Riot Platforms Q1 2026 Revenue Rises to $167.2M on Data Center Launch

Bitcoin miner Riot Platforms reported total quarterly revenue of $167.2 million in Q1 2026, up from $161.4 million in the same period of 2025, as the company generated $33.2 million from its newly launched data center operations serving AI infrastructure hosting. The milestone prompted CEO Jason Les to call it “a definitive inflection point for Riot, as we officially transitioned into an active, revenue-generating data center operator.”

Stock Performance and Market Response

Riot’s stock (RIOT) rose 9% on the day to trade at $18.74, with shares gaining more than 49% over the preceding 30 days, according to Yahoo Finance.

Revenue Breakdown

Data center revenue totaled $33.2 million in its first quarter of operations. However, Bitcoin mining revenue declined to $111.9 million from $142.9 million in Q1 2025, driven by lower average Bitcoin prices and increased global network hash rate.

Engineering revenue, which includes infrastructure services, jumped to $22.2 million from $13.9 million year-over-year.

Mining Operations and Bitcoin Holdings

Riot mined 1,473 Bitcoin during the quarter, down from 1,530 in Q1 2025. Average mining costs excluding depreciation rose to $44,629 per coin from $43,808. The company sold more than $250 million worth of Bitcoin during the quarter, as stated in an April announcement.

Riot held 15,679 Bitcoin valued at approximately $1.1 billion based on the quarter-end price of $68,222, with 5,802 coins serving as collateral. The company maintained $282.5 million in cash, though $76.9 million remains restricted.

AMD Capacity Expansion

Technology giant AMD exercised its option to double contracted capacity to 50 megawatts total during the quarter. Les stated: “Our ongoing delivery of initial capacity to AMD, and their decision to already double their footprint with a 25 megawatt expansion, validates our ability to execute at institutional scale with the most demanding tenants. With 50 megawatts now firmly contracted with AMD, we are rapidly executing on the value creation opportunity presented by our significant, fully-approved power portfolio.”

Les added: “We have the secured power, the in-house development expertise, and the significant financial resources required to capitalize on strong market demand with high-quality tenants in order to drive compounding shareholder value.”

Strategic Shift to Hybrid Model

The quarter’s results demonstrate Riot’s progression from pure Bitcoin mining to a hybrid model serving both cryptocurrency and AI workloads. The AMD expansion signals market validation of Riot’s diversification strategy as the company seeks stable revenue streams beyond volatile crypto markets.