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Riot Platforms reported $167.2 million in total quarterly revenue in Q1 2026, up from $161.4 million a year earlier. The company’s first-quarter data center revenue reached $33.2 million, marking its first quarter generating income from AI infrastructure hosting.
Riot CEO Jason Les said the quarter represented “a definitive inflection point for Riot, as we officially transitioned into an active, revenue-generating data center operator.”
Data center revenue totaled $33.2 million in the quarter, supported by infrastructure services. Engineering revenue, which includes infrastructure services, rose to $22.2 million from $13.9 million year-over-year.
Riot’s bitcoin mining revenue fell to $111.9 million from $142.9 million in Q1 2025. The company attributed the decline to lower average Bitcoin prices and higher global network hash rate.
Riot also said earlier in April that it sold more than $250 million worth of Bitcoin during the quarter.
Riot’s infrastructure capabilities increased after technology company AMD exercised an option to double contracted capacity to 50 megawatts total during the quarter.
Les said AMD’s decision to expand its footprint with a 25 megawatt expansion “validates our ability to execute at institutional scale with the most demanding tenants.” He added that “with 50 megawatts now firmly contracted with AMD,” Riot is executing on a value creation opportunity supported by its “significant, fully-approved power portfolio.”
Riot reported holding 15,679 Bitcoin valued at approximately $1.1 billion based on the quarter-end price of $68,222. Of those holdings, 5,802 coins were serving as collateral.
The company maintained $282.5 million in cash, though $76.9 million remains restricted.
Riot’s stock (RIOT) was up nearly 9% on the day, trading at $18.74, and shares had risen by more than 49% over the last 30 days, according to Yahoo Finance.
Riot’s Q1 results reflect progress in its shift from pure bitcoin mining toward a hybrid model serving both cryptocurrency and AI workloads. The AMD expansion was cited as a signal of market demand for Riot’s diversification strategy as bitcoin miners look for more stable revenue streams beyond volatile crypto markets.
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