Riot Platforms (RIOT)
Market Price (5/11/2026): $24.07 | Market Cap: $8.4 BilSector: Financials | Industry: Diversified Capital Markets
Riot Platforms (RIOT)
Market Price (5/11/2026): $24.07Market Cap: $8.4 BilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 42% Megatrend and thematic driversMegatrends include Crypto & Blockchain, Datacenter Power, and Renewable Energy Transition. Themes include Cryptocurrency Mining, Show more. | Trading close to highsDist 52W High is -0.1%, Dist 3Y High is -0.1% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -389 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -60% Expensive valuation multiplesP/SPrice/Sales ratio is 13x Stock price has recently run up significantly12M Rtn12 month market price return is 184% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -97%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -195% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 87% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -15% Key risksRIOT key risks include [1] a high dependency on volatile Bitcoin prices which have driven net losses, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 42% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, Datacenter Power, and Renewable Energy Transition. Themes include Cryptocurrency Mining, Show more. |
| Trading close to highsDist 52W High is -0.1%, Dist 3Y High is -0.1% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -389 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -60% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 13x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 184% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -97%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -195% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 87% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -15% |
| Key risksRIOT key risks include [1] a high dependency on volatile Bitcoin prices which have driven net losses, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Strategic Transition and Data Center Expansion into AI Infrastructure.
Riot Platforms experienced a significant boost in investor confidence by formally transitioning into a revenue-generating data center operator in the first quarter of 2026. The company reported Q1 2026 revenue of $167.2 million, surpassing analyst estimates of $122-130 million, with its new data center segment contributing $33.2 million, including $32.2 million from tenant fit-out services. This strategic pivot was validated when Advanced Micro Devices (AMD) exercised an option to double its contracted capacity at Riot's Rockdale facility from 25 MW to 50 MW, with additional options for up to 150 MW. This long-term AMD deal, estimated to generate approximately $311 million over its initial 10-year term, began producing revenue in January 2026, highlighting the growing demand for Riot's facilities for high-density computing workloads like AI.
2. Strong Bitcoin Price Recovery in March and April 2026.
The upward movement in Bitcoin's value directly benefited Riot Platforms as a major Bitcoin mining company. Following a weaker performance in February, Bitcoin saw a notable rebound in March and April 2026. Bitcoin's price began March trading around $65,000–$67,000, reached a peak near $73,000–$74,000 by mid-month, and stabilized in the $69,000–$71,000 range by the end of March. This positive trend continued into April 2026, with Bitcoin closing the month with a 12.07% gain, its strongest monthly performance of the year, reaching close to $79,000 by late April.
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Stock Movement Drivers
Fundamental Drivers
The 55.7% change in RIOT stock from 1/31/2026 to 5/10/2026 was primarily driven by a 52.1% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.47 | 24.08 | 55.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 637 | 653 | 2.5% |
| P/S Multiple | 8.4 | 12.8 | 52.1% |
| Shares Outstanding (Mil) | 347 | 348 | -0.2% |
| Cumulative Contribution | 55.7% |
Market Drivers
1/31/2026 to 5/10/2026| Return | Correlation | |
|---|---|---|
| RIOT | 55.7% | |
| Market (SPY) | 3.6% | 76.0% |
| Sector (XLF) | -3.6% | 44.7% |
Fundamental Drivers
The 21.7% change in RIOT stock from 10/31/2025 to 5/10/2026 was primarily driven by a 18.9% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.78 | 24.08 | 21.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 637 | 653 | 2.5% |
| P/S Multiple | 10.8 | 12.8 | 18.9% |
| Shares Outstanding (Mil) | 347 | 348 | -0.2% |
| Cumulative Contribution | 21.7% |
Market Drivers
10/31/2025 to 5/10/2026| Return | Correlation | |
|---|---|---|
| RIOT | 21.7% | |
| Market (SPY) | 5.5% | 62.1% |
| Sector (XLF) | -1.3% | 31.1% |
Fundamental Drivers
The 232.6% change in RIOT stock from 4/30/2025 to 5/10/2026 was primarily driven by a 109.6% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.24 | 24.08 | 232.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 377 | 653 | 73.4% |
| P/S Multiple | 6.1 | 12.8 | 109.6% |
| Shares Outstanding (Mil) | 318 | 348 | -8.5% |
| Cumulative Contribution | 232.6% |
Market Drivers
4/30/2025 to 5/10/2026| Return | Correlation | |
|---|---|---|
