Riot Platforms — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue was $181.4 million for the quarter, a 1% year-over-year increase compared to $180.2 million in Q3 2025.
• Data Center revenue was $18.4 million, comprised of $7.7 million in base rent, $0.5 million in variable lease revenue, and $10.2 million in tenant fit-out reimbursement revenue.
• Bitcoin Mining revenue was $116.0 million, down from $160.8 million in Q3 2025, driven by a lower average bitcoin price of $70,855 versus $114,361 in the prior year.
• Engineering revenue was $47.0 million, up from $19.1 million in Q3 2025.
• Net income was $4.034 million for the quarter, compared to net income of $104.480 million in Q3 2025.
• Adjusted EBITDA was $191.333 million for the quarter, compared to $197.197 million in Q3 2025.
• The company ended the quarter with $950.2 million in cash and bitcoin, including $748.2 million in cash and 2,418 bitcoin valued at approximately $202.0 million.
• Cost to mine one bitcoin, excluding depreciation, was $39,265, down from $46,324 in Q3 2025.
• Bitcoin production was 1,637 coins, a 16% increase from 1,406 coins in Q3 2025.
• Power curtailment credits totaled $24.7 million, equivalent to $15,067 per bitcoin mined.

Guidance and Future Outlook:

• Management expects the contracted data center revenue to generate more than $2 billion of average annual net operating income at full deployment.
• The company does not anticipate issuing equity to fund announced projects due to the lower capital requirement structure and strong balance sheet.
• Capital allocation will be directed toward the development pipeline or returning capital to shareholders based on value creation per share.
• Reimbursements to the tenant for the Corsicana project are expected to be funded with non-recourse project debt sized to contracted rent.

Business Segments and Product Lines:

• Signed a 15-year triple-net powered land lease with a leading Frontier AI Lab for the entirety of the Corsicana campus, covering 910 MW of critical IT capacity.
• Total contracted data center capacity reached 1,151 MW, representing approximately $38 billion of long-term contracted revenue.
• The Corsicana lease has a total contract value of approximately $28 billion over the initial term, with potential to reach $54 billion if both five-year extension options are exercised.
• Delivery schedule for Corsicana includes 400 MW in September 2027, 200 MW in January 2028, and 310 MW in July 2028.
• The 25 MW AMD site at Rockdale is now fully stabilized, contributing to the first full quarter of revenue from that facility.
• Engineering segment growth was driven by strong third-party demand for custom electrical equipment.

Market and Competitive Landscape:

• Riot positions itself as a leading developer of large-scale digital infrastructure, leveraging a triple-net structure that limits procurement, development, and operational risk.
• The Corsicana development requires approximately $6 million per IT MW, roughly half the capital intensity of a typical Tier 3 build.
• The company is capitalizing on demand from Frontier AI Labs and third-party data center operators for custom electrical equipment.

Risks and Challenges:

• Forward-looking statements highlight risks related to construction delays, supply chain issues, permitting, regulatory hurdles, and unforeseen technical challenges.
• Risks include potential changes in leasing arrangements, availability of financing on comparable market terms, and future economic or political conditions.
• Bitcoin mining operations remain exposed to fluctuations in bitcoin prices and mining difficulty.
• The company notes that actual results may differ materially from forward-looking projections due to these uncertainties.

Management Commentary and Tone:

• CEO Jason Les described the Corsicana lease as the largest in the company's history, stating it firmly establishes Riot as a leading developer of large-scale digital infrastructure.
• Management emphasized the strategic importance of the lease structure, noting the lower capital requirement and the ability to fund projects without equity issuance.
• The tone regarding capital allocation was disciplined, focusing on maximizing value per share through development or shareholder returns.

Other Key Points:

• During the first nine months of 2026, the company sold 20,264 bitcoin for proceeds of approximately $1.5 billion, primarily to fund data center development.
• The company repaid in full and terminated its $200 million Coinbase credit facility, releasing all pledged bitcoin.
• No equity was raised in 2026.
• The Corsicana lease is structured as a triple-net powered land lease where the tenant bears substantially all operating costs, including power costs as a pass-through.
• Rent is payable on the full 910 MW regardless of utilization.
• The company estimates an unlevered yield on cost of approximately 33% for the Corsicana project.