Form 8-K

8-K — Riot Platforms, Inc.

Accession: 0001104659-26-052943

Filed: 2026-04-30

Period: 2026-04-30

CIK: 0001167419

SIC: 6199 (FINANCE SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — riot-20260430x8k.htm (Primary)

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8-K

8-K (Primary)

Filename: riot-20260430x8k.htm · Sequence: 1

Riot Platforms, Inc._April 30, 2026

0001167419false00011674192026-04-302026-04-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 30, 2026

Riot Platforms, Inc.

(Exact name of registrant as specified in its charter)

Nevada

001-33675

84-1553387

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

3855 Ambrosia Street, Suite 301

Castle Rock, CO 80109

(Address of principal executive offices)

(303) 794-2000

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, no par value per share

RIOT

Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 - Results of Operations and Financial Condition.

On April 30, 2026, Riot Platforms, Inc. (together with its consolidated subsidiaries, the “Company”) issued a press release (the “Press Release”) and an update on the Company’s business and financial results and results of operations for the three months ended March 31, 2026 (the “Q1 2026 Earnings Deck”) on its website, www.riotplatforms.com, under the “Investor Relations” tab. The full text of the Press Release and the Q1 2026 Earnings Deck are attached to this Current Report on Form 8-K (this “Report”) as Exhibit 99.1 and 99.2, respectively.

The information under this Item 2.02 of this Report, including Exhibits 99.1 and 99.2 attached hereto, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 – Financial Statements and Exhibits.

(d)Exhibits.

EXHIBIT INDEX

Exhibit No.

Description

99.1

Press Release, dated April 30, 2026.

99.2

Q1 2026 Earnings Deck, dated as of April 30, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

S I G N A T U R E

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

RIOT PLATFORMS, INC.

By:

/s/ Jason Chung

Name:

Jason Chung

Title:

Chief Financial Officer

Date: April 30, 2026

EX-99.1

Filename: riot-20260430xex99d1.htm · Sequence: 2

Exhibit 99.1

Riot Platforms Reports First Quarter 2026 Financial Results and Strategic Highlights

● Quarterly revenue of $167.2 million, including $33.2 million in Data Center revenue

● Announces AMD exercise of option for an additional 25 MW, bringing total contracted capacity to 50 MW of critical IT capacity

CASTLE ROCK, Colo., April 30th 2026 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), a Bitcoin-driven industry leader in the development of large-scale data centers and bitcoin mining applications, reported financial results for the three-month period ended March 31, 2026. The accompanying presentation materials are available on Riot’s website.

“The first quarter of 2026 marks a definitive inflection point for Riot, as we officially transitioned into an active, revenue-generating data center operator,” said Jason Les, CEO of Riot. “Our ongoing delivery of initial capacity to AMD, and their decision to already double their footprint with a 25 megawatt expansion, validates our ability to execute at institutional scale with the most demanding tenants. With 50 megawatts now firmly contracted with AMD, we are rapidly executing on the value creation opportunity presented by our significant, fully-approved power portfolio. We have the secured power, the in-house development expertise, and the significant financial resources required to capitalize on strong market demand with high-quality tenants in order to drive compounding shareholder value.”

First Quarter 2026 Financial and Operational Highlights

Key financial and operational highlights for the quarter include:

● Total revenue of $167.2 million, as compared to $161.4 million for the same three-month period in 2025.

● Produced 1,473 bitcoin, as compared to 1,530 during the same three-month period in 2025.

● The average cost to mine bitcoin, excluding depreciation, was $44,629 in the quarter, as compared to $43,808 per bitcoin in the same three-month period in 2025. The increase was primarily driven by a 24% increase in the average global network hash rate as compared to the same period in 2025, partially offset by a 169% increase in power credits received in first quarter 2026 compared to power credits received in first quarter 2025.

● Bitcoin Mining revenue of $111.9 million for the quarter, as compared to $142.9 million for the same three-month period in 2025, primarily driven by lower average bitcoin prices and an increase in global network hash rate, partially offset by an increase in Riot’s average operating hash rate.

● The Company’s first quarter of Data Center revenue of $33.2 million. Data Center revenue was comprised of $0.9 million in operating lease revenue and $32.2 million in tenant fit-out services revenue.

