Riot Platforms (RIOT) Q2 2026 earnings summary

Executive summary

• Secured a 20-year, $9.1 billion data center lease for 191 MW with a leading AI lab at Rockdale, with two five-year extension options potentially raising total contract value to $16.1 billion.

• Delivered and commissioned the first 25 MW for AMD on time and on budget; AMD expanded to 50 MW, with further options up to 200 MW and phased delivery through May 2027.

• Entered a non-binding LOI for the entire 1 GW Corsicana campus with a single tenant, reflecting strong demand for large-scale, approved power.

• Ended the quarter with over $1.2 billion in liquidity, including 11,380 bitcoin valued at $666 million and $549 million in cash.

• Quarterly revenue reached $174.2 million, up 14% year-over-year, with $23.2 million from the Data Center segment.

Financial highlights

• Q2 2026 revenue reached $174.2 million, up 14% year-over-year, driven by data center and engineering growth.

• GAAP net loss was $237.2 million ($0.68 per diluted share), with adjusted EBITDA loss of $69.7 million, impacted by $240 million in non-cash items including Bitcoin mark-to-market losses and asset impairments.

• Data center segment generated $23.2 million in revenue, including $4.9 million in recurring lease revenue at 84% gross margin and $18.3 million in tenant fit-out services.

• Bitcoin mining revenue was $113.7 million, with 1,587 Bitcoin produced at a direct cost to mine of $49,912 per Bitcoin; 11,380 Bitcoin held at quarter-end.

• Engineering segment revenue was $37.3 million, tripling year-over-year, with gross margin expanding to over 27%.

Outlook and guidance

• Targeting delivery of 96 MW to the AI lab in December 2027 and full 191 MW by June 2028.

• AMD's 50 MW expansion scheduled for full delivery by May 2027, with further expansion options available.

• Corsicana campus under LOI for 756 MW of critical IT capacity, with ongoing advanced commercial and design discussions.

• Focused on converting the Corsicana LOI to a lease, delivering contracted megawatts, and closing low-cost project financing.

• Company aims to balance bitcoin treasury strategy with operational liquidity, selectively selling bitcoin to fund growth.