exercise lifts contracted critical IT capacity to 50 megawatts, supporting the new hosting strategy.
Financially, the company reported a Q1 net loss of $ (500,477) and negative Adjusted EBITDA of $ (311,117). Bitcoin mining economics were challenging: cost to mine one bitcoin, including depreciation, was $96,283, or 126.7% of the $75,964 production value per coin, implying losses on a fully loaded basis.
Future progress will depend on scaling higher-margin data center revenue, improving mining efficiency, and how quickly newly contracted capacity like AMD’s 50 megawatts ramps. Subsequent quarterly disclosures will clarify whether the data center segment can offset mining volatility and support more sustainable profitability.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Cost to Mine financial
power curtailment credits financial
bitcoin miner depreciation financial
Non-U.S. GAAP Measures financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 - Results of Operations and Financial Condition.
On April 30, 2026, Riot Platforms, Inc. (together with its consolidated subsidiaries, the “Company”) issued a press release (the “Press Release”) and an update on the Company’s business and financial results and results of operations for the three months ended March 31, 2026 (the “Q1 2026 Earnings Deck”) on its website, www.riotplatforms.com, under the “Investor Relations” tab. The full text of the Press Release and the Q1 2026 Earnings Deck are attached to this Current Report on Form 8-K (this “Report”) as Exhibit 99.1 and 99.2, respectively.
The information under this Item 2.02 of this Report, including Exhibits 99.1 and 99.2 attached hereto, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 – Financial Statements and Exhibits.
(d)Exhibits.
EXHIBIT INDEX
Exhibit No. | | Description |
99.1 | Press Release, dated April 30, 2026. | |
99.2 | Q1 2026 Earnings Deck, dated as of April 30, 2026. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
S I G N A T U R E
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RIOT PLATFORMS, INC. | |||
By: | /s/ Jason Chung | ||
Name: | Jason Chung | ||
Title: | Chief Financial Officer | ||
Date: April 30, 2026
Exhibit 99.1
Riot Platforms Reports First Quarter 2026 Financial Results and Strategic Highlights
● Quarterly revenue of $167.2 million, including $33.2 million in Data Center revenue
● Announces AMD exercise of option for an additional 25 MW, bringing total contracted capacity to 50 MW of critical IT capacity
CASTLE ROCK, Colo., April 30th 2026 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), a Bitcoin-driven industry leader in the development of large-scale data centers and bitcoin mining applications, reported financial results for the three-month period ended March 31, 2026. The accompanying presentation materials are available on Riot’s website.
“The first quarter of 2026 marks a definitive inflection point for Riot, as we officially transitioned into an active, revenue-generating data center operator,” said Jason Les, CEO of Riot. “Our ongoing delivery of initial capacity to AMD, and their decision to already double their footprint with a 25 megawatt expansion, validates our ability to execute at institutional scale with the most demanding tenants. With 50 megawatts now firmly contracted with AMD, we are rapidly executing on the value creation opportunity presented by our significant, fully-approved power portfolio. We have the secured power, the in-house development expertise, and the significant financial resources required to capitalize on strong market demand with high-quality tenants in order to drive compounding shareholder value.”
First Quarter 2026 Financial and Operational Highlights
Key financial and operational highlights for the quarter include:
| ● | Total revenue of $167.2 million, as compared to $161.4 million for the same three-month period in 2025. |
| ● | Produced 1,473 bitcoin, as compared to 1,530 during the same three-month period in 2025. |
| ● | The average cost to mine bitcoin, excluding depreciation, was $44,629 in the quarter, as compared to $43,808 per bitcoin in the same three-month period in 2025. The increase was primarily driven by a 24% increase in the average global network hash rate as compared to the same period in 2025, partially offset by a 169% increase in power credits received in first quarter 2026 compared to power credits received in first quarter 2025. |
| ● | Bitcoin Mining revenue of $111.9 million for the quarter, as compared to $142.9 million for the same three-month period in 2025, primarily driven by lower average bitcoin prices and an increase in global network hash rate, partially offset by an increase in Riot’s average operating hash rate. |
| ● | The Company’s first quarter of Data Center revenue of $33.2 million. Data Center revenue was comprised of $0.9 million in operating lease revenue and $32.2 million in tenant fit-out services revenue. |
| ● | Engineering revenue of $22.2 million for the quarter, as compared to $13.9 million for the same three-month period in 2025. |
| ● | Maintained strong liquidity position with 15,679 bitcoin (of which 5,802 were held as collateral), equating to approximately $1.1 billion based on a market price for one bitcoin on March 31, 2026, of $68,222. The quarter ended with $282.5 million of cash on hand (of which $76.9 million is restricted). |
About Riot Platforms, Inc.
Riot’s (NASDAQ: RIOT) vision is to be the world’s most trusted platform for powering and building digital infrastructure.
Riot’s mission is to empower the future of digital infrastructure by positively impacting the sectors, networks, and communities that we touch. We believe that the combination of an innovative spirit and strong community partnership allows the Company to achieve best-in-class execution and create successful outcomes.
Riot is a Bitcoin-driven industry leader in the development of large-scale data centers and bitcoin mining applications. The Company’s vertically integrated strategy spans Bitcoin mining, engineering, and the development of large-scale data center projects designed to support the growing demand for high-density computing. Riot currently operates Bitcoin mining facilities in central Texas and Kentucky, with engineering and fabrication capabilities in Denver and Houston. The Company is now expanding into data center development, strengthening its position as a foundational builder in the digital economy.
For more information, visit www.riotplatforms.com.
