10-Q · April 30, 2026
Riot Platforms' Q1 2026 results showed strong revenue growth exceeding estimates, although significant net losses were reported. Revenue reached $167.2 million, a notable increase from the $161.4 million recorded in Q1…
Earnings analysis · 10-Q
RIOT earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Riot reported $174.2 million of Q2 revenue, up 4.3% sequentially and 13.9% year over year, with growth from Data Center and Engineering offsetting a 19% decline in Bitcoin Mining revenue to $113.7 million. The 191 MW,…
Read full summary
Riot reported $174.2 million of Q2 revenue, up 4.3% sequentially and 13.9% year over year, with growth from Data Center and Engineering offsetting a 19% decline in Bitcoin Mining revenue to $113.7 million. The 191 MW, 20-year AI lease, valued at approximately $9.1 billion of initial contract revenue, materially strengthens the data-center opportunity, but the quarter still included a $237.2 million net loss. Regulatory and grid-access risks increased as Texas required an audit of advancing data-center projects and introduced potential power-cost, interconnection, and curtailment obligations.
Reported figures
- Segment
- Bitcoin Mining revenue: $113.7 million, down 19% year over year.
- Segment
- Data Center and Engineering revenue: increased year over year; the filing extract does not provide segment revenue amounts.
What stood out
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Revenue grew sequentially and year over year
Revenue was $174.2 million, up approximately $7.2 million, or 4.3%, from $167 million in Q1 2026 and up approximately $21.2 million, or 13.9%, from $153 million in Q2 2025.
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Landmark AI data-center lease signed
Riot signed a 191 MW, 20-year AI data-center lease with approximately $9.1 billion of initial contract revenue and $7.3 billion-$8.2 billion of cumulative NOI.
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Diversification businesses expanded
Data Center and Engineering revenue increased year over year, supporting total revenue growth to $174.2 million.
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Bitcoin holdings remained substantial
Riot held 11,380 bitcoin at June 30, 2026, recognized at fair value of $0.7 billion, providing a substantial digital-asset base.
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Disclosure controls remained effective
Management stated that disclosure controls and procedures were effective at the reasonable-assurance level as of June 30, 2026, and reported no changes in internal control that materially affected, or were reasonably likely to materially affect, reporting controls.
What to watch
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Mining revenue fell amid sizable loss
Bitcoin Mining revenue declined 19% year over year to $113.7 million, while the company reported a quarterly net loss of $237.2 million, indicating continued earnings pressure despite revenue growth.
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Texas interconnection review may delay projects
Texas Governor Abbott directed the PUCT and ERCOT on August 3, 2026 to audit all data-center projects advancing through ERCOT's interconnection process before any project may proceed; projects that fail requirements may be denied interconnection.
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New power rules could raise costs
SB 6 can require financial security ranging from $0 to an estimated system-upgrade cost or a flat fee of $50,000 per MW of peak demand, while potential 20-year minimum demand charges and a shift from 4CP to 12CP allocation could increase power costs.
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Grid-compliance requirements add capex risk
ERCOT's NOGRR 282 and NPRR 1308 requirements for large computational loads of at least 75 MW were scheduled to become effective August 1, 2026; non-exempt facilities may need additional equipment and compliance modifications.
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Bitcoin and power prices remain volatile
A 10% bitcoin-price decrease would reduce net income by $139,818 based on six-month 2026 sensitivity, while a 10% increase in future power prices would reduce net income by $29,175.
Management's outlook
No explicit company-wide revenue or EPS guidance was provided. Management disclosed a 191 MW, 20-year AI data-center lease expected to generate approximately $9.1 billion of initial contract revenue and $7.3 billion-$8.2 billion of cumulative NOI.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.