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Riot Platforms
(NASDAQ:RIOT)
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Rating:48Neutral
Price Target:
$12.50
▼(-41.31% Downside)
Action:Reiterated
Date:10/15/26
RIOT’s score is held down primarily by weak financial performance (deep losses and significant negative operating/free cash flow) and bearish technicals (price below key moving averages with negative MACD). These are partially offset by a more optimistic earnings-call outlook highlighting major long-term contracted lease opportunities, strong reported liquidity, and interim financing that supports the capital-intensive buildout.
Positive Factors
Long-term AI data center contracts
The 191 MW, 20-year Rockdale lease adds a substantial contracted infrastructure revenue stream beyond Bitcoin mining. Its long duration, expansion options, and projected high NOI margin could improve revenue visibility and diversify Riot’s business as delivery milestones are completed.
Negative Factors
Deep losses and weak profitability
Persistent negative profitability weakens Riot’s ability to fund expansion through internally generated earnings and reduces confidence in near-term capital efficiency. The return from 2024 profitability to deep 2025 and TTM losses also shows that earnings remain highly sensitive to operating conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Long-term AI data center contracts
The 191 MW, 20-year Rockdale lease adds a substantial contracted infrastructure revenue stream beyond Bitcoin mining. Its long duration, expansion options, and projected high NOI margin could improve revenue visibility and diversify Riot’s business as delivery milestones are completed.
Read all positive factors
Riot Platforms Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down earnings from different business areas, highlighting which segments drive growth and where the company might face challenges.
Breaks down earnings from different business areas, highlighting which segments drive growth and where the company might face challenges.
Data provided by:
The Fly
The FlyRiot Platforms (RIOT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.70B
Dividend Yield12.2%
Average Volume (3M)16.84M
Price to Earnings (P/E)―
Beta (1Y)2.53
Revenue Growth24.51%
EPS Growth-842.33%
CountryUS
Employees816
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-3.68
Shares Outstanding375,258,940
10 Day Avg. Volume16,493,764
30 Day Avg. Volume16,839,563
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)1.51
Price to Sales (P/S)6.67
P/FCF Ratio-5.58
Enterprise Value/Market Cap2.09
Enterprise Value/Revenue14.60
Enterprise Value/Gross Profit-106.10
Enterprise Value/Ebitda-45.80
Forecast
1Y Price Target
$31.68Price Target Upside48.73% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering15
EPS Forecast (FY)-2.64
Revenue Forecast (FY)$679.15M
Riot Platforms Business Overview & Revenue Model
Company Description
Riot Platforms, Inc., along with its associated companies, primarily operates as a Bitcoin mining enterprise within the United States. The firm's activities are divided into two main areas: Bitcoin Mining and Engineering. It develops and manages e...
How the Company Makes Money
Riot primarily makes money by mining Bitcoin: it deploys and operates specialized mining computers (ASICs) that perform cryptographic work to secure the Bitcoin network and, in return, earn Bitcoin block rewards and transaction fees. The Bitcoin e...
Riot Platforms Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call emphasized substantial operational progress and high-quality, long-term contracted revenue potential driven by two major Rockdale leases (AMD expansion and a 191 MW frontier AI lab), a Corsicana LOI for a full campus, strong engineering momentum, and sufficient near-term liquidity plus interim financing to advance builds. These positive execution and pipeline developments largely outweigh the reported GAAP loss and noncash charges, which management framed as largely non-operational and investment-related. The company presented a clear financing and capital recycling plan to fund builds while reducing external equity needs.Positive Updates
Landmark 191 MW Frontier AI Lab Lease at Rockdale
Executed a 20-year lease for 191 MW of critical IT capacity at Rockdale with rent escalators; initial term contract revenue of approximately $9.1 billion and potential total contracted value of ~$16.1 billion including two 5-year extension options. Illustrative capital expenditures for the build are $2.1B–$2.3B (or $11M–$12M per IT MW) with an estimated NOI margin of 80%–90% (estimated NOI over the initial term of ~$7.3B–$8.2B). Delivery is planned in two phases: 96 MW by December 2027 and remainder by June 2028.
Negative Updates
GAAP Net Loss and Adjusted EBITDA Loss
Reported a GAAP net loss of $237M (loss per diluted share $0.68) and an adjusted EBITDA loss of $70M for Q2 2026. Company cited substantial noncash items exceeding the net loss.
Read all updates
Q2-2026 Updates
Positive
Negative
Landmark 191 MW Frontier AI Lab Lease at Rockdale
Executed a 20-year lease for 191 MW of critical IT capacity at Rockdale with rent escalators; initial term contract revenue of approximately $9.1 billion and potential total contracted value of ~$16.1 billion including two 5-year extension options. Illustrative capital expenditures for the build are $2.1B–$2.3B (or $11M–$12M per IT MW) with an estimated NOI margin of 80%–90% (estimated NOI over the initial term of ~$7.3B–$8.2B). Delivery is planned in two phases: 96 MW by December 2027 and remainder by June 2028.
