Shares of Riot Platforms (NASDAQ: RIOT) gained as much as 13.3% at 11:30 a.m. ET. The digital infrastructure company reported disappointing Q1 2026 results last night, but the weak financials had a silver lining. Riot also reported a smooth rollout of AI computing capacity for chip designer Advanced Micro Devices (NASDAQ: AMD), which may lead to a larger and more lucrative computing contract over time.
Image source: Getty Images.
Let’s start with the basic numbers.
Weak Bitcoin mining results couldn’t keep Riot Platforms down today. Its growing AMD deal stole the show.
Shares of Riot Platforms (RIOT +6.90%) gained as much as 13.3% at 11:30 a.m. ET. The digital infrastructure company reported disappointing Q1 2026 results last night, but the weak financials had a silver lining. Riot also reported a smooth rollout of AI computing capacity for chip designer Advanced Micro Devices (AMD +1.68%), which may lead to a larger and more lucrative computing contract over time.
Image source: Getty Images.
The good, the bad, and the Bitcoin
Let’s start with the basic numbers.
Riot’s Q1 sales rose 3.6% year over year, landing at $167.2 million. The company generated 1,473 Bitcoin (BTC +2.55%) during the quarter, down from 1,530 coins in the year-ago period, and Bitcoin prices have fallen sharply in recent months. At the same time, other revenues jumped from $18.5 million to $55.3 million, driven by strong demand for AI computing capacity. Riot’s Bitcoin-mining facilities offer robust electric power supply and advanced system cooling to other number-crunching businesses when Bitcoin prices are down.
On that note, the AMD deal Riot signed in 2025 is now generating revenues. The chip veteran also exercised the option to double its contracted capacity at Riot’s Rockdale, Texas, facility from 25 to 50 megawatts. Pending further development of that site, AMD could double its installed capacity again.
The active capacity is only 5 megawatts so far, with expansions scheduled throughout 2026 and early 2027.
Riot Platforms
Today’s Change
(6.90%) $1.19
Current Price
$18.43
Mining Bitcoin is so 2025
Management spent most of the earnings call on the potentially game-changing details of Riot’s AMD deal. So far, the company still generates most of its revenues via Bitcoin mining, but the business model is changing rapidly.
“Riot Platforms is now an active data center operator, and for the first time, our top line includes contracted lease revenue from an investment-grade tenant,” said CFO Jason Chung. “To be clear, we are not looking to push all of our future growth through a single financing channel.” Instead, the company plans to continue mining Bitcoin when it makes sense, while diversifying into other computing services such as the AMD deal.