Safe Harbor
Statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions. Such statements rely on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” similar expressions and their negatives are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to: plans to develop data centers, projections, objectives, expectations, and intentions about future events, short-term and long-term business operations and objectives and financial needs; the Company’s data center lease at the Rockdale Site; forecasted demand for energy at the sites; the Company’s expansion plans at the site, the Company’s anticipated financing plan for the project, and the Company’s other plans, projections, objectives, expectations, and intentions more generally. These forward-looking statements are subject to a number of risks and uncertainties that may cause results, performance, or achievements to be materially different from those expressed or implied, including, without limitation: risks relating to the Company’s growth and developing the Company’s power capacity for data center purposes, including construction plans, delays, supply chain issues, permitting or regulatory hurdles, and unforeseen technical challenges; the anticipated demand for large data centers; changes in leasing arrangements; risks relating to the financing of new data centers; future economic conditions, performance, or outlooks; future political conditions; the outcome of contingencies; potential acquisitions or divestitures; our ability to maximize the value of our full power portfolio; the number and value of Bitcoin rewards and transaction fees we earn from our ongoing Bitcoin Mining operations; future self-mining hash rate capacity; expected cash flows or capital expenditures; our beliefs or expectations; activities, events or developments that we intend, expect, project, believe, or anticipate will or may occur in the future; unaudited estimates of bitcoin production; risks related to the success, schedule, cost and difficulty of integrating businesses we acquire; and our failure to realize anticipated efficiencies and strategic and financial benefits from our acquisitions. Detailed information regarding the factors identified by the Company’s management which they believe may cause actual results to differ materially from those expressed or implied by such forward-looking statements in this press release may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risks, uncertainties and other factors discussed under the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC’s website, www.sec.gov. All forward- looking statements included in this press release are made only as
of the date of this press release, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on such forward-looking statements.
Additional Information and Communications
For important news and information regarding the Company, including presentations and other news and events, visit the Investor Relations section of the Company’s website, riotplatforms.com/overview, and the Company’s social media accounts, including on X and LinkedIn.
Contacts:
Investor Contact:
Joshua Kane
IR@Riotplatforms.com
Media Contact:
Becca Rincon
PR@Riotplatforms.com
Non-U.S. GAAP Measures of Financial Performance
In addition to financial measures presented under generally accepted accounting principles in the United States of America (“GAAP”), we consistently evaluate our use of and calculation of non-GAAP financial measures such as “Adjusted EBITDA.” EBITDA is computed as net income before interest, taxes, depreciation, and amortization. Adjusted EBITDA is a financial measure defined as EBITDA, adjusted to eliminate the effects of certain non-cash and/or non-recurring items that do not reflect our ongoing strategic business operations, which management believes results in a performance measurement that represents a key indicator of the Company’s core business operations of Bitcoin mining. The adjustments include fair value adjustments such as derivative power contract adjustments, equity securities fair value changes, and non-cash stock-based compensation expense, in addition to financing and legacy business income and expense items. We believe Adjusted EBITDA can be an important financial performance measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including our return on capital and operating efficiencies from period-to-period by making such adjustments. Additionally, Adjusted EBITDA is used as a performance metric for share-based compensation.
Adjusted EBITDA is provided in addition to, and should not be considered a substitute for, or superior to, net income, the most comparable measure under GAAP to Adjusted EBITDA. Further, Adjusted EBITDA should not be considered as an alternative to revenue growth, net income, diluted net income per share or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of our liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider this financial measure either in isolation or as a substitute for analyzing our results as reported under GAAP.
The following table reconciles Adjusted EBITDA to Net income (loss), the most comparable GAAP financial measure:
| | Three Months Ended |
| ||||
| | March 31, | | ||||
| | 2026 | | 2025 | | ||
Net income (loss) | | $ | (500,477) | | $ | (296,367) | |
Interest income | | | (2,313) | | | (3,397) | |
Interest expense | | | 2,618 | | | 2,308 | |
Income tax expense (benefit) | | | 291 | | | 437 | |
Depreciation and amortization | | | 97,734 | | | 77,926 | |
EBITDA | | | (402,147) | | | (219,093) | |
| | | | | | | |
Adjustments: | | | | | | | |
Stock-based compensation expense | | | 39,166 | | | 29,576 | |
Acquisition-related costs | | | — | | | 76 | |
Change in fair value of derivatives | | | 51,852 | | | (41,894) | |
Change in fair value of contingent consideration | | | — | | | (8,252) | |
Loss (gain) on equity method investment - marketable securities | | | — | | | 63,238 | |
Loss (gain) on sale of equipment | | | — | | | 129 | |
Other (income) expense | | | 12 | | | (93) | |
Amortization of license fee revenue | | | — | | | (24) | |
Adjusted EBITDA | | $ | (311,117) | | $ | (176,337) | |
The Company defines Cost to Mine as the cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as calculated in the table below.
| | Three Months Ended |
| ||||
| | March 31, | | ||||
| | 2026 | | 2025 | | ||
Cost of power for self-mining operations | | $ | 72,317 | | $ | 61,830 | |
Other direct cost of revenue for self-mining operations(1)(2), excluding bitcoin miner depreciation | | | 14,445 | | | 12,988 | |
Cost of revenue for self-mining operations, excluding bitcoin miner depreciation | | | 86,762 | | | 74,818 | |
