Riot Platforms (RIOT) reported first-quarter 2026 results on April 30, showing a loss of $1.44 per share, exceeding the Zacks Consensus Estimate of a loss of $0.33. Despite this, revenues of $167 million were up 3.6% year over year, surpassing the consensus by 26.45%. RIOT shares closed at $18.50 on May 1, representing a more than 7% increase.
During the quarter, Riot produced 1,473 bitcoins and highlighted a shift to an active data center operator, generating $33.2 million in Data Center revenue. However, Bitcoin mining revenues fell 21.7% year over year to $111.9 million due to lower average bitcoin prices and a rising global network hash rate, with the cost to mine one bitcoin at $44,629.
By the end of Q1 2026, Riot held 15,679 bitcoins and $282.5 million in cash, with plans to utilize operating cash flow and disciplined sales for funding its development initiatives. The company’s engineering segment saw a significant revenue increase of 59.7% year over year, totaling $22.2 million, bolstered by a backlog of $193.4 million, primarily linked to the data center sector.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
