Riot Platforms Q1 Revenue at $167.2M on Data Center Start

Riot Platforms, a Bitcoin mining and data center company, reported first-quarter 2026 revenue of $167.2 million, a slight increase from $161.4 million a year earlier, as its new data center operations generated $33.2 million in initial revenue. The results, released this week, drove shares up more than 7 percent to close between $17.24 and $18.50, with trading volume nearly double the three-month average.

The quarter marked Riot's entry into revenue-generating data center hosting, primarily through a deal with Advanced Micro Devices. AMD exercised an option to double its contracted capacity to 50 megawatts, following delivery of the first 25 megawatts earlier this year. Riot expects to deliver another 20 megawatts by May 2026 and 25 megawatts more by November 2026, with potential for the agreement to reach 200 megawatts. Management aims to scale total capacity to 1.2 gigawatts long term. "The first quarter of 2026 marks a definitive inflection point for Riot, as we officially transitioned into an active, revenue-generating data center operator," CEO Jason Les said in a statement. He added that AMD's expansion "validates our ability to execute at institutional scale with the...