Riot Platforms, Inc. Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • 2025 marked a transformational shift for Riot from a Bitcoin miner toward becoming a large-scale data center developer and operator.
  • Major progress included land acquisitions, development of the company’s basis of design, significant team expansion, and securing its first AI infrastructure lease with AMD.
  • Management emphasized that Riot’s 1.7 GW portfolio of fully approved power capacity in Texas is an increasingly scarce and highly valuable strategic asset.

Key Strategic Achievements

  • Completed fee simple acquisition of the 200-acre Rockdale site (previously leased), eliminating USD 130 million in future rent obligations.
  • Expanded Corsicana site to approximately 900 acres, supporting full build-out of 1 GW of power capacity.
  • Developed a standardized basis of design enabling faster leasing discussions and accelerated development timelines.
  • Recruited senior talent with experience across over 200 data center projects and 4.8 GW of design and construction expertise.

AMD Lease and Data Center Development

  • In January 2026, Riot announced its first major data center lease with AMD, marking a major validation of its capabilities.
  • Phase 1 (5 MW) was delivered in January 2026 on time and on budget; Phase 2 (20 MW) expected in May 2026.

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Operator: Good day, and thank you for standing by. Welcome to Riot Platforms Fiscal Year 2025 Earnings Conference Call. [Operator Instructions] 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. Please go ahead. Joshua Kane: Thank you, operator. Good afternoon, and welcome to Riot Platforms Fiscal Year 2025 Earnings Conference Call. My name is Josh Kane, Head of Investor Relations. And joining me on today's call from Riot are Jason Les, Chief Executive Officer; and Jason Chung, Chief Financial Officer. On the Riot Investor Relations website, you can find our fiscal year 2025 earnings press release and accompanying earnings presentation, which are intended to supplement today's prepared remarks and which include a discussion of certain non-GAAP items. Non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP and are included as additional clarifying items to aid investors in further understanding the company's fiscal year 2025 performance. Forward-looking statements may include, but are not limited to, statements that predict future events or trends, forecast for performance and may contain words such as believe, expect, intend, project, plan, words or phrases with similar meaning. Actual results could materially different due to factors discussed in toda

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