--- title: "Riot Platforms | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 167.22 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/284836498.md" datetime: "2026-04-30T21:05:57.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284836498.md) - [en](https://longbridge.com/en/news/284836498.md) - [zh-HK](https://longbridge.com/zh-HK/news/284836498.md) --- # Riot Platforms | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 167.22 M Revenue: As of FY2026 Q1, the actual value is USD 167.22 M, beating the estimate of USD 129.8 M. EPS: As of FY2026 Q1, the actual value is USD -1.44, missing the estimate of USD -0.8331. EBIT: As of FY2026 Q1, the actual value is USD -499.56 M. #### Bitcoin Mining Segment - **Revenue** - For the three months ended March 31, 2026, revenue was $111,895 thousand, a decrease of $31.0 million compared to $142,859 thousand for the same period in 2025, primarily due to lower bitcoin prices and a 3.7% decrease in bitcoin production, partially offset by a 22.6% increase in average operating hash rate. - **Operational Metrics** - **Bitcoin Mined**: 1,473 bitcoin for the three months ended March 31, 2026, down from 1,530 bitcoin in the prior year period. - **Average Operating Hash Rate**: Increased to 36.4 EH/s for the three months ended March 31, 2026 (Rockdale Facility: 14.1 EH/s; Corsicana Facility: 15.4 EH/s; Kentucky Facility: 7.0 EH/s), from 29.7 EH/s in 2025 (Rockdale Facility: 12.9 EH/s; Corsicana Facility: 14.2 EH/s; Kentucky Facility: 2.6 EH/s). - **Deployed Hash Rate**: As of March 31, 2026, it was 42.5 EH/s (Rockdale Facility: 17.3 EH/s; Corsicana Facility: 16.2 EH/s; Kentucky Facility: 9.0 EH/s), up from 33.7 EH/s as of March 31, 2025 (Rockdale Facility: 15.0 EH/s; Corsicana Facility: 15.7 EH/s; Kentucky Facility: 3.0 EH/s). - **All-in Power Cost**: Decreased to 3.0 cents/kilowatt-hour for the three months ended March 31, 2026 (Rockdale Facility: 3.1; Corsicana Facility: 2.7; Kentucky Facility: 3.8), from 3.8 cents/kilowatt-hour in 2025 (Rockdale Facility: 3.7; Corsicana Facility: 3.4; Kentucky Facility: 4.1). - **Developed Power Capacity**: As of March 31, 2026, it stood at 1,262 MW (Rockdale Facility: 700 MW; Corsicana Facility: 400 MW; Kentucky Facility: 162 MW), an increase from 1,165 MW as of March 31, 2025 (Rockdale Facility: 700 MW; Corsicana Facility: 400 MW; Kentucky Facility: 65 MW). - **Cost to Mine One Bitcoin (excluding depreciation)**: $44,629 for the three months ended March 31, 2026, compared to $43,808 for the same period in 2025. - **Cost to Mine One Bitcoin (including bitcoin miner depreciation)**: $96,283 for the three months ended March 31, 2026, up from $81,109 for the same period in 2025. - **Cost of Revenue for Self-Mining Operations (excluding bitcoin miner depreciation)**: $86,762 thousand for the three months ended March 31, 2026, versus $74,818 thousand for the same period in 2025. - **Power Curtailment Credits**: $21,023 thousand for the three months ended March 31, 2026 (Manual curtailment: $20,932 thousand; Demand response: $91 thousand), significantly up from $7,801 thousand in 2025 (Manual curtailment: $7,030 thousand; Demand response: $771 thousand). - **Segment Gross Profit (Loss)**: $25,133 thousand for the three months ended March 31, 2026, down from $68,041 thousand for the same period in 2025. #### Data Center Segment - **Revenue** - For the three months ended March 31, 2026, revenue was $33,150 thousand, with the segment being new in 2026. - **Revenue Components (Three months ended March 31, 2026)**: Operating lease revenue was $900 thousand, variable lease revenue including power reimbursement was $27 thousand, and tenant fit-out reimbursement revenue was $32,223 thousand. - **Operational Metrics** - **Tenant Fit-Out Costs Incurred**: $30,688 thousand for the three months ended March 31, 2026. - **Future Minimum Operating Lease Payments to be Received (as of March 31, 2026)**: Total undiscounted lease payments are $309,975 thousand, with $18,450 thousand expected in the remainder of 2026, $27,540 thousand in 2027, $28,366 thousand in 2028, $29,218 thousand in 2029, $30,095 thousand in 2030, and $176,306 thousand thereafter. - **Segment Gross Profit (Loss)**: $2,377 thousand for the three months ended March 31, 2026. #### Engineering Segment - **Revenue** - Increased to $22,174 thousand for the three months ended March 31, 2026, from $13,920 thousand for the same period in 2025, primarily due to record third-party data center demand for custom electrical equipment. - **Operational Metrics** - **Cost of Revenue**: $18,141 thousand for the three months ended March 31, 2026 (Materials: $21,525 thousand; Labor: $2,765 thousand), compared to $11,806 thousand in 2025 (Materials: $3,646 thousand; Labor: $1,162 thousand). - **Segment Gross Profit (Loss)**: $7,447 thousand for the three months ended March 31, 2026, down from $8,438 thousand for the same period in 2025. - **Remaining Performance Obligation (as of March 31, 2026)**: $229,878 thousand, with $170,127 thousand expected in the remainder of 2026 and $59,751 thousand in 2027. #### Consolidated Financial Metrics - **Total Revenue**: $167,219 thousand for the three months