Riot Platforms, Inc 8-K, filed Nov 4, 2026
Riot Platforms, Inc. (RIOT)
About this 8-K
Riot Platforms, Inc filed this 8-K on November 4, 2026, reporting on events of October 29, 2026.
Items reported
- Item 1.02: Ended a material agreement
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
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Washington, D.C. 20549
FORM
CURRENT REPORT
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THE SECURITIES EXCHANGE ACT OF 1934
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Item 1.02. Termination of a Material Definitive Agreement.
On October 29, 2026, the Digital Asset Custodial Agreement, dated as of November 1, 2023 (the “NYDIG Custodial Agreement”), between Riot Platforms, Inc. (the “Company”) and NYDIG Trust Company LLC (“NYDIG Trust”), terminated automatically upon completion of the transfer of the Company’s digital assets held by NYDIG Trust to BitGo Bank & Trust, National Association (“BitGo Bank & Trust”) as previously disclosed in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 14, 2026.
Under the NYDIG Custodial Agreement, NYDIG Trust held the Company’s bitcoin in cold storage wallets in a digital asset account in the Company’s name, in exchange for an annual fee based on the daily average U.S. dollar value of the bitcoin held in custody. The NYDIG Custodial Agreement had a term of one year that renewed automatically for successive one-year terms, and either party could terminate it upon 30 days’ written notice.
The Company’s digital assets are now held in custody by BitGo Bank & Trust pursuant to the BitGo Custodial Services Agreement described in the Company’s Current Report on Form 8-K filed on October 14, 2026. The Company did not incur any early termination penalties in connection with the termination of the NYDIG Custodial Agreement.
Item 2.02 - Results of Operations and Financial Condition.
On November 4, 2026, Riot Platforms, Inc. (together with its consolidated subsidiaries, the “Company”) issued a press release (the “Press Release”) and an update on the Company’s business and financial results and results of operations for the three months ended September 30, 2026 (the “Q3 2026 Earnings Deck”) on its website, www.riotplatforms.com, under the “Investor Relations” tab. The full text of the Press Release and the Q3 2026 Earnings Deck are attached to this Current Report on Form 8-K (this “Report”) as Exhibit 99.1 and 99.2, respectively.
The information under this Item 2.02 of this Report, including Exhibits 99.1 and 99.2 attached hereto, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 – Financial Statements and Exhibits.
(d)Exhibits.
EXHIBIT INDEX
Exhibit No. | | Description |
99.1 | | |
99.2 | | |
104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
S I G N A T U R E
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RIOT PLATFORMS, INC. | | |
| | | |
| | | |
| By: | /s/ Jason Chung | |
| Name: | Jason Chung | |
| Title: | Chief Financial Officer | |
Date: November 4, 2026
Exhibit 99.1
Riot Platforms Reports Third Quarter 2026 Financial Results and Strategic Highlights
Executed a 15-year, 910 critical IT MW triple-net powered land lease with a leading Frontier AI Lab at Corsicana, representing approximately $28 billion in total contract value and approximately $1.8 billion in average annual rent over the initial term
Riot has now leased 1,151 MW of critical IT capacity, representing approximately $38 billion of long-term contracted revenue
Sold 20,264 bitcoin year-to-date for approximately $1.5 billion primarily to fund data center development; ended the quarter with $950.2 million in cash and bitcoin, and no equity raised in 2026
Quarterly revenue of $181.4 million, including $18.4 million of Data Center revenue
CASTLE ROCK, Colo., November 4, 2026 (GLOBE NEWSWIRE) - Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), a vertically-integrated industry leader in digital infrastructure, specializing in the development and operation of large-scale data centers, reported financial results for the three-month period ended September 30, 2026. The accompanying presentation materials are available on Riot’s website.
“Today, we are excited to announce the largest lease in Riot’s history: a 15-year triple-net powered land lease with a leading Frontier AI Lab for the entirety of our Corsicana campus, representing 910 megawatts of critical IT capacity and approximately $28 billion of contracted revenue over the initial term,” said Jason Les, CEO of Riot. “Together with our AMD contract and the lease signed with the same Frontier AI Lab at Rockdale earlier this year, Riot has contracted 1,151 megawatts and approximately $38 billion of data center revenue, which we expect will generate more than $2 billion of average annual net operating income at full deployment, firmly establishing Riot as a leading developer of large-scale digital infrastructure.
“The structure of this new lease matters as much as the scale. With total capital costs of approximately $6 million per IT megawatt, the Corsicana development will require about half the capital of a Tier 3 build while significantly limiting procurement, development, and ongoing operational risk to Riot. That lower capital requirement, combined with our strong balance sheet, means that we do not currently anticipate issuing equity to fund our announced projects.
“As these significant contracted cash flows come online, we will allocate our capital with discipline to whichever use creates the most value per share, whether that is our development pipeline or returning capital to shareholders.”
910 IT MW Powered Land Lease With a Leading Frontier AI Lab at Corsicana
Riot has signed a 15-year triple-net powered land lease with a leading Frontier AI Lab for the entirety of the Company's Corsicana campus, covering 910 MW of critical IT capacity on a contiguous 332-acre parcel.
Transaction highlights:
| ● | Capacity Leased: Leased the entirety of the Corsicana campus representing 910 MW of critical IT capacity. |
| ● | Total Contract Value: Approximately $28 billion of total contract value and approximately $1.8 billion of average annual rent, including contractual escalators. Approximately $54 billion if both five-year extension options are exercised. |
| ● | NOI Contribution: Estimated NOI margin of approximately 99% under the triple-net structure, or approximately $1.8 billion of average annual net operating income over the initial term. |
| ● | Capital Requirement: $6 million per IT MW, or $5.5 billion overall, approximately half the capital intensity of a typical Tier 3 build, implying an unlevered yield on cost of approximately 33%. Riot will fund $2 million per IT MW for site work and electrical infrastructure, while the remaining $4 million per IT MW will be reimbursed to the tenant in phases, after each phase is delivered and paying rent. |
| ● | Delivery Schedule: 400 MW in September 2027, 200 MW in January 2028 and 310 MW in July 2028, with rent on each phase commencing no later than 60 days after delivery of its powered pads. |
| ● | Financing: Reimbursements to the tenant are expected to be funded with non-recourse project debt sized to contracted rent. If financing on comparable market terms is not available, the tenant will directly fund the reimbursements, which will be recovered as a credit against rent over the remaining lease term. Riot’s cash contribution is expected to be funded from existing liquidity, with no requirement to issue equity currently anticipated. |
The lease is structured as a triple-net powered land lease, under which Riot delivers the land, the power infrastructure, and the powered pads, while continuing to own and maintain the high- and medium-voltage infrastructure that will serve them. The tenant will procure, install, own, and operate the modular compute deployment on the powered pads and will bear substantially all operating costs, including power costs as a pass-through. Rent is payable on the full 910 MW irrespective of utilization.
Third Quarter 2026 Financial and Operational Highlights
Key financial and operational highlights for the quarter include:
| • | Total revenue of $181.4 million, as compared to $180.2 million for the same three-month period in 2025, a 1% increase year-over-year as growth in Data Center and Engineering revenue offset lower Bitcoin Mining revenue. |
| • | Data Center revenue of $18.4 million for the quarter, comprised of $7.7 million in base rent, $0.5 million in variable lease revenue, and $10.2 million in tenant fit-out reimbursement revenue, reflecting the first full quarter of the stabilized 25 MW delivered to AMD. |
| • | Bitcoin Mining revenue of $116.0 million for the quarter, as compared to $160.8 million for the same three-month period in 2025, primarily driven by a lower average bitcoin price of $70,855, as compared to $114,361 in the prior-year period, partially offset by a 16% increase in production. |
| • | Produced 1,637 bitcoin, as compared to 1,406 during the same three-month period in 2025. |
| • | The average cost to mine bitcoin, excluding depreciation, was $39,265 in the quarter, as compared to $46,324 per bitcoin in the same three-month period in 2025, driven by lower power costs and higher production, with $24.7 million of power curtailment credits, equivalent to $15,067 per bitcoin mined. |
| • | Engineering revenue of $47.0 million for the quarter, as compared to $19.1 million for the same three-month period in 2025, driven by strong third-party data center demand for custom electrical equipment. |
| • | Ended the quarter with $950.2 million in cash and bitcoin, including $748.2 million in cash, of which $79.2 million is restricted, and 2,418 bitcoin, equating to approximately $202.0 million based on the market price for one bitcoin on September 30, 2026 of $83,554. During the first nine months of 2026, the Company sold 20,264 bitcoin for proceeds of approximately $1.5 billion, primarily to fund data center development, and repaid in full and terminated its $200 million Coinbase credit facility, releasing all pledged bitcoin. |
Conference Call
Riot will host a conference call on November 4, 2026 at 8:00 a.m. ET to discuss its financial results.
