Riot Platforms
ConvictionWeak
Vertically integrated: self-mine Bitcoin using owned ASIC fleet at company-owned Texas sites, hold mined BTC on the balance sheet as a treasury, and increasingly lease power/data-center capacity to AI/HPC tenants under multi-year operating leases. Revenue = Bitcoin mining (dominant) + data-center/engineering + a small power-credit/demand-response stream from curtailing during ERCOT peaks.
Revenue
$647.4M FY2025$167.2M Q1 2026Rev growth
+72% FY2025 vs FY2024$376.7MGross margin
Mining positive on a direct-power-cost basisin 2025 (cost to mine ex-D&A ~$49,645/BTC), but turned negative on a fully-loaded basis in Q1 2026 (all-in cost incl. depreciation ~$96,283 vs ~$75,964 production value per coinOp margin
Deeply negative — FY2025 net loss $663.2M on $647.4M revenueCapex intensity
Very high — multi-hundred-million/yr on power infrastructurebuildings, and ASIC/GPU capacity; Corsicana campus planned to ~756 MW critical IT capacityMarket cap
~$8-9BNasdaq: RIOT; ~$8.9B as of May 2026, ~$8.4-9B early July 2026The read
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence