RIOT · Riot Platforms, Inc.
Key customers — 10% of revenue (the three and six months ended June 30, 2026)
“For the three and six months ended June 30, 2026, Bitcoin Mining revenue generated as a result of the Company’s participation in a mining pool and Data Center revenue generated by the Company’s AMD lease each contributed more than 10% of the Company’s total consolidated revenue.”
Key customers — 10% of revenue (the three and six months ended June 30, 2025)
“For the three and six months ended June 30, 2025, Bitcoin Mining revenue generated as a result of the Company’s participation in a mining pool contributed more than 10% of the Company’s total consolidated revenue.”
Price & Indicators
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Metrics snapshot
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AI Brief
Q2 FY26 earnings call · Aug 5, 2026TL;DR. Riot executed a 20-year, 191 MW data-center lease with a leading frontier AI lab at Rockdale (~$9.1B initial contract revenue, ~$16.1B with extensions) bringing contracted capacity to 241 MW and ~$9.8B of total contracted data-center revenue. The company also signed a non-binding LOI for the entire Corsicana campus with a single tenant and secured $573M of Morgan Stanley interim financing plus an expected ~$180M AMD term loan to fund the build. Quarterly revenue rose 14% YoY to $174.2M but GAAP net loss of $237M and Adjusted EBITDA loss of $70M reflect heavy non-cash items and Bitcoin price headwinds.
- + Executed 191 MW, 20-year lease with a leading frontier AI lab at Rockdale generating ~$9.1B initial contract revenue (~$16.1B with extensions).
- + Signed a non-binding LOI with a single tenant for the entire 1 GW Corsicana campus, representing potential for an additional ~$1B+ in annual rent.
- + Secured $573M Morgan Stanley interim financing facility to fund the AI Lab build while the investment-grade backstop is finalized.
- − Reported a GAAP net loss of $237M ($-0.68 diluted EPS) and Adjusted EBITDA loss of $70M in Q2 2026.
- − Construction impairment of $28M at Rockdale tied to repurposing mining capacity for data centers signals near-term mining-segment capacity loss.
- − Corsicana remains at non-binding LOI stage with material design, legal and commercial work remaining, leaving execution risk on a $1B+ annual-rent transaction.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Bitcoin held (treasury) | 11,380 | Three Months Ended June 30, 2026 | — |
| Combined Bitcoin Mining hash rate, average operating | 37.2 | Three Months Ended June 30, 2026 filing | — |
| Cost to Mine non-GAAP | $49,912 | Three Months Ended June 30, 2026 | — |
| Cost to mine one bitcoin, excluding bitcoin miner depreciation | $47,369 | Six Months Ended June 30, 2026 | — |
| Cost to mine one bitcoin, excluding bitcoin miner depreciation, as a % of production value of on | 69.6% | Three Months Ended June 30, 2026 filing | — |
| Cost to mine one bitcoin, including bitcoin miner depreciation | $93,352 | Six Months Ended June 30, 2026 | — |
| Cost to mine one bitcoin, including bitcoin miner depreciation, as a % of production value of on | 126.5% | Three Months Ended June 30, 2026 filing | — |
| End-of-quarter Critical IT contracted and delivered | 25 | Q2 2026 | — |
| Engineering Backlog | $177.1M | Q2 2026 | — |
| Net Cost of Power | 3.6 | Q2 2026 | — |
| Operating Lease Gross Margin | 84% | Q2 2026 | — |
| Production value of one bitcoin mined | $71,667 | Three Months Ended June 30, 2026 filing | — |
| Quantity of bitcoin mined | 3,060 | Six Months Ended June 30, 2026 | — |
| Total Available Total Power Capacity | 2 | Q2 2026 | — |
| Total liquidity | $1.2B | Q2 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Capital Markets — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
RIOT
this stock
Riot Platforms, Inc.
|
$8.63B | +59.0% | +71.9% | — | 13.6% |
|
MS
Morgan Stanley
|
$308.32B | +5.9% | +5.5% | 15.9 | 0.9% |
|
GS
Goldman Sachs Group Inc
|
$272.38B | +2.4% | +8.9% | 14.4 | 2.4% |
|
SCHW
Schwab Charles Corp
|
$171.26B | -2.2% | +22.0% | 18.0 | 1.1% |
|
HOOD
Robinhood Markets, Inc.
|
$107.35B | -0.5% | +51.6% | 52.8 | 4.0% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| RIOT | -18.4% | +13.3% | +20.7% | +6.1% | +59.0% |
| SPY | -0.7% | +0.1% | +12.2% | -0.6% | +11.8% |
| vs SPY | -17.7% | +13.2% | +8.6% | +6.7% | +47.2% |