Riot Platforms reported $167.2 million in revenue for the first quarter of 2026, with its newly launched data center segment contributing $33.2 million.
The data center business helped cushion a downturn in Riot’s core Bitcoin mining operations, which generated $111.9 million, down from $142.9 million in Q1 2025. The decline was attributed to lower average Bitcoin prices and a 24% increase in the global network hash rate. During the quarter, Riot produced 1,473 Bitcoin, compared to 1,530 a year earlier, while the average cost to mine one coin rose to $44,629 from $43,808, according to the company.
CEO Jason Les described the quarter as a turning point, noting that Riot has now become an active, revenue-generating data center operator. He also highlighted AMD’s decision to double its contracted capacity from 25 megawatts to 50 megawatts as a sign of confidence in Riot’s ability to deliver at scale.
Riot ended the quarter holding 15,679 Bitcoin, valued at approximately $1.1 billion based on a March 31 price of $68,222, with 5,802 coins pledged as collateral. The company reported $282.5 million in cash, including $76.9 million in restricted funds, and said it sold more than $250 million worth of Bitcoin during the quarter.
Meanwhile, engineering revenue, which includes infrastructure services, climbed to $22.2 million from $13.9 million a year earlier, further diversifying Riot’s income streams.
Riot’s stock rose 7.31% to close at $18.50 on Friday following the earnings release, before dipping 0.57% to $18.40 in after-hours trading.
Bitcoin miners pivot to AI infrastructure
Bitcoin miners are increasingly turning to AI infrastructure as tightening mining margins drive the search for more stable revenue streams. As previously reported, Core Scientific is transforming its Pecos, Texas facility into a 1.5-gigawatt AI-focused data center campus, repurposing 300 megawatts of Bitcoin mining capacity and securing more than 200 acres to support the expansion.
Other industry players are following a similar path. MARA Holdings has acquired a majority stake in French AI infrastructure firm Exaion, while Hive, Hut 8, TeraWulf and Iren are also repurposing mining operations into data center infrastructure.
