Analogies for Riot Platforms (RIOT):

• Barrick Gold for Bitcoin

• Newmont for Bitcoin

• Bitcoin Mining: The process of generating new bitcoins by solving complex computational puzzles using specialized hardware.
• Data Center Hosting: Providing infrastructure and facilities for housing and operating computer servers, typically for cryptocurrency mining operations.
• Electrical Products and Engineering: Designing, developing, and providing electrical infrastructure and solutions, likely supporting large-scale computing operations.

Riot Platforms (RIOT) primarily focuses on bitcoin mining operations. As such, the company produces newly minted bitcoin, which it then sells on global cryptocurrency exchanges. In this context, Riot Platforms does not have traditional, identifiable "major customers" with whom it maintains direct sales relationships for its primary product. Instead, its mined bitcoin is sold into an open market with a diverse range of buyers.

For its Bitcoin Mining segment, the ultimate buyers of the bitcoin Riot produces and sells can be broadly categorized as:

1. Individual (Retail) Investors: Individuals who purchase bitcoin through cryptocurrency exchanges for personal investment, speculative trading, or transactional purposes.
2. Institutional Investors and Corporations: Large financial entities, such as asset management firms, hedge funds, and publicly traded companies, that acquire bitcoin for portfolio diversification, treasury management, or other investment strategies.
3. Other Cryptocurrency Businesses: Companies operating within the broader cryptocurrency ecosystem, including exchanges, payment processors, and lending platforms, which may purchase bitcoin for their operational needs or to offer services to their own clientele.

Riot Platforms also operates Data Center Hosting and Electrical Products and Engineering segments. These segments typically serve other businesses (B2B customers), primarily large-scale clients in the cryptocurrency mining or data center industries who require infrastructure or specialized electrical services. However, information regarding specific major customers for these segments is not publicly disclosed, and the company's primary focus, as stated, is its own bitcoin mining operations.

• Bitmain Technologies Ltd.
• MicroBT

Jason Les, Chief Executive Officer

Jason Les joined Riot in 2017, initially as a member of the Advisory Board before joining the Board of Directors later that year. He became Chief Executive Officer in February 2021. Mr. Les's passion for Bitcoin dates to 2013, and he has significant experience in cryptocurrency mining, protocol development, and contributing to open-source projects. He co-founded Binary Digital, where he led the engineering team and coordinated projects ranging from artificial intelligence to reverse engineering. Mr. Les also co-founded ZKX, a decentralized perpetual futures exchange. Additionally, he is a former professional heads-up poker player, successfully competing in high-stakes games and serving as a human benchmark for testing the world's best poker artificial intelligence at Carnegie Mellon University in 2015 and 2017.

Jason Chung, Chief Financial Officer

Jason Chung was appointed Chief Financial Officer of Riot Platforms, effective March 1, 2026. He previously served as EVP, Head of Corporate Development & Strategy since July 2023, and Head of Corporate Development & Strategy from June 2022 to July 2023. Mr. Chung brings two decades of experience in investment banking and corporate finance, having spearheaded Riot's capital markets strategy, investor relations, and M&A initiatives. Prior to joining Riot, he served as Managing Director, M&A, at Nomura Holdings, Inc. from March 2017 through June 2022 and Executive Director, Mergers & Acquisitions from March 2014 through December 2016, where he advised global clients on cross-border transactions in the technology sector. His investment banking career spanned nearly $20 billion in mergers and acquisitions transactions.

Benjamin Yi, Executive Chairman

Benjamin Yi was recruited to Riot in October 2018, initially serving as a director and chair of the audit committee of the Board of Directors. He was elected Chairman of the Board in November 2020 and nominated to the role of Executive Chairman in May 2021. Mr. Yi is credited as the architect responsible for the company's turnaround and its position as a leading Bitcoin-driven infrastructure platform company. Prior to Riot, he led the capital markets efforts at IOU Financial, a tech-enabled lender to small businesses, which was acquired by Neuberger Berman in 2023. He also worked directly under Ned Goodman, founder of Dundee Corporation, and was a securities analyst at the predecessor to 1832 Asset Management L.P., covering energy and special situations investments. Mr. Yi is also noted as a founder of Dundee Corp (2010).

