Riot Platforms, Inc. Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Riot Platforms Q2 2026 Earnings Summary

Key Highlights

  • Reported total revenue of $174 million, up 14% year-over-year from Q2 2025, driven by Data Center and Engineering segments.
  • GAAP net loss of $237 million ($0.68 per diluted share); adjusted EBITDA loss of $70 million. Results include over $240 million in non-cash items (e.g., $75M Bitcoin mark-to-market loss, $98M depreciation, $28M impairment), which exceed the net loss and do not reflect core operations.
  • Ended quarter with $1.2 billion liquidity ($666 million in Bitcoin at $58,527/BTC; $549 million cash, including $77.5 million restricted).

Data Center Developments

  • Secured second Rockdale lease with a leading frontier AI lab for 191 MW critical IT capacity: 20-year term expected to generate ~$9.1 billion total contract revenue (~$16.1 billion with two 5-year extensions); estimated $7.3–8.2 billion NOI at 80–90% margin. Delivery: 96 MW in Dec 2027, full 191 MW by June 2028. Illustrative CapEx $11–12M per MW ($2.1–2.3 billion total).
  • AMD lease expanded to 50 MW contracted at Rockdale (25 MW delivered May 2026 on time/budget; additional 25 MW under construction, full delivery May 2027). Average annual revenue ~$63.6 million; NOI ~$51 million. Expansion options up to 150 MW more.

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Operator: 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. Joshua Kane: 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 from Riot 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 aid investors in further understanding the company's second quarter 2026 performance. During today's call, we will make forward-looking statements regarding potential future events. These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties. Actual results could materially differ due to factors discussed in today's earnings press release, our comments and responses made during today's call, the Risk Factors section

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