● Engineering revenue of $22.2 million for the quarter, as compared to $13.9 million for the same three-month period in 2025.

● Maintained strong liquidity position with 15,679 bitcoin (of which 5,802 were held as collateral), equating to approximately $1.1 billion based on a market price for one bitcoin on March 31, 2026, of $68,222. The quarter ended with $282.5 million of cash on hand (of which $76.9 million is restricted).

About Riot Platforms, Inc.

Riot’s (NASDAQ: RIOT) vision is to be the world’s most trusted platform for powering and building digital infrastructure.

Riot’s mission is to empower the future of digital infrastructure by positively impacting the sectors, networks, and communities that we touch. We believe that the combination of an innovative spirit and strong community partnership allows the Company to achieve best-in-class execution and create successful outcomes.

Riot is a Bitcoin-driven industry leader in the development of large-scale data centers and bitcoin mining applications. The Company’s vertically integrated strategy spans Bitcoin mining, engineering, and the development of large-scale data center projects designed to support the growing demand for high-density computing. Riot currently operates Bitcoin mining facilities in central Texas and Kentucky, with engineering and fabrication capabilities in Denver and Houston. The Company is now expanding into data center development, strengthening its position as a foundational builder in the digital economy.

For more information, visit www.riotplatforms.com.

Safe Harbor

Statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions. Such statements rely on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” similar expressions and their negatives are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to: plans to develop data centers, projections, objectives, expectations, and intentions about future events, short-term and long-term business operations and objectives and financial needs; the Company’s data center lease at the Rockdale Site; forecasted demand for energy at the sites; the Company’s expansion plans at the site, the Company’s anticipated financing plan for the project, and the Company’s other plans, projections, objectives, expectations, and intentions more generally. These forward-looking statements are subject to a number of risks and uncertainties that may cause results, performance, or achievements to be materially different from those expressed or implied, including, without limitation: risks relating to the Company’s growth and developing the Company’s power capacity for data center purposes, including construction plans, delays, supply chain issues, permitting or regulatory hurdles, and unforeseen technical challenges; the anticipated demand for large data centers; changes in leasing arrangements; risks relating to the financing of new data centers; future economic conditions, performance, or outlooks; future political conditions; the outcome of contingencies; potential acquisitions or divestitures; our ability to maximize the value of our full power portfolio; the number and value of Bitcoin rewards and transaction fees we earn from our ongoing Bitcoin Mining operations; future self-mining hash rate capacity; expected cash flows or capital expenditures; our beliefs or expectations; activities, events or developments that we intend, expect, project, believe, or anticipate will or may occur in the future; unaudited estimates of bitcoin production; risks related to the success, schedule, cost and difficulty of integrating businesses we acquire; and our failure to realize anticipated efficiencies and strategic and financial benefits from our acquisitions. Detailed information regarding the factors identified by the Company’s management which they believe may cause actual results to differ materially from those expressed or implied by such forward-looking statements in this press release may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risks, uncertainties and other factors discussed under the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC’s website, www.sec.gov. All forward- looking statements included in this press release are made only as

of the date of this press release, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on such forward-looking statements.

Additional Information and Communications

For important news and information regarding the Company, including presentations and other news and events, visit the Investor Relations section of the Company’s website, riotplatforms.com/overview, and the Company’s social media accounts, including on X and LinkedIn.

Contacts:

Investor Contact:

Joshua Kane

IR@Riotplatforms.com

Media Contact:

Becca Rincon

PR@Riotplatforms.com

Non-U.S. GAAP Measures of Financial Performance

In addition to financial measures presented under generally accepted accounting principles in the United States of America (“GAAP”), we consistently evaluate our use of and calculation of non-GAAP financial measures such as “Adjusted EBITDA.” EBITDA is computed as net income before interest, taxes, depreciation, and amortization. Adjusted EBITDA is a financial measure defined as EBITDA, adjusted to eliminate the effects of certain non-cash and/or non-recurring items that do not reflect our ongoing strategic business operations, which management believes results in a performance measurement that represents a key indicator of the Company’s core business operations of Bitcoin mining. The adjustments include fair value adjustments such as derivative power contract adjustments, equity securities fair value changes, and non-cash stock-based compensation expense, in addition to financing and legacy business income and expense items. We believe Adjusted EBITDA can be an important financial performance measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including our return on capital and operating efficiencies from period-to-period by making such adjustments. Additionally, Adjusted EBITDA is used as a performance metric for share-based compensation.

