$RIOT · Riot Platforms, Inc.
Riot Platforms filed its 10-Q for the quarter ended September 30, 2026. Total revenue was $181.4M, up 0.7% YoY, with Bitcoin Mining revenue falling to $116.0M from $160.8M while new Data Center ($18.4M) and Engineering ($47.0M) segments offset the decline. GAAP net income was $4.0M ($0.01/share) for the quarter, but the nine-month period swung to a $733.6M net loss ($2.09/share) driven by a $229.4M change in fair value of bitcoin and $46.4M in property/equipment impairments.
- Q3 revenue $181.4M, up just 0.7% YoY from $180.2M.
- Bitcoin Mining revenue fell 27.9% YoY to $116.0M from $160.8M.
- Nine-month net loss of $733.6M vs. $27.6M profit a year earlier.
- Bitcoin holdings fell to $202.0M from $1.23B at year-end 2025.
- Cash and equivalents rose to $669.1M from $233.5M at year-end.
Shares rose 18.41% to $14.02 in the regular session, suggesting investors are rewarding the diversification into data center and engineering revenue despite the nine-month loss.
Riot's results show a company in transition: flat revenue and a deep nine-month loss, but a strategic shift into data center and engineering that investors are rewarding.
Riot's pivot from pure bitcoin mining to AI/HPC data center infrastructure mirrors peers like Core Scientific and Hut 8 diversifying away from mining economics.
Bitcoin fair-value volatility drove a $229.4M nine-month charge, and property/equipment impairments of $46.4M signal writedown risk in mining assets.