This conference call will be available through an audio-only webcast. Please use this link here to register. Participants who choose to dial into the call in the United States or internationally to ask questions, please use this toll-free number: +1 (800) 715-9871 or toll number: +1 (646) 307-1963. For both dial in numbers, the audience passcode is 1817052. A replay of the webcast will be available after the call ends, through this link.
About Riot Platforms, Inc.
Riot Platforms, Inc. (NASDAQ: RIOT) is a leading digital infrastructure company, specializing in the development and operation of large-scale data centers. The Company operates digital infrastructure and bitcoin mining facilities in central Texas and Kentucky, and engineering and fabrication facilities in Denver and Houston.
Riot’s vision is to be the world’s most trusted platform for powering and building the next digital world. Its mission is to empower the future of digital infrastructure by positively impacting the sectors, networks, and communities the Company touches.
For more information, visit Riot Platforms.
Safe Harbor
Statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions. Such statements rely on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” similar expressions and their negatives are
intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to: plans to develop data centers, projections, objectives, expectations, and intentions about future events; short-term and long-term business operations and objectives and financial needs; the Company’s data center leases at the Rockdale site and the Corsicana site; forecasted demand for energy at the sites; the Company’s expansion plans at the site; the Company’s anticipated financing plans, and the Company’s other plans, projections, objectives, expectations, and intentions more generally. These forward-looking statements are subject to a number of risks and uncertainties that may cause results, performance, or achievements to be materially different from those expressed or implied, including, without limitation: risks relating to the Company’s growth and developing the Company’s power capacity for data center purposes, including construction plans, delays, supply chain issues, permitting or regulatory hurdles, and unforeseen technical challenges; the anticipated demand for large data centers; changes in leasing arrangements; risks relating to the financing of new data centers; future economic conditions, performance, or outlooks; future political conditions; the outcome of contingencies; potential acquisitions or divestitures; our ability to maximize the value of our full power portfolio; the number and value of bitcoin rewards and transaction fees we earn from our ongoing Bitcoin Mining operations; future self-mining hash rate capacity; expected cash flows or capital expenditures; our beliefs or expectations; activities, events or developments that we intend, expect, project, believe, or anticipate will or may occur in the future; unaudited estimates of bitcoin production; risks related to the success, schedule, cost and difficulty of integrating businesses we acquire; and our failure to realize anticipated efficiencies and strategic and financial benefits from our acquisitions. Detailed information regarding the factors identified by the Company’s management which they believe may cause actual results to differ materially from those expressed or implied by such forward-looking statements in this press release may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risks, uncertainties and other factors discussed under the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC’s website, www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on such forward-looking statements.
Additional Information and Communications
For important news and information regarding the Company, including presentations and other news and events, visit the Investor Relations section of the Company’s website, riotplatforms.com/investors, and the Company’s social media accounts, including on X and LinkedIn.
Contacts:
Investor Contact:
Joshua Kane
IR@Riotplatforms.com
Media Contact:
Becca Rincon
PR@Riotplatforms.com
Non-U.S. GAAP Measures of Financial Performance
In addition to financial measures presented under generally accepted accounting principles in the United States of America (“GAAP”), we consistently evaluate our use of and calculation of non-GAAP financial measures such as “Adjusted EBITDA.” EBITDA is computed as net income before interest, taxes, depreciation, and amortization. Adjusted EBITDA is a performance measure defined as EBITDA, adjusted to eliminate the effects of certain non-cash and/or non-recurring items that do not reflect our ongoing strategic business operations, which management believes results in a performance measurement that represents a key indicator of the Company’s core business operations. The adjustments include fair value adjustments such as derivative power contract adjustments, equity securities fair value changes, and non-cash stock-based compensation expense, in addition to financing and legacy business income and expense items. We believe Adjusted EBITDA can be an important financial performance measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including our return on capital and operating efficiencies from period-to-period by making such adjustments. Additionally, Adjusted EBITDA is used as a performance metric for share-based compensation.
Adjusted EBITDA is provided in addition to, and should not be considered a substitute for, or superior to, net income, the most comparable measure under GAAP to Adjusted EBITDA. Further, Adjusted EBITDA should not be considered as an alternative to revenue growth, net income, diluted net income per share or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of our liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider this financial measure either in isolation or as a substitute for analyzing our results as reported under GAAP.
The following table reconciles Adjusted EBITDA to Net income (loss), the most comparable GAAP financial measure:
| | Three Months Ended | | Nine Months Ended | ||||||||
| | September 30, | | September 30, | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
Net income (loss) | | $ | 4,034 | | $ | 104,480 | | $ | (733,613) | | $ | 27,567 |
Interest income | |
| (5,622) | |
| (3,919) | |
| (11,558) | |
| (10,650) |
Interest expense | | | 2,748 | | | 8,052 | | | 8,053 | | | 16,453 |
Income tax expense (benefit) | |
| 73 | |
| 1,685 | |
| 259 | |
| 2,442 |
Depreciation and amortization | |
| 123,921 | |
| 82,929 | |
| 319,439 | |
| 244,052 |
EBITDA | |
| 125,154 | |
| 193,227 | |
| (417,420) | |
| 279,864 |
| |
| | |
| | |
| | |
| |
Adjustments: | |
| | |
| | |
| | |
| |
Stock-based compensation expense, net of amounts capitalized | |
| 21,444 | |
| 32,858 | |
| 95,823 | |
| 92,554 |
Acquisition-related costs | |
| — | |
| — | |
| — | |
| 187 |
Change in fair value of derivatives | |
| 26,323 | |
| (10,792) | |
| 86,537 | |
| (9,939) |
Change in fair value of contingent consideration | |
| — | |
| 1 | |
| — | |
| (17,641) |
Loss (gain) on equity method investment - marketable securities | | | — | | | (28,903) | | | — | | | 28,192 |
Loss (gain) on sale of equipment | |
| (32) | |
| (2,742) | |
| (32) | |
| (2,263) |
Casualty-related charges (recoveries), net | | | — | | | (47) | | | 3 | | | (166) |
Loss on contract settlement | | | — | | | — | | | — | | | 158,137 |
Gain on acquisition post-close dispute settlement | | | — | | | — | | | — | | | (26,007) |
Impairment of property and equipment | | | 18,453 | | | 15,279 | | | 46,425 | | | 15,279 |
Other (income) expense | |
| (9) | |
| (1,344) | |
| (1,218) | |
| (1,681) |
Amortization of license fee revenue | |
| — | |
| (340) | |
| — | |
| (388) |
Adjusted EBITDA | | $ | 191,333 | | $ | 197,197 | | $ | (189,882) | | $ | 516,128 |
The Company defines Cost to Mine as the cost to mine one bitcoin, excluding bitcoin miner depreciation, as calculated in the table below.