Less: power curtailment credits(3) | | | (21,023) | | | (7,801) | |
Cost of revenue for self-mining operations, net of power curtailment credits, excluding bitcoin miner depreciation | | | 65,739 | | | 67,017 | |
Bitcoin miner depreciation(4)(5) | | | 76,086 | | | 57,062 | |
Cost of revenue for self-mining operations, net of power curtailment credits, including bitcoin miner depreciation | | $ | 141,825 | | $ | 124,079 | |
| | | | | | | |
Quantity of bitcoin mined | | | 1,473 | | | 1,530 | |
Production value of one bitcoin mined(6) | | $ | 75,964 | | $ | 93,385 | |
| | | | | | | |
Cost to mine one bitcoin, excluding bitcoin miner depreciation | | $ | 44,629 | | $ | 43,808 | |
Cost to mine one bitcoin, excluding bitcoin miner depreciation, as a % of production value of one bitcoin mined | | | 58.8 | % | | 46.9 | % |
| | | | | | | |
Cost to mine one bitcoin, including bitcoin miner depreciation | | $ | 96,283 | | $ | 81,109 | |
Cost to mine one bitcoin, including bitcoin miner depreciation, as a % of production value of one bitcoin mined | | | 126.7 | % | | 86.9 | % |
(1) | Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property tax. |
(2) | During the three months ended March 31, 2026 and 2025, we paid cash of $23.5 million and $21.0 million, respectively, in total deposits and payments for the purchase of miners. Costs to finance the purchase of miners were zero in all periods presented as the miners were paid for with cash from the Company’s cash balance. The seller did not provide any financing nor did the Company borrow from a third-party to purchase the miners. |
(3) | Power curtailment credits are credited against our power invoices as a result of temporarily pausing our operations to participate in ERCOT’s Demand Response Service Programs. Our fixed-price power purchase contracts enable us to strategically curtail our mining operations and participate in these programs, which significantly lower our cost to mine bitcoin. These credits are recognized in Power curtailment credits on our Condensed Consolidated Statements of Operations, outside of cost of revenue, but significantly reduce our overall cost to mine bitcoin. |
(4) | We capitalize the acquisition cost of our miners and include these costs in Property and equipment, net on our Condensed Consolidated Balance Sheets. The miners are depreciated over an estimated useful life of three years, during which time, they are expected to contribute to the generation of bitcoin revenue. We do not consider depreciation expense in determining whether it is economical to operate our miners because depreciation is a non-cash expense and is not a variable operating cost that can be avoided even if we curtail operations temporarily. Depreciation expense incurred is disclosed for each respective period in the table above. |
(5) | The following table presents the future depreciation expense of all of our bitcoin miners: |
Remainder of 2026 | | $ | 197,735 |
2027 | |
| 216,084 |
2028 | |
| 94,489 |
2029 | | | 13,865 |
Total | | $ | 522,173 |
(6) | Computed as revenue recognized from bitcoin mined divided by the quantity of bitcoin mined during the same period. |
Exhibit 99.2
| Conceptual rendering RIOT PLATFORMS Q1 2026 EARNINGS April 30, 2026 NASDAQ: RIOT |
| 2 FORWARD-LOOKING STATEMENT Statements in this presentation that are not statements of historical fact are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions, and are not guarantees of future performance or actual results. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, but are not limited to: plans to develop data centers; the Company’s data center lease at the Rockdale Site; total lease contract value over the term with and without exercising options and extension; net operating income (“NOI”) of the lease; projected delivery timeline of the site; forecasted demand for energy at the sites; construction plans; forecasted capital expenditures and descriptions thereof; projected energization timelines; and the Company’s other plans, objectives, expectations, and intentions. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” and similar expressions are intended to identify forward-looking statements; however, forward-looking statements may be made without such signifying expressions. Because such forward-looking statements reflect management’s current expectations, assumptions and estimates of future performance and economic conditions, they are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to developing the Company’s power capacity for data center purposes, including construction plans, delays, supply chain issues, permitting or regulatory hurdles, and unforeseen technical challenges; our ability to attract and retain qualified third-party partners and customers; changes in leasing arrangements; risks relating to the financing of new data centers; future economic conditions, performance, or outlooks; future political conditions; the outcome of contingencies; our ability to maximize the value of our full power portfolio; rapidly changing technologies; the number and value of Bitcoin rewards and transaction fees we earn from our ongoing Bitcoin Mining operations; future self-mining hash rate capacity; expected cash flows or capital expenditures; our beliefs or expectations; activities, events or developments that we intend, expect, project, believe, or anticipate will or may occur in the future; unaudited estimates of bitcoin production; risks related to the success, schedule, cost and difficulty of integrating businesses we acquire; and our failure to realize anticipated efficiencies and strategic and financial benefits from our acquisitions. Further information regarding the factors identified by the Company’s management, which they believe may cause actual results to differ materially from those expressed or implied by the forward-looking statements contained in this presentation, may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risks, uncertainties and other factors discussed under the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC’s website, www.sec.gov. In addition to these risks and those identified by the Company’s management and disclosed in the Company’s filings with the SEC, other risks, factors and uncertainties not identified by management, or which management does not presently believe to be material to the Company, its business or prospects, may also materially affect the Company’s actual future results, including in ways adverse to the Company’s business. All forward-looking statements included in this presentation are made only as of the date of this presentation, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this