| RIOT | 232.6% | |
| Market (SPY) | 30.4% | 58.3% |
| Sector (XLF) | 6.7% | 39.3% |
Fundamental Drivers
The 101.3% change in RIOT stock from 4/30/2023 to 5/10/2026 was primarily driven by a 152.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302023 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.96 | 24.08 | 101.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 259 | 653 | 152.1% |
| P/S Multiple | 7.2 | 12.8 | 77.9% |
| Shares Outstanding (Mil) | 156 | 348 | -55.1% |
| Cumulative Contribution | 101.3% |
Market Drivers
4/30/2023 to 5/10/2026| Return | Correlation | |
|---|---|---|
| RIOT | 101.3% | |
| Market (SPY) | 78.7% | 46.8% |
| Sector (XLF) | 62.1% | 39.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RIOT Return | 31% | -85% | 356% | -34% | 24% | 90% | 42% |
| Peers Return | 33% | -86% | 381% | -3% | 59% | 50% | 104% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 95% |
Monthly Win Rates [3] | |||||||
| RIOT Win Rate | 58% | 25% | 67% | 33% | 67% | 80% | |
| Peers Win Rate | 44% | 35% | 70% | 48% | 65% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| RIOT Max Drawdown | -3% | -85% | -1% | -59% | -38% | -7% | |
| Peers Max Drawdown | -32% | -88% | -4% | -46% | -46% | -20% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MARA, CLSK, CIFR, HUT, HIVE. See RIOT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/8/2026 (YTD)
How Low Can It Go
| Event | RIOT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -45.6% | -18.8% |
| % Gain to Breakeven | 83.8% | 23.1% |
| Time to Breakeven | 72 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -16.9% | -7.8% |
| % Gain to Breakeven | 20.4% | 8.5% |
| Time to Breakeven | 66 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -51.1% | -9.5% |
| % Gain to Breakeven | 104.4% | 10.5% |
| Time to Breakeven | 85 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -81.6% | -24.5% |
| % Gain to Breakeven | 442.7% | 32.4% |
| Time to Breakeven | 1215 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.7% | -33.7% |
| % Gain to Breakeven | 130.8% | 50.9% |
| Time to Breakeven | 50 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -60.7% | -19.2% |
| % Gain to Breakeven | 154.2% | 23.7% |
| Time to Breakeven | 68 days | 105 days |
In The Past
Riot Platforms's stock fell -45.6% during the 2025 US Tariff Shock. Such a loss loss requires a 83.8% gain to breakeven.
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Asset Allocation
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| Event | RIOT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -45.6% | -18.8% |
| % Gain to Breakeven | 83.8% | 23.1% |
| Time to Breakeven | 72 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -51.1% | -9.5% |
| % Gain to Breakeven | 104.4% | 10.5% |
| Time to Breakeven | 85 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -81.6% | -24.5% |
| % Gain to Breakeven | 442.7% | 32.4% |
| Time to Breakeven | 1215 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.7% | -33.7% |
| % Gain to Breakeven | 130.8% | 50.9% |
| Time to Breakeven | 50 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -60.7% | -19.2% |
| % Gain to Breakeven | 154.2% | 23.7% |
| Time to Breakeven | 68 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -24.8% | -3.7% |
| % Gain to Breakeven | 32.9% | 3.9% |
| Time to Breakeven | 50 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -51.1% | -12.2% |
| % Gain to Breakeven | 104.7% | 13.9% |
| Time to Breakeven | 66 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -87.3% | -6.8% |
| % Gain to Breakeven | 686.4% | 7.3% |
| Time to Breakeven | 677 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -31.4% | -0.2% |
| % Gain to Breakeven | 45.8% | 0.2% |
| Time to Breakeven | 73 days | 1 days |
In The Past
Riot Platforms's stock fell -45.6% during the 2025 US Tariff Shock. Such a loss loss requires a 83.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Riot Platforms (RIOT)
AI Analysis | Feedback
Analogies for Riot Platforms (RIOT):
Barrick Gold for Bitcoin
Newmont for Bitcoin
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
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:
- Individual (Retail) Investors: Individuals who purchase bitcoin through cryptocurrency exchanges for personal investment, speculative trading, or transactional purposes.
- 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.
- 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.
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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.
AI Analysis | Feedback
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.
- 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.
- 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.
- 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.
AI Analysis | Feedback
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AI Analysis | Feedback
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.
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Here are 3-5 expected drivers of future revenue growth for Riot Platforms (RIOT) over the next 2-3 years:
- 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.
