Riot Platforms earnings date
Riot Platforms (RIOT) Q3 2026 Earnings Report
MX:RIOT Q3 2026 EPS Results
- Actual EPS
- MXN 0.19
- Consensus EPS
- -MXN 6.25
- Beat/Miss
- Beat by +MXN 6.44
- One Year Ago EPS
- MXN 4.84
MX:RIOT Q3 2026 Revenue Results
- Actual Revenue
- MXN 3.37B
- Expected Revenue
- MXN 2.99B
- Beat/Miss
- Beat by +MXN 383.23M
- YoY Revenue Growth
- +0.66%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/04/2026
- Time
- Before Open
- Conference Call
- Wednesday, November 4, 2026
Riot Platforms's next earnings date is estimated for March 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive, driven by the 910 MW Corsicana lease, approximately $2.2 billion of expected annual NOI at full deployment, substantial contracted revenue, on-schedule AMD and Rockdale projects, and stated access to multiple non-dilutive funding sources. The company also reported near-term challenges, including lower Bitcoin mining revenue, a reduced Bitcoin treasury, modest GAAP net income, engineering margin pressure, tighter credit markets, pending project financings, and remaining Rockdale cost exposure. Highlights significantly outweighed the lowlights.
Riot expects its 1,151 MW of contracted capacity to generate approximately $3.8 billion of contracted data center revenue, or $7.2 billion if all extension options are exercised, and $2.2 billion of average annual net operating income at an unlevered yield on cost of approximately 28%; Corsicana is expected to generate approximately $28 billion of total contract revenue over the 15-year initial term, approximately $54 billion if both five-year extension options are exercised, approximately $1.8 billion of average annual rent, an NOI margin of approximately 99%, and approximately $1.8 billion of average annual net operating income on approximately $5.5 billion of capital, with 400 MW in September 2027, 200 MW in January 2028, and 310 MW in July 2028; Rockdale’s 191 MW is expected to generate approximately $9.1 billion over its initial 20-year term, with 96 MW ready for service in December 2027 and 95 MW in June 2028, at $11 million-$12 million per megawatt; AMD’s full 50 MW is expected to be ready for service in May 2027, with expansion options for up to an additional 150 MW; lease revenue is expected to reach approximately $250 million in 2027, $1.8 billion in 2028, and $2.3 billion in 2029; approximately $6.1 billion-$7 billion is expected to be funded with project-level debt, leaving an illustrative Riot cash equity requirement of approximately $800 million-$1.5 billion, and Riot does not currently anticipate issuing equity to fund any announced project.
- Largest Lease in Riot’s HistoryRiot signed a 15-year triple-net powered land lease with a leading frontier AI lab for the entirety of its Corsicana campus, representing 910 MW of critical IT capacity. The lease is expected to generate approximately $28 billion of total contract revenue over the initial term, or approximately $54 billion if both five-year extension options are exercised.
- Expanded Contracted Data Center PortfolioRiot has contracted 1,151 MW across three leases with AMD and a leading frontier AI lab, representing approximately $3.8 billion of contracted data center revenue, or $7.2 billion if all extension options are exercised. The company also stated that it secured approximately $38 billion of contracted data center revenue across the 1,151 MW in 2026.
- Strong Portfolio NOI and Yield EconomicsUpon full deployment, the leases are expected to generate approximately $2.2 billion of average annual net operating income, with an unlevered yield on cost across the lease portfolio of approximately 28%. Total portfolio average annual revenue is expected to be approximately $2.3 billion.
- Corsicana’s High-Margin, Lower-Capital StructureCorsicana is expected to generate approximately $1.8 billion of average annual rent and approximately $1.8 billion of average annual net operating income over the initial term, with an estimated NOI margin of approximately 99%. Total project capital is approximately $5.5 billion, or approximately $6 million per IT MW, roughly half the capital intensity of Riot’s Tier 3 Rockdale build, producing an estimated unlevered yield on cost of approximately 33%.
- More Capacity from Existing Power InfrastructureUnder the Corsicana lease, the same 1 GW of utility load is expected to support 910 IT MW, compared with up to 756 IT MW under the original Tier 3 basis of design, representing 20% more leasable capacity from power Riot already owns and controls.
- Corsicana Delivery ScheduleCorsicana’s deployment is planned in three phases: 400 MW in September 2027, 200 MW in January 2028, and 310 MW in July 2028. The first phase is expected to be fully deployed in September 2027, with the full campus delivered by July 2028.
- Reduced Operating and Utilization Exposure at CorsicanaThe frontier AI lab will procure, install, own, and operate the compute modules and bear all operating costs, including power. Rent is paid on the full 910 critical IT MW regardless of utilization, and rent for each phase commences no later than 60 days after the power pad is delivered. Riot retains responsibility for its owned power infrastructure, landscaping, and campus-level perimeter security.
