Riot Platforms (RIOT) Q2 2026 Earnings Report

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.

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.