Riot Platforms, Inc. Q4 FY2025 earnings call

2025 was a transformational year. Riot completed the fee-simple acquisition of the Rockdale site, completed the basis of design platform, expanded land portfolio, recruited data center talent. In leasing, announced first lease with AMD in Jan 2026. On development, delivered initial phase of power capacity to AMD on time, core and shell development underway at Corsicana. Capital management is disciplined, activating balance sheet to fund development and planning to access project finance and debt capital markets.

For fiscal year 2025, Riot's Bitcoin mining business contributed $576.3 million or 89% of total revenue, with revenue of $576.3 million and gross profit of $294 million (including power curtailment credit). The engineering business had a record backlog of $224.6 million at the end of 2025, with 90% of the backlog in the data center sector.

2026 focus: deliver full 25 MW compute for AMD lease, execute on additional leases at Corsicana and Rockdale, secure attractive low-cost financing. Actively engaging in discussions with multiple high-quality tenants. Economic framework prioritizes data center development with creditworthy counterparties over Bitcoin mining where higher risk-adjusted returns are achievable.

ERCOT batch process changes could impact new sites, but Riot's approved sites are not affected. Uncertainty in Bitcoin sales and data center financing, as well as potential delays in leasing negotiations.

Q: About AMD lease progress and expansion discussions.

A: Validation of commercial approach and internal engineering capability, focused on delivering to AMD and building long-term partnership.

Q: On financing discussions.

A: Engaging with banks, separating risk profiles of stabilized and expansion portions, seeing liquidity in project finance markets.

Q: On leasing pipeline and site preference.

A: Active conversations with multiple parties, targeting additional announcements in 2026, flexible on single or multi-tenant with focus on high-creditworthy counterparties.

Q: On ERCOT and power approval.

A: Corsicana power approved in 2022, not impacted by ERCOT batch process.

Q: On Bitcoin sales funding CapEx.

A: Continue selling Bitcoin from balance sheet to fund needs, also tap into low-cost debt structures.

Q: On M&A of new sites and site valuation.

A: Evaluating opportunities, proximity to tier-one markets widens tenant conversations.

Q: On ESS Metron benefits.

A: Strategic and supply chain visibility, CapEx savings of $23.2 million since acquisition