Riot Platforms reported a transformative first quarter in 2026, generating $167.2 million in total revenue, a slight increase from $161.4 million in the same period last year. The highlight of the earnings report was the debut of its data center revenue segment, which contributed $33.2 million, or roughly 20% of total revenue, signaling a strategic diversification beyond bitcoin mining into AI and hyperscaler services.
AMD Doubles Down
The chipmaker Advanced Micro Devices (AMD) exercised an option to double its contracted capacity with Riot to 50 megawatts (MW) of critical IT capacity. This expansion includes an additional 25 MW, with further options of up to 200 MW still available. CEO Jason Les stated that AMD's move "validates" Riot's ability to deliver for large tenants. Early revenue from the deal came primarily from lower-margin "tenant fit-out services," which cover procurement and installation of customer-specific equipment on a cost-plus basis.
Bitcoin Mining Under Pressure
Riot's core bitcoin mining revenue fell to $111.9 million from $142.9 million a year earlier, due to lower average bitcoin prices and a 24% increase in the global network hash rate. The average cost to mine one bitcoin, excluding depreciation, rose to $44,629. Despite selling 3,778 BTC during Q1 for $289.5 million, Riot ended the quarter with 15,679 BTC, valued at roughly $1.1 billion. On-chain data showed a subsequent transfer of 500 BTC to NYDIG.
Infrastructure and Leadership Updates
Riot is expanding its flagship Rockdale, Texas site, where AMD's deployment is underway, and building the Corsicana campus for multi-tenant AI clients. The company also appointed Adam Black, a former Google and TA Digital Group executive, as Chief Data Center Officer after Jonathan Gibbs departed earlier this month.
Stock Market Response
Shares of Riot Platforms (RIOT) closed at $17.24 on Thursday, up 7.9%, reflecting investor optimism about the AI pivot.
