RIOT·Bitcoin mining + AI/HPC data-center infrastructure

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 2026

Rev growth

+72% FY2025 vs FY2024$376.7M

Gross 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 coin

Op margin

Deeply negative — FY2025 net loss $663.2M on $647.4M revenue

Capex intensity

Very high — multi-hundred-million/yr on power infrastructurebuildings, and ASIC/GPU capacity; Corsicana campus planned to ~756 MW critical IT capacity

Market cap

~$8-9BNasdaq: RIOT; ~$8.9B as of May 2026, ~$8.4-9B early July 2026

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-03-02. The audited primary-source spine — not financial advice.

Live feed

Revenue — annual (GAAP)

FY’21

$213M

FY’22

$259M+22%

FY’23

$281M+8%

FY’24

$377M+34%

FY’25

$647M+72%

Margins & balance sheet — FY’25

Operating margin-96.1%

Net margin-102.4%

Net debt$636M

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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
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