| | Three Months Ended | | Nine Months Ended | ||||||||||||
| | September 30, | | September 30, | ||||||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||||||
Cost of power for self-mining operations | | $ | 74,849 | | | $ | 82,370 | | | $ | 220,665 | | | $ | 206,369 | |
Other direct cost of revenue for self-mining operations(1)(2), excluding bitcoin miner depreciation | |
| 14,091 | | |
| 13,395 | | |
| 44,301 | | |
| 42,389 | |
Cost of revenue for self-mining operations, excluding bitcoin miner depreciation | |
| 88,940 | | |
| 95,765 | | |
| 264,966 | | |
| 248,758 | |
Less: power curtailment credits(3) | |
| (24,664) | | |
| (30,634) | | |
| (55,741) | | |
| (46,748) | |
Cost of revenue for self-mining operations, net of power curtailment credits, excluding bitcoin miner depreciation | | | 64,276 | | | | 65,131 | | | | 209,225 | | | | 202,010 | |
Bitcoin miner depreciation(4)(5) | | | 64,728 | | | | 60,106 | | | | 205,436 | | | | 177,420 | |
Cost of revenue for self-mining operations, net of power curtailment credits, including bitcoin miner depreciation | | $ | 129,004 | | | $ | 125,237 | | | $ | 414,661 | | | $ | 379,430 | |
| |
| | | |
| | | |
| | | |
| | |
Quantity of bitcoin mined | |
| 1,637 | | | | 1,406 | | |
| 4,697 | | |
| 4,362 | |
Production value of one bitcoin mined(6) | | $ | 70,855 | | | $ | 114,361 | | | $ | 72,732 | | | $ | 101,912 | |
| | | | | | | | | | | | | | | | |
Cost to mine one bitcoin, excluding bitcoin miner depreciation | | $ | 39,265 | | | $ | 46,324 | | | $ | 44,544 | | | $ | 46,311 | |
Cost to mine one bitcoin, excluding bitcoin miner depreciation, as a % of production value of one bitcoin mined | |
| 55.4 | % | | | 40.5 | % | |
| 61.2 | % | |
| 45.4 | % |
| | | | | | | | | | | | | | | | |
Cost to mine one bitcoin, including bitcoin miner depreciation | | $ | 78,805 | | | $ | 89,074 | | | $ | 88,282 | | | $ | 86,985 | |
Cost to mine one bitcoin, including bitcoin miner depreciation, as a % of production value of one bitcoin mined | | | 111.2 | % | | | 77.9 | % | | | 121.4 | % | | | 85.4 | % |
| (1) | Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property tax. |
| (2) | For the three months ended September 30, 2026 and 2025, we paid cash of $6.8 million and $60.2 million, respectively, and for the nine months ended September 30, 2026 and 2025, we paid cash of $55.5 million and $152.4 million, respectively, in total deposits and payments for the purchase of miners. Costs to finance the purchase of miners were zero in all periods presented as the miners were paid for with cash from the Company’s cash balance. The seller did not provide any financing, nor did the Company borrow from a third party to purchase the miners. |
| (3) | Power curtailment credits are credited against our power invoices as a result of temporarily pausing our operations and reselling power under our PPAs and participating in ERCOT’s and MISO’s Demand Response Service Programs. Our fixed-price power purchase contracts enable us to strategically curtail our mining operations and participate in these programs, which significantly lower our cost to mine bitcoin. These credits are recognized in Power curtailment credits on our Condensed Consolidated Statements of Operations, outside of cost of revenue, but significantly reduce our overall cost to mine bitcoin. |
| (4) | We capitalize the acquisition cost of our miners and include these costs in Property and equipment, net on our Condensed Consolidated Balance Sheets. The miners are depreciated over an estimated useful life of three years, during which time, they are expected to contribute to the generation of bitcoin revenue. We do not consider |
| depreciation expense in determining whether it is economical to operate our miners because depreciation is a non-cash expense and is not a variable operating cost that can be avoided even if we curtail operations temporarily. Depreciation expense incurred is disclosed for each respective period in the table above. |
| (5) | The following table presents the future depreciation expense of all of our bitcoin miners: |
Remainder of 2026 | | $ | 67,749 |
2027 | |
| 223,713 |
2028 | |
| 103,123 |
2029 | | | 24,682 |
Total | | $ | 419,267 |
| (6) | Computed as revenue recognized from bitcoin mined divided by the quantity of bitcoin mined during the same period. |
Exhibit 99.2
| Conceptual rendering RIOT PLATFORMS Q3 2026 EARNINGS November 4, 2026 NASDAQ: RIOT |
| 2 FORWARD-LOOKING STATEMENT Statements in this presentation that are not statements of historical fact are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions, and are not guarantees of future performance or actual results. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, but are not limited to: plans to develop data centers; the Company’s data center leases at the Rockdale site and the Corsicana site; total lease contract value over the term with and without exercising options and extension; net operating income (“NOI”) of the leases; projected delivery timelines of the sites; forecasted demand for energy at the sites; construction plans; forecasted capital expenditures and descriptions thereof; projected energization timelines; and the Company’s other plans, objectives, expectations, and intentions. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” and similar expressions are intended to identify forward-looking statements; however, forward-looking statements may be made without such signifying expressions. Because such forward-looking statements reflect management’s current expectations, assumptions and estimates of future performance and economic conditions, they are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to developing the Company’s power capacity for data center purposes, including construction plans, delays, supply chain issues, permitting or regulatory hurdles, and unforeseen technical challenges; our ability to attract and retain qualified third-party partners and customers; changes in leasing arrangements; risks relating to the financing of new data centers; future economic conditions, performance, or outlooks; future political conditions; the outcome of contingencies; our ability to maximize the value of our full power portfolio; rapidly changing technologies; the number and value of Bitcoin rewards and transaction fees we earn from our ongoing Bitcoin Mining operations; future self-mining hash rate capacity; expected cash flows or capital expenditures; our beliefs or expectations; activities, events or developments that we intend, expect, project, believe, or anticipate will or may occur in the future; unaudited estimates of bitcoin production; risks related to the success, schedule, cost and difficulty of integrating businesses we acquire; and our failure to realize anticipated efficiencies and strategic and financial benefits from our acquisitions. Further information regarding the factors identified by the Company’s management, which they believe may cause actual results to differ materially from those expressed or implied by the forward-looking statements contained in this presentation, may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risks, uncertainties and other factors discussed under the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC’s website, www.sec.gov. In addition to these risks and those identified by the Company’s management and disclosed in the Company’s filings with the SEC, other risks, factors and uncertainties not identified by management, or which management does not presently believe to be material to the Company, its business or prospects, may also materially affect the Company’s actual future results, including in ways adverse to the Company’s business. All forward-looking statements included in this presentation are made only as of the date of this presentation, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this presentation are cautioned not to place undue reliance on such forward-looking statements. Non-GAAP Financial Measures This presentation includes a forward-looking non-GAAP financial measure, net operating income (NOI), which the Company defines as lease revenue for a specific lease less cost of revenue. Cost of revenue, includes compensation, IT equipment and software, and other costs directly related to the lease. Management uses