RIOT earnings analysis
What we found in RIOT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- Diversification businesses expanded
- Data Center and Engineering revenue increased year over year, supporting total revenue growth to $174.2 million.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- 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 they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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