Riot Platforms reported Q1 2026 revenue of $167.2 million, up from $161.4 million in the same period last year, as growth in its data center segment helped offset pressure in its Bitcoin mining business.
Summary
Riot posted $167.2 million in Q1 revenue, including $33.2 million from its data center operations.
Advanced Micro Devices expanded its contracted capacity with Riot to 50 megawatts.
The company sold 3,778 Bitcoin during the quarter and later transferred an additional 500 BTC to NYDIG.
Riot produced 1,473 Bitcoin in Q1, slightly below the 1,530 mined in the same quarter last year.
Data center business gains traction
The company recorded its first meaningful data center revenue at $33.2 million, including $0.9 million from operating leases and $32.2 million from tenant-related services.
CEO Jason Les described the quarter as a turning point, noting that Riot is evolving into a revenue-generating data center operator alongside its core mining business.
AMD expands partnership
AMD exercised an option to add another 25 megawatts of capacity, doubling its total contracted capacity with Riot to 50 megawatts. Management said this move validates Riot’s ability to support large-scale clients and signals further expansion in its data center strategy.
Mining revenue under pressure
Despite overall revenue growth, Riot’s Bitcoin mining income declined to $111.9 million from $142.9 million a year ago. The drop was attributed to lower average Bitcoin prices and increased competition, reflected in a higher global network hash rate.
The cost to mine Bitcoin (excluding depreciation) rose to $44,629, partly due to a 24% increase in network hash rate.
Bitcoin sales and holdings
Riot sold 3,778 BTC during the quarter, generating $289.5 million. It also transferred another 500 BTC—worth roughly $39 million—to an NYDIG deposit address.
By the end of March, the company held 15,679 Bitcoin, including 5,802 BTC pledged as collateral. Total holdings were valued at approximately $1.1 billion based on a Bitcoin price of $68,222.
Stock reaction
Riot shares closed at $17.24, rising 7.9% on the day, as investors reacted positively to the company’s diversification into data center operations.