Adjusted EBITDA is provided in addition to, and should not be considered a substitute for, or superior to, net income, the most comparable measure under GAAP to Adjusted EBITDA. Further, Adjusted EBITDA should not be considered as an alternative to revenue growth, net income, diluted net income per share or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of our liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider this financial measure either in isolation or as a substitute for analyzing our results as reported under GAAP.

The following table reconciles Adjusted EBITDA to Net income (loss), the most comparable GAAP financial measure:

Three Months Ended

March 31,

2026

2025

Net income (loss)

(500,477)

(296,367)

Interest income

(2,313)

(3,397)

Interest expense

2,618

2,308

Income tax expense (benefit)

291

437

Depreciation and amortization

97,734

77,926

EBITDA

(402,147)

(219,093)

Adjustments:

Stock-based compensation expense

39,166

29,576

Acquisition-related costs

—

Change in fair value of derivatives

51,852

(41,894)

Change in fair value of contingent consideration

—

(8,252)

Loss (gain) on equity method investment - marketable securities

—

63,238

Loss (gain) on sale of equipment

—

129

Other (income) expense

(93)

Amortization of license fee revenue

—

(24)

Adjusted EBITDA

(311,117)

(176,337)

The Company defines Cost to Mine as the cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as calculated in the table below.

Three Months Ended

March 31,

2026

2025

Cost of power for self-mining operations

72,317

61,830

Other direct cost of revenue for self-mining operations(1)(2), excluding bitcoin miner depreciation

14,445

12,988

Cost of revenue for self-mining operations, excluding bitcoin miner depreciation

86,762

74,818

Less: power curtailment credits(3)

(21,023)

(7,801)

Cost of revenue for self-mining operations, net of power curtailment credits, excluding bitcoin miner depreciation

65,739

67,017

Bitcoin miner depreciation(4)(5)

76,086

57,062

Cost of revenue for self-mining operations, net of power curtailment credits, including bitcoin miner depreciation

141,825

124,079

Quantity of bitcoin mined

1,473

1,530

Production value of one bitcoin mined(6)

75,964

93,385

Cost to mine one bitcoin, excluding bitcoin miner depreciation

44,629

43,808

Cost to mine one bitcoin, excluding bitcoin miner depreciation, as a % of production value of one bitcoin mined

58.8

46.9

Cost to mine one bitcoin, including bitcoin miner depreciation

96,283

81,109

Cost to mine one bitcoin, including bitcoin miner depreciation, as a % of production value of one bitcoin mined

126.7

86.9

(1)

Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property tax.

(2)

During the three months ended March 31, 2026 and 2025, we paid cash of $23.5 million and $21.0 million, respectively, in total deposits and payments for the purchase of miners. Costs to finance the purchase of miners were zero in all periods presented as the miners were paid for with cash from the Company’s cash balance. The seller did not provide any financing nor did the Company borrow from a third-party to purchase the miners.

(3)

Power curtailment credits are credited against our power invoices as a result of temporarily pausing our operations to participate in ERCOT’s Demand Response Service Programs. Our fixed-price power purchase contracts enable us to strategically curtail our mining operations and participate in these programs, which significantly lower our cost to mine bitcoin. These credits are recognized in Power curtailment credits on our Condensed Consolidated Statements of Operations, outside of cost of revenue, but significantly reduce our overall cost to mine bitcoin.

(4)

We capitalize the acquisition cost of our miners and include these costs in Property and equipment, net on our Condensed Consolidated Balance Sheets. The miners are depreciated over an estimated useful life of three years, during which time, they are expected to contribute to the generation of bitcoin revenue. We do not consider depreciation expense in determining whether it is economical to operate our miners because depreciation is a non-cash expense and is not a variable operating cost that can be avoided even if we curtail operations temporarily. Depreciation expense incurred is disclosed for each respective period in the table above.

