Riot Platforms (RIOT) Shares Rise 7% on Strong Q1 Earnings Performance

TLDR

• Riot Platforms reported $167.2 million in Q1 2026 revenue, fueled by its newly launched data center business
• Data center revenue reached $33.2 million during its first quarter of operations, as AMD doubled its contracted capacity to 50 megawatts
• Year-over-year, bitcoin mining revenue fell to $111.9 million from $142.9 million, driven by lower bitcoin prices and a 24% increase in the global network hash rate
• At quarter-end, Riot held 15,679 BTC valued at roughly $1.1 billion, and sold over $250 million worth of bitcoin during Q1 2026
• RIOT stock closed 7.31% higher at $18.50 on Friday, before slipping 0.57% to $18.40 in after-hours trading

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(SeaPRwire) –   Riot Platforms shares closed 7.31% higher at $18.50 on Friday following the release of its Q1 2026 revenue of $167.2 million, which topped analyst expectations and marked the company’s first quarter as an active data center operator.

Riot Platforms, Inc., RIOT

The top-line revenue figure was partially driven by $33.2 million in data center revenue — a brand-new revenue stream for Riot, which officially entered this sector during the quarter.

Bitcoin mining revenue, however, dropped to $111.9 million from $142.9 million in Q1 2025. Two headwinds impacted this segment: lower average bitcoin prices and a 24% rise in the global network hash rate, which made mining more competitive and increased operational costs.

JUST IN: Riot Platforms generated $33.2 million in data center revenue during Q1 2026 as AMD doubled its contracted capacity to 50 MW. pic.twitter.com/MEFowiKgtz

— CoinMarketCap (@CoinMarketCap) May 1, 2026

Riot mined 1,473 BTC during the quarter, a slight decline from 1,530 coins mined in the year-ago period. The average cost to mine one bitcoin rose to $44,629 from $43,808.

CEO Jason Les called the quarter “a definitive inflection point,” pointing to the data center launch as a structural shift for the company.

AMD, which had initially contracted 25 megawatts of capacity, exercised an option to double that amount to 50 megawatts during the quarter — a move Les said confirmed Riot’s ability to operate at institutional scale.

Data Center and Engineering Revenue Expand Revenue Streams

Engineering revenue, which encompasses infrastructure-related services, climbed to $22.2 million from $13.9 million on a year-over-year basis, creating a third revenue stream alongside bitcoin mining and data center operations.

Together, data center and engineering revenue now account for a meaningful share of Riot’s total income — reducing the company’s direct exposure to Bitcoin price fluctuations.

As of the quarter’s end, Riot held 15,679 BTC valued at approximately $1.1 billion, calculated using a March 31 bitcoin price of $68,222. Of this holdings total, 5,802 coins were held as collateral.

The firm held $282.5 million in cash reserves, with $76.9 million of that amount being restricted. Riot additionally sold over $250 million worth of bitcoin throughout the quarter.

Following the regular market close, RIOT slipped 0.57% in after-hours trading to $18.40.

Bitcoin Miners Shift Toward AI and Data Centers

Riot is not alone in this strategic shift. Bitcoin miners across the industry are moving into AI infrastructure as tightening profit margins push firms toward more stable revenue streams.

Core Scientific is reworking its Pecos, Texas facility into a 1.5-gigawatt AI-focused data center campus. MARA Holdings has purchased a majority ownership stake in Exaion, a French AI infrastructure company.

Hive, Hut 8, TeraWulf, and Iren are also repurposing their existing mining facilities into data centers.

Riot closed out Q1 2026 with 15,679 BTC on its balance sheet and a newly operational data center business that generated $33.2 million in revenue during its first quarter of operations.