Riot Platforms (RIOT) Company Report

Riot Platforms completed the fee-simple acquisition of 200 acres of land at Rockdale for $96 million in December, funded by selling approximately 1,080 Bitcoin, which eliminates $130 million in future rental payments and unlocks the site's 700 megawatts of fully approved power for data center development.
The company secured its first data center lease, a 10-year, 25-megawatt agreement with AMD at the Rockdale site, with expansion options potentially increasing AMD's total footprint to 200 megawatts.
The initial 25-megawatt deployment for AMD, requiring just under $90 million in capital, is expected to generate a total contract value of $311 million over the 10-year base term and approximately $25 million in average annual net operating income. The first 5-megawatt phase will be ready this month, with the remaining 20 megawatts following in May.
Riot plans to fund approximately $400 million in current development projects, including the Rockdale acquisition and AMD buildout, through strategic Bitcoin sales, and intends to utilize non-recourse project-level debt financing for future data center CapEx at 80% loan-to-cost ratios.

Jan 16, 2026, 3:00 PM

Transcript

Riot Platforms Announces Rockdale Land Acquisition and First Data Center Lease with AMD

RIOT

New Projects/Investments

Revenue Acceleration/Inflection

Riot Platforms completed the fee-simple acquisition of 200 acres of land at Rockdale for $96 million in December, funded by the sale of approximately 1,080 Bitcoin from its balance sheet.
The company announced its first data center lease, a 10-year, 25-megawatt agreement with AMD, expected to generate approximately $25 million in average annual net operating income from a total contract value of $311 million.
The AMD lease includes expansion options for an additional 75 megawatts and a right of first refusal on another 100 megawatts, potentially bringing AMD's total footprint at Rockdale to 200 megawatts.
The initial 5 megawatts of capacity for AMD will be delivered and commence generating lease income in January 2026, with the remaining 20 megawatts of the initial deployment delivered in May 2026.
Riot plans to fund approximately $400 million in capital expenditures for current projects, including the Rockdale acquisition and the AMD buildout, primarily through the sale of Bitcoin from its balance sheet.

Jan 16, 2026, 3:00 PM

Transcript

Riot Announces Rockdale Land Acquisition and AMD Data Center Lease

RIOT

New Projects/Investments

Guidance Update

Riot Blockchain acquired 200 acres of land at its Rockdale facility for $96 million, funded by the sale of 1,080 bitcoin, which eliminates $130 million in future ground lease obligations.
The company executed a data center lease with AMD at the Rockdale Campus for an initial 25 MW of critical IT load, expandable to 200 MW, with a contract value of $311 million over a 10-year term.
This AMD lease is expected to generate $25 million in annual Net Operating Income (NOI), with the initial capacity delivered in phases starting January 2026 and completing May 2026.

Jan 16, 2026, 3:00 PM

Presentation

Riot Platforms Acquires Rockdale Land and Secures AMD Data Center Lease

RIOT

New Projects/Investments

Debt Issuance

Revenue Acceleration/Inflection

Jan 16, 2026, 3:00 PM

Transcript

Riot Platforms Announces CFO Transition and Executive Compensation Changes

RIOT

CFO Change

Executive Compensation

Management Change

Riot Platforms announced a CFO transition, with Colin Yee stepping down on March 1, 2026, to become a Senior Advisor, and Jason Chung succeeding him as CFO.
As Senior Advisor, Mr. Yee will receive an annual base fee of $500,000 for the first 12 months, then a monthly base fee of $20,000, and a $2,000,000 RSU award.
Executive compensation adjustments include CEO Jason Les and Executive Chairman Benjamin Yi's annual base salaries increasing to $900,000 and their Annual Incentive Plan (AIP) target rising to 125%, with the Bitcoin component eliminated.
CFO Jason Chung's annual base salary increased to $550,000, and COO Stephen Howell's to $500,000.
The Long-Term Incentive Program (LTIP) was amended to include separate performance and service award agreements, introducing a 100% Total Shareholder Return (TSR) cap for negative absolute TSR. The 2026 AIP was also amended, eliminating the "Bitcoin Yield" metric and adding "Data center revenue" and "Data Center NOI" metrics.

