Riot Platforms
Builds power infrastructure for bitcoin mining, AI data centers, and engineered electrical systems.
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Profile
Develops power infrastructure for bitcoin mining and high-performance-computing data centers, earning bitcoin, lease and tenant fit-out revenue, and sales from custom electrical equipment and services. Owned sites, grid connections, and in-house engineering support the platform, while results depend on bitcoin economics, power availability, and data-center construction.
Develops and operates power-intensive digital infrastructure in Texas and Kentucky. Bitcoin Mining earns bitcoin from company-owned fleets; the Data Centers business leases critical IT capacity and performs tenant fit-outs for high-performance-computing customers. Engineering subsidiaries ESS Metron and E4A Solutions make switchgear and power-distribution equipment and provide electrical engineering services.
Combines owned sites and grid interconnections with in-house engineering and construction for mining and data-center builds. Rockdale has long-term leases with AMD and a frontier AI lab, while Corsicana is being developed for additional high-performance-computing capacity.
Revenue remains concentrated in bitcoin mining, tying results to bitcoin prices, network difficulty, block rewards, and power costs. Data-center expansion requires capital, timely construction, and reliable power; both businesses face grid constraints and evolving energy-use and digital-asset regulation.
Company facts
Categories
Key statistics
Year to date +34.1% · Average volume (30d) 21.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 11, 2026 | Compass Point | Reiterate | Buy | $29 | |
| Aug 11, 2026 | Cantor Fitzgerald | Reiterate | Overweight | $31 | $30 |
| Aug 11, 2026 | Bernstein | Reiterate | Outperform | $22 | $35 |
| Aug 11, 2026 | H.C. Wainwright | Reiterate | Buy | $25 | $40 |
| Jul 23, 2026 | Morgan Stanley | Initiate | Overweight | $36 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | −$0.30 | −$0.68 | −124.2% | $154.3M | $174.2M | +12.9% | −5.46% |
| Aug 5, 2026Q2 FY26 | −$0.29 | −$0.33 | −15.1% | $154.3M | $153.3M | −0.7% | −1.35% |
| Apr 30, 2026Q1 FY26 | −$0.33 | −$1.44 | −336.4% | $130.5M | $167.2M | +28.1% | +7.31% |
| Mar 2, 2026Q4 FY25 | −$0.22 | −$2.03 | −822.7% | $159.9M | $152.8M | −4.4% | −6.94% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $161.4M | $153.0M | $180.2M | $152.8M | $167.2M | $174.2M | |
| Gross profit | −$12.1M | −$21.2M | −$12.2M | −$55.7M | −$66.2M | $41.2M | |
| Operating income | −$83.6M | −$97.2M | −$82.0M | −$137.3M | −$142.4M | −$239.4M | |
| Net income | −$296.4M | $219.5M | $104.5M | −$690.7M | −$500.5M | −$237.2M | |
| Diluted EPS | −$0.90 | $0.58 | $0.26 | −$1.86 | −$1.44 | −$0.68 | |
| Gross margin | -7.5% | -13.9% | -6.8% | -36.4% | -39.6% | 23.7% | |
| Operating margin | -51.8% | -63.5% | -45.5% | -89.8% | -85.1% | -137.4% |
Fiscal years (4-quarter sums)FY21 $213.2M · FY22 $259.2M · FY23 $280.7M · FY24 $376.7M · FY25 $647.4M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $471.4M · Total debt $279.2M · Total assets $3.26B · Shareholders' equity $2.19B
Dividends
No dividends on record.
Ownership
Shares outstanding 378.15M · Float 348.77M · 92.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 31.98M | 8.46% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 21.73M | 5.75% | 13F | Aug 13, 2026 |
| FMR LLC | 19.65M | 5.20% | 13F | Aug 13, 2026 |
| Situational Awareness LP | 17.10M | 4.52% | 13F | Aug 14, 2026 |
| Jane Street Group, LLC | 16.83M | 4.45% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 5, 2026 | Ryan D. Werner | officer: SVP, CAO | −47,733 | $22.23 |
| Jul 7, 2026 | Ryan D. Werner | officer: SVP, CAO | −17,828 | $21.52 |
| Jun 22, 2026 | Ryan D. Werner | officer: SVP, CAO | −25,375 | $30.00 |
| Jun 22, 2026 | Jason Les | director, officer: CEO | −62,703 | $30.09 |
| May 27, 2026 | Ryan D. Werner | officer: SVP, CAO | −37,616 | $26.50 |
Peers
- MARA
Dominant US Bitcoin miner by hash rate and BTC treasury, pivoting to AI/HPC.
- CleanSpark
Pure-play US Bitcoin miner, 50 EH/s, industry-leading fleet efficiency.
- Core Scientific
$10B+ contracted AI revenue; foremost miner-to-AI colocation pivot in the US.
- IREN
Scale peer in Bitcoin mining (~36 EH/s), AI cloud; running a parallel HPC pivot.
- Bitdeer
No.2 public Bitcoin miner globally; proprietary SEALMINER ASIC manufacturer.
- Hut 8
Power-first infrastructure platform; mining via ABTC, AI data centers direct.
- Cipher Digital
Texas miner-to-HPC developer; AWS and Fluidstack/Google HPC leases, 600 MW.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Riot Platforms | $18.96 | −0.16% | $7.18B | — | — | 10.6 | +13.9% |
| MARA | $10.68 | +0.19% | $4.07B | — | — | 5.1 | −26.7% |
| CleanSpark | $11.65 | −0.08% | $2.99B | — | — | 4.4 | −30.5% |
| Core Scientific | $16.58 | +0.28% | $5.31B | — | 312.6 | 12.0 | +108.8% |
| IREN | $35.60 | +0.46% | $12.65B | — | — | 16.7 | −26.8% |
| Bitdeer | $10.32 | +0.10% | $2.41B | — | — | 3.0 | +47.1% |
| Hut 8 | $79.75 | +0.41% | $8.94B | — | — | 30.8 | +81.4% |
| Cipher Digital | $15.18 | +0.06% | $6.21B | — | — | 32.5 | −43.0% |
| Median | — | 312.6 | 12.0 | −26.7% |