Riot Platforms, Inc. (RIOT)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Whether the AI label turns into an AI business comes down to three numbers: the real rent line in the data center segment (not the cost reimbursement), the pace at which AMD exercises its options toward 200 megawatts or additional tenants sign on at Corsicana, and whether the full cost per mined bitcoin falls back below its production value again. As long as operations are funded by bitcoin sales and share programs, the stock remains a leveraged bitcoin trade with a data center option — keep an eye on quarterly results, the bitcoin treasury, and the share count. The decision is yours.
symbol.quality_note
Riot Platforms has already reinvented itself twice — from a biotech company to a Bitcoin miner, and now to an AI data center landlord. The AMD lease is real, and the stock has gained about 196 percent in twelve months. We read the annual report (10-K) and the quarterly report (10-Q): of $33.2 million in data center revenue in the first quarter of 2026, $32.2 million was cost reimbursement — and a self-mined bitcoin costs Riot more than it's worth. Not investment advice: we're just turning the package around.
Read the analysis
Stock Watch
This analysis is as of July 15, 2026. Stock Watch will tell you what's changed at RIOT since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Appears in These Scanners
This stock currently matches 24 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 20.20 $ — 52% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Sells AIRiot Platforms vermarktet seit dem ersten Quartal 2026 Rechenzentrums-Kapazität für KI-/HPC-Workloads als eigenes Berichtssegment mit materiellem Umsatz: Der zehnjährige Mietvertrag mit AMD (Januar 2026, im April 2026 von 25 auf 50 MW erweitert, Optionen bis 200 MW) brachte im Q1 2026 laut 10-Q 33,2 Mio. US-Dollar Data-Center-Umsatz (über 10 % des Konzernumsatzes) — KI-Infrastruktur (Rechenzentrumsfläche plus Strom für Hochleistungsrechnen) ist damit nachweislich Umsatzquelle, nicht nur Zukunftsplan. Einordnung: Riot verkauft keine KI-Software, sondern KI-Rechenzentrums-Dienste; der Löwenanteil des Q1-Segmentumsatzes (32,2 Mio.) war zudem Kostenerstattung für den Mieterausbau, nur 0,9 Mio. echte Miete.
View the full file — quotes, sources, reviewed filings
„During the three months ended March 31, 2026, the Company’s execution of a significant data center lease with AMD resulted in material Data Center revenue and the commencement of discrete financial performance analysis by the chief operating decision maker (“CODM”). Accordingly, the Company’s data center operations now meet the quantitative and qualitative requirements to be recognized as a separate reportable segment."
Im Dreimonatszeitraum zum 31. März 2026 führte der Abschluss eines bedeutenden Rechenzentrums-Mietvertrags mit AMD zu wesentlichem Data-Center-Umsatz und zum Beginn einer eigenständigen Ergebnisanalyse durch den obersten Entscheidungsträger („CODM“). Damit erfüllen die Rechenzentrums-Aktivitäten des Unternehmens nun die quantitativen und qualitativen Anforderungen, um als eigenes berichtspflichtiges Segment ausgewiesen zu werden.
„The Bitcoin Mining segment generates revenue from the bitcoin earned through its Bitcoin Mining activities. The Data Center segment generates revenue from developing and leasing data center space and power capacity to third-party customers."
Das Segment Bitcoin Mining erzielt Umsätze aus den durch das Bitcoin-Schürfen verdienten Bitcoin. Das Segment Data Center erzielt Umsätze aus der Entwicklung und Vermietung von Rechenzentrumsfläche und Stromkapazität an Drittkunden.
„Our industry remains highly competitive and continues to evolve alongside broader growth in digital assets and high-performance compute. With our scale, integrated power strategy, and engineering foundation, we believe we are well positioned to participate in the rapidly converging markets for Bitcoin Mining, AI, HPC, and modern data center infrastructure."