- 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.
- 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.
- 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.
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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.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| 6-Day Rally Sends Riot Platforms Stock Up 51% | 05/08/2026 | |
| 5-Day Rally Sends Riot Platforms Stock Up 48% | 05/07/2026 | |
| Riot Platforms Earnings Notes | 12/25/2025 | |
| Riot Platforms Stock Drop Looks Sharp, But How Deep Can It Go? | 10/17/2025 | |
| How Does Riot Platforms Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Riot Platforms (RIOT) Debt Comparison | 08/08/2025 | |
| Riot Platforms (RIOT) Operating Cash Flow Comparison | 08/08/2025 | |
| Riot Platforms (RIOT) EBITDA Comparison | 08/08/2025 | |
| ARTICLES | ||
| Riot Platforms Stock Rockets 51% With 6-Day Winning Streak | 05/08/2026 | |
| Small Cap Stocks Trading At 52-Week High | 05/08/2026 | |
| Riot Platforms Stock Surges 48%, With A 5-Day Winning Spree | 05/07/2026 | |
| Is It Too Late To Buy RIOT Stock? | 05/04/2026 | |
| Why Is Riot Stock Up 40%? | 01/21/2026 |
Trade Ideas
Select ideas related to RIOT.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | EEFT | Euronet Worldwide | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04242026 | HOMB | Home BancShares | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 1.5% | 1.5% | 0.0% |
| 03312026 | HBAN | Huntington Bancshares | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 7.1% | 7.1% | 0.0% |
| 03312026 | NP | Neptune Insurance | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 3.9% | 3.9% | 0.0% |
| 03272026 | JKHY | Jack Henry & Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -4.0% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 17.38 |
| Mkt Cap | 6.5 |
| Rev LTM | 469 |
| Op Inc LTM | -268 |
| FCF LTM | -1,031 |
| FCF 3Y Avg | -693 |
| CFO LTM | -318 |
| CFO 3Y Avg | -194 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 55.2% |
| Rev Chg 3Y Avg | 69.9% |
| Rev Chg Q | 7.6% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Inc Chg LTM | -87.6% |
| Op Inc Chg 3Y Avg | -115.4% |
| Op Mgn LTM | -54.3% |
| Op Mgn 3Y Avg | -49.9% |
| QoQ Delta Op Mgn LTM | -7.4% |
| CFO/Rev LTM | -55.3% |
| CFO/Rev 3Y Avg | -56.4% |
| FCF/Rev LTM | -164.1% |
| FCF/Rev 3Y Avg | -200.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 6.5 |
| P/S | 9.0 |
| P/Op Inc | -22.0 |
| P/EBIT | -10.1 |
| P/E | -9.5 |
| P/CFO | -10.6 |
| Total Yield | -10.6% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -27.4% |
| D/E | 0.3 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 38.7% |
| 3M Rtn | 49.0% |
| 6M Rtn | -4.7% |
| 12M Rtn | 119.2% |
| 3Y Rtn | 180.7% |
| 1M Excs Rtn | 29.3% |
| 3M Excs Rtn | 42.2% |
| 6M Excs Rtn | -24.5% |
| 12M Excs Rtn | 110.6% |
| 3Y Excs Rtn | 118.6% |
Comparison Analyses
Price Behavior
| Market Price | $24.08 | |
| Market Cap ($ Bil) | 8.4 | |
| First Trading Date | 01/24/2003 | |
| Distance from 52W High | -0.1% | |
| 50 Days | 200 Days | |
| DMA Price | $16.23 | $15.96 |
| DMA Trend | up | up |
| Distance from DMA | 48.4% | 50.8% |
| 3M | 1YR | |
| Volatility | 85.7% | 84.9% |
| Downside Capture | 1.33 | 1.87 |
| Upside Capture | 451.45 | 387.72 |
| Correlation (SPY) | 66.0% | 55.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.52 | 4.07 | 4.54 | 3.98 | 3.85 | 2.75 |
| Up Beta | 2.95 | 2.83 | 3.92 | 4.12 | 2.93 | 2.41 |
| Down Beta | 6.22 | 3.90 | 3.83 | 4.25 | 4.44 | 2.36 |
| Up Capture | 437% | 604% | 778% | 594% | 2152% | 17915% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 13 | 22 | 31 | 58 | 130 | 360 |
