Riot Platforms Q3 revenue beats estimates as data center growth offsets weak bitcoin prices
RIOT•Riot Platforms’ Q3 revenue rose 1% year over year to $181.4 million, beating the $160.75 million estimate, as data center and engineering growth offset lower bitcoin mining revenue. The company signed a 15-year, $28 billion powered land lease with Frontier AI Lab and expects average annual rent of $1.8 billion.
1. Revenue and drivers
Riot Platforms reported Q3 revenue of $181.4 million, up 1% year over year and above the $160.75 million consensus estimate. Bitcoin mining revenue declined as the average bitcoin price fell, partly offset by increased production; data center and engineering revenue increased on demand for custom electrical equipment and new lease activity.
2. Corsicana lease
The company signed a 15-year, $28 billion triple-net powered land lease with Frontier AI Lab. Riot expects average annual rent of $1.8 billion, with the first 400 megawatts scheduled for delivery in September 2027, and anticipates it will not need to issue equity to fund announced projects.
3. Mining costs
Riot’s average cost to mine bitcoin declined due to lower power costs and higher production, aided by power curtailment credits.