ended March 31, 2026, compared to $161,387 thousand for the same period in 2025. - **Operating Income (Loss)**: - $499,869 thousand for the three months ended March 31, 2026, versus - $233,874 thousand for the same period in 2025. - **Net Income (Loss)**: - $500,477 thousand for the three months ended March 31, 2026, compared to - $296,367 thousand for the same period in 2025. - **Selling, General, and Administrative Expenses**: $76,180 thousand for the three months ended March 31, 2026, up from $71,448 thousand in 2025. - **Depreciation and Amortization**: $97,734 thousand for the three months ended March 31, 2026, versus $77,926 thousand in 2025. - **Change in Fair Value of Bitcoin**: - $326,669 thousand for the three months ended March 31, 2026, compared to - $208,040 thousand in 2025. - **Change in Fair Value of Derivatives**: - $51,852 thousand for the three months ended March 31, 2026, versus $41,894 thousand in 2025. - **Interest Income**: $2,313 thousand for the three months ended March 31, 2026, down from $3,397 thousand in 2025. - **Interest Expense**: $2,618 thousand for the three months ended March 31, 2026, compared to $2,308 thousand in 2025. - **Adjusted EBITDA**: - $311,117 thousand for the three months ended March 31, 2026, versus - $176,337 thousand in 2025. #### Cash Flow Summary - **Net Cash Provided by (Used in) Operating Activities**: - $182,651 thousand for the three months ended March 31, 2026, compared to - $122,060 thousand for the same period in 2025. - **Net Cash Provided by (Used in) Investing Activities**: $157,793 thousand for the three months ended March 31, 2026, versus - $59,227 thousand for the same period in 2025. - **Net Cash Provided by (Used in) Financing Activities**: - $2,392 thousand for the three months ended March 31, 2026, compared to $67,857 thousand for the same period in 2025. #### Strategic Goals and Outlook Riot Platforms, Inc. aims to enhance its electrical infrastructure and deploy it across Bitcoin Mining and scalable data center solutions to capitalize on the long-term potential of bitcoin and accelerating demand for power-intensive compute. The company expects to receive all miners under existing purchase orders by the second quarter of 2026, with deployment continuing on an ongoing basis. The Corsicana Facility is expected to have a total of approximately one gigawatt (GW) of developed capacity available for high-density compute workloads upon completion. #### Unique Metrics and Strategic Initiatives - **Bitcoin Treasury Strategy**: Riot Platforms, Inc. balances long-term value appreciation with operational flexibility and liquidity management by selectively selling or leveraging portions of its bitcoin holdings to fund operational needs, capital expenditures, and strategic initiatives, particularly when market conditions present opportunistic pricing above predetermined thresholds. - **Power Strategy**: The company utilizes long-term power contracts and participates in Demand Response Service Programs and ERCOT’s 4CP Program to manage operating costs, optimize power usage, and support grid stability. - **Data Center Development**: In 2025, Riot Platforms, Inc. began leveraging its core competencies to develop and monetize portions of its existing facilities and power pipeline through data center leasing services, including an AMD Lease signed in January 2026 for an initial 25 MW of critical IT load capacity at the Rockdale Facility, with potential expansion up to 200 MW. - **Miner Purchase Commitments**: As of March 31, 2026, Riot Platforms, Inc. has a remaining commitment of $4.8 million for miner purchases from MicroBT, expected to be paid in Q2 2026. - **Infrastructure Commitments**: As of March 31, 2026, the company has total remaining commitments of approximately $8.9 million for water supply infrastructure for the Corsicana Facility, expected to be incurred through the remainder of 2026. - **Liquidity**: As of March 31, 2026, Riot Platforms, Inc. had net working capital of approximately $33.3 million, including cash and cash equivalents of $205.7 million. The company sold 3,778 bitcoin for proceeds of approximately $289.5 million during the three months ended March 31, 2026. - **Debt**: As of March 31, 2026, Riot Platforms, Inc. had approximately $853.7 million in total principal on its debt outstanding, primarily consisting of $594.4 million from 2030 Notes, $200.0 million from its bitcoin-backed credit facility, $54.3 million from revolving credit facilities, and $5.0 million of other debt. ### Related Stocks - [RIOT.US](https://longbridge.com/en/quote/RIOT.US.md) ## Related News & Research - [Here’s how crypto traders are already pricing SpaceX ahead of its IPO](https://longbridge.com/en/news/288140845.md) - [Here’s why the Internet Computer price just went parabolic](https://longbridge.com/en/news/287752175.md) - [Virtuix Selected by U.S. Air Force for AI Military Platform | VTIX Stock News](https://longbridge.com/en/news/287778185.md) - [The alienation of a crypto "idealist"](https://longbridge.com/en/news/287887964.md) - [Exchanges are collectively turning to the real world to make money.](https://longbridge.com/en/news/287764919.md)