Skip to content
    RIOT
    Earnings call· Dec 2025(Q4 FY25)

    Riot Platforms Q4 FY25 earnings call RIOT

    Mar 2, 2026 Source

    Executive summary

    Riot Platforms Q4 FY25 — Data Center Transformation and AMD Lease Validation

    Riot Platforms significantly advanced its data center strategy in Q4 FY25, highlighted by a 10-year lease with AMD for 25 MW at its Rockdale site, validating its execution capabilities and power-first approach. The company reported strong financial results from its Bitcoin mining operations, with record revenue and gross profit, while strategically leveraging its engineering capabilities and balance sheet to fund data center development. Management is focused on securing additional high-creditworthy tenants and optimizing financing for its substantial 1.7 GW power portfolio.

    Highlights

    5

    • Secured 10-year lease with AMD for 25 MW at Rockdale, generating $311 million in total contract value and $25 million average annual net operating income.

    • Achieved record annual Bitcoin Mining revenue of $576.3 million and gross profit of $294 million, contributing to a 72% YoY increase in total revenue to $647 million.

    • Expanded land footprint at Corsicana to 900 acres, simplifying development of 1 GW approved power capacity.

    • Engineering backlog reached a record $224.6 million, up 302% YoY, with 90% from the data center sector.

    • Realized $23.2 million in cumulative CapEx savings from ESS Metron acquisition since December 2021.

    Concerns

    2

    • Reported a net loss of $663 million or $1.95 per diluted share, primarily due to noncash charges and mark-to-market adjustments.

    • Cost to mine per Bitcoin increased to $49,645 in FY25 from $32,216 in FY24 due to a 47% increase in global network hash rate.

    Guidance & targets

    5
    CategoryTargetConfidence
    AMD Lease Delivery
    Full 25 megawatts of compute
    high materiality
    High
    Corsicana Power Capacity
    1 gigawatt
    high materiality
    High
    Additional Data Center Lease Announcements
    additional announcements
    high materiality
    Medium
    AMD Lease Average Annual Net Operating Income
    $25 million
    high materiality
    High
    Potential Portfolio Net Operating Income
    $1.6 billion to $2.1 billion
    high materiality
    Medium

    Segment performance

    2
    SegmentRevenueYoYQoQMargin
    Bitcoin Mining
    Contributed 89% of total revenue. Achieved highest annual revenue and gross profit on record, including power curtailment credits.
    5,686 Bitcoin produced15.3 Bitcoin per day on average18% increase in Bitcoin produced compared to FY2438.5 exahash deployed22% increase in hash rate deployed from FY2487% hash rate utilization$49,645 cost to mine per Bitcoin
    		$576 million——$294 million gross profit
    Engineering
    Represents 11% of total revenue. ESS Metron manufactures low- and medium-voltage switchgear and power distribution centers.
    Record $224.6 million backlog302% increase in backlog from FY2490% of current backlog from data center sector
    		$71 million———

    Operational metrics

    19
    Total Revenue
    $647 million72% increase year-over-year
    FY25
    Net Loss
    $663 million
    FY25
    Diluted EPS
    $1.95
    FY25
    Non-GAAP Adjusted EBITDA
    $13 million
    FY25

    Adjusted for noncash and unusual items.

    Net Cost of Power
    $0.037
    FY25

    Per kilowatt hour.

    Power Curtailment Credits
    $56.7 million
    FY25
    Bitcoin Produced
    5,68618% increase compared to FY24
    FY25
    Bitcoin on Balance Sheet
    18,005
    as of December 31, 2025
    Hash Rate Deployed
    38.522% increase from FY24
    year-end FY25
    Cost to Mine per Bitcoin
    $49,645increased from $32,216 in FY24
    FY25
    Hash Rate Utilization
    87%significant improvement from 70% in FY24
    FY25
    Engineering Backlog
    $224.6 million302% increase from end of FY24
    end of FY25
    Cumulative CapEx Savings from ESS Metron
    $23.2 million
    since December 2021
    ESS Metron Acquisition Cost
    $52 million
    December 2021

    Consideration for acquisition.

    Stock-based compensation expense
    $125.7 million
    FY25
    Depreciation and amortization expense
    $346.8 million
    FY25
    Loss on contract settlement with Rhodium
    $158.1 million
    FY25
    Unrealized mark-to-market adjustments on Bitcoin holdings
    $115.9 million
    FY25
    AMD Lease Capital Required
    $90 million
    initial deployment

    Industry KPIs

    3
    MetricValueDetails
    Capacity CAPEX1.7 gigawattsGW
    Revenue growth$647 millionUSD
    Bookings billings$224.6 millionUSD

    Orderbook & backlog

    1
    Engineering Backlog$224.6 millionend of 2025

    up 302% from end of 2024

    90% from data center sector

    Deals & partnerships

    3
    AMD10-year agreement to provide customized data center space$311 million total contract value for initial 25-megawatt deployment10 years, with 3 5-year extension options (potential for 25-year partnership)

    Initial deployment of 25 megawatts critical IT load (5 MW delivered Jan 2026, 20 MW by May 2026) at Rockdale site. AMD holds option to expand by additional 75 MW and right of first refusal on additional 100 MW, potentially reaching 200 MW total.

    previously leasedFee simple acquisition of 200-acre Rockdale site$96 million

    Funded entirely through the sale of approximately 1,080 Bitcoin from balance sheet. Converted interest from ground lease to full ownership, unlocking data center development.

    undisclosedAcquired 3 additional parcels adjacent to and near original Corsicana site

    Brings total land footprint at Corsicana to approximately 900 acres, simplifying and expediting planned development of full 1 gigawatt of approved power capacity.