| Down Capture | 443% | 382% | 351% | 257% | 204% | 113% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 8 | 20 | 32 | 65 | 119 | 387 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RIOT | |
|---|---|---|---|---|
| RIOT | 226.0% | 84.7% | 1.77 | - |
| Sector ETF (XLF) | 5.2% | 14.6% | 0.13 | 38.3% |
| Equity (SPY) | 29.0% | 12.5% | 1.83 | 57.5% |
| Gold (GLD) | 39.8% | 27.0% | 1.22 | 20.7% |
| Commodities (DBC) | 50.6% | 18.0% | 2.21 | 5.5% |
| Real Estate (VNQ) | 13.0% | 13.5% | 0.66 | 20.3% |
| Bitcoin (BTCUSD) | -17.4% | 42.1% | -0.34 | 54.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RIOT | |
|---|---|---|---|---|
| RIOT | -8.7% | 95.0% | 0.34 | - |
| Sector ETF (XLF) | 8.9% | 18.6% | 0.36 | 39.7% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 50.8% |
| Gold (GLD) | 20.9% | 17.9% | 0.95 | 9.9% |
| Commodities (DBC) | 13.8% | 19.1% | 0.59 | 11.9% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 32.8% |
| Bitcoin (BTCUSD) | 7.0% | 56.0% | 0.34 | 61.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RIOT | |
|---|---|---|---|---|
| RIOT | 24.9% | 112.5% | 0.71 | - |
| Sector ETF (XLF) | 12.6% | 22.2% | 0.52 | 26.8% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 34.8% |
| Gold (GLD) | 13.4% | 15.9% | 0.69 | 9.4% |
| Commodities (DBC) | 9.3% | 17.8% | 0.44 | 13.9% |
| Real Estate (VNQ) | 5.8% | 20.7% | 0.24 | 20.6% |
| Bitcoin (BTCUSD) | 67.8% | 66.9% | 1.07 | 45.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/2/2026 | -6.9% | -10.5% | -24.8% |
| 10/30/2025 | -6.2% | -17.8% | -27.8% |
| 7/31/2025 | -17.7% | -13.6% | 2.6% |
| 2/24/2025 | -6.7% | -11.3% | -14.8% |
| 10/30/2024 | -11.8% | 16.9% | 20.7% |
| 7/31/2024 | -8.5% | -25.0% | -24.6% |
| 2/23/2024 | 17.0% | -2.8% | -16.2% |
| 11/8/2023 | -0.7% | 3.9% | 54.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 3 | 4 | 4 |
| # Negative | 12 | 11 | 11 |
| Median Positive | 10.4% | 11.6% | 37.3% |
| Median Negative | -8.4% | -11.7% | -23.8% |
| Max Positive | 17.0% | 39.1% | 128.7% |
| Max Negative | -17.7% | -25.0% | -35.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/02/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Werner, Ryan D | SVP, CAO | Direct | Sell | 10102025 | 23.00 | 14,984 | 344,632 | 18,923,825 | Form |
| 2 | Les, Jason | CEO | See Footnote | Sell | 10032025 | 20.04 | 113,948 | 2,283,518 | 15,429,016 | Form |
| 3 | Les, Jason | CEO | See Footnote | Sell | 10012025 | 20.00 | 12,800 | 256,000 | 17,677,180 | Form |
| 4 | Les, Jason | CEO | See Footnote | Sell | 9262025 | 20.04 | 23,252 | 465,970 | 17,969,046 | Form |
| 5 | Jackman, William Richard | EVP, GENERAL COUNSEL | Direct | Sell | 9122025 | 15.78 | 248,168 | 3,916,091 | 35,681,057 | Form |
RIOT Trade Sentinel
UNDERWEIGHT (Score 3-4)
CONVICTION RATIONALE
The score is a 4 (Underweight) due to a mix of conflicting signals. While the strategic pivot into AI data centers presents a powerful, high-upside alpha driver, the core mining business is unprofitable on a fully-loaded basis, and the company's valuation is speculative, already assuming a successful transition. The 'Contested' moat and low recent growth create significant friction, making this a high-risk, high-reward situation that does not yet warrant an overweight position.
STOCK ARCHETYPE
Type C: Cyclical Opportunity (Primary) / Type F: Transition / Profit Pivot (Secondary)The business is primarily a Bitcoin miner, a classic commodity cyclical (Type C), with its fate tied to the volatile price of its underlying asset. However, it is undergoing a deliberate and material strategic shift to become a diversified digital infrastructure provider for AI/HPC, which is a clear pivot to a new, higher-margin business model (Type F).
