767292AB1 Filings — Riot Platforms, Inc. - FilingSpy
767292AB1
Riot Platforms, Inc.
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A bitcoin mining and digital infrastructure company that runs massive data centers in Texas and Kentucky, mines bitcoin with specialized ASIC machines, and builds power-distribution equipment for industrial and government customers. It began life in 2000 as Bioptix, a medical diagnostics firm, before pivoting to crypto in 2017 and renaming itself Riot Blockchain, then Riot Platforms in 2023. Its Nasdaq ticker stayed "RIOT" through all the name changes.
Bitcoin Mining revenue fell 20% as lower BTC prices outweighed higher production, while new Data Center and Engineering segments pushed total revenue up 14%.
The cost to mine one bitcoin exceeded the price it fetched. Total rose 14% to $174.2 million as new Data Center and Engineering segments added $60.5 million, more than offsetting a 20% drop in Bitcoin Mining revenue to $113.7 million, while a $28.0 million on redirected mining assets and a $239.4 million operating loss weighed on the . The company is pivoting its infrastructure toward data center applications, but its core mining operation is underwater on a per-coin basis.
Key takeaways
The cost to mine one bitcoin, including , reached $90,631, exceeding the average production value of $71,667 and yielding a 126.5% cost-to-production ratio.
Bitcoin Mining fell 20% to $113.7 million as a 27% drop in the average bitcoin price to $71,667 more than offset an 11% increase in bitcoin mined and a 17% rise in average operating hash rate.
New Data Center of $23.2 million and Engineering revenue of $37.3 million drove total revenue to $174.2 million, up 14% and 4.2% from Q1 2026.
Section summaries
Management's Discussion and Analysis
Bitcoin Mining revenue fell 20% YoY on lower BTC prices, while new Data Center and Engineering segments drove total revenue up 14%.
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Total rose 14% to $174.2M, as new Data Center ($23.2M) and Engineering ($37.3M) segments more than offset a $27.2M decline in Bitcoin Mining revenue.
Bitcoin Mining dropped to $113.7M because the average bitcoin price fell 27% to $71,667, despite an 11% increase in bitcoin mined and a 17% higher average operating .
A $28.0 million was recorded on long-lead items for the Rockdale Facility's bitcoin mining expansion, which was redirected toward data center applications.
Operating loss was $239.4 million, an improvement from the $499.9 million loss in Q1 2026, as the non-cash bitcoin fair-value loss narrowed; was -$90.1 million.
Cash and equivalents rose 129% from Q1 to $471.4 million, supported by $732.5 million in proceeds from bitcoin sales during the first half of 2026, while bitcoin holdings fell to 11,380 coins at a $0.7 billion .
What changed
The Q1 2026 watch item on Corsicana AI/HPC buildout progressed: the company recorded a $28.0 million on Rockdale Facility long-lead items redirected to data center use, signaling the pivot is underway beyond the 25 MW AMD lease signed in January 2026.
Bitcoin fair-value sensitivity shrank sharply: a 10% price swing now moves by about $140,000 for the half year, down from $338,000 a year ago and $107.0 million flagged in Q1 2026, as holdings dropped from 15,679 BTC to 11,380 BTC.
The cost-to-mine ratio flipped from profitable to underwater: in Q1 2026 the excluded- cost to mine one bitcoin was $44,629 against a $68,223 price; in Q2 2026 the all-in cost including depreciation reached $90,631 against a $71,667 price.
Total growth accelerated to 14% from 3.6% in Q1 2026, as Data Center and Engineering segments expanded, even as Bitcoin Mining revenue declined 20% after a 21.7% drop in Q1.
What to watch
Q3 2026 cost-to-mine ratio and whether the $90,631 per-bitcoin all-in cost narrows as the redirected Rockdale expansion reduces from mining assets.
Any customer or partner announcements for the ~600 MW Corsicana Facility AI/HPC conversion beyond the 25 MW AMD lease, as the pivot from mining accelerates.
Bitcoin holdings trajectory after the drop to 11,380 BTC from 15,679 BTC in Q1, and whether further sales continue to fund operations and the data center buildout.
Impact of new Texas SB 6 and PUCT rules on interconnection costs and project timelines, as the company's Texas facilities face higher financial security and compliance requirements.
Cost to mine one bitcoin including reached $90,631, exceeding the production value of one bitcoin mined ($71,667), resulting in a 126.5% cost-to-production ratio.
A $28.0M was recorded on long-lead items for the Rockdale Facility's bitcoin mining expansion, which was redirected toward data center applications.
Liquidity remained strong with $471.4M in cash and $268.0M in net , supported by $732.5M in proceeds from bitcoin sales during the first half of 2026.
Quantitative and Qualitative Disclosures About Market Risk
Bitcoin price and electricity costs are the primary market risks, with sensitivity disclosed for both.
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The company held 11,380 bitcoin at a of $0.7 billion as of June 30, 2026, exposing it to price volatility.
A 10% change in bitcoin price would impact by approximately $140,000 for the six months ended June 30, 2026, down from $338,000 in the prior-year period due to lower holdings.
Electricity cost risk is managed through fixed-price power purchase agreements (PPAs) and demand-response programs that allow curtailment.
A 10% change in future power prices underlying the Rockdale and Corsicana PPA would impact by approximately $29,000 for the six months ended June 30, 2026.
The company also seeks to mitigate bitcoin price risk by investing in energy-efficient miners, vertical integration, and diversifying into data center initiatives.
New Texas laws and grid operator rules materially increase interconnection costs, curtailment risk, and compliance burdens for large-load data centers.
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Texas SB 6 and PUCT rules now require large-load interconnectors to post financial security up to $50,000 per MW and pay all direct costs with no utility offset.
A governor-directed audit of all data center projects in ERCOT's queue may delay or deny grid for the company's Texas projects.
Proposed changes to transmission cost-allocation could shift to a 12CP methodology and impose 20-year minimum demand charges, undermining the company's -avoidance strategies.
New voltage and frequency requirements effective August 2026 may force costly equipment upgrades if existing facilities do not qualify for the pre-November 2025 exemption.
ERCOT can order immediate of power if it deems the company's load threatens grid reliability, and new protocols mandate curtailment during firm load-shed events.