Riot Platforms Reports $167.2 Million Revenue and $500.5 Million Loss in Q1 2026

Riot Platforms, Inc. reported a total revenue of $167.2 million for the first quarter of 2026, a slight increase from $161.4 million in the same period of 2025. The revenue breakdown included $111.9 million from Bitcoin mining, $33.2 million from data center operations, and $22.2 million from engineering services. The Bitcoin mining revenue saw a decline of $31 million compared to the previous year, primarily due to lower average bitcoin prices, which fell from $82,535 to $68,223, and a slight decrease in bitcoin production. The company mined 1,473 bitcoins in Q1 2026, down from 1,530 in Q1 2025.

In terms of expenses, Riot Platforms faced a significant increase in total costs, which amounted to $667.1 million for the quarter, compared to $395.3 million in the prior year. This increase was largely driven by higher costs associated with bitcoin mining operations, including power costs, which rose to $72.3 million from $61.8 million. The company also reported a loss of $500.5 million for the quarter, compared to a loss of $296.4 million in the same period last year, reflecting substantial non-cash losses primarily from the change in fair value of bitcoin and derivatives.

Strategically, Riot Platforms has expanded its operations by establishing a new data center segment, which generated revenue for the first time in Q1 2026. The company entered into a long-term lease agreement with Advanced Micro Devices, Inc. (AMD) for 25 MW of critical IT load capacity at its Rockdale Facility, with options for further expansion. This move is part of Riot's strategy to diversify its revenue streams beyond bitcoin mining and capitalize on the growing demand for data center services.

Operationally, Riot Platforms reported a total deployed hash rate capacity of 42.5 EH/s as of March 31, 2026, an increase from 38.5 EH/s at the end of 2025. The company continues to invest in its facilities, with significant capital expenditures aimed at enhancing its infrastructure. As of the end of the quarter, Riot held 15,679 bitcoins valued at approximately $1.1 billion, down from 19,223 bitcoins a year earlier, reflecting both sales and changes in fair value.

Looking ahead, Riot Platforms aims to leverage its integrated power strategy and engineering capabilities to enhance operational efficiency and capitalize on the growing demand for high-performance computing and digital infrastructure. The company remains focused on its Bitcoin Treasury Strategy, which balances long-term value appreciation with operational flexibility, while also navigating the challenges posed by market volatility and regulatory scrutiny in the energy sector.