Riot Platforms reported $167.2 million in revenue for Q1 2026, with its newly launched data center business contributing $33.2 million. The data center segment helped offset a decline in Riot’s core Bitcoin mining revenue, which fell to $111.9 million from $142.9 million in Q1 2025. The drop was driven by lower average Bitcoin prices and a 24% rise in the global network hash rate.
Riot produced 1,473 BTC in the quarter, down from 1,530 a year earlier. The average cost to mine one Bitcoin increased to $44,629 from $43,808. CEO Jason Les said the quarter “marks a definitive inflection point for Riot, as we officially transitioned into an active, revenue-generating data center operator,” noting that AMD doubled its contracted capacity to 50 megawatts during the quarter, up from an initial 25 megawatts.
The company ended the quarter holding 15,679 Bitcoin, valued at roughly $1.1 billion based on a March 31 price of $68,222, with 5,802 coins held as collateral. Riot reported $282.5 million in cash, of which $76.9 million is restricted, and said it sold more than $250 million worth of Bitcoin during the quarter. Engineering revenue, covering infrastructure services, rose to $22.2 million from $13.9 million year-over-year, further diversifying revenue.
Riot’s stock climbed 7.31% on the earnings release, closing at $18.50, and slipped 0.57% in after-hours trading to $18.40.
The company’s results come as a broader trend sees Bitcoin miners shifting toward AI and data center operations to stabilize revenue amid tightening mining margins. Examples include Core Scientific converting its Pecos, Texas site into a 1.5-gigawatt AI data center campus and repurposing 300 megawatts of mining capacity. Other miners — including MARA, Hive, Hut 8, TeraWulf and Iren — are also pursuing AI infrastructure or converting facilities into data centers.