Jan 2, 2026, 10:23 PM

8-K

Riot Platforms reports Q3 2025 results and strategic data center expansion

RIOT

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Riot Platforms reported record quarterly revenue of $180.2 million, net income of $104.5 million, $0.26 Diluted EPS, and Adjusted EBITDA of $197.2 million for the third quarter of 2025.
The company initiated the core and shell development of the first two buildings at its Corsicana data center campus, representing 112 MW of critical IT capacity, and acquired an additional 67-acre parcel adjacent to the site.
Riot held 19,287 bitcoin, equating to approximately $2.2 billion based on a market price of $114,068 per bitcoin on September 30, 2025.
The average cost to mine bitcoin, excluding depreciation, was $46,324 in Q3 2025.

Oct 30, 2025, 9:00 PM

8-K

Riot Reports Q3 2025 Results and Initiates Data Center Development

RIOT

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Riot reported Q3 2025 total revenue of $180.2 million, an 18% increase quarter-over-quarter, with net income of $104.5 million or $0.26 per fully diluted share. The company also generated $31 million in power credits, lowering its net cost of power to $0.32 per kilowatt-hour.
The company initiated core and shell development for the first two buildings at its Corsicana Data Center campus, representing 112 megawatts of critical IT capacity, with construction beginning in Q1 2026 and the first building expected to be completed in Q1 2027. The total expected development cost for these two buildings is $214 million.
Riot acquired an additional 67 acres of land for $40 million adjacent to its Corsicana site, completing land acquisitions for a planned 1 gigawatt utility-load data center campus. The company's total power portfolio exceeds 1.8 gigawatts, with 1.7 gigawatts located in the Dallas and Austin regions.
Riot ended Q3 2025 holding 19,287 Bitcoin with a market value of $2.2 billion and $400 million in cash.

Oct 30, 2025, 8:30 PM

Transcript

Riot Platforms Initiates 112 MW Data Center Development at Corsicana

RIOT

New Projects/Investments

Guidance Update

Riot Platforms is transforming into a data center developer and operator, announcing the initiation of core and shell development for the first two buildings at its Corsicana Data Center campus, representing 112 megawatts of critical IT capacity.
Construction for these initial buildings is scheduled to begin in Q1 2026, with the first building expected to be completed in Q1 2027.
The company acquired an additional 67 acres of land adjacent to its Corsicana site for $40 million, which enables the full utilization of its 1 gigawatt of approved power capacity at Corsicana for data center use.
The total expected development cost for the core and shell of the first two buildings (112 MW) is $214 million, equating to approximately $1.9 million per IT megawatt.
Riot's overall power portfolio totals more than 1.8 gigawatts of fully approved capacity, positioning it as a significant data center power provider in North America.

Oct 30, 2025, 8:30 PM

Transcript

Riot Platforms Reports Strong Q3 2025 Financial Results and Advances Data Center Development

RIOT

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Riot Platforms reported Q3 2025 financial results including $180 million in Total Revenue, $104 million in Net Income, and $197 million in Adjusted EBITDA.
The company initiated Core & Shell development at its Corsicana Data Center campus, representing 112 MW of critical IT load capacity, with a long-term plan to transform the site into a 1 GW utility-load data center campus.
Bitcoin mining operations produced 1,406 BTC in Q3 2025, with a deployed hash rate of 36.5 EH/s and a cost to mine per Bitcoin of $46,324. The company also generated $31 million in power credits.
The Engineering segment achieved a record backlog of $159.6 million, with 90% originating from the data center sector, and has realized $23.0 million in cumulative capex savings for Riot since December 2021.

Oct 30, 2025, 8:30 PM

Presentation

Earnings Transcripts

Quarterly earnings call transcripts for Riot Platforms.

Q3 2025

Oct 30, 2025

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Q2 2025

Jul 31, 2025

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Riot Platforms (RIOT)

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