(5)

The following table presents the future depreciation expense of all of our bitcoin miners:

Remainder of 2026

197,735

2027

216,084

2028

94,489

2029

13,865

Total

522,173

(6)

Computed as revenue recognized from bitcoin mined divided by the quantity of bitcoin mined during the same period.

EX-99.2

Filename: riot-20260430xex99d2.htm · Sequence: 3

Exhibit 99.2

Conceptual rendering

RIOT PLATFORMS

Q1 2026 EARNINGS

April 30, 2026 NASDAQ: RIOT

FORWARD-LOOKING

STATEMENT

Statements in this presentation that are not statements of historical fact are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions, and are

not guarantees of future performance or actual results. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as

amended. These forward-looking statements may include, but are not limited to: plans to develop data centers; the Company’s data center lease at the Rockdale Site; total lease contract value over the term with and without exercising

options and extension; net operating income (“NOI”) of the lease; projected delivery timeline of the site; forecasted demand for energy at the sites; construction plans; forecasted capital expenditures and descriptions thereof; projected

energization timelines; and the Company’s other plans, objectives, expectations, and intentions. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” and similar expressions are intended to identify

forward-looking statements; however, forward-looking statements may be made without such signifying expressions.

Because such forward-looking statements reflect management’s current expectations, assumptions and estimates of future performance and economic conditions, they are subject to risks and uncertainties that may cause actual results to

differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to developing the Company’s power capacity for data center purposes, including

construction plans, delays, supply chain issues, permitting or regulatory hurdles, and unforeseen technical challenges; our ability to attract and retain qualified third-party partners and customers; changes in leasing arrangements; risks

relating to the financing of new data centers; future economic conditions, performance, or outlooks; future political conditions; the outcome of contingencies; our ability to maximize the value of our full power portfolio; rapidly changing

technologies; the number and value of Bitcoin rewards and transaction fees we earn from our ongoing Bitcoin Mining operations; future self-mining hash rate capacity; expected cash flows or capital expenditures; our beliefs or expectations;

activities, events or developments that we intend, expect, project, believe, or anticipate will or may occur in the future; unaudited estimates of bitcoin production; risks related to the success, schedule, cost and difficulty of integrating

businesses we acquire; and our failure to realize anticipated efficiencies and strategic and financial benefits from our acquisitions.

Further information regarding the factors identified by the Company’s management, which they believe may cause actual results to differ materially from those expressed or implied by the forward-looking statements contained in this

presentation, may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risks, uncertainties and other factors discussed under the sections entitled “Risk Factors” and “Cautionary Note

Regarding Forward-Looking Statements” of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC’s website,

www.sec.gov. In addition to these risks and those identified by the Company’s management and disclosed in the Company’s filings with the SEC, other risks, factors and uncertainties not identified by management, or which management does

not presently believe to be material to the Company, its business or prospects, may also materially affect the Company’s actual future results, including in ways adverse to the Company’s business. All forward-looking statements included in

this presentation are made only as of the date of this presentation, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or

of which the Company hereafter becomes aware, except as required by law. Persons reading this presentation are cautioned not to place undue reliance on such forward-looking statements.

Non-GAAP Financial Measures

This presentation includes a forward-looking non-GAAP financial measure, net operating income (NOI), which the Company defines as lease revenue for a specific lease less cost of revenue. Cost of revenue, includes compensation, IT

equipment and software, and other costs directly related to the lease. Management uses NOI to assess the projected operating performance of individual leases. The most directly comparable GAAP measure is segment gross profit or loss.

NOI has significant limitations as an analytical tool and should not be considered in isolation or as a substitute for GAAP results. In evaluating NOI, you should be aware that future non-reimbursable lease operating expenses may arise that are

not currently known. The Company’s presentation of NOI should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. This measure excludes the impact of capital expenditures, material

financial obligations, general and administrative expenses and depreciation and amortization, all of which have real economic effects and could materially affect the Company’s consolidated financial results. Definitions and calculations of NOI

may vary among companies, and therefore the Company’s NOI may not be comparable to similar measures published by others. A reconciliation of NOI to operating income is not provided because NOI is only calculated for specific leases.

