Riot Platforms, Inc.
- Open
- 18.02
- Day high
- 19.07
- Day low
- 17.44
- Prev close
- 18.82
- Volume
- 16.3M
- Mkt cap
- $6.9B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.9
- P/S
- 10.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$8.1M over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions mixed (13F)
Riot Platforms, Inc. (RIOT) is a Financial Services company listed on NASDAQ. The stock is up 32% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4). Drillr has 4 published research articles covering RIOT.
Riot Platforms, Inc. (RIOT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RIOT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $-0.33 | $-1.44 | -336.4% | $167M | +28.1% |
| Oct 30, 2025 | $-0.19 | $0.26 | +236.8% | $180M | +13.0% |
| Jul 31, 2025 | $-0.19 | $0.57 | +400.0% | $153M | -9.0% |
| May 1, 2025 | $-0.25 | $-0.90 | -260.0% | $161M | +0.4% |
| Oct 30, 2024 | $-0.16 | $-0.54 | -237.5% | $85M | -34.1% |
| Jul 31, 2024 | $-0.16 | $-0.32 | -100.0% | $70M | -26.6% |
| May 1, 2024 | $-0.14 | $0.81 | +678.6% | $79M | -16.5% |
| Feb 22, 2024 | $-0.29 | $0.48 | +265.5% | $79M | -6.5% |
| Mar 2, 2023 | $-0.14 | $-0.07 | +50.0% | $60M | +8.4% |
| Aug 15, 2022 | $0.08 | $-0.50 | -725.0% | $73M | -3.4% |
| Mar 16, 2022 | $0.12 | $-0.26 | -316.7% | $91M | +1.7% |
| Nov 15, 2021 | $0.41 | $0.26 | -36.6% | $65M | -33.3% |
RIOT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | D'Ambrosio Lance Varrodirector | Grant | 8,347 | — |
| Jul 6, 2026 | Leverton Jaimedirector | Grant | 8,347 | — |
| Jul 6, 2026 | Werner Ryan D.officer: SVP, CAO | Tax | 13,869 | $23.96 |
| Jul 6, 2026 | Yee Colin M.other: Senior Advisor (See Remarks) | Option | 41,071 | — |
| Jul 6, 2026 | Mouton Douglasdirector | Grant | 8,347 | — |
| Jul 6, 2026 | Howell Stephen Mitchell Jr.officer: COO | Tax | 21,966 | $23.96 |
| Jul 6, 2026 | Yee Colin M.other: Senior Advisor (See Remarks) | Option | 83,752 | — |
| Jul 6, 2026 | Yee Colin M.other: Senior Advisor (See Remarks) | Option | 124,823 | — |
| Jul 6, 2026 | Turner Michael Johndirector | Grant | 8,347 | — |
| Jul 6, 2026 | Les Jasondirector, officer: CEO | Tax | 101,015 | $23.96 |
| Jun 24, 2026 | Werner Ryan D.officer: SVP, CAO | Sell | 25,375 | $30.00 |
| Jun 24, 2026 | Les Jasondirector, officer: CEO | Sell | 62,703 | $30.09 |
| May 29, 2026 | Werner Ryan D.officer: SVP, CAO | Sell | 37,616 | $26.50 |
| May 13, 2026 | Les Jasondirector, officer: CEO | Sell | 175,000 | $25.19 |
| Jan 5, 2026 | Werner Ryan D.officer: SVP, CAO | Tax | 9,943 | $12.67 |
Source: RIOT SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full RIOT insider & 13F page →RIOT research & analysis
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Bitcoin's rally to $73K on hot 3.3% CPI data highlights US-listed crypto winners like MSTR and COIN. Miners MARA, RIOT, and CLSK benefit from holdings and efficiency, with AI pivots adding upside. Ranked by conviction: MSTR leads.
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Malta's dispute with EU crypto regs spotlights MiCA risks, favoring US-listed winners like COIN and HOOD for volume gains while miners MARA/RIOT pivot. Diversified PYPL/SQ lag. Ranked: COIN > HOOD > MARA.
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The CFTC's settlement with ex-FTX exec Nishad Singh highlights enduring regulatory risks for public crypto firms, with exchanges like COIN most exposed while miners pivoting to AI (MARA, CLSK) offer relative safety. Financials show robust revenue growth across the board but persistent losses and high valuations. Ranked conviction favors diversified miners over pure-play exchanges.
COINMSTRMARABitcoin at $66K: MSTR Holds Firm While MARA Faces the Real Risk
Bitcoin's drop to $66,000 tests corporate BTC treasuries, with MicroStrategy and low-leverage miners like RIOT and CLSK best positioned via strong growth and balance sheets. High-debt sellers like MARA face outsized risks. Ranked conviction favors HODLers with operational edges.
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Riot Platforms, Inc. company profile
Overview
Riot Platforms, Inc. (NASDAQ:RIOT) is a North American Bitcoin mining company founded in 2000 and headquartered in Castle Rock, Colorado. Originally incorporated under a different business model, the company pivoted to focus on cryptocurrency mining operations and has evolved into one of the largest publicly traded Bitcoin mining companies in the United States. Riot operates large-scale mining facilities in Texas and has been expanding its operations through strategic acquisitions and facility development, while also exploring opportunities in AI and high-performance computing data center services.