presentation are cautioned not to place undue reliance on such forward-looking statements. Non-GAAP Financial Measures This presentation includes a forward-looking non-GAAP financial measure, net operating income (NOI), which the Company defines as lease revenue for a specific lease less cost of revenue. Cost of revenue, includes compensation, IT equipment and software, and other costs directly related to the lease. Management uses NOI to assess the projected operating performance of individual leases. The most directly comparable GAAP measure is segment gross profit or loss. NOI has significant limitations as an analytical tool and should not be considered in isolation or as a substitute for GAAP results. In evaluating NOI, you should be aware that future non-reimbursable lease operating expenses may arise that are not currently known. The Company’s presentation of NOI should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. This measure excludes the impact of capital expenditures, material financial obligations, general and administrative expenses and depreciation and amortization, all of which have real economic effects and could materially affect the Company’s consolidated financial results. Definitions and calculations of NOI may vary among companies, and therefore the Company’s NOI may not be comparable to similar measures published by others. A reconciliation of NOI to operating income is not provided because NOI is only calculated for specific leases. Certain amounts cannot be reasonably estimated without unreasonable efforts because certain reconciling metrics are out of the Company’s control, and such estimates would imply a degree of precision that could be misleading to investors. For more information, please refer to our GAAP financial statements included in our most recent filings with the SEC. Statements in this presentation that are not statements of historical fact are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions, and are not guarantees of future performance or actual results. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, but are not limited to: plans to develop data centers; the Company’s data center lease at the Rockdale Site; total lease contract value over the term with and without exercising options and extension; net operating income (“NOI”) of the lease; projected delivery timeline of the site; forecasted demand for energy at the sites; construction plans; forecasted capital expenditures and descriptions thereof; projected energization timelines; and the Company’s other plans, objectives, expectations, and intentions. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” and similar expressions are intended to identify forward-looking statements; however, forward-looking statements may be made without such signifying expressions. Because such forward-looking statements reflect management’s current expectations, assumptions and estimates of future performance and economic conditions, they are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to developing the Company’s power capacity for data center purposes, including construction plans, delays, supply chain issues, permitting or regulatory hurdles, and unforeseen technical challenges; our ability to attract and retain qualified third-party partners and customers; changes in leasing arrangements; risks relating to the financing of new data centers; future economic conditions, performance, or outlooks; future political conditions; the outcome of contingencies; our ability to maximize the value of our full power portfolio; rapidly changing technologies; the number and value of Bitcoin rewards and transaction fees we earn from our ongoing Bitcoin Mining operations; future self-mining hash rate capacity; expected cash flows or capital expenditures; our beliefs or expectations; activities, events or developments that we intend, expect, project, believe, or anticipate will or may occur in the future; unaudited estimates of bitcoin production; risks related to the success, schedule, cost and difficulty of integrating businesses we acquire; and our failure to realize anticipated efficiencies and strategic and financial benefits from our acquisitions. Further information regarding the factors identified by the Company’s management, which they believe may cause actual results to differ materially from those expressed or implied by the forward-looking statements contained in this presentation, may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risks, uncertainties and other factors discussed under the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC’s website, www.sec.gov. In addition to these risks and those identified by the Company’s management and disclosed in the Company’s filings with the SEC, other risks, factors and uncertainties not identified by management, or which management does not presently believe to be material to the Company, its business or prospects, may also materially affect the Company’s actual future results, including in ways adverse to the Company’s business. All forward-looking statements included in this presentation are made only as of the date of this presentation, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this presentation are cautioned not to place undue reliance on such forward-looking statements. Non-GAAP Financial Measures This presentation includes a forward-looking non-GAAP financial measure, net operating income (NOI), which the Company defines as lease revenue for a specific lease less cost of revenue. Cost of revenue, includes compensation, IT equipment and software, and other costs directly related to the lease. Management uses NOI to assess the projected operating performance of individual leases. The most directly comparable GAAP measure is segment gross profit or loss. NOI has significant limitations as an analytical tool and should not be considered in isolation or as a substitute for GAAP results. In evaluating NOI, you should be aware that future non-reimbursable lease operating expenses may arise that are not currently known. The Company’s presentation of NOI should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. This measure excludes the impact of capital expenditures, material financial obligations, general and administrative expenses and depreciation and amortization, all of which have real economic effects and could materially affect the Company’s consolidated financial results. Definitions and calculations of NOI may vary among companies, and therefore the Company’s NOI may not be comparable to similar measures published by others. A reconciliation of NOI to operating income is not provided because NOI is only calculated for specific leases. Certain amounts cannot be reasonably estimated without unreasonable efforts because certain reconciling metrics are out of the Company’s control, and such estimates would imply a degree of precision that could be misleading to investors. For more information, please refer to our GAAP financial statements included in our most recent filings with the SEC. |