Unsere Branche bleibt hochkompetitiv und entwickelt sich mit dem breiteren Wachstum digitaler Vermögenswerte und des Hochleistungsrechnens weiter. Mit unserer Größe, unserer integrierten Stromstrategie und unserem Engineering-Fundament sehen wir uns gut positioniert, um an den schnell zusammenwachsenden Märkten für Bitcoin-Mining, KI, HPC und moderne Rechenzentrums-Infrastruktur teilzuhaben.
„In 2025, we began leveraging our core competencies in power optimization, strategic land acquisition, engineering design, and construction execution to begin actively pursuing opportunities to develop and monetize portions of our existing facilities and power pipeline through the provision of data center leasing services."
Im Jahr 2025 begannen wir, unsere Kernkompetenzen in Stromoptimierung, strategischem Grundstückserwerb, Ingenieursplanung und Bauausführung zu nutzen, um Teile unserer bestehenden Standorte und unserer Strom-Pipeline aktiv über Rechenzentrums-Vermietungsdienste zu entwickeln und zu monetarisieren.
Filings Reviewed: 10-Q 2026-04-30 · 10-Q 2025-10-30 · 10-Q 2025-07-31 · 10-Q 2025-05-01 · 10-K 2026-03-02 · 10-K 2025-02-28
Rated on July 8, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 46.8% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 16
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -1.33 | -1.53 – -1.20 | 654 | 3.8% | 3 |
| 12/31/2027 | -0.71 | -1.10 – -0.19 | 777 | 46.3% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- -0.39 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.43 | 24.60 | 143 | 80.90 | 95.70 | -98 | -853 |
| 2025: Q1 | -0.90 | -211.40 | 161 | 103.50 | -183.60 | -122 | -155 |
| 2025: Q2 | 0.57 | – | 153 | 118.50 | 143.40 | -231 | -292 |
| 2025: Q3 | 0.26 | – | 180 | 112.60 | 58.00 | -114 | -246 |
| 2025: Q4 | -1.86 | -534.50 | 153 | 7.20 | -452.00 | -106 | -188 |
| 2026: Q1 | -1.44 | – | 167 | 3.60 | -299.30 | -183 | -298 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 0 | -6 | -4 | -1.05 | -6 | 15 | 17 |
| 2017 | 0 | -13 | -20 | -3.30 | -4 | 49 | 52 |
| 2018 | 8 | -59 | -58 | -4.33 | -19 | 4 | 14 |
| 2019 | 7 | -9 | -20 | -1.02 | -15 | 26 | 30 |
| 2020 | 12 | -16 | -14 | -0.34 | -11 | 277 | 280 |
| 2021 | 213 | 20 | -8 | -0.08 | -86 | 1,357 | 1,531 |
| 2022 | 259 | -513 | -510 | -3.65 | 1 | 1,151 | 1,320 |
| 2023 | 281 | -63 | -49 | -0.28 | 33 | 1,888 | 2,051 |
| 2024 | 377 | 154 | 109 | 0.34 | -255 | 3,144 | 3,935 |
| 2025 | 647 | -400 | -663 | -1.95 | -573 | 2,858 | 3,937 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
An industrial Bitcoin miner with more than 1.2 gigawatts of developed power capacity that's pivoting into a data center landlord — its third transformation after biotech (through 2017) and blockchain. The power bottleneck in the AI industry is a genuine tailwind, but per its own risk factor the data center strategy is "in its early stages" and its success is uncertain.
The AMD lease (January 2026) is a genuine vote of confidence: a ten-year term, expanded from 25 to 50 megawatts in April 2026, options up to 200 megawatts. But: of $33.2 million in segment revenue in the first quarter of 2026, $32.2 million was build-out cost reimbursement and only $0.9 million was rent; agreed minimum lease payments are about $310 million over more than ten years.