NOI to assess the projected operating performance of individual leases. The most directly comparable GAAP measure is segment gross profit or loss. NOI has significant limitations as an analytical tool and should not be considered in isolation or as a substitute for GAAP results. In evaluating NOI, you should be aware that future non-reimbursable lease operating expenses may arise that are not currently known. The Company’s presentation of NOI should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. This measure excludes the impact of capital expenditures, material financial obligations, general and administrative expenses and depreciation and amortization, all of which have real economic effects and could materially affect the Company’s consolidated financial results. Definitions and calculations of NOI may vary among companies, and therefore the Company’s NOI may not be comparable to similar measures published by others. A reconciliation of NOI to operating income is not provided because NOI is only calculated for specific leases. Certain amounts cannot be reasonably estimated without unreasonable efforts because certain reconciling metrics are out of the Company’s control, and such estimates would imply a degree of precision that could be misleading to investors. For more information, please refer to our GAAP financial statements included in our most recent filings with the SEC. |
| TABLE OF CONTENTS S E C T I O N 2 : BUSINESS UPDATE DATA CENTERS S E C T I O N 1 : Q3 2026 KEY HIGHLIGHTS S E C T I O N 4 : Q3 2026 FINANCIAL UPDATE S E C T I O N 3 : FINANCING UPDATE 3 S E C T I O N 5 : CLOSING REMARKS |
| Q3 2026 K E Y HI G H L I G H T S S E C T I O N 1 : 4 |
| • Executed lease with Frontier AI Lab for 910 MW of critical IT capacity • 15-year lease expected to generate $28B in total initial contract revenue, with two 5-year extension options which, if exercised, would lead to $54B in total potential contract revenue • 25 MW expansion exercised by AMD is on time and on budget and scheduled for full delivery in May 2027 • Finalizing AMD Lease bank project financing process • Construction and development underway with procurement processes in place to maintain delivery timelines and derisk future execution • Finalizing high investment grade credit backstop, Morgan Stanley interim facility remains in-place in the meantime • Sold down majority of BTC holdings, which continues to serve as the primary funding source for data center project development • Fully repaid $200M Coinbase credit facility with BTC sale proceeds, releasing all collateralized BTC • Maintained strong liquidity position at quarter end with $950M in total liquidity consisting of $748M of cash and $202M in BTC 1 1.Bitcoin value based on a closing price of $83,554 on September 30, 2026, sourced from Coinbase. Cash balance is as of September 30, 2026, and includes restricted cash of $79.2 million. Corsicana Lease Signed with a Frontier AI Lab Frontier AI Lab Deployment at Rockdale on Track Advancing AMD Deployment and Monetization Strong Financial Position Riot has Secured $38 Billion of Contracted Data Center Revenue in 2026 5 |
| BUSINESS UPDATE D A T A C E N T E R S S E C T I O N 2 : 6 |
| Lease provides for Riot to deliver land, powered pads, and power delivery infrastructure, Frontier A I Lab p rocures, installs and op erates m od ular com p ute d ep loym ent 15-year powered land lease with Frontier AI Lab Customer-driven modular deployment Full monetization of Corsicana Corsicana site Capital-efficient funding structure structure • Projected $6M per MW in total capex, capex, consisting of reimbursements to reimbursements to tenant and site work work 1,2 • 400 MW phase 1 estimated to fully fully deliver by September 2027 • Reduced reliance on external suppliers suppliers and long lead time equipment equipment procurement • Significant reduction in development, development, delivery, and operational operational risk • $1.8B of average annualized NOI over the term • Deployment on contiguous core 332-acre parcel • Single tenant execution over entire site enables a streamlined, efficient deployment • Riot funds site work and power infrastructure, and reimbursements to tenant of $4M per IT MW for module costs after each phase is delivered and rent commences • Reim b ursem ents to Tenant exp ected to fund ed with non-recourse p roject d eb t; if financing on com p arab le m arket term s is unavailab le, fund ed throug h rent cred its • Riot’s cash contribution funded from existing liquidity, no equity issuance is currently anticipated 1. $4M / IT MW funded by Riot as a reimbursement to tenant for tenant’s actual costs. 2. Up to $2M / IT MW in site work and electrical infrastructure upgrades completed by Riot. LONG-TERM POWERED LAND LEASE WITH FRONTIER AI LAB FOR ENTIRE CORSICANA CAMPUS • ~$28B of total initial contract value • 910 MW of critical IT and 1.0 GW of utility load • NNN Powered Land Lease • Tenant responsible for reimbursement of cost of power and onsite operations 7 |
| 910 MW Critical IT Capacity September 2027 400 MW Phase 1 Deployment Complete Two 5-Year Extension Options $28 Billion Total Contract Revenue 1 33% Yield on Cost Based on Average NOI over term vs. Est. Reimbursements to Tenant and Site Work 2 $6M / IT MW Reimbursements to Tenant and Site Work 2 99% Estimated NOI Margin 3 15 Year Initial Term Upon Full Deployment 4 $1.8 Billion Average Annual Rent 5 FRONTIER AI LAB CORSICANA DATA CENTER POWERED LAND LEASE OVERVIEW DEAL HIGHLIGHTS 400 MW Phase 1 Capacity On-Schedule for Delivery September 2027 TODAY Signed lease with Frontier AI Lab 400 MW Phase 1 400 MW Fully Delivered Sep 2027 600 MW Phase 2 200 MW Fully Delivered Jan 2028 910 MW Phase 3 310 MW Fully Delivered Jul 2028 1. Contract value for deployment over the entire term of the lease. Includes 3% annual escalators before amortization of reimbursements to tenant. 2. Based on estimated $6M / IT MW of reimbursements to tenant and site work. 3. Estimated NOI margin under the triple-net structure. 4. Deployment will be delivered in phases. 5. Average annual rent over the 15-year initial term from full deployment. Corsicana Site - Conceptual rendering 8 |
| R E N T C O M M E N C E M E N T Commences on delivery of each powered pad1 Significantly Reduced Development and Operational Requirements Derisk the Project for Riot UTILITY POWER COSTS Pass-through only - no markup Pays 100% of actual utility cost, including demand capacity & tariff charges OPERATING COSTS Riot maintains owned power infrastructure. Riot provides and Frontier AI Lab reimburses for cost of campus level perimeter security & landscape Triple net – pays all opex (including property tax, insurance, site maintenance, landscape and security) FUTURE DESIGN CHANGES & MAINTENANCE CAPEX No obligation outside of Riot owned power infrastructure All alterations & lifecycle capex MODULES Procures, Installs & Owns Reimburses Tenant up to $3.64B UTILIZATION REQUIREMENTS Pays rent on 910 MW Critical IT regardless of utilization Delivers power to the low-voltage supply of modules POWER INFRASTRUCTURE No obligation Owns and maintains high & medium voltage power infrastructure POWERED PADS No obligation Builds & Delivers Powered Pads (3 phases) 1. Rent commences when Riot delivers each powered pad. Rent commencement for each pad may be extended up to a maximum of 60 days if Frontier AI Lab modules are not yet installed at time of each powered pad delivery. LEADING FRONTIER AI LAB 9 |