Business
Riot Platforms operates primarily in the Bitcoin mining industry, which involves using specialized computer hardware to solve complex mathematical problems that validate transactions on the Bitcoin blockchain network. This process, known as "mining," requires significant computational power and electricity, and successful miners are rewarded with newly created Bitcoin. The company operates through three main business segments: 1. Bitcoin Mining Operations (~85% of revenue): This is Riot's core business, involving the deployment of thousands of specialized mining machines called ASICs (Application-Specific Integrated Circuits) across multiple facilities. These machines run continuously to compete for Bitcoin rewards by processing blockchain transactions. The company operates major facilities in Texas, including the Corsicana facility with 400 megawatts of power capacity and plans for expansion to 1 gigawatt. 2. Engineering and Electrical Services (~10% of revenue): Through its subsidiary ESSMetron and acquired E4A Solutions, Riot provides electrical engineering services, equipment manufacturing, and infrastructure development for mining operations and other industrial applications. 3. Data Center Hosting (~5% of revenue): The company provides hosting services for third-party mining equipment and is exploring expansion into AI and high-performance computing (HPC) data center services, leveraging its substantial power infrastructure. Bitcoin mining is an energy-intensive industry where profitability depends heavily on the cost of electricity, the efficiency of mining equipment, the price of Bitcoin, and the network's overall mining difficulty. The industry experienced a significant event in 2024 called the "halving," which reduced the Bitcoin reward for mining by 50%, making operational efficiency even more critical.
Revenue model
Riot Platforms generates revenue through several interconnected business models: Bitcoin Mining Revenue is the primary income source, accounting for approximately 85% of total revenue. The company earns Bitcoin by successfully mining blocks on the Bitcoin network, receiving both newly minted Bitcoin and transaction fees. Revenue fluctuates based on the number of Bitcoin mined, which depends on the company's hash rate (computational power), network difficulty, and operational uptime. The company has shifted from selling mined Bitcoin immediately to a "HODL" strategy, accumulating Bitcoin on its balance sheet as a store of value. Engineering and Electrical Services provide steady contract-based revenue through ESSMetron and E4A Solutions, offering electrical infrastructure development, equipment manufacturing, and engineering consulting services to mining operations and industrial clients. Data Center Hosting Services generate recurring revenue by providing power, cooling, and maintenance services to third-party mining equipment operators, typically under long-term contracts with predictable cash flows. Several factors significantly impact Riot's profitability margins. Electricity costs are the largest operational expense, making access to low-cost power (currently around $0.031 per kWh) crucial for maintaining competitive advantages. Bitcoin price volatility directly affects revenue since mining rewards are denominated in Bitcoin. Network difficulty adjustments occur approximately every two weeks and can reduce mining efficiency industry-wide. Equipment efficiency and lifespan determine both capital expenditure requirements and operational hash rate. Regulatory changes in cryptocurrency or energy markets could impact operations, while competition from other miners affects overall network difficulty and profitability. The company's margins also benefit from operational scale, allowing for better equipment procurement terms and operational efficiencies.
Risks & safety
Riot Platforms presents a moderate margin of safety with strong liquidity but concerning operational cash flow trends. Liquidity and Solvency: • Cash and short-term investments: $164 million (Q1 2025) • Current ratio: 3.23x indicating strong short-term liquidity • Debt-to-equity ratio: 0.011 showing minimal debt burden • Total assets: $3.7 billion vs total liabilities: $774 million • No immediate solvency risk given low debt levels Cash Flow and Profitability: • Negative operating cash flow: -$122 million (Q1 2025) • Negative free cash flow: -$155 million (Q1 2025) • Quarterly cash burn rate suggests 3-4 quarters of runway at current levels • EBITDA negative: -$221 million (Q1 2025) due to Bitcoin price volatility and operational scaling Valuation Metrics: • Price-to-book ratio: 0.80x suggesting potential undervaluation • Trading below book value provides some downside protection • Price-to-earnings ratio: negative due to recent losses • Enterprise value considerations complicated by Bitcoin holdings on balance sheet Other Considerations: • Bitcoin holdings of 19,223 Bitcoin provide significant asset backing (~$1.2 billion at $60K Bitcoin) • Capital-intensive business model requiring ongoing equipment investments • Revenue highly correlated to Bitcoin price volatility • Operational leverage means profitability sensitive to Bitcoin price and network difficulty changes
Recent development
Over the past two years, Riot Platforms has undergone significant strategic transformation and operational expansion. The company made a fundamental shift in Bitcoin strategy in January 2024, moving from immediately selling mined Bitcoin to a "HODL" approach, accumulating Bitcoin on its balance sheet as a store of value. This resulted in Bitcoin holdings growing from 7,327 to over 19,000 Bitcoin. Operational expansion has been aggressive, with the company successfully energizing its 400-megawatt Corsicana facility in Texas and increasing its self-mining hash rate from 12.4 exahash to over 33 exahash. The company has also pursued strategic acquisitions, including Block Mining in Kentucky (adding 60 megawatts of capacity), E4A Solutions for engineering capabilities, and settling litigation through the acquisition of Rhodium Assets. A major strategic pivot involves exploring AI and high-performance computing (HPC) opportunities. Riot is actively engaging with hyperscaler companies to potentially convert some of its power capacity from Bitcoin mining to AI/HPC data center services. The company has commissioned feasibility studies and is targeting build-to-suit data center development at its Corsicana facility, with 1 gigawatt of approved power capacity. This diversification strategy aims to leverage the company's substantial power infrastructure for potentially higher-margin applications. Financial strategy evolution includes exploring alternative financing options to minimize shareholder dilution, establishing a Bitcoin-collateralized credit facility with Coinbase, and limiting use of at-the-market equity programs. The company has also been actively evaluating additional merger and acquisition opportunities to further expand its power access and operational capabilities.
RIOT company profile · for informational purposes only — not investment advice.
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