| TABLE OF CONTENTS S E C T I O N 2 : BUSINESS UPDATE DATA CENTERS S E C T I O N 1 : Q1 2026 KEY HIGHLIGHTS S E C T I O N 5 : POWER PORTFOLIO S E C T I O N 4 : Q1 2026 FINANCIAL UPDATE S E C T I O N 3 : FINANCING UPDATE 3 S E C T I O N 6 : CLOSING REMARKS |
| Q1 2026 K E Y H I G H L I G H T S S E C T I O N 1 : 4 |
| AMD Expansion Option • 25 MW expansion option exercised, bringing total contracted critical IT capacity to 50 MW with 50 MW of additional capacity remaining on the initial option • Additional 100 MW option (replaces prior AMD ROFR), with total potential capacity of 200 MW for AMD Data Center Design and Development • Enhanced standard design with greater density and modularity to support full market of potential customer requirements • Began development on first core and shell building at Corsicana and advanced on securing long lead items for full buildout • Strengthened in-house data center expertise, with strong leadership in-place AMD Lease Execution • First 5 MW phase delivered on schedule • Remaining 20 MW on track for May 2026 delivery Prudent Financial Management • Funded significant data center infrastructure growth through operating cash flow and disciplined bitcoin sales • Executed all strategic growth initiatives in the quarter without equity dilution KEY ACCOMPLISHMENTS 5 |
| BUSINESS UPDATE D A T A C E N T E R S S E C T I O N 2 : Recent picture of AMD deployment in Building G at Rockdale 6 |
| AMD RELATIONSHIP CONTINUES TO DEEPEN AMD retains options for +150 MW critical IT capacity ROCKDALE SITE Critical IT Capacity 25 MW 25 MW 50 MW Full Deployment 1 May 2026 May 2027 May 2027 Lease Term 10-Year (Three 5-Year Extension Options) 10-Year (Three 5-Year Extension Options) 10-Year (Three 5-Year Extension Options) Total Contract Revenue 2 $311 million $325 million $636 million Total Estimated NOI 3 $250 million $260 million $510 million Capital Expenditures 4 $89.5 million ($3.6 million per MW) $83.2 million ($3.3 million per MW) $172.7 million ($3.5 million per MW) 1. Deployment will be delivered in phases, with the full deployment estimated to be delivered on the listed month. 2. Contract value for deployment over the initial 10-year term. 3. Estimated value for deployment over the initial 10-year term. Calculated as Revenue – Estimated Cost of Revenue. 4. Represents costs of new construction beyond existing infrastructure. 25 MW INITIAL LEASE 25 MW EXPANSION TOTAL LEASE 7 |
| 8 AMD | 25MW Initial Capacity AMD | 10MW Phase 3 Expansion AMD | 15MW Phase 4 Expansion AMD +50MW Expansion Option Rockdale AMD Site Plan Initial Capacity On-Schedule for May 2026 Delivery Signed lease with AMD 25 MW Full RFS May 2026 Phase 3: 10 MW Delivered November 2026 Phase 4: 15 MW Delivered May 2027 100 MW Additional Option Replaces Prior ROFR 25 MW 35 MW 50 MW 100 MW 50 MW Expansion Option TODAY 200 MW Building F Building G |
| Corsicana core & shell development has commenced and is on-schedule Prospective Corsicana data center campus UP TO 756 MW TOTAL IT CAPACITY Planned at Corsicana across 4.5 buildings (168 MW IT Capacity per Building) Conceptual rendering of 168 MW building 1 PHAS E 1 PHASE 3 PHASE 2 |
| S E C T I O N 3 : 10 FINANCING UPDATE Q 1 2 0 2 6 |
| RIOT’S FINANCING PRINCIPLES 11 1234 L I Q U I D I T Y Maximize Current Liquidity A C C E S S Broaden Capital Availability C O S T Lower Cost of Capital D I S C I P L I N E Balance Sheet Management Manage cash and bitcoin to fund initial development costs Leverage tenant credit to access new funding sources Active debt management through market cycles Obtain accretive, lower cost financing as the asset base matures |
| Lower Cost Refinancing Proceeds Recycled to Fund Higher Return Projects 12 FINANCING LIFECYCLE Deploy balance sheet 1 Obtain project level financing 2 Refinance and redeploy proceeds 3 Cost of Capital Fully Contracted / Stabilized Lease Up / Pre-Leased Land / Greenfield / Brownfield 2 1 3 |
| FINANCIAL UPDATE Q 1 2 0 2 6 S E C T I O N 4 : 13 |
| 1.Net income per share figure based on diluted shares outstanding. 2. See Appendix slides 28-31 for definitions, terms, and reconciliations. 3. Bitcoin value based on a closing price of $68,233 on March 31, 2026, sourced from Coinbase. 4. ‘Global Network Hash Rate’ quarter average sourced from Blockchain.com as of March 31, 2026. FINANCIAL METRICS $167M $(1.44) $(500M) $(311M) POWER STATISTICS Net Cost of Power Represents one of the lowest costs of power in the industry 2 Power Credits Equivalent of $9,977 per BTC mined BTC MINING STATISTICS 1,473 15,679 BTCHeld Quarter-end value of $1.1 billion3 42.5 EH/s $44,629 2.0GW RIOT PLATFORMS Q1 2026 BY THE NUMBERS BTC Produced Production of 16.6 BTC per day 3.0 c/kWh $21M Net Income Reflects several non-cash charges and mark to market pricing on BTC held Diluted EPS Includes D&A, SBC, unrealized loss on BTC held1 Adjusted EBITDA Adjusted for non-cash and unusual items2 Total Revenue 2% increase Year-over-year Hash Rate Deployed Accounting for ~4.3% of the global network4 Cost to Mine per Bitcoin Vertical-integration and power strategy drive low cost to mine2 Available Total Power Capacity 1,700 MW in Texas and 300 MW in Kentucky 14 DATA CENTER STATISTICS Exit Critical IT Capacity End-of-quarter Critical IT available & under contract Total Revenue Reflects RFS of Riot’s first data center deployment & fit-out. 5 MW $33M Operating Lease Gross Margin 91% 14 |
| DATA CENTER | First Quarter of Data Center Revenues 15 • Q1 operating lease gross margin of 91% as AMD initiates operations • 5 MW of capacity delivered on schedule in Q1 and already generating data center revenues • Tenant fit-out services include the procurement and installation of customer-specific equipment, reimbursed by the tenant on a cost-plus basis Revenue Gross Profit Gross Margin $0.9M $0.8M 90.8% Tenant fit-out services $32.2M $1.5M 4.8% Total $33.2M $2.4M 7.2% Operating Lease Revenue (Recurring) |
