Q2 2026 Riot Platforms Inc Earnings Call Transcript
Key Points
- Riot Platforms Inc (RIOT) secured a landmark 191-megawatt data center lease with a leading frontier AI lab, expected to generate approximately $9.1 billion in total contract revenue over a 20-year term, with potential to reach $16.1 billion including extension options.
- The company successfully delivered the initial 25 megawatts of capacity to AMD on time and on budget, with AMD exercising its expansion option to increase contracted capacity to 50 megawatts, demonstrating strong execution capabilities.
- Riot Platforms Inc (RIOT) has secured a $573 million interim financing facility from Morgan Stanley to fund initial development costs, while also advancing late-stage discussions for a term loan on the AMD asset that is expected to generate nearly double the initial equity investment.
- The company ended the quarter with $1.2 billion in total liquidity, including $666 million in Bitcoin and $549 million in cash, providing a strong financial foundation to fund growth without issuing new common equity.
- Riot Platforms Inc (RIOT) has entered into a non-binding letter of intent with a single tenant for the entire 1-gigawatt Corsicana site, indicating substantial demand and potential for a major lease agreement that could generate over $1 billion in annual rent.
- Riot Platforms Inc (RIOT) reported a GAAP net loss of $237 million for the second quarter of 2026, driven by over $240 million in non-cash items, including a $75 million mark-to-market loss on Bitcoin holdings and $98 million in depreciation and amortization.
- The company's Bitcoin mining revenue declined to $113.7 million, with hash rate utilization averaging only 87% due to minor downtime in Kentucky, and the direct cost to mine increased to $49,912 per Bitcoin.
- Riot Platforms Inc (RIOT) significantly reduced its Bitcoin holdings to 11,380 BTC, down from previous levels, as it continues to sell Bitcoin to fund data center development, which may limit upside from future Bitcoin price appreciation.
- The Corsicana LOI is non-binding and subject to uncertainty, with the company cautioning that the process could face twists and turns, and the final lease execution is not guaranteed.
- The company faces significant capital expenditure requirements, with the Frontier AI Lab lease alone requiring an estimated $2.1 billion to $2.3 billion in CapEx, and the financing structure, including the investment-grade backstop, is not yet finalized.
Thank you for standing by and welcome to the Riot Platforms second quarter 2026 earnings conference call. (Operator Instructions)
I would now like to turn the call over to Josh Kane, Head of Investor Relations. Sir, please go ahead.
Thank you, operator. Good afternoon, and welcome to Riot Platforms' second-quarter 2026 earnings conference call. My name is Josh Kane, Head of Investor Relations, and joining me on today's call right are Jason Les, Chief Executive Officer; and Jason Chung, Chief Financial Officer.
On the Riot Investor Relations website, you can find our second quarter 2026 earnings press release and accompanying earnings presentation, which are intended to supplement today's prepared remarks and which include a discussion of certain non-GAAP items.
Non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP and are included as additional clarifying items to
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