| $0.5–1.1B Riot cash equity Path A · Path B: cash and/or debt S O U R C E S A N D U S E S WHAT EACH PATH MEANS FOR RIOT PATH A · PROJECT DEBT PATH B · THROUGH THE LEASE Reimbursements to tenant funded by: Non-recourse project debt, sized to contracted rent; drawn as each phase is delivered Frontier AI Lab, recovered as a credit against rent Riot cash equity: $0.5–1.1B Flexibility to fund with cash and/or debt Riot earns: Full contracted rent of $130/kW/month, less debt service Contracted rent net of credits Riot carries: Project debt $4.4–4.9B, sized to rent over the entire lease; non-recourse Site work funded with cash and/or debt; no TR financing Either path: Riot owns the land, power and site infrastructure; the tenant funds and owns the compute; 15-year take-or-pay rent on 910 IT MW CORSICANA FINANCING PLAN Lower Capex Requirements Significantly Reduce Funding Needs U S E S I L L U S T R A T I V E S O U R C E S — B Y P A T H $3.6B +$1.8B $5.5B Reimbursements to Tenant $4.0M per IT MW Site Work $2.0M per IT MW Total Hard Costs 910 IT MW $5.5B Project debt $4.4–4.9B Riot cash $0.5–1.1B $5.5B Tenant via lease $3.6B credited against rent Site work $1.8B Flexibility to fund with cash and/or debt Path A Project debt Path B Through the lease PATH A Project-level debt Non-recourse project debt of $4.4–4.9B sized to contracted rent over the entire lease, funding reimbursements to tenant and site work together (TR paid after each phase is delivered); Riot cash equity $0.5–1.1B. PATH B Funded through the lease Tenant funds the reimbursements as each phase is delivered, recovered as a credit against rent. Riot retains the flexibility to fund site work with cash and/or debt. Note: Illustrative financing. Path A: a single non-recourse project debt facility, sized to contracted rent over the entire lease, funds 80–90% of the $5.5B of hard costs ($4.4–4.9B; reimbursements to tenant at $4.0M and site work at $2.0M per IT MW); Riot cash equity represents the balance, $0.5–1.1B. Bars drawn at $2.0M per IT MW and 90% debt. Path B: tenant initially funds reimbursements, recovered as credits at an implied interest rate equivalent to 12% per year; Riot has the flexibility to fund the $1.8B of site work with cash and/or debt. TR is paid after each phase is delivered. Excludes financing fees, OID and reserves. Figures rounded. Multiple paths to finance project capex requirements, minimizing Riot’s equity financing needs 10 |
| FRONTIER AI LAB TODAY A U G 2 0 2 6 General contractor mobilized SEP 2026 Demolition complete; sitework underway NOV 2026 Excavation, site development, and and equipment orders in progress progress FEB 2027 Building delivery delivery and vertical construction APR 2027 Building fit out begins DEC 2027 RFS1 96 MW JUN 2028 RFS2 95 MW (191 MW Total) P R O G R E S S U P D A T E S - 1 9 1 M W Construction progressing, with the general general contractor mobilized and sitework/excavation underway TODAY JAN 2026 Project announced MAY 2026 Initial 25 MW delivered; GC alignment on second 25 MW buildout SEP 2026 Energization complete OCT 2026 Commissioning began began NOV 2026 35 MW delivered MAY 2027 50 MW delivered P R O G R E S S U P D A T E S - 5 0 M W Full 50 MW remains on track for May 2027 ready-for-service • High investment grade credit support agreement being finalized • Project financing preparation underway in parallel with execution of credit support agreement • First 25 MW commissioned and fully stabilized as of May 2026 • Development underway for second 25 MW buildout • 10 MW phase energized and ready for commissioning, with all major cooling equipment on site • Remaining 15 MW phase progressing, with cooling distribution installation and electrical testing underway, bringing the building to approximately 50 MW ROCKDALE SITE - PROGRESS UPDATE Development on time and on budget for expected RFS dates AMD Continue to advance commissioning of additional phases on time and on budget 11 |
| Portfolio Forecast Critical IT MW Leased RI OT 1,301 IT MW Contract Potential AMD Capacity 50 IT MW AMD Expansion Capacity 150 IT MW Rockdale Leading Frontier AI Lab Capacity 191 IT MW Corsicana Leading Frontier AI L L ab Capacity ab 910 IT MW In 2026, Riot Has Secured $38 Billion of Contracted Data Center Revenue With Leading Players in the AI Ecosystem AMD (50 IT MW) LEADING FRONTIER AI LAB (191 IT MW) LEADING FRONTIER AI LAB (910 IT MW) TOTAL (1,151 IT MW) Average Annual Revenue1 $63 million $451 million $1.8 billion $2.3 billion Average Annual NOI2 $50 million $361 – 406 million $1.8 billion ~$2.2 billion Total Capital Expenditures $169 million $2.1 – 2.3 billion $5.5 billion3 $7.7 – 7.9 billion Full Deployment4 May 2027 June 2028 July 2028 July 2028 1. Avg. annual revenue over initial lease term (10 / 20 / 15 yrs) from full delivery, incl. escalators; AMD straight-line. Leading Frontier AI Lab (191 IT MW) incl. O&M; Leading Frontier AI Lab (910 IT MW) before amortization of reimbursements to tenant. 2. Project NOI margins: AMD 80% (lease revenue only), Leading Frontier AI Lab (191 IT MW) 80–90%, Leading Frontier AI Lab (910 IT MW) 99% (on revenue before amortization of reimbursements to tenant). 3. Based on estimated $6.0M/IT MW in capex on 910 IT MW, including $4.0M/IT MW of reimbursements to tenant. 4. Represents the expected timeline of full capacity delivery on each respective lease shown. 12 |
| $5M $17M $24M $227M $701M $1.10B $1.15B $1.15B H1 ’26 H2 ’26 H1 ’27 H2 ’27 H1 ’28 H2 ’28 H1 ’29 H2 ’29 L E A S E R E V E N U E T I M E L I N E · 1 . 2 G W O F P O R T F O L I O L E A S E D SIGNED LEASES RAMP TO $2.3B OF LEASE REVENUE IN 2029 L E A S E R E V E N U E B Y H A L F - Y E A R ¹ Straig ht-line, earned in each period A MD Frontier A I Lab - C orsicana Frontier A I Lab - Rockdale M W in service 25 35 50 546 841 1,151 1,151 1,151 TODAY C O N T R A C T E D L E A S E S TEN A N T PH . RFS M W 2029 $M ● A M D 1–2 In S ervice 25 31 ● AM D 3–4 N ov ’ 26 (PH 3), May ’ 27 (PH 4) 25 32 ● Frontier A I Lab - C orsicana 1 S ep ’ 27 400 784 ● Frontier A I Lab - Rockdale 1 D ec ’ 27 96 226 ● Frontier AI Lab - C orsicana 2 Jan ’ 28 200 394 ● Frontier A I Lab - Rockdale 2 Jun ’ 28 95 226 ● Frontier A I Lab - Corsicana 3 Jul ’ 28 310 615 Total 1,151 2,307 1. Estimated lease revenue earned in each half-year, including contractual escalators averaged over the lease term. Frontier AI Lab lease revenue at Corsicana excludes amortization of reimbursements to tenant. AMD Phase 1 from February 2026; AMD Phases 3–4 at lease target delivery dates (November 2026 / May 2027). 2029 $M = calendar 2029 lease revenue by phase. MW in service at period end. 13 |
| CAPITAL ALLOCATION Riot’s Capital Allocation Strategy is Driven by Maximizing Per Per- - Share Value Creation Share 1,151 IT MW Contracted $0 Equity issued in 2026 20,264 BTC Sold in 2026 year-to-date O N E T E S T D R I V E S R I O T ’ S C A P I T A L A L L O C A T I O N Grow the power portfolio Build or buy energized megawatts where where value-accretive. W H E R E I T S T A N D S ~28% blended yield on cost on contracted projects Maintain financial flexibility Project debt non-recourse to Riot. Capital Capital recycled from one project to the to the next. W H E R E I T S T A N D S Total liquidity of $950M (cash and bitcoin) Return capital to shareholders When Riot shares offer a better return than the next project, or as growth is fully funded. W H E R E I T S T A N D S Continuously reviewed vs. alternatives DECISION CRITERIA Contracted capacity reflects announced leases and is subject to delivery. Blended yield on cost is average NOI on total project capital across AMD, Rockdale and Corsicana. Cash and bitcoin is as of September 30, 2026. 1 2 3 $2B+ NOI from contracted assets Evaluated against three uses of capital Capital will be allocated based on maximizing per-share value creation Returns Well above cost of capital • Target attractive risk-adjusted returns based on tenant and tenant and lease profile Leverage Sized up to contracted rent • Seek additional capital when refinancing stabilized assets Liquidity Ensure sufficient capital to fund announced commitments • Maintain current sources of liquidity, and expand as the pipeline grows and contracted assets come online Equity Issue equity only where investment opportunities are accretive on a per-share basis • Fund growth first through non-recourse project debt and debt and recycled capital 14 |
| Expanding the Development Pipeline Through Multiple Verticals to Continue Scaling Deeply engaged in active deals across each of the five verticals to add new development opportunities 15 01 EXPAND ADDITIONAL CAPACITY Growth of Current Portfolio Acquire additional acreage and work with utility relationships to expand power capacity in our capacity in our existing portfolio of sites 02 BUILD GRID POWER Powered Land Acquisitions & Development Secure and develop land assets with immediate or near-term approved power capacity 03 PRODUCE SELF GENERATION Behind the Meter Solutions Own power production co-located with load to bypass grid constraints where necessary 04 ACQUIRE M&A Corporate Acquisitions Build a vertically integrated engineering, products & services platform 05 COLLABORATE STRATEGIC Partnerships Joint ventures with third parties to expand footprint, grow the pipeline, and explore new technologies |