Certain amounts cannot be reasonably estimated without unreasonable efforts because certain reconciling metrics are out of the Company’s control, and such estimates would imply a degree of precision that could be misleading to investors.

For more information, please refer to our GAAP financial statements included in our most recent filings with the SEC.

Statements in this presentation that are not statements of historical fact are

forward-looking statements that reflect management’s current expectations,

assumptions, and estimates of future performance and economic conditions, and

are not guarantees of future performance or actual results. Such statements are

made in reliance on the safe harbor provisions of Section 27A of the Securities Act

of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as

amended. These forward-looking statements may include, but are not limited to:

plans to develop data centers; the Company’s data center lease at the Rockdale

Site; total lease contract value over the term with and without exercising options

and extension; net operating income (“NOI”) of the lease; projected delivery

timeline of the site; forecasted demand for energy at the sites; construction plans;

forecasted capital expenditures and descriptions thereof; projected energization

timelines; and the Company’s other plans, objectives, expectations, and intentions.

Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,”

“potential,” “hope,” and similar expressions are intended to identify forward-looking statements; however, forward-looking statements may be made without

such signifying expressions.

Because such forward-looking statements reflect management’s current

expectations, assumptions and estimates of future performance and economic

conditions, they are subject to risks and uncertainties that may cause actual results

to differ materially from those expressed or implied by such forward-looking

statements. These risks and uncertainties include, but are not limited to: risks

relating to developing the Company’s power capacity for data center purposes,

including construction plans, delays, supply chain issues, permitting or regulatory

hurdles, and unforeseen technical challenges; our ability to attract and retain

qualified third-party partners and customers; changes in leasing arrangements;

risks relating to the financing of new data centers; future economic conditions,

performance, or outlooks; future political conditions; the outcome of contingencies;

our ability to maximize the value of our full power portfolio; rapidly changing

technologies; the number and value of Bitcoin rewards and transaction fees we

earn from our ongoing Bitcoin Mining operations; future self-mining hash rate

capacity; expected cash flows or capital expenditures; our beliefs or expectations;

activities, events or developments that we intend, expect, project, believe, or

anticipate will or may occur in the future; unaudited estimates of bitcoin

production; risks related to the success, schedule, cost and difficulty of integrating

businesses we acquire; and our failure to realize anticipated efficiencies and

strategic and financial benefits from our acquisitions.

Further information regarding the factors identified by the Company’s

management, which they believe may cause actual results to differ materially from

those expressed or implied by the forward-looking statements contained in this

presentation, may be found in the Company’s filings with the U.S. Securities and

Exchange Commission (the “SEC”), including the risks, uncertainties and other

factors discussed under the sections entitled “Risk Factors” and “Cautionary Note

Regarding Forward-Looking Statements” of the Company’s most recently filed

periodic reports on Form 10-K and Form 10-Q, and the other filings the Company

makes with the SEC, copies of which may be obtained from the SEC’s website,

www.sec.gov. In addition to these risks and those identified by the Company’s

management and disclosed in the Company’s filings with the SEC, other risks,

factors and uncertainties not identified by management, or which management

does not presently believe to be material to the Company, its business or prospects,

may also materially affect the Company’s actual future results, including in ways

adverse to the Company’s business. All forward-looking statements included in this

presentation are made only as of the date of this presentation, and the Company

disclaims any intention or obligation to update or revise any such forward-looking

statements to reflect events or circumstances that subsequently occur, or of which

the Company hereafter becomes aware, except as required by law. Persons reading

this presentation are cautioned not to place undue reliance on such forward-looking statements.

