Riot Platforms posted $167.2 million in revenue for Q1 2026, driven in part by the company’s newly launched data center business, which generated $33.2 million. That data center revenue helped offset a decline in Riot’s core Bitcoin mining income, which fell to $111.9 million from $142.9 million in Q1 2025.
The year-over-year mining revenue drop reflected lower average Bitcoin prices and a roughly 24% increase in the global network hash rate. Riot produced 1,473 BTC during the quarter, down from 1,530 a year earlier. The company’s average cost to mine one Bitcoin rose to $44,629, up from $43,808.
CEO Jason Les described the quarter as a clear inflection point, noting Riot’s transition into an active, revenue-generating data center operator. During the quarter AMD doubled its contracted capacity with Riot to 50 megawatts, up from an initial 25 megawatts, underscoring early demand for the data center offering.
Riot finished the quarter holding 15,679 Bitcoin, valued at roughly $1.1 billion based on the March 31 price of $68,222; 5,802 of those coins were pledged as collateral. The company reported $282.5 million in cash, of which $76.9 million is restricted, and disclosed it sold more than $250 million worth of Bitcoin during the period.
Engineering revenue — income tied to infrastructure services — rose to $22.2 million in Q1 from $13.9 million a year earlier, further diversifying Riot’s top line beyond pure mining receipts.
On the market, Riot’s stock climbed 7.31% on the earnings release to close at $18.50, then eased 0.57% in after-hours trading to $18.40.
Riot’s shift is part of a broader industry trend: miners are increasingly pivoting toward AI and data center operations to stabilize revenue as mining margins tighten. Examples include Core Scientific converting its Pecos, Texas site into a 1.5-gigawatt AI data center campus and repurposing about 300 megawatts of mining capacity. Other miners — including Marathon Digital (MARA), Hive, Hut 8, TeraWulf and Iren — are similarly pursuing AI infrastructure or converting existing facilities into data centers.