| S E C T I O N 3 : 16 FINANCING UPDATE Q 3 2 0 2 6 |
| Market context: higher interest rate environment, credit-led spread widening since September, and more selective lenders doing deeper diligence on tenant credit, power and delivery track record. P R I N C I P L E H O W W E R E S P O N D E X E C U T I O N I L I Q U I D I T Y Maximize current liquidity Convert bitcoin to cash ahead of committed equity needs; hold no pledged collateral; manage liquidity against each project's equity requirement. $950M liquidity at 9/30 20,264 BTC sold YTD for $1.5B; $200M Coinbase facility repaid in full and all pledged BTC released II A C C E S S Broaden capital availability Lead with tenant credit, de-risked power and in-house delivery; build relationships across multiple lenders and markets to maintain diversification. ~$750M of facilities closed or expected to close shortly $573M Morgan Stanley interim facility; $180M AMD term loan plus delayed draw; Rockdale and Corsicana project financings in process III C O S T Lower cost of capital Match the credit basis to each project: an investment-grade tenant (AMD), high investment-grade credit support (Rockdale), and a lease engineered for financeability (Corsicana). Targeting AMD at SOFR + 250 bps; Rockdale positioned for bond execution with high investment-grade credit support Corsicana: take-or-pay on delivered capacity, reimbursements paid after rent commencement, financing process to launch 2027 IV D I S C I P L I N E Balance sheet management Non-recourse project debt sized to contracted rent; spend released as each financing closes; negotiate fixed-price and GMP contracts; cost control via in-house manufacturing and procurement. Project financings structured non-recourse to Riot GMP for AMD additional 25MW, negotiating GMP for Rockdale; Corsicana reimbursements paid only after each phase delivers and pays rent FINANCING PRINCIPLES C ontinuing to Execute Ag ainst All Four Financing Principles in a Tig hter C redit Market Result: No equity raised in 2026, and none currently anticipated to fund any announced project - sources ahead of equity detailed on slide 18 17 |
| E XPE CTE D I NCRE ME NTAL PROJE CT CAPI TAL $7.6–7.8B Corsicana $5.5B ($6.0M/IT MW on 910 IT MW) Rockdale $2.1–2.3B ($11–12M/IT MW on 191 IT MW) AMD capex financed through AMD Facility − PROJE CT-LE VE L DE BT $6.1–7.0B Non-recourse to Riot, sized to contracted rent; illustrative range of 80–90% of project capex − RI OT I LLUSTRATI VE CASH E QUI TY RANGE $0.8–1.5B Deployed with development vs NE AR-TE RM LI QUI DI TY $1.2B $0.95B cash and bitcoin and $0.11B of other anticipated inflows, plus $0.18B of proceeds from the AMD term loan on closing CUMULATI VE SOURCES VS. RI OT CASH REQUI REMENT THROUGH CORSI CANA PHASE 3 DELI VERY ( $B) Cash and bitcoin 0.95 Other inflows3 0.11 AMD term loan 0.18 Contracted rent, Corsicana Ph 1–21 $0.68 Rockdale rent(AMD & Frontier AI Lab)2 0.20 $2.12B 1.24 2.12 Rockdale 0.44 Corsicana 1.09 1.53 80% LTC Rockdale 0.33 Corsicana 0.82 1.15 85% LTC Rockdale 0.22 Corsicana 0.55 0.77 Sources 90% LTC to Corsicana Phase 3 Delivery SOURCES AHEAD OF ANY EQUI TY I SSUANCE 2 Owned land and infrastructure contributed as sponsor equity Riot-owned sites, substations and power infrastructure at Corsicana count toward lenders’ equity requirement, reducing Riot’s cash need 1 Contracted rent from commenced projects Corsicana Phases 1–2 and Rockdale rent; Corsicana Phase 3 is additional 3 Refinancing of stabilized, lease-backed assets Releases Riot equity from completed projects for the next phase 4 Future parent-level facility, such as a corporate revolver Liquidity facility to fund early-stage development costs and working capital, ahead of any project equity requirements, drawn only as needed Riot does not currently anticipate issuing equity to fund any announced project. Project debt is non-recourse and sized to contracted rent; Riot’s cash requirement is deployed over 2027–29 as each financing closes. 1. Cumulative contracted rent from final delivery of Corsicana Phase 1 (September 2027) and Phase 2 (January 2028) through delivery of Phase 3, excluding any TR, gross of project debt service, operating costs and taxes. 2 Rockdale contracted rent from October 2026 through Corsicana Phase 3 delivery (July 2028): AMD, 25 IT MW rising to 50 IT MW by May 2027 ($90M of lease rent), and Frontier AI Lab from Phase 1 commencement, 96 IT MW from December 2027 and 191 IT MW from June 2028 ($113M); gross of project debt service, operating costs and taxes. 3 Other anticipated inflows of $0.11B. Project capital, debt and Riot’s cash requirement are illustrative. Liquidity is cash of $669M, restricted cash of $79M, bitcoin of $202M at fair value at September 30, 2026. Uses assume Rockdale at $2.2B (midpoint of $11–12M/IT MW). Corsicana Phase 1–2 and Rockdale contracted rent until Corsicana Phase 3 delivery, prior to any financing costs. NOT COUNTED I N THE CHART FUNDING THE BUILD The Corsicana Lease Lowers Riot’s Capital Requirement; No Equity Issuance Currently Anticipated For Announced Projects 18 |
| S E C T I O N 4 : 19 Q3 2026 KEY FINANCIAL HIGHLIGHTS Q 3 2 0 2 6 |
| 1. Net income per share figure based on diluted shares outstanding. 2. See Appendix slides 32-33 for definitions, terms, and reconciliations. 3. Bitcoin value based on a closing price of $83,554 on September 30, 2026, sourced from Coinbase. 4. ‘Global Network Hash Rate’ quarter average sourced from Blockchain.com as of September 30, 2026. FINANCIAL METRICS POWER STATISTICS Net Cost of Power Represents one of the lowest costs of power in the industry 2 Power Credits Equivalent to $15,067 per BTC mined RIOT PLATFORMS Q3 2026 BY THE NUMBERS 3.2 c/kWh $25M Net Income Reflects several non-cash charges and mark to market pricing on BTC held Diluted EPS IncludesD&A, SBC, unrealized gain on BTC held1 Adjusted EBITDA Adjusted for non-cash and unusual items2 Total Revenue 1% increase year-over-year Approx. Total Power Capacity 1,700 MW in Texas and 300 MW in Kentucky 20 DATA CENTER STATISTICS End-of-quarter Critical IT contracted and delivered Total Revenue Reflects RFS of Riot’s first data center deployment & fit-out 25 MW $18M Operating Lease Revenue Reflects delivery of full 25 MW AMD deployment in mid-May $8M BTC MINING STATISTICS BTCHeld Quarter-end value of $202.0M3 BTC Produced Production of 17.8 BTC per day Hash Rate Deployed Accounting for ~4.9% of the global network 4 Cost to Mine per Bitcoin Vertical-integration and power strategy drive low cost to mine 2 Operating Lease Gross Margin 80% 1,637 2,418 44.9 EH/s $39,265 $181M $4M $0.01 $191M 2.0 GW 20 |
| CLOSING REMARKS S E C T I O N 5 : 21 |
| 22 Jan 2026 Announced Rockdale Rockdale land acquisition and execution of first data data center Lease with with AMD May 2026 Phased AMD deployment of 25 MW MW May 2027 Additional phased AMD deployment of of 25 MW Sep 2027 Corsicana (Phase 1) 400 MW IT Dec 2027 Phase 1 of leading Frontier AI Lab deployment of 96 MW at Rockdale Jan 2028 Corsicana Phase 2 · 200 MW January 2028 June 2028 Phase 2 of leading Frontier AI Lab deployment of 95 MW at Rockdale July 2028 Corsicana Phase 3 · 310 MW July 2028 1.2 GW of portfolio leased Existing portfolio substantially leased, future growth opportunities actively being pursued AMD Lease Phase 1-2 AMD Lease Phase 3-4 Leading Frontier AI Lab Lease Phase 1 Corsicana Lease with Frontier AI Lab Phase 1 Leading Frontier AI Lab Lease Phase 2 Corsicana Lease with Frontier AI Lab Phase 2 Corsicana Lease with Frontier AI Lab Phase 3 Total Portfolio Average NOI of ~$2.2 Billion 25 MW 50 MW 450 MW 546 MW 746 MW 841 MW ~1.2 GW 1.3 GW+ |
| FUTURE FOCUS & THEMES EXECUTION • Deliver on AMD • Rockdale AI Lab • Corsicana delivery FINANCING • Finalize Rockdale AI Lab financing • Corsicana financing • Expand access to funding and sources of liquidity CAPITAL ALLOCATION Maximizing shareholder value by consistently assessing the most accretive use of capital, whether that is developing the power pipeline or returning capital to shareholders ✓ ✓ ✓ 23 |
| Q3 2026 DATA OPERATIONAL A P P E N D I X 24 |
