Riot Platforms Posts Q1 Beat With Data Center Debut

Overview

• Riot reported $167.2 million in first‑quarter revenue, its first period with data center sales, which pushed the shares up about 7%.
• The new data center business generated $33.2 million in its inaugural quarter after AMD doubled its contracted capacity from 25 megawatts to 50 megawatts.
• Bitcoin mining revenue fell to $111.9 million as a lower average coin price and a 24% rise in global network hash rate made mining less profitable.
• The company sold more than $250 million worth of Bitcoin during the quarter and ended with 15,679 BTC on its balance sheet.
• Executives framed the shift as a structural change, echoing a wider move by miners like Core Scientific and MARA into AI and data‑center infrastructure to secure more predictable revenue.