Riot posts $167M in Q1 revenue while its data center arm pulls in $33M
Riot Platforms posted revenue of $167.2 million for the first quarter of 2026, with its newly launched data center business contributing $33.2 million.
Data center revenue helped offset a decline in Riot's core bitcoin mining business, which fell from $142.9 million to $111.9 million in Q1 2025, driven by a lower average Bitcoin price and a 24% increase in global network hash speed. Riot produced 1,473 bitcoins in the quarter, down from 1,530 a year ago, while the average cost per coin rose from $43,808 to $44,629.
“The first quarter of 2026 is the real turning point for Riot, when we officially transition to an active revenue-generating data center operator,” said CEO Jason Les, adding that AMD's decision to double contract capacity to 50 megawatts in the quarter confirms the company's ability to execute at an institutional level.
Before exercising the expansion option, AMD initially contracted 25 megawatts and expanded the total contracted capacity to 50 megawatts of critical IT infrastructure.
Related: CoreWeave shows how crypto-era infrastructure is quietly the backbone of AI
Riot holds $1.1 billion in Bitcoin
Riot held 15,679 Bitcoins worth approximately $1.1 billion on March 31 at a price of $68,222, with 5,802 coins held as collateral. The company has $282.5 million in cash, of which $76.9 million is restricted. Riot said it sold more than $250 million worth of bitcoins during the quarter.
Meanwhile, engineering revenue, which covers infrastructure services, grew to $22.2 million from $13.9 million year over year, adding another difference to the company's revenue mix.
Riot stock closed up 7.31% at $18.50 on Friday, topping its earnings release. The stock was down 0.57% at $18.40 in after-hours trading.
Riot has seen an increase in revenue news. Source: Yahoo! Finance
Related: Bitcoin Miner Bitdeer Liquidates Entire BTC Treasury, Holdings Fall To Zero
Bitcoin miners will turn to AI
Bitcoin miners are turning to AI infrastructure as tightening mining margins push the industry to seek stable revenue streams. Cointelegraph reports that Core Scientific is turning its Pecos, Texas location into a 1.5-gigawatt AI-focused data center campus, retrofitting 300 megawatts of Bitcoin mining capacity and acquiring more than 200 acres of land to support construction.
Among other miners, MARA Holdings has taken a majority stake in French AI infrastructure firm Exaion, while Hive, Hut 8, Terra Wolf and Iron are converting mines into data centers.
Magazine: Bitcoin won't hit $1 million by 2030, says veteran trader Peter Brandt
