Riot rises as AMD doubles data center deal to 50 MW

Riot Platforms reported $33.2 million in data-center revenue in the first quarter of 2026 after AMD exercised an option to double its contracted capacity to 50 megawatts. Shares traded around $18.74, up roughly 9% on the session.

Total revenue for Q1 reached $167.2 million, up from $161.4 million a year earlier. The data-center receipts were Riot’s first quarter of income from AI infrastructure hosting and arrived in the company’s initial quarter operating those facilities.

Bitcoin mining revenue declined to $111.9 million from $142.9 million in Q1 2025. Riot attributed the drop to lower average Bitcoin prices and a higher global network hash rate. The company mined 1,473 Bitcoin during the quarter, down from 1,530 a year earlier, and reported average mining costs excluding depreciation rose to $44,629 per coin from $43,808.

Riot disclosed more than $250 million in Bitcoin sales during the quarter. At quarter-end the company held 15,679 Bitcoin, valued at about $1.1 billion using a $68,222 per-coin price; 5,802 of those coins were pledged as collateral.

Engineering revenue, which covers infrastructure services, increased to $22.2 million from $13.9 million a year earlier. Riot reported $282.5 million in cash on hand, with $76.9 million of that amount restricted.

The AMD expansion added 25 megawatts to the original agreement, bringing AMD’s committed capacity to 50 megawatts. CEO Jason Les called the quarter “a definitive inflection point for Riot, as we officially transitioned into an active, revenue-generating data center operator.”

Les added that the expansion “validates our ability to execute at institutional scale with the most demanding tenants,” and said that with 50 megawatts contracted Riot is “rapidly executing on the value creation opportunity presented by our significant, fully-approved power portfolio.”

Company executives described the quarter as progress toward a planned shift from a pure Bitcoin-mining operator to a hybrid operator that serves both cryptocurrency mining and cloud or AI customers.