On a fully loaded basis, a self-mined bitcoin cost $96,283 in the first quarter of 2026, against a $75,964 production value (126.7 percent). Net loss of $663.2 million in 2025 plus $500.5 million in the first quarter of 2026; fair-value accounting for the bitcoin treasury turns results into a plaything of the bitcoin price.
15,679 bitcoin ($1.1 billion as of 03/31/2026), just under $2.4 billion in equity and moderate debt ($854 million face value, of which $594 million is a 0.75 percent convertible note). But the treasury is shrinking: bitcoin sales fund operations — the lower the price, the more has to be sold; at times 5,802 BTC were pledged as loan collateral.
Share count from 230.8 to about 379 million since the end of 2023 (+64 percent); per the annual report (10-K), growth is financed primarily through ATM share programs, and a new $500 million program stands ready. Stock-based compensation of $125.7 million in 2025; the scanner shows 7 insider sales against 0 purchases (data as of July 8, 2026).
Price-to-sales ratio around 16, market value a good $10 billion (order of magnitude, July 8, 2026) against $653 million in trailing-twelve-month revenue and ongoing losses. 15 momentum-scanner hits and an analyst consensus near "Strong Buy" stand against roughly minus 19 percent on a five-year view — the market is paying for the 200-megawatt future, and 50 has been delivered so far.
Riot Platforms wears the stock market's most coveted label right now — AI data center — and unlike with some other relabeling stories, there's something behind it: the AMD lease, more than a gigawatt of its own power, a new reporting segment. But the ingredient list shows a Bitcoin miner that mines below full cost, sells its bitcoin treasury to fund operations, and has paid for its pivot with 64 percent more shares. The market is already valuing the finished future at a good $10 billion. Not investment advice.
- One-off items in 2025 earnings: a $158.1 million loss from the Rhodium settlement (a legacy item from the discontinued hosting business), $20 million from another settlement, and a $29.7 million write-off on Corsicana build-out components resulting from the data center pivot.
- The five-year performance of about −19 percent and the relative strength figure come from our in-house scanner (data as of July 8, 2026); the database field "distance to all-time high" (−99 percent) is a data artifact and was not used.
- The $200 million Coinbase loan was extended to April 2027 in April 2026 and switched to a fixed 6.15 percent rate; the bitcoin collateral fell from 5,802 to 4,258 BTC. Part of the interest is capitalized into the data center build-out ($4.7 million in the first quarter of 2026).
About the Company
Riot Platforms, Inc. ist mit ihren Tochtergesellschaften ein Bitcoin-Mining-Unternehmen in den USA.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 816 |
| Headquarters | Castle Rock, CO |
| Address | 3855 Ambrosia Street, 80109 Castle Rock, United States |
| Phone | 303 794 2000 |
| Website | riotplatforms.com |
| IPO Date | 24. Jan 2003 |
| ISIN | US7672921050 |
| Stock Split | 1:8 on 03/31/2016 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Soo Li Yi C.F.A. | Executive Chairman | 1982 |
| Jason Les | CEO & Executive Director | 1986 |
| Stephen Howell | Senior VP & COO | 1976 |
| Jonathan Gibbs | Chief Data Center Officer | 1988 |
| Jason Chung | CFO, Executive VP and Head of Corporate Development & Strategy | 1982 |
| Ryan Werner | Senior VP & Chief Accounting Officer | 1980 |
| Maureen Chu | VP and Associate General Counsel of M&A and Corporate Finance | – |
| Philip James McPherson | VP of Capital Markets & Investor Relations | 1974 |
| William Richard Jackman Esq. | Executive VP, General Counsel & Corporate Secretary | 1984 |
| Emma Norris | Vice President of Human Resources | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 7. Jul 2026 | Werner Ryan D. | SVP, CAO | Sell | 7,596 | 21.93 | 166,580 |
| 7. Jul 2026 | Werner Ryan D. | SVP, CAO | Sell | 10,232 | 21.22 | 217,123 |
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.