Non-GAAP Financial Measures

This presentation includes a forward-looking non-GAAP financial measure, net

operating income (NOI), which the Company defines as lease revenue for a specific

lease less cost of revenue. Cost of revenue, includes compensation, IT equipment

and software, and other costs directly related to the lease. Management uses NOI

to assess the projected operating performance of individual leases. The most

directly comparable GAAP measure is segment gross profit or loss. NOI has

significant limitations as an analytical tool and should not be considered in isolation

or as a substitute for GAAP results. In evaluating NOI, you should be aware that

future non-reimbursable lease operating expenses may arise that are not currently

known. The Company’s presentation of NOI should not be construed as an

inference that its future results will be unaffected by unusual or non-recurring

items. This measure excludes the impact of capital expenditures, material financial

obligations, general and administrative expenses and depreciation and

amortization, all of which have real economic effects and could materially affect the

Company’s consolidated financial results. Definitions and calculations of NOI may

vary among companies, and therefore the Company’s NOI may not be comparable

to similar measures published by others. A reconciliation of NOI to operating

income is not provided because NOI is only calculated for specific leases. Certain

amounts cannot be reasonably estimated without unreasonable efforts because

certain reconciling metrics are out of the Company’s control, and such estimates

would imply a degree of precision that could be misleading to investors.

For more information, please refer to our GAAP financial statements included in our

most recent filings with the SEC.

TABLE OF

CONTENTS

S E C T I O N 2 :

BUSINESS UPDATE DATA CENTERS

S E C T I O N 1 :

Q1 2026 KEY HIGHLIGHTS

S E C T I O N 5 :

POWER PORTFOLIO

S E C T I O N 4 :

Q1 2026 FINANCIAL UPDATE

S E C T I O N 3 :

FINANCING UPDATE

S E C T I O N 6 :

CLOSING REMARKS

Q1 2026

K E Y H I G H L I G H T S

S E C T I O N 1 :

AMD Expansion

Option

• 25 MW expansion option exercised, bringing total contracted

critical IT capacity to 50 MW with 50 MW of additional capacity

remaining on the initial option

• Additional 100 MW option (replaces prior AMD ROFR), with

total potential capacity of 200 MW for AMD

Data Center Design and

Development

• Enhanced standard design with greater density and modularity to support full

market of potential customer requirements

• Began development on first core and shell building at Corsicana and advanced on

securing long lead items for full buildout

• Strengthened in-house data center expertise, with strong leadership in-place

AMD Lease

Execution

• First 5 MW phase delivered on schedule

• Remaining 20 MW on track for May 2026 delivery

Prudent Financial

Management

• Funded significant data center infrastructure growth through operating

cash flow and disciplined bitcoin sales

• Executed all strategic growth initiatives in the quarter without equity

dilution

KEY ACCOMPLISHMENTS

BUSINESS

UPDATE

D A T A C E N T E R S

S E C T I O N 2 :

Recent picture of AMD deployment in Building G at Rockdale 6

AMD

RELATIONSHIP

CONTINUES

TO DEEPEN

AMD retains options

for +150 MW critical

IT capacity

ROCKDALE SITE

Critical IT

Capacity 25 MW 25 MW 50 MW

Full

Deployment 1 May 2026 May 2027 May 2027

Lease

Term

10-Year

(Three 5-Year

Extension Options)

10-Year

(Three 5-Year

Extension Options)

10-Year

(Three 5-Year

Extension Options)

Total Contract

Revenue 2 $311 million $325 million $636 million

Total

Estimated NOI 3 $250 million $260 million $510 million

Capital

Expenditures 4

$89.5 million

($3.6 million per MW)

$83.2 million

($3.3 million per MW)

$172.7 million

($3.5 million per MW)

1. Deployment will be delivered in phases, with the full deployment estimated to be delivered on the listed month.

2. Contract value for deployment over the initial 10-year term.

3. Estimated value for deployment over the initial 10-year term. Calculated as Revenue – Estimated Cost of Revenue.

4. Represents costs of new construction beyond existing infrastructure.

25 MW

INITIAL LEASE

25 MW

EXPANSION

TOTAL

LEASE

AMD | 25MW

Initial Capacity

AMD | 10MW

Phase 3 Expansion

AMD | 15MW

Phase 4 Expansion

AMD

+50MW

Expansion Option

Rockdale AMD Site Plan

Initial Capacity On-Schedule for May 2026 Delivery

Signed

lease

with AMD

25 MW

Full RFS

May 2026

Phase 3:

10 MW

Delivered

November 2026

Phase 4:

