RIOT Riot Platforms (RIOT) Q1 FY26 earnings call
Riot Platforms achieved a significant inflection point in Q1 FY26, transitioning into a major data center operator with the expansion of its AMD partnership to 50 MW and the commencement of Corsicana's 168 MW development. The company demonstrated strong capital discipline, funding growth through operating cash flow and Bitcoin sales without equity dilution. While reporting a GAAP net loss due to non-cash adjustments, Riot is strategically positioned with its power portfolio and integrated engineering capabilities to meet the accelerating demand for high-density compute.
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RIOT operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Backlog Engineering | $224.6MEngineering backlog reached a record $224.6 million at the end of 2025, up dramatically from $55.9 million at the end of 2024, representing a 302% increase over the course of the year.Source: earnings call transcript | $193.4MEngineering backlog stood at $193.4 million during the quarter, with approximately 90% of backlog continuing to be driven by Data Center sector demand.Source: earnings call transcript | $177.1MEngineering revenue was $37.3 million in the quarter, more than triple the $10.6 million from a year ago, while gross margin expanded from approximately 7% to over 27%, with the data center sector representing approximately 90% of our $177.1 million backlog.Source: earnings call transcript | -8.4% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.