Riot Platforms Q1 Data Center Revenue Hits $33.2M as AMD Doubles Capacity
Riot Platforms posted Q1 revenue of $167.2 million, with $33.2 million from AI data center services. AMD doubled its contracted capacity to 50 MW, helping offset bitcoin mining revenue falling to $111.9 million and supporting the company’s strategic shift despite a $500.5 million net loss.
1. Q1 Financial Results
Riot Platforms recorded $167.2 million in first-quarter revenue, up from $161.4 million a year earlier, and posted a net loss of $500.5 million, or $1.44 per diluted share, driven by a $326.7 million negative fair-value adjustment on its bitcoin holdings and a $51.9 million loss on derivatives.
2. AI Data Center Launch
Riot generated $33.2 million in its inaugural AI data center segment, marking its first revenue from hosting and tenant fit-out services, while engineering revenue rose to $22.2 million from $13.9 million a year ago, underscoring the strategic pivot toward stable infrastructure income.
3. AMD Capacity Expansion
During Q1, AMD exercised its option to double contracted capacity from 25 MW to 50 MW, and Riot delivered the initial 5 MW. This expansion validates Riot’s execution at institutional scale and secures long-term lease revenue from an investment-grade tenant.
4. Bitcoin Mining Performance
Bitcoin mining revenue fell to $111.9 million from $142.9 million amid lower prices and higher network hash rate, with production of 1,473 coins at an average cost of $44,629 each. Riot sold 3,778 bitcoin for $289.5 million and held 15,679 coins valued at approximately $1.1 billion, with 5,802 coins pledged as collateral.