| Engineering Capacity Increased to Service Substantial Backlog ($M) 1 Riot Engineering provides significant operational synergies • Total engineering manufacturing capacity expected to increase by 25% in 2026 • Manufactures low and medium voltage switchgear and power distribution centers • Derisksthe delivery of a critical data center component • Servicing and maintenance expertise leads to operational efficiencies • Significant capex savings across Riot Platforms Data center sector represents 90% of current backlog Riot Engineering Provides a Key Competitive Advantage in the Delivery of Critical Data Center Components 1.Engineering Backlog excludes Riot-related backlog 16 $114.9 $118.7 $159.6 $227.0 $193.4 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Strategically holding back capacity for Riot’s own data center growth |
| POWER PORTFOLIO S E C T I O N 5 : 17 |
| Greenfield & Brownfield Development • Secure and develop land assets with immediate or near-term approved power capacity BUILD INORGANIC • • • • Corsicana 1.0 GW Large-Scale Power Portfolio with Multiple Avenues to Grow Pipeline Further Existing Base 01 Self Generation • Own power production co-located with load GENERATE BEHIND THE METER • • • • 02 ACQUIRE M&A • • • • 03 COLLABORATE STRATEGIC • • • • 04 Acquisitions • Acquire portfolios or organizations with access to power Partnerships • Joint ventures to expand footprint, grow the pipeline, and explore new technologies TEXAS Rockdale 700 MW TEXAS Kentucky 300 MW KENTUCKY Utility power in Riot’s power portfolio 2.0 GW 100+ opportunities evaluated over the last 24 months Multiple deals being actively pursued 18 |
| CLOSING REMARKS S E C T I O N 6 : 19 |
| Q 1 2025 Q 2 2025 Q 3 2025 Q 4 2025 Q 1 2026 02 Build & Expand Data Center Team Address Land Ownership Constraints at Rockdale and Corsicana Complete Basis of Design Complete Campus Design at Corsicana Commercial-Stage Discussions Delivery of Data Center Capacity A C T I V E W O R K S T R E A M C O M P L E T I O N M I L E S T O N E 03 04 06 07 08 01 Altman Solon Studies to Assess Data Center Development Feasibility O N G O I N G Present R O C K D A L E S I T E A C Q U I S I T I O N C O R S I C A N A A D J A C E N T P A R C E L A C Q U I S I T I O N O N G O I N G O N G O I N G A M D L E A S E S I G N E D A M D P H A S E 1 D E L I V E R E D C O M P L E T E D W O R K S T R E A M 05 Engage Market on Basis of Design C O M P L E T E D I N I T I A L D E S I G N C O M P L E T E D S T A N D A R D D E S I G N Key Workstream Resolution has Enabled Focus on Lease Discussions and Development 20 |
| Riot Continues to Build Strong Data Center Capabilities ADAM BLACK EVP, Design & Construction Adam Black is a senior infrastructure executive with 15+ years of experience leading hyperscale and AI data center development across multi-gigawatt platforms. He has led design and construction organizations at TA Digital Group and Google, delivering large-scale infrastructure programs across the U.S. and internationally. At Riot, he leads design and construction, driving execution of scalable, high-performance data center platforms. Background & Credentials • Former SVP, Design & Construction at TA Digital Group; prior leadership roles at Google and Meta • Delivered 1.5 GW+ of hyperscale infrastructure • Led $10B+ in total capital infrastructure programs across global data center platforms • 3 GW+ of active development portfolio across hyperscale and AI data center platforms Areas of Expertise • Capital Projects • Data Center Development • Vendor & Supply Chain Management • Design Strategy Our Data Center team is supported by Riot’s vertically integrated platform including engineering (ESS Metron & E4A), Power, Corporate Development, and other corporate functions Commercial Sales Critical Operations Project Execution Design and Construction • Battle tested leadership with deep experience running mission-critical environments in hyperscale settings • Extensive operational track record delivering uptime, reliability, and SLA performance aligned to tenant requirements • Disciplined operator team supporting long-term asset performance, efficiency, and customer satisfaction • Proven experience supporting infrastructure delivery at scale with in-house high-voltage and procurement teams • Accomplished program management leadership experienced in driving cross-functional alignment and execution • Credible track record of disciplined execution across timelines, capital deployment, and strategic priorities • Led by Rhea Williams, SVP AI & Hyperscale Sales • Demonstrated leasing execution across premier platforms including Oracle, Compass Data Centers, CoreSite, and Digital Realty • Directly reports to CEO, reinforcing leasing as a core focus & strategic pillar of Riot’s growth strategy Data Center Development and Operations 21 • Distinguished design and construction leader with deep technical expertise and broad delivery experience across hyperscale and enterprise data center programs. • Tested teams delivering multi-gigawatt infrastructure aligned to tenant requirements • Enduring supply chain and vendor relationships enabling execution at scale |
| Riot has a 1 GW+ Critical IT Leasing Opportunity January 2025 Announced strategic pivot to evaluate potential HPC development at Corsicana June 2025 Begin assembling best in class data center team January 2026 Initial AMD deployment of 5 MW January 2026 Announced Rockdale land acquisition and execution of first data center lease with AMD May 2027 Full AMD deployment of 25 MW April 2026 AMD exercised expansion. +10 MW Nov 2026 +15 MW May 2026 168 MW – First Corsicana Core & Shell for Tier 3 capacity Fully developed portfolio of BTS data centers Total Portfolio NOI Range $1.6-2.1bn 50 MW AMD Expansion Option 100 MW AMD Expansion Option contingent on power availability Exercised Expansion AMD Expansion Option First Corsicana Core & Shell Future Data Center Development 5 MW 30 MW 50 MW 200 MW 368 MW 1.2 GW 22 |
| Q1 2026 DATA OPERATIONAL A P P E N D I X 23 |
| $142.9 $140.9 $160.8 $131.7 $111.9 53% 50% 59% 39% 41% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 33.7 EH/s 35.4 EH/s 36.5 EH/s 38.5 EH/s 42.5 EH/s 88% 87% 86% 89% 90% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 • Q1 2026 Bitcoin Mining Revenue of $111.9M and Gross Profit – Bitcoin Mining of $46.2M • Industry leading Bitcoin Mining margins with an Q1 2026 Cost to Mine of $44,629 due to Riot’s power strategy driving an all-in cost of power of 3.0c/kWh • Strong hash rate utilization averaging 90% in Q1 2026, Riot’s highest hash rate utilization average on-record Metric Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Avg. Hash Price ($/PH/s/Day) $54 $51 $56 $42 $34 Avg. Network Hash Rate¹ 801 EH/s 876 EH/s 948 EH/s 1,071EH/s 994 EH/s Cost to Mine² $43,808 $48,992 $46,324 $60,619 $44,629 # of BTC produced 1,530 1,426 1,406 1,324 1,473 Ending Hash Rate Capacity / Uptime (%) Bitcoin Mining Increasing Efficiency and Scale of Operations Bitcoin Mining Revenue / Gross Margin – Bitcoin Mining2 (%) Ending Hash Rate Capacity Bitcoin Mining Revenue ($ million) 1. Sourced from Blockchain.comas of March 31, 2026. 2. See Appendix slides 28-31 for definitions, terms, and reconciliations. 3. Three months ended as of March 31, 2026. 24 67% 20% 13% Bitcoin Mining Data Centers Engineering Riot Revenue Breakdown Q1 20261 |