Jonathan Gibbs, Chief Data Center Officer

Jonathan Gibbs has been appointed Chief Data Center Officer at Riot Platforms, bringing over 15 years of industry leadership experience in the global data center sector. He leverages his unique blend of industry perspective and technical expertise to drive strategic growth and innovation in digital infrastructure for the company.

Stephen Howell, Chief Operating Officer

Stephen Howell was appointed Chief Operating Officer of Riot in June 2024. He continues to oversee ESS Metron, Riot's wholly owned electrical engineering and manufacturing subsidiary, where he previously served as CEO. Prior to his role at ESS Metron, Mr. Howell served as VP, Senior Sales Representative at Castleman Power Systems International, LLC from October 2011 through October 2019, and as Outside Sales Executive for Consolidated Electrical Distributors from January 2006 through October 2011.

The key risks to Riot Platforms include the inherent volatility of Bitcoin's price, the evolving regulatory landscape for digital assets, and significant operational challenges related to competition, energy costs, and the increasing Bitcoin network hash rate.

1. Bitcoin Price Volatility and Market Dynamics: Riot Platforms' primary revenue stream is directly tied to Bitcoin mining, making its financial performance highly sensitive to fluctuations in Bitcoin's market price. The cryptocurrency market is known for its extreme price volatility, which can lead to significant swings in the company's revenue and profitability. Additionally, factors such as the finite supply of Bitcoin, decreasing block rewards over time, and the concentration of ownership among large holders can contribute to price instability and impact the sustainability of the company's revenue streams.
2. Regulatory Uncertainties: The regulatory environment for digital assets and cryptocurrency mining is still developing and subject to change. Potential new regulations could impose increased costs, operational restrictions, and compliance challenges for Riot Platforms. The company's expansion into data center operations may also attract additional regulatory scrutiny. Staying abreast of these developments and ensuring compliance is crucial to avoid penalties and business disruptions.
3. Operational Risks from Competition, Energy Costs, and Network Hash Rate: Riot Platforms faces ongoing operational challenges due to intense competition in the Bitcoin mining industry, the energy-intensive nature of its operations, and the rising global network hash rate. To remain competitive and continue mining Bitcoin effectively, the company must continuously invest in upgrading its mining equipment and increasing its hash rate capacity. However, as the overall network hash rate increases, mining difficulty also rises, which can reduce the amount of Bitcoin mined even with an increased hash rate. Furthermore, significant energy costs, particularly in its Texas-focused operations, can impact profitability, and any adverse changes in power rates or availability pose a direct threat to the company's margins.

Riot Platforms (NASDAQ: RIOT) operates primarily in three segments: Bitcoin Mining, Data Center Hosting, and Electrical Products and Engineering.

Bitcoin Mining

The global Bitcoin Miner Market is estimated to be valued at approximately USD 9.25 billion in 2026 and is projected to reach USD 119.34 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 26.7% from 2026 to 2035. North America is a significant region in this market, holding a 47% share of the Bitcoin Miner Market.

Data Center Hosting

The North America Data Center Market, which includes data center hosting services, is estimated at USD 153.87 billion in 2025 and is expected to reach USD 253.35 billion by 2030, demonstrating a CAGR of 10.49% during the forecast period (2025-2030). Another report indicates the North America data center market generated a revenue of USD 147,113.7 million in 2025.

Electrical Products and Engineering

Riot Platforms' Engineering segment designs and manufactures power distribution equipment and custom engineered electrical products, and provides electricity distribution product design, manufacturing, and installation services. These services cater to a diverse range of markets, including data centers, power generation, utility, water, industrial, and alternative energy. While a consolidated addressable market size for all these varied electrical products and engineering services is not readily available, the hardware component of the global data center market, which includes power systems relevant to Riot's offerings, is projected to be over US$194.5 billion in 2026. North America accounted for 74.23% of the hardware segment in the North America data center market in 2025.