| DATA CENTER | Q3 2026 Data Center Revenues 25 • Delivered 80% operating lease gross margin / 85% base rent gross margin in Q3 • First 25 MW of capacity fully stabilized as of May 2026 • Construction of next 25 MW underway, with first 10 MW projected to deliver November 2026 • Tenant fit-out services include the procurement and installation of customer-specific equipment, reimbursed by the tenant on a cost-plus basis Q3 2026 Q2 2026 Q/Q Revenue Gross Profit Gross Margin Revenue Gross Profit Gross Margin Revenue Gross Profit Operating Lease (Recurring) $8.3M $6.6M 80% $4.9M $4.1M 84% +69% +59% Tenant Fit Out Services $10.2M $0.6M 6% $18.3M $2.4M 13% (44%) (73%) Total $18.4M $7.2M 39% $23.2M $6.5M 28% (21%) +11% Base Rent1 (Recurring) $7.7M $6.6M 85% $4.5M $4.1M 91% +70% +60% 1. Base Rent is base rent as defined in the lease and recognized on a GAAP-basis, and excludes power reimbursement and Tenant Fit Out Services revenue and related costs. |
| Riot Engineering Provides a Key Competitive Advantage in the Delivery of Critical Data Center Components Riot Engineering provides significant operational synergies • ESS Metron manufactures low and medium voltage switchgear and power distribution units – critical long lead-time components • Riot engineering supporting the procurement process for our data center strategy • Drives greater control of the supply chain and creates cost savings • Derisksthe delivery of a critical data center component • Servicing and maintenance expertise leads to operational efficiencies Data center sector represents 90% of current backlog 26 $159.6 $227.0 $193.4 $177.1 $141.5 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Conversion cycle of backlog to revenue continues to improve dramatically in 2026 Engineering Backlog ($M) Engineering Revenues Continue to Increase ($M) $19.1 $21.1 $22.2 $37.3 $47.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 |
| 36.5 EH/s 38.5 EH/s 42.5 EH/s 44.4 EH/s 44.9 EH/s 86% 89% 90% 87% 87% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 • Q3 2026 Bitcoin Mining Revenue of $116.0M and Gross Profit – Bitcoin Mining of $51.7M • Industry leading Bitcoin Mining margins with an Q3 2026 Cost to Mine of $39,265 due to Riot’s power strategy driving an all-in cost of power of 3.2c/kWh • Strong hash rate utilization averaging 87% in Q3 2026, partially impacted by elevated summer temperatures at both Rockdale and Corsicana driving miner downtime Metric Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Avg. Hash Price ($/PH/s/Day) $56 $42 $34 $34 $35 Avg. Network Hash Rate¹ 948 EH/s 1,071EH/s 994 EH/s 957 EH/s 916 EH/s Cost to Mine² $46,324 $60,619 $44,629 $49,912 $39,265 # of BTC produced 1,406 1,324 1,473 1,587 1,637 Ending Hash Rate Capacity / Uptime3 (%) Bitcoin Mining Increasing Efficiency and Scale of Operations Bitcoin Mining Revenue / Gross Margin – Bitcoin Mining2 (%) Ending Hash Rate Capacity Bitcoin Mining Revenue ($ million) 1. Sourced from Blockchain.com as of September 30,2026. 2. See Appendix slides 32-33 for definitions, terms, and reconciliations. 3. Uptime excludes intentional power curtailment related to Riot’s power strategy. 4. Three months ended as of September 30, 2026. 27 64% 10% 26% Bitcoin Mining Data Centers Engineering Riot Revenue Breakdown Q3 2026 4 $160.8 $131.7 $111.9 $113.7 $116.0 59% 39% 41% 30% 45% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 |
| $45,723 $39,265 $8,608 $15,067 Q3 2026 Total Direct Costs per BTC Q3 2026 Power Credits Per BTC Q3 2026 Net Direct Costs per BTC $58,585 $46,324 $9,527 $21,788 Q3 2025 Total Direct Costs per BTC Q3 2025 Power Credits Per BTC Q3 2025 Net Direct Costs per BTC Q3 2025 vs. Q3 2026 Cost to Mine per BTC Q3 2025 1 1,406 BTC Mined Avg. BTC Price of $114,361 Q3 2026 2 1,637 BTC Mined Avg. BTC Price of $70,855 28 1.Three months ended as of September 30, 2025. See Appendix on slides 32-33 for definitions, terms, and reconciliations. 2.Three months ended as of September 30, 2026. See Appendix on slides 32-33 for definitions, terms, and reconciliations. Despite BTC Mining Headwinds, Low Cost to Mine Drives Continued Profitability • Average global network hash rate down 3% in Q3 2026 vs Q3 2025 • Global network hash rate avg. 916 EH/s in Q3 2026 versus 948 EH/s in Q3 2025 • ‘Non-Power’ includes direct labor, miner insurance, miner and miner-related equipment repair, land lease, property taxes, network costs and other utilities expenses • Riot’s power strategy generated significant power curtailment credits of $24.7 million in Q3 2026, driving an all-in cost of power of 3.2c/kWh • Equates to $15,067 per BTC for the quarter Non-Power Power Non-Power Power |
| $19.1 $21.1 $22.2 $37.3 $47.0 28% 26% 18% 28% 15% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 $50.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 • Since the acquisition of ESS Metron in December of 2021, Riot has already realized $26.1M in capex savings alone • Backlog of $141.5M, with more than 90% of this backlog originating from the data center sector • Strategically holding back capacity for Riot data center growth and continued integration of the Riot platform Cumulative Capex Savings to Riot Backlog Revenue / Gross Margin (%) 29 Engineering –A Key Component of Riot’s Vertical Integration Strategy 1. Three months ended as of September 30, 2026. $4.8 $9.8 $12.2 $22.3 $26.1 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 $159.6 $227.0 $193.4 $177.1 $141.5 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Riot Revenue Breakdown Q3 2026 1 64% 10% 26% Bitcoin Mining Data Centers Engineering |
| Company Profile 30 COMPANY SNAPSHOT Headquarters Denver, Colorado – ESS Metron Houston, Texas – E4A Solutions Employees 244 – ESS Metron 60 – E4A Solutions Key Leadership Beck Jonson, CEO – ESS Metron Alexandre Chacara, CEO – E4A Solutions Acquisition Dates December 2021 – ESS Metron December 2024 – E4A Solutions ESS METRON KEY OFFERINGS Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue $19.1 $21.1 $22.2 $37.3 $47.0 % growth - 10.5% 5.2% 68.0% 26.0% Gross Profit $5.4 $5.6 $4.0 $10.3 $7.1 % margin 28.2% 26.4% 18.2% 27.5% 15.0% SUMMARY FINANCIALS ($M) SELECT CLIENTS MANUFACTURING Designs and manufactures power distribution equipment and engineered-to-order electrical products for large-scale industrial and governmental clients across the data center, power generation, utility, water, industrial, and alternative energy markets E4A SOLUTIONS KEY OFFERINGS SERVICES Provides electrical engineering solutions and services supporting the full lifecycle of electrical infrastructure, from design and engineering to commissioning and ongoing operations & maintenance R I O T E N G I N E E R I N G |
| Q3 2026 DATA FINANCIAL A P P E N D I X 31 |
| Definitions, Terms, and Reconciliations (Unaudited) 1.Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property tax. 2.Costs to finance the purchase of miners were zero in all periods presented as the miners were paid for with cash from the Company’s cash balance. The seller did not provide any financing, nor did the Company borrow from a third-party to purchase the miners. 3.Power curtailment credits are credited against our power invoices as a result of temporarily pausing our operations to participate in ERCOT’s Demand Response Service Programs. Our fixed-price power purchase contracts enable us to strategically curtail our mining operations and participate in these programs, which significantly lower our cost to mine bitcoin. These credits are recognized in Power Curtailment Credits on our Consolidated Statement of Operations, outside of cost of revenue. 4.Computed as revenue recognized from bitcoin mined divided by the quantity of bitcoin mined during the same period. 