Read all positive updates
Company Guidance
The company guided a fast, capital‑intensive buildout anchored by a new 191 MW Rockdale lease (20‑year initial term) expected to generate ~$9.1B of contract revenue over the initial term (expandable to ~$16.1B with two 5‑year options), with an expected NOI margin of 80%–90% (implying ~$7.3B–$8.2B in NOI), illustrative CapEx of $11M–$12M per IT MW (total ~$2.1B–$2.3B), and phased delivery of 96 MW in Dec 2027 and the remainder in June 2028 (rent commencing Dec 2027); Riot has secured a $573M interim facility from Morgan Stanley to fund near‑term procurement and expects project financing at ~80%–90% loan‑to‑cost (debt $1.7B–$2.1B, equity $210M–$460M, net equity $30M–$280M after an expected ~$180M AMD term loan recycle). Combined with AMD (now 50 MW contracted — 25 MW delivered in May 2026, the next 10 MW in Nov 2026 and 15 MW in May 2027), AMD is estimated to contribute ~$63.6M average annual revenue and ~$51M average annual NOI (total AMD CapEx ~$170.2M), and the two Rockdale leases together total 241 MW and ~ $520M of average annual revenue with ~$416M–$462M of average annual NOI. Riot ended the quarter with $1.2B of liquidity ($666M Bitcoin / 11,380 BTC at $58,527 and $549M cash, including $77.5M restricted), and also reported Corsicana momentum — 1 GW of fully approved utility power supporting up to 756 MW of IT capacity with the full site under LOI — with 2026 priorities to deliver AMD megawatts, advance the AI‑lab build‑out, convert the Corsicana LOI and close low‑cost project financing.Riot Platforms Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
63
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 674.51M | 647.43M | 376.66M | 280.68M | 259.17M | 213.24M |
| Gross Profit | -92.83M | -101.25M | 113.90M | 26.34M | 65.47M | 131.15M |
| EBITDA | -215.05M | -53.22M | 324.18M | -2.79M | -412.04M | 11.44M |
| Net Income | -1.32B | -663.18M | 109.40M | -49.47M | -509.55M | -15.44M |
Balance Sheet | ||||||
| Total Assets | 3.26B | 3.94B | 3.94B | 2.05B | 1.32B | 1.52B |
| Cash, Cash Equivalents and Short-Term Investments | 471.38M | 233.52M | 412.13M | 908.35M | 339.75M | 473.71M |
| Total Debt | 279.24M | 866.76M | 613.16M | 21.34M | 22.25M | 13.44M |
| Total Liabilities | 1.08B | 1.08B | 791.62M | 163.06M | 168.52M | 173.62M |
| Stockholders Equity | 2.19B | 2.86B | 3.14B | 1.89B | 1.15B | 1.35B |
Cash Flow | ||||||
| Free Cash Flow | -882.79M | -774.31M | -1.52B | -391.05M | -352.33M | -508.36M |
| Operating Cash Flow | -492.33M | -572.93M | -255.05M | 33.09M | 530.00K | -86.38M |
| Investing Cash Flow | 630.90M | 76.13M | -1.51B | -414.77M | -354.86M | -490.33M |
| Financing Cash Flow | 79.55M | 455.29M | 1.52B | 748.52M | 272.35M | 665.64M |
Riot Platforms Technical Analysis
Negative
21.30
Price Trends
19.39
Negative
21.35
Negative
19.48
Negative
Market Momentum
-2.10
Positive
24.36
Positive
9.40
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RIOT, the sentiment is Negative. The current price of 21.3 is above the 20-day moving average (MA) of 16.88, above the 50-day MA of 19.39, and above the 200-day MA of 19.48, indicating a bearish trend. The MACD of -2.10 indicates Positive momentum. The RSI at 24.36 is Positive, neither overbought nor oversold. The STOCH value of 9.40 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for RIOT.
Riot Platforms Risk Analysis
Riot Platforms disclosed 54 risk factors in its most recent earnings report. Riot Platforms reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Riot Platforms Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
50 Neutral | $5.65B | -2.57 | -1708.70% | 24.63% | 14.65% | -1179.58% | |
50 Neutral | $7.55B | -11.50 | -39.50% | ― | 129.50% | -441.42% | |
48 Neutral | $4.70B | -3.40 | -48.36% | 12.20% | 24.51% | -842.33% | |
48 Neutral | $2.71B | -0.75 | -110.39% | ― | 0.73% | -642.27% | |
47 Neutral | $2.02B | -2.10 | -75.24% | 0.70% | 7.49% | -468.86% | |
44 Neutral | $304.66M | -0.98 | -46.72% | ― | 23.36% | -150.86% |
* Financial Sector Average
RIOT
Riot Platforms
12.53
-10.47
-45.52%
WULF
TeraWulf Inc
11.32
-2.32
-17.01%
MARA
MARA Holdings
7.02
-12.54
-64.11%
BTBT
Bit Digital
0.84
-3.15
-78.85%
HUT
Hut 8
61.23
11.43
22.95%
CLSK
Cleanspark
7.88
-12.32
-60.99%
Riot Platforms Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Riot Platforms Shifts Crypto Custody to BitGo Bank
Positive
Oct 14, 2026
On October 7, 2026, Riot Platforms entered into a BitGo Custodial Services Agreement, later amended on October 14, 2026, under which BitGo Bank Trust will act as custodian for the company’s digital assets and cash. This move is part of a pl...
Business Operations and StrategyPrivate Placements and Financing
Riot Platforms Repays Coinbase Credit Facility, Boosts Flexibility
Positive
Sep 25, 2026
On September 21, 2026, Riot Platforms, Inc. fully prepaid and repaid all outstanding principal, accrued interest, and related obligations under its Second Amended and Restated Credit Agreement with Coinbase Credit, Inc. As a result of this volunta...
Business Operations and StrategyPrivate Placements and Financing
Riot Platforms Secures Major Loan for Data Center Expansion
Positive
Aug 14, 2026
Riot DC Logistics, LLC, a wholly owned subsidiary of Riot Platforms, entered into a senior secured delayed-draw term loan facility of up to $573.0 million on August 10, 2026, to finance long-lead equipment, related project gear, and other expenses...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Riot Platforms Secures Major Long-Term AI Data Center Lease
Positive
Aug 10, 2026
In the second quarter ended June 30, 2026, Riot Platforms reported total revenue of $174.2 million, up 14% year-over-year, supported by $23.2 million from its growing data center segment and $37.3 million in engineering revenue. Bitcoin mining rem...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.