15 MW

Delivered

May 2027

100 MW

Additional Option

Replaces Prior ROFR

25 MW 35 MW 50 MW 100 MW

50 MW

Expansion

Option

TODAY

200 MW

Building F

Building G

Corsicana

core & shell

development has

commenced and is

on-schedule

Prospective Corsicana data center campus

UP TO 756 MW

TOTAL IT CAPACITY

Planned at Corsicana across

4.5 buildings

(168 MW IT Capacity per Building)

Conceptual rendering of

168 MW building 1 PHAS

E 1

PHASE 3

PHASE 2

S E C T I O N 3 :

FINANCING

UPDATE

Q 1 2 0 2 6

RIOT’S

FINANCING

PRINCIPLES

1234

L I Q U I D I T Y

Maximize Current

Liquidity

A C C E S S

Broaden Capital

Availability

C O S T

Lower Cost of

Capital

D I S C I P L I N E

Balance Sheet

Management

Manage cash and

bitcoin to fund initial

development costs

Leverage tenant credit

to access new funding

sources

Active debt

management through

market cycles

Obtain accretive, lower

cost financing as the

asset base matures

Lower Cost Refinancing Proceeds Recycled to Fund

Higher Return Projects

FINANCING LIFECYCLE

Deploy balance sheet

Obtain project level financing

Refinance and redeploy proceeds

Cost of Capital

Fully Contracted /

Stabilized

Lease Up /

Pre-Leased

Land /

Greenfield /

Brownfield

2 1

FINANCIAL

UPDATE

Q 1 2 0 2 6

S E C T I O N 4 :

1.Net income per share figure based on diluted shares outstanding.

2. See Appendix slides 28-31 for definitions, terms, and reconciliations.

3. Bitcoin value based on a closing price of $68,233 on March 31, 2026,

sourced from Coinbase.

4. ‘Global Network Hash Rate’ quarter average sourced from Blockchain.com

as of March 31, 2026.

FINANCIAL

METRICS

$167M

$(1.44)

$(500M)

$(311M)

POWER

STATISTICS

Net Cost of Power

Represents one of the lowest

costs of power in the industry 2

Power Credits

Equivalent of $9,977

per BTC mined

BTC MINING

STATISTICS

1,473

15,679

BTCHeld

Quarter-end value

of $1.1 billion3

42.5 EH/s

$44,629

2.0GW

RIOT PLATFORMS

Q1 2026

BY THE

NUMBERS

BTC Produced

Production of

16.6 BTC per day

3.0 c/kWh

$21M

Net Income

Reflects several non-cash

charges and mark to market

pricing on BTC held

Diluted EPS

Includes D&A, SBC,

unrealized loss on BTC held1

Adjusted EBITDA

Adjusted for non-cash and

unusual items2

Total Revenue

2% increase

Year-over-year

Hash Rate Deployed

Accounting for ~4.3% of

the global network4

Cost to Mine per Bitcoin

Vertical-integration and

power strategy drive low

cost to mine2

Available Total

Power Capacity

1,700 MW in Texas and 300

MW in Kentucky

DATA CENTER

STATISTICS

Exit Critical IT Capacity

End-of-quarter Critical IT

available & under contract

Total Revenue

Reflects RFS of Riot’s first data

center deployment & fit-out.

5 MW

$33M

Operating Lease Gross Margin

91%

DATA CENTER | First Quarter of Data Center Revenues

• Q1 operating lease gross margin of

91% as AMD initiates operations

• 5 MW of capacity delivered on

schedule in Q1 and already generating

data center revenues

• Tenant fit-out services include the

procurement and installation of

customer-specific equipment,

reimbursed by the tenant on a cost-plus basis

Revenue Gross Profit Gross Margin

$0.9M $0.8M 90.8%

Tenant fit-out

services $32.2M $1.5M 4.8%

Total $33.2M $2.4M 7.2%

Operating Lease

Revenue (Recurring)

Engineering Capacity

Increased to Service

Substantial Backlog ($M)

Riot Engineering provides significant

operational synergies

• Total engineering manufacturing capacity expected to

increase by 25% in 2026

• Manufactures low and medium voltage switchgear

and power distribution centers

• Derisksthe delivery of a critical data center

component

• Servicing and maintenance expertise leads to operational

efficiencies

• Significant capex savings across Riot Platforms

Data center

sector

represents

90% of current

backlog

Riot Engineering Provides a Key Competitive Advantage in the Delivery

of Critical Data Center Components

1.Engineering Backlog excludes Riot-related backlog 16

$114.9 $118.7

$159.6

$227.0

$193.4

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Strategically holding back

capacity for Riot’s own data

center growth

POWER

PORTFOLIO

S E C T I O N 5 :

