Riot Platforms, Inc. Q3 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Riot Platforms Q3 2026 Earnings Summary

  • Major Milestone: Signed largest lease in company history - 15-year triple-net powered land lease with leading frontier AI lab for full Corsicana campus (910 MW critical IT capacity). Expected to generate ~$28B total contract revenue over initial term (~$54B with two 5-year extensions), ~$1.8B avg annual rent/NOI at ~99% margin, and ~33% unlevered yield on cost (~$5.5B total capital at $6M/MW, half typical Tier 3 intensity).
  • Portfolio Transformation: Contracted 1,151 MW across three AI leases (AMD + two with Frontier AI Lab) representing ~$3.8B contracted revenue (~$7.2B with extensions) and ~$2.2B avg annual NOI at ~28% yield on ~$7.7-7.9B total capital. Shift from Bitcoin-dependent cash flow to long-term AI leases; nearly all future cash flow from AI ecosystem upon full deployment.
  • Development Timeline: AMD full 50 MW by May 2027; Rockdale 191 MW Frontier AI Lab first phase Dec 2027 / second Jun 2028; Corsicana phases 400 MW Sep 2027, 200 MW Jan 2028, 310 MW Jul 2028. All 1,151 MW online within 20 months.

Financial Performance (Q3 2026 vs Q3 2025)

  • Total revenue: $181M (+1% YoY) - data center/engineering revenue +$46M offset Bitcoin mining decline due to 38% lower avg Bitcoin price YoY.
  • GAAP net income: $4M ($0.01/diluted share); Adjusted EBITDA: $191M.
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Operator: Hello, and welcome to Riot Platforms Inc. Third Quarter 2026 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question at this time, just press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. As a reminder, this call is being recorded. I would now like to turn the call over to Josh Kane, head of Investor Relations. You may begin. Josh Kane: Thank you, operator. Good morning, and welcome to Riot Platforms Third Quarter 2026 Earnings Conference Call. My name is Josh Kane, head of Investor Relations. 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 third 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 third quarter 2026 performance. Lease revenue and net operating income figures for our Corsicana lease are management
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