Riot Platforms Reports First Data Center Revenue of $33 Million, Doubles AMD Capacity Deal

Riot Platforms, a Castle Rock, Colorado-based bitcoin miner, reported $33.2 million in inaugural data center revenue for Q1 2026 while its AMD partnership doubled to 50 megawatts of contracted capacity at its Rockdale, Texas campus, with potential to reach 150 megawatts and generate $636 million over 10 years. The diversification comes as bitcoin mining revenue fell from $142.9 million to $111.9 million due to lower bitcoin prices and increased competition, though total revenue rose slightly to $167.2 million. Activist investor Starboard has urged faster transition to AI infrastructure, while shares jumped 8% and are up 147% over 12 months. The company also improved its $200 million Coinbase credit facility terms, lowering rates from 8.3% to 6.15% and releasing 1,544 bitcoin from collateral.

Riot's Expansion into AI Data Centers with AMD Partnership

• ▪Riot Platforms reported $33.2 million in initial data center revenue for the quarter ended March 31, 2026.
• ▪Riot Platforms' agreement with Advanced Micro Devices could generate roughly $636 million over a 10-year term.

Financial Performance and Improved Credit Terms

• ▪Riot Platforms shares are up about 147% over the 12 months ending May 1, 2026.
• ▪Riot Platforms ended March 2026 with $282.5 million in cash.
• ▪Riot Platforms released 1,544 of pledged collateral bitcoin from its Coinbase credit facility.
• ▪Riot Platforms lowered the rate on its Coinbase credit facility to a fixed 6.15% from 8.3%.
• ▪Riot Platforms shares jumped about 8% on Friday, May 1, 2026.
• ▪Riot Platforms' total revenue increased from $161.4 million a year earlier to $167.2 million for the quarter ended March 31, 2026.
• ▪Riot Platforms secured improved terms on its $200 million bitcoin-backed credit facility with Coinbase.

Strategic Shift Away from Pure Bitcoin Mining

• ▪Riot Platforms' bitcoin mining revenue fell to $111.9 million from $142.9 million for the quarter ended March 31, 2026.
• ▪Bitcoin fell nearly 17% over the 12 months ending May 1, 2026.

Perspective of Riot Platforms management

• ▪Riot Platforms' $33.2 million inaugural data center revenue demonstrates successful execution of its diversification strategy

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