| $49,095 $44,629 $9,806 $14,272 Q1 2026 Total Direct Costs per BTC Q1 2026 Power Credits Per BTC Q1 2026 Net Direct Costs per BTC $56,658 $11,498 $60,619 $7,537 Q4 2025 Total Direct Costs per BTC Q4 2025 Power Credits Per BTC Q4 2025 Net Direct Costs per BTC Q1 2025 vs. Q1 2026 Cost to Mine per BTC Q4 2025 1 1,324 BTC Mined Avg. BTC Price of $99,482 Q1 2026 2 1,473 BTC Mined Avg. BTC Price of $75,964 Power Non-Power 25 1.Three months ended as of December 31, 2025. See Appendix on slides 28-31 for definitions, terms, and reconciliations. 2.Three months ended as of March 31, 2026. See Appendix on slides 28-31 for definitions, terms, and reconciliations. Strong Improvement in Profitability per Bitcoin Demonstrating Operating Efficiency Gains • Average global network hash rate down 7% in Q1 2026 vs Q4 2025 • Global network hash rate avg. 994EH/s in Q1 2026 versus 1,071EH/s in Q4 2025 • ‘Non-Power’ includes direct labor, miner insurance, miner and miner-related equipment repair, land lease, property taxes, network costs and other utilities expenses • Riot’s power strategy generated significant power curtailment credits of $21.0 million in Q1 2026, driving an all-in cost of power of 3.0c/kWh • Equates to $14,272 per BTC for the quarter Non-Power Power |
| $13.9 $10.6 $19.1 $21.1 $22.2 15% 7% 28% 26% 18% 0% 10% 20% 30% 40% 50% $- $5.0 $10.0 $15.0 $20.0 $25.0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 • Since the acquisition of ESS Metron in December of 2021, Riot has already realized $23.8M in capex savings alone • Backlog of $193.4M, with 90% of this backlog originating from the data center sector • Q1 2026 backlog impacted by Riot strategically holding back capacity for own data center growth Cumulative Capex Savings to Riot Backlog Revenue / Gross Margin (%) 26 Engineering – A Key Component of Riot’s Vertical Integration Strategy Riot Revenue Breakdown Q1 20261 1. Three months ended as of March 31, 2026. $10.4 $12.4 $23.0 $23.2 $23.8 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 $114.9 $118.7 $159.6 $227.0 $193.4 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 67% 20% 13% Bitcoin Mining Data Centers Engineering |
| Q1 2026 DATA FINANCIAL A P P E N D I X 27 |
| Definitions, Terms, and Reconciliations (Unaudited) 1.Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property tax. 2.Costs to finance the purchase of miners were zero in all periods presented as the miners were paid for with cash from the Company’s cash balance. The seller did not provide any financing, nor did the Company borrow from a third-party to purchase the miners. 3.Power curtailment credits are credited against our power invoices as a result of temporarily pausing our operations to participate in ERCOT’s Demand Response Service Programs. Our fixed-price power purchase contracts enable us to strategically curtail our mining operations and participate in these programs, which significantly lower our cost to mine bitcoin. These credits are recognized in Power Curtailment Credits on our Consolidated Statement of Operations, outside of cost of revenue. 4.Computed as revenue recognized from bitcoin mined divided by the quantity of bitcoin mined during the same period. 28 COST TO MINE The Company defines Cost to Mine as the direct cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as calculated in the table below. COST OF POWER The Company defines Cost of Power as the cost of power directly used in the process of mining Bitcoin, less power curtailment credits, divided by kilowatt ("kWh") hours used March 31, June 30, September 30, December 31, March 31, 2025 2025 2025 2025 2026 Total Cost of Power $ 61,830 $ 62,170 $ 82,370 $ 75,027 $ 72,317 less: Power curtailment credits (7,801) (8,313) (30,634) (9,981) (21,023) Net Cost of Power $ 54,029 $ 53,857 $ 51,736 $ 65,046 $ 51,294 kWh used 1,340,458,113 1,538,273,540 1,592,798,508 1,669,276,467 1,735,496,392 Cost of Power (c/kWh) $ 4.0 $ 3.5 $ 3.2 $ 3.9 $ 3.0 Three Months Ended March 31, June 30, September 30, December 31, March 31, 2025 2025 2025 2025 2026 Cost of power for self-mining operations $ 61,830 $ 62,170 $ 82,370 $ 75,027 $ 72,317 Other direct cost of revenue for self-mining operations(1)(2), excluding Bitcoin miner depreciation 12,988 16,005 13,395 15,226 14,445 Cost of revenue for self-mining operations, excluding Bitcoin miner depreciation 74,818 78,175 95,765 90,253 86,762 Less: power curtailment credits(3) (7,801) (8,313) (30,634) (9,981) (21,023) Cost of revenue for self-mining operations, net of power curtailment credits, excluding Bitcoin miner depreciation 67,017 69,862 65,131 80,272 65,739 Bitcoin miner depreciation 57,062 60,252 60,106 60,154 76,086 Cost of revenue for self-mining operations, net of power curtailment credits, including Bitcoin miner depreciation $ 124,079 $ 130,114 $ 125,237 $ 140,426 $ 141,825 Quantity of Bitcoin mined 1,530 1,426 1,406 1,324 1,473 Production value of one Bitcoin mined(4) $ 93,385 $ 98,800 $ 114,361 $ 99,482 $ 75,964 Cost to mine one Bitcoin, excluding Bitcoin miner depreciation $ 43,808 $ 48,992 $ 46,324 $ 60,619 $ 44,629 Cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as a % of production value of one Bitcoin mined 46.9% 49.6% 40.5% 60.9% 58.8% Cost to mine one Bitcoin, including Bitcoin miner depreciation $ 81,109 $ 91,244 $ 89,074 $ 106,045 $ 96,283 Cost to mine one Bitcoin, including Bitcoin miner depreciation, as a % of production value of one Bitcoin mined 86.9% 92.4% 77.9% 106.6% 126.7% Three Months Ended |