- Rockdale Frontier AI Lab Project on ScheduleRiot’s 191 MW Rockdale lease with a leading frontier AI lab is on time and on budget, with approximately $9.1 billion of contract revenue expected over the initial 20-year term. The first 96 MW is on track for ready-for-service delivery in December 2027, and the remaining 95 MW in June 2028.
- AMD Expansion ProgressThe first 25 MW for AMD was commissioned and fully stabilized in May 2026. The 25 MW expansion is on time and on budget, with the next 10 MW delivering this month and the full 50 MW expected to be online and ready for service in May 2027. AMD also holds expansion options for up to an additional 150 MW at Rockdale.
- Rapid AMD Deployment ExecutionRiot stated that its in-house engineering, manufacturing, and tenant-specific design enabled it to move from lease signing to a stabilized 25 MW AMD deployment in four months.
- Revenue Ramp from Executed LeasesLease revenue is expected to increase from approximately $23 million in 2026 to approximately $250 million in 2027, $1.8 billion in 2028, and $2.3 billion in 2029, the first full year with every phase in service. All 1,151 MW are expected to be in service within 20 months, with 25 MW already in service at quarter end.
- Liquidity and Non-Dilutive Funding PositionRiot ended the quarter with $950 million of total liquidity, consisting of $748 million of cash, including restricted cash, and $202 million of Bitcoin. The company fully repaid its $200 million Coinbase credit facility, released all collateralized Bitcoin, raised no equity in 2026, and does not currently anticipate issuing equity to fund announced projects.
- Corsicana Financing FlexibilityRiot plans to fund Corsicana with non-recourse project debt sized to contracted rent. An illustrative 80%-90% loan-to-cost financing ratio would result in approximately $4.4 billion-$4.9 billion of project debt and an estimated cash equity requirement of approximately $500 million-$1.1 billion. If comparable debt financing is unavailable, the tenant will initially fund reimbursements and recover them through rent credits carrying an implied interest rate of 12%.
- Funding Sources Exceed Illustrative Cash RequirementAcross Corsicana and Rockdale, Riot expects approximately $6.1 billion-$7 billion of project-level debt and an illustrative Riot cash equity requirement of approximately $800 million-$1.5 billion. Near-term sources include approximately $1.2 billion of liquidity, $110 million of other anticipated near-term inflows, $180 million from the AMD term loan, and approximately $900 million of contracted rent before debt service by the time Corsicana’s final phase is delivered.
- Engineering Segment Growth and BacklogEngineering revenue was $47 million, more than double a year ago. Backlog was $142 million, more than 90% of which was data center work, with capacity reserved for Riot’s own projects.
- Low-Cost Bitcoin Mining OperationsRiot generated $25 million of power credits during the quarter, equivalent to $15,067 per Bitcoin mined, bringing net power cost to $0.032 per kilowatt hour. Direct cost to mine, excluding depreciation, was $39,265 per Bitcoin.
- Portfolio NOI Outlook Above Prior RangeRiot previously communicated a total portfolio NOI range of $1.6 billion-$2.1 billion and now expects to exceed the top of that range, with approximately $2.2 billion of average annual NOI on contracts already in place. The company also stated that additional unleased power capacity remains at its Rockdale and Kentucky sites.
- Approved and Operating Power SitesRiot stated that its Rockdale and Corsicana interconnections and power are already fully approved, with the sites having operated for years and pulling hundreds of megawatts each. The company said no additional approval is needed to execute the announced developments.
MX:RIOT Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 03, 2027 | 2026 (Q4) | -5.52- | -34.97 | ― | ― |
| Nov 04, 2026 | 2026 (Q3) | ―0.19 | 4.84 | -96.15% (-4.65) | |
| Aug 10, 2026 | 2026 (Q2) | -5.64-12.65 | 10.6 | -219.30% (-23.25) | |
| Apr 30, 2026 | 2026 (Q1) | -10.66-26.78 | -16.74 | -60.00% (-10.04) | |
| Mar 02, 2026 | 2025 (Q4) | -3.98-34.97 | 7.07 | -594.74% (-42.04) | |
| Oct 30, 2025 | 2025 (Q3) | -1.394.84 | -10.04 | 148.15% (+14.88) | |
| Jul 31, 2025 | 2025 (Q2) | -4.1310.60 | -6.44 | 264.74% (+17.04) | |
| May 01, 2025 | 2025 (Q1) | -6.36-16.74 | 15.25 | -209.76% (-31.99) | |
| Feb 24, 2025 | 2024 (Q4) | -3.357.07 | 8.43 | -16.11% (-1.36) | |
| Oct 30, 2024 | 2024 (Q3) | -3.35-10.04 | -4.65 | -116.00% (-5.39) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