Here are 3-5 expected drivers of future revenue growth for Riot Platforms (RIOT) over the next 2-3 years:

1. Expansion of Bitcoin Mining Capacity: Riot Platforms is actively increasing its self-mining hash rate capacity. The company anticipates achieving a total self-mining hash rate capacity of 36 EH/s by the end of 2024 and 65.7 EH/s by the end of 2026, driven by the full development of its Corsicana Facility and expansion plans in Kentucky. This growth in operational capacity is expected to lead to a higher volume of Bitcoin mined, thereby increasing Bitcoin mining revenue. The company reported producing 5,686 Bitcoin in 2025, an 18% increase from 4,828 Bitcoin in 2024.
2. Growth in Data Center Hosting and High-Performance Computing (AI/HPC): Riot is strategically transforming its business model to become a large-scale, multi-faceted data center operator, leveraging its extensive power infrastructure. This includes expanding its Corsicana data center campus with a major 112 MW expansion. The company signed a data center lease with AMD, which began generating revenue in January 2026, with an initial 25-megawatt deployment valued at $311 million over a 10-year term, expected to generate approximately $25 million in average annual net operating income. This focus on capitalizing on the demand for AI high-performance computing (HPC) and exploring long-term contracts with hyperscalers is a significant new revenue stream.
3. Growth in Engineering Services: Riot's Engineering business, comprising ESS Metron and E4A Solutions, is demonstrating significant growth. The engineering backlog reached a record $224.6 million at the end of 2025, a substantial 302% increase from $55.9 million at the end of 2024. Approximately 90% of this backlog is attributed to the data center sector, indicating strong demand for their integrated manufacturing, commissioning, and maintenance expertise, which supports and expands their data center development program. Engineering revenue was $64.7 million in 2025, up from $38.5 million in 2024.
4. Bitcoin Price Appreciation: As a significant Bitcoin miner, Riot Platforms' revenue is highly sensitive to the price of Bitcoin. The company's strategy of retaining 100% of its self-mined Bitcoin means that an increase in Bitcoin's market price directly contributes to higher revenue when these holdings are valued or potentially sold. Higher average Bitcoin prices were a primary driver of the $255.3 million increase in Bitcoin Mining revenue in 2025. The company held 18,005 Bitcoin with a year-end value of $1.6 billion as of December 31, 2025.

Share Repurchases

• Riot Platforms engaged in share repurchases of approximately $1.05 million in Q4 2025 and $2.65 million in Q3 2025.
• The company repurchased shares totaling approximately $8.77 million in Q2 2024 and $2.00 million in Q1 2024.
• In 2023, significant share repurchases included $11.48 million in Q2 and $1.33 million in Q1.

Share Issuance

• Riot Platforms' shares outstanding increased by 40.85% year-over-year to 0.403 billion for the quarter ending September 30, 2025.
• Shares outstanding grew by 82.22% in 2024 to 0.319 billion from 2023, and by 25.53% in 2023 to 0.175 billion from 2022.
• The company raised $579 million from its first convertible senior notes offering in 2024.

Inbound Investments

• Riot Platforms has a data center lease with AMD that became operational in January 2026, generating revenue.
• The company is leveraging its large, nearly two-gigawatt power portfolio for high-demand data center infrastructure, attracting strategic partners.

Outbound Investments

• In 2024, Riot Platforms acquired Block Mining, a Kentucky-based Bitcoin miner, adding 60 MW of operational capacity with plans to expand to 110 MW in 2025.
• Also in 2024, the company acquired E4A Solutions, a provider of electrical engineering services.
• Riot acquired ESS Metron in December 2021, which has resulted in $23.2 million in capital expenditure savings as of March 2026.

Capital Expenditures

• Riot Platforms made cash payments of approximately $228.4 million in 2025 and $342.4 million in 2024 for the purchase of miners.
• Total capital expenditures were approximately $682.81 million in fiscal year 2024 and $424.1 million in fiscal year 2023.
• The primary focus of capital expenditures includes the development of the Corsicana Facility, expected to have approximately one gigawatt of capacity, and increasing the self-mining hash rate capacity to 38.4 EH/s by the end of 2025.