32 COST TO MINE The Company defines Cost to Mine as the direct cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as calculated in the table below COST OF POWER The Company defines Cost of Power as the cost of power directly used in the process of mining Bitcoin, less power curtailment credits, divided by kilowatt ("kWh") hours used September 30, December 31, March 31, June 30, September 30, 2025 2025 2026 2026 2026 2026 2025 Total Cost of Power $ 82,370 $ 75,027 $ 72,317 $ 73,499 $ 74,849 $ 220,665 $ 206,369 less: Power curtailment credits (30,634) (9,981) (21,023) (10,054) (24,664) (55,741) (46,748) Net Cost of Power $ 51,736 $ 65,046 $ 51,294 $ 63,445 $ 50,185 $ 164,924 $ 159,621 kWh used 1,538,273,540 1,592,798,508 1,669,276,467 1,735,496,392 1,588,456,523 4,993,229,382 4,993,229,382 Cost of Power (c/kWh) $ 3.4 $ 4.1 $ 3.1 $ 3.7 $ 3.2 $ 3.3 $ 3.2 September 30, Three Months Ended Nine Months Ended September 30, December 31, March 31, June 30, September 30, 2025 2025 2026 2026 2026 2026 2025 Cost of power for self-mining operations $ 82,370 $ 75,027 $ 72,317 $ 73,499 $ 74,849 $ 220,665 $ 206,369 Other direct cost of revenue for self-mining operations(1)(2), excluding Bitcoin miner depreciation 13,395 15,226 14,445 15,765 14,091 44,301 42,389 Cost of revenue for self-mining operations, excluding Bitcoin miner depreciation 95,765 90,253 86,762 89,264 88,940 264,966 248,758 Less: power curtailment credits(3) (30,634) (9,981) (21,023) (10,054) (24,664) (55,741) (46,748) Cost of revenue for self-mining operations, net of power curtailment credits, excluding Bitcoin miner depreciation 65,131 80,272 65,739 79,210 64,276 209,225 202,010 Bitcoin miner depreciation 60,106 60,154 76,086 64,622 64,728 205,436 177,420 Cost of revenue for self-mining operations, net of power curtailment credits, including Bitcoin miner depreciation $ 125,237 $ 140,426 $ 141,825 $ 143,832 $ 129,004 $ 414,661 $ 379,430 Quantity of Bitcoin mined 1,406 1,324 1,473 1,587 1,637 4,697 4,362 Production value of one Bitcoin mined(4) $ 114,361 $ 99,482 $ 75,964 $ 71,667 $ 70,855 $ 72,732 $ 101,912 Cost to mine one Bitcoin, excluding Bitcoin miner depreciation $ 46,324 $ 60,619 $ 44,629 $ 49,912 $ 39,265 $ 44,544 $ 46,311 Cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as a % of production value of one Bitcoin mined 40.5% 60.9% 58.8% 69.6% 55.4% 61.2% 45.4% Cost to mine one Bitcoin, including Bitcoin miner depreciation $ 89,074 $ 106,045 $ 96,283 $ 90,631 $ 78,805 $ 88,282 $ 86,985 Cost to mine one Bitcoin, including Bitcoin miner depreciation, as a % of production value of one Bitcoin mined 77.9% 106.6% 126.7% 126.5% 111.2% 121.4% 85.4% September 30, Three Months Ended Nine Months Ended |
| Definitions, Terms, and Reconciliations (Unaudited) 33 GROSS PROFIT The Company defines Gross Profit as Fully Costed Gross Profit plus Power Curtailment Credits plus Depreciation and Amortization expense. The Company defines Fully Costed Gross Profit as Revenue less Cost of Revenue (excluding Depreciation and Amortization) GROSS MARGIN The Company defines Gross Margin as Gross Profit divided by Revenue Net Operating Income The Company defines Net Operating Income (“NOI”) as Revenue less Cost of revenue, excluding depreciation and amortization. The Company uses this metric to evaluate the expected economics of its individual data center leases NOI Margin The Company defines NOI Margin as NOI divided by Revenue September 30, December 31, March 31, June 30, September 30, Riot Platforms, Inc.: 2025 2025 2026 2026 2026 2026 2025 Revenue $ 180,229 $ 152,831 $ 167,219 $ 174,235 $ 181,426 $ 522,880 $ 494,604 less Bitcoin Mining Cost of revenue (95,765) (90,253) (86,762) (89,264) (88,940) (264,966) (248,758) less Data Center Cost of revenue - - (30,773) (16,700) (11,181) (58,654) - less Engineering Cost of revenue (13,707) (15,522) (18,141) (27,030) (39,951) (85,122) (35,371) less Other Cost of revenue - - - - - - (11,971) less Depreciation and amortization expense (82,929) (102,759) (97,734) (97,784) (123,921) (319,439) (244,052) Fully Costed Gross Profit $ (12,172) $ (55,703) $ (66,191) $ (56,543) $ (82,567) $ (205,301) $ (45,548) plus Power curtailment credits 30,634 9,981 21,023 10,054 24,664 55,741 46,748 plus Depreciation and amortization 82,929 102,759 97,734 97,784 123,921 319,439 244,052 Gross Profit $ 101,391 $ 57,037 $ 52,566 $ 51,295 $ 66,018 $ 169,879 $ 245,252 Gross Margin 56.3% 37.3% 31.4% 29.4% 36.4% 32.5% 49.6% Bitcoin Mining: Bitcoin Mining Revenue $ 160,792 $ 131,736 $ 111,895 $ 113,736 $ 115,990 $ 341,621 $ 444,540 less Bitcoin Mining Cost of revenue (95,765) (90,253) (86,762) (89,264) (88,940) (264,966) (248,758) less Depreciation and amortization expense of Bitcoin miners (60,106) (60,154) (76,086) (64,622) (64,728) (205,436) (177,420) Fully Costed Gross Profit - Bitcoin Mining $ 4,921 $ (18,671) $ (50,953) $ (40,150) $ (37,678) $ (128,781) $ 18,362 plus Power curtailment credits 30,634 9,981 21,023 10,054 24,664 55,741 46,748 plus Depreciation and amortization expense of Bitcoin miners 60,106 60,154 76,086 64,622 64,728 205,436 177,420 Gross Profit - Bitcoin Mining $ 95,661 $ 51,464 $ 46,156 $ 34,526 $ 51,714 $ 132,396 $ 242,530 Gross Margin - Bitcoin Mining 59.5% 39.1% 41.2% 30.4% 44.6% 38.8% 54.6% Data Center: Data Center Revenue $ - $ - $ 33,150 $ 23,213 $ 18,429 $ 74,792 $ - less Data Center Cost of revenue - - (30,773) (16,700) (11,181) (58,654) - less Depreciation and amortization expense - - (212) (574) (1,150) (1,936) - Fully Costed Gross Profit - Data Center $ - $ - $ 2,165 $ 5,939 $ 6,098 $ 14,202 $ - plus Depreciation and amortization expense - - 212 574 1,150 1,936 - Gross Profit - Data Center $ - $ - $ 2,377 $ 6,513 $ 7,248 $ 16,138 $ - Gross Margin - Data Center - - 7.2% 28.1% 39.3% 21.6% 0.0% Data Center - Operating Leases: Data Center Operating Lease Revenue $ - $ - $ 927 $ 4,895 $ 8,256 $ 14,078 $ - less Data Center Operating Lease Cost of revenue - - (85) (775) (1,647) (2,507) - less Depreciation and amortization expense - - (212) (574) (1,150) (1,936) - Fully Costed Gross Profit - Data Center - Operating Leases $ - $ - $ 630 $ 3,546 $ 5,459 $ 9,635 $ - plus Depreciation and amortization expense - - 212 574 1,150 1,936 - Gross Profit - Data Center - Operating Leases $ - $ - $ 842 $ 4,120 $ 6,609 $ 11,571 $ - Gross Margin - Data Center - Operating Leases - - 90.8% 84.2% 80.0% 82.2% 0.0% Data Center - Tenant Fit-Out Services: Data Center Tenant Fit-Out Services Revenue $ - $ - $ 32,222 $ 18,318 $ 10,173 $ 60,714 $ - less Data Center Tenant Fit-Out Services Cost of revenue - - (30,688) (15,925) (9,534) (56,147) - less Depreciation and amortization expense - - - - - - - Fully Costed Gross Profit - Data Center - Tenant Fit-Out Services $ - $ - $ 1,534 $ 2,393 $ 639 $ 4,567 $ - plus Depreciation and amortization expense - - - - - - - Gross Profit - Data Center - Tenant Fit-Out Services $ - $ - $ 1,534 $ 2,393 $ 639 $ 4,567 $ - Gross Margin - Data Center - Tenant Fit-Out Services - - 4.8% 13.1% 6.3% 7.5% 0.0% Engineering: Engineering Revenue $ 19,097 $ 21,095 $ 22,174 $ 37,286 $ 47,007 $ 106,467 $ 43,593 less Engineering Cost of revenue (13,707) (15,522) (18,141) (27,030) (39,951) (85,122) (35,371) less Depreciation and amortization expense (1,237) (1,340) (1,275) (1,305) (1,423) (4,003) (2,562) Fully Costed Gross Profit - Engineering $ 4,153 $ 4,233 $ 2,758 $ 8,951 $ 5,633 $ 17,342 $ 5,660 plus Depreciation and amortization 1,237 1,340 1,275 1,305 1,423 4,003 2,562 Gross Profit - Engineering $ 5,390 $ 5,573 $ 4,033 $ 10,256 $ 7,056 $ 21,345 $ 8,222 Gross Margin - Engineering 28.2% 26.4% 18.2% 27.5% 15.0% 20.0% 18.9% Three Months Ended Nine Months Ended September 30, |
| Q3 2026 Statement of Operations (Unaudited) 34 |
| Q3 2026 Balance Sheet (Unaudited) 35 |
| Non-GAAP Adjusted EBITDA (Unaudited) 36 * Indicates Non-GAAP measure. We use Adjusted EBITDA to eliminate the effects of certain non-cash and/or non-recurring items, that do not reflect our ongoing strategic business operations. Adjusted EBITDA is provided in addition to, and not as a substitute for, or as superior to, the comparable GAAP measure, Net Income. For a full reconciliation of the Non-GAAP measures we use to their comparable GAAP measures, see the discussion under the heading “Non-GAAP Measures”, under Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our September 30, 2026, Form 10-Q. |
| Riot Currently Trades Among the Lowest EV / MW Multiples in the Sector EV / 2027 Available MW ($M) 1,2 $5.0 $3.8 $3.2 $3.1 $2.9 $2.4 $2.2 $1.7 $1.2 $1.2 1. Sourced from FactSet as of November 2, 2026. Cash & Cash Equivalents, LT Debt, and BTC value used in calculation as of June 30, 2026. 2. Sourced from company filings, company presentations, press releases, management commentary, and S&P-451 Data Center Knowledge Base (DCKB). Includes only power capacity that is currently operational and under construction in North America. 37 |