INVESTMENT THESIS
The primary long thesis is that Riot is successfully transitioning from a volatile, low-margin, pure-play Bitcoin miner into a diversified, high-margin digital infrastructure operator. By leveraging its core competency in securing large-scale, low-cost power, Riot is capturing demand from the AI/HPC market, which should lead to more stable, recurring revenue and a significant valuation multiple re-rating.
- The new Data Center Hosting segment generated $33.2 million in its first quarter (Q1 2026), representing 20% of total revenue.
- The operating lease component of the Data Center segment has a 91% gross margin, dramatically higher than the 41% gross margin from Bitcoin Mining.
- Secured AMD as a blue-chip anchor tenant with a 10-year lease, and AMD has already doubled its initial capacity commitment to 50 MW, validating the business model.
- Riot is developing over 1 GW of IT leasing opportunity at its Corsicana facility, indicating a significant growth runway.
PRIMARY RISK
The biggest risk is a sustained decline in the price of Bitcoin below Riot's all-in cost of production. The core Bitcoin Mining segment, while shrinking as a percentage of revenue, is still the primary source of cash flow used to fund the capital-intensive data center build-out. A prolonged downturn would turn this segment into a cash drain, jeopardizing the entire strategic pivot before the data center business reaches scale.
- On a fully-loaded basis including depreciation, the cost to mine was $96,283 per BTC in Q1 2026, making the segment unprofitable during that period.
- Riot is heavily funding its expansion by selling its Bitcoin holdings, having sold 3,778 BTC for $289.5 million in Q1 2026, far exceeding the 1,473 BTC it produced.
| KPI | Threshold | Rationale |
|---|---|---|
| Data Center Hosting Revenue (Quarterly) | >$40M and growing sequentially >20% | This is the single most important metric to track the success of the strategic pivot. Strong, sequential growth proves the thesis is playing out. |
| Bitcoin Mining Direct Cost per BTC | <$40,000/BTC | Measures the health of the legacy business that funds the transition. Keeping costs low is critical to surviving Bitcoin volatility and avoiding cash burn. |
| Bitcoin Holdings | Monitor the rate of sale vs. production | Indicates the company's cash burn rate. If sales consistently and dramatically outpace production, it signals the company is liquidating assets to fund operations, a major red flag. |
Priced-in Pivot vs. Unprofitable Reality
BULL VIEW
The successful launch of the Data Center segment, with AMD as a key tenant, de-risks the model and justifies a re-rating to a premium infrastructure multiple.
CORE TENSION
Bulls see a successful transition to a high-margin data center operator, while bears see an unprofitable miner burning cash to fund a speculative, capital-intensive pivot.
PREVAILING SENTIMENT
RIOT sold 3,778 BTC in Q1 2026 while only producing 1,473 BTC, signaling significant cash burn to fund its capital-intensive data center expansion.
BEAR VIEW
The core mining business is unprofitable (all-in cost ~$96k/BTC), forcing RIOT to sell Bitcoin holdings to fund a pivot that has not yet reached critical mass or profitability.
| Timeline | Event & Metric To Watch |
|---|---|
Late July / Early August 2026 | Q2 2026 Earnings Call Watch: Data Center Hosting Revenue growth. Watch for sequential growth vs. the $33.2M baseline established in Q1. Specifically, need high-margin operating lease revenue >$1M. |
June - August 2026 | Texas Summer Power Demand Watch: Announcements of power curtailment from ERCOT. Monitor the balance between power credits earned vs. revenue lost from halted mining operations. |
Late October / Early November 2026 | Q3 2026 Earnings Call Watch: Bitcoin Holdings trend. Watch if the rate of BTC sales continues to dramatically outpace production, signaling ongoing cash burn to fund capex. |
Next 3-6 Months | Regulatory Scrutiny on Energy Consumption Watch: Watch for a formal Notice of Proposed Rulemaking (NPRM) from the EPA or DOE regarding energy standards for crypto-mining, a key headline risk. |
| Date | Event | Stock Impact |
|---|---|---|
Nov 6, 2025 | Q3 2025 Earnings Report Details: Reported Q3 2025 results, with continued focus on scaling Bitcoin mining operations ahead of the major strategic pivot announced in 2026. | Crashed -8.6% $18.97 -> $17.34 |
Jan 16, 2026 | Strategic: AMD Partnership Announcement Details: Company announced a 10-year lease with AMD for an initial 50 MW of data center capacity, the first major validation of its strategic pivot to digital infrastructure. | Surged +16.1% $16.57 -> $19.24 |
