Riot Platforms, Inc. (RIOT)
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Riot Platforms has already reinvented itself twice — from a biotech company to a Bitcoin miner, and now to an AI data center landlord. The AMD lease is real, and the stock has gained about 196 percent in twelve months. We read the annual report (10-K) and the quarterly report (10-Q): of $33.2 million in data center revenue in the first quarter of 2026, $32.2 million was cost reimbursement — and a self-mined bitcoin costs Riot more than it's worth. Not investment advice: we're just turning the package around.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
–Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available. How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.43 | 24.60 | 143 | 80.90 | 95.70 | -98 | -853 |
| 2025: Q1 | -0.90 | -211.40 | 161 | 103.50 | -183.60 | -122 | -155 |
| 2025: Q2 | 0.57 | – | 153 | 118.50 | 143.40 | -231 | -292 |
| 2025: Q3 | 0.26 | – | 180 | 112.60 | 58.00 | -114 | -246 |
| 2025: Q4 | -1.86 | -534.50 | 153 | 7.20 | -452.00 | -106 | -188 |
| 2026: Q1 | -1.44 | – | 167 | 3.60 | -299.30 | -183 | -298 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
An industrial Bitcoin miner with more than 1.2 gigawatts of developed power capacity that's pivoting into a data center landlord — its third transformation after biotech (through 2017) and blockchain. The power bottleneck in the AI industry is a genuine tailwind, but per its own risk factor the data center strategy is "in its early stages" and its success is uncertain.
The AMD lease (January 2026) is a genuine vote of confidence: a ten-year term, expanded from 25 to 50 megawatts in April 2026, options up to 200 megawatts. But: of $33.2 million in segment revenue in the first quarter of 2026, $32.2 million was build-out cost reimbursement and only $0.9 million was rent; agreed minimum lease payments are about $310 million over more than ten years.
On a fully loaded basis, a self-mined bitcoin cost $96,283 in the first quarter of 2026, against a $75,964 production value (126.7 percent). Net loss of $663.2 million in 2025 plus $500.5 million in the first quarter of 2026; fair-value accounting for the bitcoin treasury turns results into a plaything of the bitcoin price.
15,679 bitcoin ($1.1 billion as of 03/31/2026), just under $2.4 billion in equity and moderate debt ($854 million face value, of which $594 million is a 0.75 percent convertible note). But the treasury is shrinking: bitcoin sales fund operations — the lower the price, the more has to be sold; at times 5,802 BTC were pledged as loan collateral.
Share count from 230.8 to about 379 million since the end of 2023 (+64 percent); per the annual report (10-K), growth is financed primarily through ATM share programs, and a new $500 million program stands ready. Stock-based compensation of $125.7 million in 2025; the scanner shows 7 insider sales against 0 purchases (data as of July 8, 2026).
Price-to-sales ratio around 16, market value a good $10 billion (order of magnitude, July 8, 2026) against $653 million in trailing-twelve-month revenue and ongoing losses. 15 momentum-scanner hits and an analyst consensus near "Strong Buy" stand against roughly minus 19 percent on a five-year view — the market is paying for the 200-megawatt future, and 50 has been delivered so far.
Riot Platforms wears the stock market's most coveted label right now — AI data center — and unlike with some other relabeling stories, there's something behind it: the AMD lease, more than a gigawatt of its own power, a new reporting segment. But the ingredient list shows a Bitcoin miner that mines below full cost, sells its bitcoin treasury to fund operations, and has paid for its pivot with 64 percent more shares. The market is already valuing the finished future at a good $10 billion. Not investment advice.
- One-off items in 2025 earnings: a $158.1 million loss from the Rhodium settlement (a legacy item from the discontinued hosting business), $20 million from another settlement, and a $29.7 million write-off on Corsicana build-out components resulting from the data center pivot.
- The five-year performance of about −19 percent and the relative strength figure come from our in-house scanner (data as of July 8, 2026); the database field "distance to all-time high" (−99 percent) is a data artifact and was not used.
- The $200 million Coinbase loan was extended to April 2027 in April 2026 and switched to a fixed 6.15 percent rate; the bitcoin collateral fell from 5,802 to 4,258 BTC. Part of the interest is capitalized into the data center build-out ($4.7 million in the first quarter of 2026).
About the Company
Riot Platforms, Inc. ist mit ihren Tochtergesellschaften ein Bitcoin-Mining-Unternehmen in den USA.
| IPO Year | 2003 |
|---|---|
| Next Earnings | 30. Jul 2026 |
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Data as of: July 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.