Riot Platforms (RIOT) Q3 2026 earnings summary

Executive summary

• Signed a 15-year triple-net powered-land lease with Anthropic for Corsicana’s full 910 MW campus, worth $28B over the initial term; combined leases cover 1,151 MW and ~$38B in contracted data-center revenue.

• At full deployment, the leased portfolio is projected to generate ~$2.2B in average annual NOI and $2.3B in annual lease revenue; all contracted capacity is expected online by mid-2028.

• Strategic focus is shifting toward AI/HPC data-center leasing, supported by bitcoin sales and engineering capabilities; priorities include delivery and project financing.

Financial highlights

• Q3 revenue was $181.4M versus $180.2M YoY; data-center and engineering growth offset lower Bitcoin Mining revenue.

• Q3 net income was $4.0M versus $104.5M; diluted EPS was $0.01 versus $0.30, and Adjusted EBITDA was $191.3M versus $197.2M.

• 9M revenue was $522.9M versus $494.6M; net loss was $733.6M versus net income of $27.6M, and Adjusted EBITDA was a loss of $189.9M versus $516.1M.

• Quarter-end liquidity was $950.2M, including $748.2M cash and 2,418 bitcoin valued at $202M.

Outlook and guidance

• Lease revenue is projected at $23M in 2026, $250M in 2027, $1.8B in 2028 and $2.3B in 2029, when contracted phases are expected to be in service.

• Corsicana’s 910 MW is scheduled in phases: 400 MW in September 2027, 200 MW in January 2028 and 310 MW in July 2028; rent begins no later than 60 days after each phase delivery.

• Rockdale’s 191 MW AI-lab deployment is scheduled as 96 MW by December 2027 and 95 MW by June 2028; AMD’s full 50 MW is expected online in May 2027.

• Corsicana’s initial lease term is 15 years, with two five-year extension options; the project is estimated at ~$6M per IT MW and a ~33% unlevered yield on cost.