| Definitions, Terms, and Reconciliations (Unaudited) 29 FULLY COSTED GROSS PROFIT The Company defines Fully Costed Gross Profit as Revenue less Cost of Revenue less Depreciation and Amortization expense as calculated below. March 31, June 30, September 30, December 31, March 31, Riot Platforms, Inc.: 2025 2025 2025 2025 2026 Revenue $ 161,387 $ 152,988 $ 180,229 $ 152,831 $ 167,219 less Bitcoin Mining Cost of revenue* (74,818) (78,175) (95,765) (90,253) (86,762) less Data Centers Cost of revenue* - - - - (30,773) less Engineering Cost of revenue* (11,806) (9,858) (13,707) (15,522) (18,141) less Other Cost of revenue* (8,965) (3,006) - - - less Depreciation and amortization expense (77,926) (83,197) (82,929) (102,759) (97,734) Fully Costed Gross Profit $ (12,128) $ (21,248) $ (12,172) $ (55,703) $ (66,191) Bitcoin Mining: Bitcoin Mining Revenue $ 142,859 $ 140,889 $ 160,792 $ 131,736 $ 111,895 less Bitcoin Mining Cost of revenue* (74,818) (78,175) (95,765) (90,253) (86,762) less Depreciation and amortization expense of Bitcoin miners (57,062) (60,252) (60,106) (60,154) (76,086) Fully Costed Gross Profit - Bitcoin Mining $ 10,979 $ 2,462 $ 4,921 $ (18,671) $ (50,953) Data Centers: Data Centers Revenue $ - $ - $ - $ - $ 33,150 less Data Centers Cost of revenue* - - - - (30,773) less Depreciation and amortization expense - - - - (212) Fully Costed Gross Profit - Data Centers $ - $ - $ - $ - $ 2,165 Data Centers - Operating Leases: Data Centers Operating Lease Revenue $ - $ - $ - $ - $ 927 less Data Centers Operating Lease Cost of revenue* - - - - (85) less Depreciation and amortization expense - - - - (212) Fully Costed Gross Profit - Data Centers - Operating Leases $ - $ - $ - $ - $ 630 Data Centers - Tenant Fit-Out Services: Data Centers Tenant Fit-Out Services Revenue $ - $ - $ - $ - $ 32,222 less Data Centers Tenant Fit-Out Services Cost of revenue* - - - - (30,688) less Depreciation and amortization expense - - - - - Fully Costed Gross Profit - Data Centers - Tenant Fit-Out Services $ - $ - $ - $ - $ 1,534 Engineering: Engineering Revenue $ 13,920 $ 10,576 $ 19,097 $ 21,095 $ 22,174 less Engineering Cost of revenue* (11,806) (9,858) (13,707) (15,522) (18,141) less Depreciation and amortization expense (1,325) (1,237) (1,340) (1,275) (1,305) Fully Costed Gross Profit - Engineering $ 789 $ (519) $ 4,050 $ 4,298 $ 2,728 *excludes depreciation and amortization, which is presented separately Three Months Ended |
| Definitions, Terms, and Reconciliations (Unaudited) 30 GROSS MARGIN The Company defines Gross Margin as Gross Profit (as defined below) divided by Revenue. Gross Margin represents the percentage of profit achieved by operations and is a measure of the level of profitability for direct costs and the revenue received from them. March 31, June 30, September 30, December 31, March 31, Riot Platforms, Inc.: 2025 2025 2025 2025 2026 Gross Profit $ 73,599 $ 70,262 $ 101,391 $ 57,037 $ 52,566 divided by Total Revenue $ 161,387 $ 152,988 $ 180,229 $ 152,831 $ 167,219 Gross Margin 46% 46% 56% 37% 31% Bitcoin Mining: Gross Profit - Bitcoin Mining $ 75,842 $ 71,027 $ 95,661 $ 51,464 $ 46,156 divided by Bitcoin Mining Revenue $ 142,859 $ 140,889 $ 160,792 $ 131,736 $ 111,895 Gross Margin - Bitcoin Mining 53% 50% 59% 39% 41% Data Centers: Gross Profit - Data Centers $ - $ - $ - $ - $ 2,377 divided by Data Centers Revenue $ - $ - $ - $ - $ 33,150 Gross Margin - Data Centers - - - - 7.2% Data Centers - Operating Leases: Gross Profit - Data Centers - Operating Leases $ - $ - $ - $ - $ 842 divided by Data Centers Operating Lease Revenue $ - $ - $ - $ - $ 927 Gross Margin - Data Centers - Operating Leases - - - - 90.8% Data Centers - Tenant Fit-Out Services: Gross Profit - Data Centers - Tenant Fit-Out Services $ - $ - $ - $ - $ 1,534 divided by Data Centers Tenant Fit-Out Services Revenue $ - $ - $ - $ - $ 32,222 Gross Margin - Data Centers - Tenant Fit-Out Services - - - - 4.8% Engineering: Gross Profit - Engineering $ 2,114 $ 718 $ 5,390 $ 5,573 $ 4,033 divided by Engineering Revenue $ 13,920 $ 10,576 $ 19,097 $ 21,095 $ 22,174 Gross Margin - Engineering 15% 7 % 28% 26% 18% Three Months Ended |
| Definitions, Terms, and Reconciliations (Unaudited) 31 GROSS PROFIT The Company defines Gross Profit as Fully Costed Gross Profit (as defined below) plus Power curtailment Credits plus Depreciation & Amortization expense. March 31, June 30, September 30, December 31, March 31, 2025 2025 2025 2025 2026 Riot Platforms, Inc.: Fully Costed Gross Profit $ (12,128) $ (21,248) $ (12,172) $ (55,703) $ (66,191) plus Power Curtailment Credits 7,801 8,313 30,634 9,981 21,023 plus Depreciation and amortization 77,926 83,197 82,929 102,759 97,734 Gross Profit $ 73,599 $ 70,262 $ 101,391 $ 57,037 $ 52,566 Bitcoin Mining: Fully Costed Gross Profit $ 10,979 $ 2,462 $ 4,921 $ (18,671) $ (50,953) plus Power Curtailment Credits 7,801 8,313 30,634 9,981 21,023 plus Depreciation and amortization expense of Bitcoin miners 57,062 60,252 60,106 60,154 76,086 Gross Profit - Bitcoin Mining $ 75,842 $ 71,027 $ 95,661 $ 51,464 $ 46,156 Data Centers: Fully Costed Gross Profit $ - $ - $ - $ - $ 2,165 plus Depreciation and amortization expense - - - - 212 Gross Profit - Data Centers $ - $ - $ - $ - $ 2,377 Data Centers - Operating Leases: Fully Costed Gross Profit $ - $ - $ - $ - $ 630 plus Depreciation and amortization expense - - - - 212 Gross Profit - Data Centers - Operating Leases $ - $ - $ - $ - $ 842 Data Centers - Tenant Fit-Out Services: Fully Costed Gross Profit $ - $ - $ - $ - $ 1,534 plus Depreciation and amortization expense - - - - - Gross Profit - Data Centers - Tenant Fit-Out Services $ - $ - $ - $ - $ 1,534 Engineering: Fully Costed Gross Profit $ 789 $ (519) $ 4,050 $ 4,298 $ 2,728 plus Depreciation and amortization 1,325 1,237 1,340 1,275 1,305 Gross Profit - Engineering $ 2,114 $ 718 $ 5,390 $ 5,573 $ 4,033 Three Months Ended |
| Q1 2026 Statement of Operations (Unaudited) 32 |
| Q1 2026 Balance Sheet (Unaudited) 33 |
| Non-GAAP Adjusted EBITDA (Unaudited) 34 * Indicates Non-GAAP measure. We use Adjusted EBITDA to eliminate the effects of certain non-cash and/or non-recurring items, that do not reflect our ongoing strategic business operations. Adjusted EBITDA is provided in addition to, and not as a substitute for, or as superior to, the comparable GAAP measure, Net Income. For a full reconciliation of the Non-GAAP measures we use to their comparable GAAP measures, see the discussion under the heading “Non-GAAP Measures”, under Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our March 31, 2025, Form 10-Q. |
| 3.1 EH/s 9.7 EH/s 12.4 EH/s 31.5 EH/s 38.5 EH/s 42.5 EH/s 42.5 EH/s 43.0 EH/s 45.0 EH/s 2021A 2022A 2023A 2024A 2025A Q1 2026A Q2 2026E Q3 2026E Q4 2026E Miner Fleet Upgrades & Growth in Kentucky Drive Targeted Hash Rate Growth Historical 35 |
| Riot Currently Trades Among the Lowest EV / MW Multiples in the Sector $8.3 $7.9 $6.5 $5.5 $5.2 $5.2 $2.6 $2.4 $2.2 $2.0 Riot Signed Data Center Leases No Signed Data Center Leases EV / 2027 Available MW ($M) 1,2 1. Sourced from FactSet as of April 28, 2026. Cash & Cash Equivalents, LT Debt, and BTC value used in calculation as of December 31, 2025. 2. Sourced from company filings, company presentations, press releases, management commentary, and S&P-451 Data Center Knowledge Base (DCKB). Includes only power capacity that is currently operational and under construction in North America. 36 |