    Capital programs

    1
    Corsicana Substation Expansionon schedule

    Benefit: 1 gigawatt of capacity

    The substation expansion remains on schedule to deliver our full 1 gigawatt of capacity over the next 12 months.

    Risks & headwinds

    3
    Increased Cost to Mine BitcoinFY25

    $49,645 per Bitcoin, up from $32,216

    Mitigation: Vertical integration and power strategy continued to drive industry-leading cost efficiency relative to peers despite 47% increase in global network hash rate.

    Net Loss due to Non-Cash ChargesFY25

    $663 million net loss

    Mitigation: Primarily reflects significant noncash charges and mark-to-market pricing adjustments on Bitcoin held, including depreciation ($346.8M), stock-based comp ($125.7M), contract settlement loss ($158.1M), and unrealized mark-to-market adjustments ($115.9M).

    Power Procurement ConstraintsCurrent

    4 or more years

    Mitigation: Riot controls 1.7 gigawatts of fully approved firm power across its Corsicana and Rockdale sites, which is already energized and available, providing a major competitive advantage.

    What to watch in Q1 FY26

    5

    AMD Lease Phase 2 Delivery

    May 2026
    CurrentPhase 1 (5 MW) delivered in January 2026
    TargetRemaining 20 MW delivered

    Why it matters

    Successful delivery validates execution capabilities and is crucial for the long-term partnership with AMD, impacting future expansion options and market perception.

    The remaining 20 megawatts will follow in May 2026, bringing the total initial deployment to 25 megawatts of critical IT load.

    Q&A highlights

    9

    Inquired about lessons learned from the initial 5 MW AMD delivery, progress on AMD's expansion options, and the status of financing discussions for the lease.

    Jason Les highlighted the validation of their commercial approach and internal engineering capabilities (ESS Metron) for rapid delivery, emphasizing building a long-term partnership with AMD. Jason Chung detailed their financing strategy, aiming for a low cost of capital by separating stabilized deployment from expansion options, leveraging strong credit quality, and accessing project finance markets.

    “We think we can get a really low cost of capital that essentially removes the development or execution risk that lenders would typically price in.”

    asked by Paul Golding · answered by Jason Les, Jason Chung

    2 min read5 chapters

    Detailed Narrative

    01

    Data Center Transformation

    Riot Platforms has fundamentally repositioned itself from a Bitcoin mining company to a data center developer, completing the fee simple acquisition of its 200-acre Rockdale site and expanding its Corsicana land footprint to 900 acres. The company has built substantial internal expertise, recruiting veteran data center talent with collective experience in over 200 projects totaling nearly 4.8 GW, enabling rapid execution and delivering mission-critical infrastructure on aggressive timelines.

    02

    AMD Lease as a Strategic Validation

    The first lease with AMD, announced in January 2026, serves as a critical validation of Riot's capabilities, team, and execution strategy. The initial 5 MW phase was delivered on time and on budget in January 2026, with the remaining 20 MW expected by May 2026. This 10-year agreement for 25 MW has a total contract value of $311 million and is expected to generate $25 million in average annual net operating income, demonstrating the value of partnering with high-creditworthy tenants.

    03

    Power First Strategy and Portfolio Value

    Riot's "Power First" strategy leverages its 1.7 GW of fully approved firm power across Rockdale (700 MW) and Corsicana (1 GW) sites in Texas. This energized capacity is a significant competitive advantage, as new power procurement in the Texas triangle is estimated to take 4+ years. The AMD lease generates 2.5x more gross profit per megawatt than Bitcoin mining, guiding future capital allocation towards data center development with creditworthy counterparties.

    04

    Vertical Integration and Capital Efficiency

    The Engineering business, including ESS Metron, provides significant strategic advantages by vertically integrating the manufacturing of critical components like switchgear, reducing procurement risk, and improving speed to market. This has resulted in $23.2 million in cumulative CapEx savings since the ESS Metron acquisition in December 2021. Riot is activating its strong balance sheet and pursuing low-cost project financing to fund upfront development costs without relying on dilutive equity.

    05

    Financial Performance and Operational Metrics

    For FY25, Riot reported total revenue of $647 million, a 72% YoY increase, driven by $576 million from Bitcoin Mining. The company produced 5,686 Bitcoin, an 18% increase YoY, and ended the year with 18,005 Bitcoin on its balance sheet. Non-GAAP adjusted EBITDA was $13 million, and the net cost of power was $0.037 per kilowatt hour, with power curtailment credits totaling $56.7 million.

    AI-generated summary of the company’s earnings call. Not investment advice.