Feb 19, 2026 | Macro: Record Bitcoin Network Difficulty Jump Details: Bitcoin network difficulty saw a record 14.73% upward adjustment. This macro event increases the cost to mine for all producers, including Riot. | Rose significantly by 4.7% $15.49 -> $16.22 |
Mar 2, 2026 | FY 2025 Earnings Report Details: Reported FY2025 results. Highlighted the strategic pivot towards data center hosting as a key initiative for 2026, setting the stage for the new segment. | Flat (0.9%) $16.29 -> $16.43 |
Apr 2, 2026 | Q1 2026 Production & Operations Update Details: Reported production of 1,473 BTC, down 4% YoY despite a 26% YoY increase in deployed hash rate to 42.5 EH/s, highlighting rising network difficulty. | Rose significantly by 2.5% $12.55 -> $12.86 |
Apr 30, 2026 | Q1 2026 Earnings Release Details: Despite a significant EPS miss (-$0.61), the stock surged. Market focused on the new Data Center segment generating $33.2M revenue and AMD doubling its capacity commitment. | Surged +7.3% $17.24 -> $18.50 |
Position Sizing
1% - 3%
CONSERVATIVE
Stock is in an Explosive Volatility regime (88%), 6.3x the S&P 500, with spiking near-term fear (3M vol > 1Y vol). The Bearish sentiment, contested moat, and low visibility force a Conservative sizing to manage extreme drawdown risk.
Diversification Alternatives
CLSK
INDUSTRYUnlike RIOT's unprofitability, CLSK has a track record of operational efficiency and a stronger focus on low-cost power, which is critical in the post-halving environment.
MARA
INDUSTRYMARA offers greater scale in terms of hashrate and a larger Bitcoin treasury, providing more direct leverage to a potential rise in Bitcoin's price.
Riot is re-rating from a volatile, pure-play Bitcoin miner into a diversified digital infrastructure operator, leveraging its large-scale power contracts to capture high-margin revenue from the high-performance computing (HPC) and AI data center market.
Filter all news through the lens of the data center diversification thesis and its ability to generate stable, high-margin cash flows to offset Bitcoin mining volatility.
New long-term data center leases with investment-grade tenants (e.g., expansion of AMD contract beyond 50 MW); data center revenue growth >30% QoQ; evidence of data center gross margins staying >80%; securing of additional multi-gigawatt power contracts.
Delays or cost overruns in the Corsicana data center build-out; failure to sign new HPC/AI tenants; a sustained drop in Bitcoin price below the cost of mining (~$45k/BTC); significant new equity issuance to fund capex, diluting shareholders.
Month-to-month fluctuations in Bitcoin production — network difficulty changes are expected; short-term Bitcoin price volatility — the thesis is about diversifying away from this; competitor hashrate announcements — Riot's moat is shifting to its power assets, not just hashrate.
Repricing Catalyst
The successful launch of the Data Center business, anchored by a 10-year lease with AMD for an initial 50 MW of capacity at the Rockdale facility. This contract provides the first proof point of stable, recurring, high-margin revenue, de-risking the business model from pure Bitcoin price exposure and providing a valuation bridge toward premium data center operators.
Bitcoin Mining
$447600.0B TTM (67% of Total) · 41% MarginWhat It Is
Bitcoin (BTC), a digital commodity produced by deploying a fleet of specialized computers (ASICs) to solve computational problems.
Who Pays & How
The Bitcoin Network pays in newly issued BTC (block rewards) and transaction fees for the service of securing the network's transactions. Revenue is realized when Riot sells BTC for cash.
Competition
Data Center Hosting
$33200.0B TTM (20% of Total) · 91% MarginWhat It Is
Long-term leases for secured, high-density power and data center infrastructure for high-performance computing (HPC) and Artificial Intelligence (AI) workloads.
Who Pays & How
AMD is the anchor tenant, paying for 50 MW of critical IT capacity under a 10-year lease because Riot provides large-scale, ready-to-use power infrastructure, which is a major bottleneck for the AI industry.
Competition
Infrastructure Engineering
$22200.0B TTM (13% of Total) · 18% MarginWhat It Is
Designs and manufactures critical electrical infrastructure, including switchgear and power distribution components, through its subsidiary ESS Metron.
Who Pays & How
Third-party data center and energy clients pay for electrical systems. This segment also serves Riot's internal projects, reducing costs and mitigating supply chain risks for long-lead-time components.
Competition
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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