Riot Platforms, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q1 2026 marked a major transition as Riot moved firmly into its role as a large-scale data center operator.
  • First-ever revenue from data center leasing was recorded following the January delivery of 5 MW to AMD.
  • Total revenue was 167 million dollars, up from the prior year primarily due to new data center contributions.
  • GAAP net loss was 500 million dollars, driven by non‑cash Bitcoin mark‑to‑market adjustments and depreciation.
  • Adjusted EBITDA loss was 311 million dollars.

Operational Highlights

  • AMD exercised an additional 25 MW expansion option at Rockdale, bringing total contracted capacity to 50 MW.
  • First 5 MW delivered to AMD on time in January; remaining 20 MW of the initial lease slated for May 2026.
  • New 25 MW expansion to be delivered in two phases: 10 MW in November 2026 and 15 MW in May 2027.
  • Expected run-rate lease revenue: 37.8 million dollars by end of 2026, increasing to 55.6 million dollars by end of 2027.
  • AMD now holds remaining options totaling 150 MW, enabling potential expansion to 200 MW at Rockdale.

Data Center Development Progress

  • Corsicana development is underway with a redesigned 168 MW core‑and‑shell building (up from prior 112 MW plan).

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Operator: Good day, and thank you for standing by. Welcome to Riot Platforms, Inc. First Quarter 2026 Earnings Conference Call. Please note that all participants have been placed in a listen-only mode until the question-and-answer session begins following the company's presentation of its prepared remarks. Please also be advised that today's call is being recorded. I would now like to hand the conference over to Joshua Kane, Head of Investor Relations at Riot Platforms, Inc. Please go ahead. Thank you, operator. Joshua Kane: Good afternoon, and welcome to Riot Platforms, Inc. First Quarter 2026 Earnings Conference Call. My name is Josh Kane, Head of Investor Relations. Joining me on today's call from Riot Platforms, Inc. are Jason Les, Chief Executive Officer, and Jason Chung, Chief Financial Officer. On the Riot Platforms, Inc. Investor Relations website, you can find our first quarter 2026 earnings press release and accompanying earnings presentation, which are intended to supplement today's prepared remarks and include a discussion of certain non-GAAP items. Non-GAAP financial measures should not be considered as a substitute for or superior to measures prepared in accordance with GAAP and are included as additional clarifying items to aid investors in further understanding the company's first quarter 2026 performance. During today's call, we will be making forward-looking statements regarding potential future events. These statements are based on management's current expe

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