Greenfield &

Brownfield

Development

• Secure and develop land

assets with immediate or

near-term approved power

capacity

BUILD

INORGANIC

• • • •

Corsicana

1.0 GW

Large-Scale Power Portfolio with Multiple Avenues

to Grow Pipeline Further

Existing

Base

Self Generation

• Own power production co-located with load

GENERATE

BEHIND

THE METER

• • • •

ACQUIRE

M&A

• • • •

COLLABORATE

STRATEGIC

• • • •

Acquisitions

• Acquire portfolios or

organizations with access

to power

Partnerships

• Joint ventures to expand

footprint, grow the

pipeline, and explore new

technologies

TEXAS

Rockdale

700 MW

TEXAS

Kentucky

300 MW

KENTUCKY

Utility power in Riot’s

power portfolio

2.0 GW

100+ opportunities evaluated over the last 24 months

Multiple deals being actively pursued

CLOSING

REMARKS

S E C T I O N 6 :

Q 1

2025

Q 2

2025

Q 3

2025

Q 4

2025

Q 1

2026

02 Build & Expand Data Center Team

Address Land Ownership Constraints

at Rockdale and Corsicana

Complete Basis of Design

Complete Campus Design

at Corsicana

Commercial-Stage Discussions

Delivery of Data Center Capacity

A C T I V E W O R K S T R E A M C O M P L E T I O N M I L E S T O N E

Altman Solon Studies to Assess Data

Center Development Feasibility

O N G O I N G

Present

R O C K D A L E S I T E

A C Q U I S I T I O N

C O R S I C A N A A D J A C E N T

P A R C E L A C Q U I S I T I O N

O N G O I N G

A M D L E A S E S I G N E D

A M D P H A S E 1

D E L I V E R E D

C O M P L E T E D W O R K S T R E A M

05 Engage Market on Basis of Design

C O M P L E T E D

I N I T I A L D E S I G N

C O M P L E T E D

S T A N D A R D D E S I G N

Key Workstream Resolution has Enabled Focus on Lease Discussions and Development

Riot Continues to Build

Strong Data Center Capabilities

ADAM

BLACK

EVP, Design &

Construction

Adam Black is a senior infrastructure executive with 15+

years of experience leading hyperscale and AI data center

development across multi-gigawatt platforms. He has led

design and construction organizations at TA Digital Group

and Google, delivering large-scale infrastructure programs

across the U.S. and internationally. At Riot, he leads design

and construction, driving execution of scalable, high-performance data center platforms.

Background & Credentials

• Former SVP, Design & Construction at TA Digital Group;

prior leadership roles at Google and Meta

• Delivered 1.5 GW+ of hyperscale infrastructure

• Led $10B+ in total capital infrastructure

programs across global data center platforms

• 3 GW+ of active development portfolio across hyperscale

and AI data center platforms

Areas of Expertise

• Capital Projects

• Data Center Development

• Vendor & Supply Chain Management

• Design Strategy

Our Data Center team is supported by Riot’s vertically integrated platform including

engineering (ESS Metron & E4A), Power,

Corporate Development, and other corporate functions

Commercial Sales Critical

Operations Project Execution Design and

Construction

• Battle tested leadership with

deep experience running

mission-critical environments

in hyperscale settings

• Extensive operational track

record delivering uptime,

reliability, and SLA

performance aligned to tenant

requirements

• Disciplined operator team

supporting long-term asset

performance, efficiency, and

customer satisfaction

• Proven experience supporting

infrastructure delivery at scale

with in-house high-voltage and

procurement teams

• Accomplished program

management leadership

experienced in driving cross-functional alignment and

execution

• Credible track record of

disciplined execution across

timelines, capital deployment,

and strategic priorities

• Led by Rhea Williams, SVP AI &

Hyperscale Sales

• Demonstrated leasing

execution across premier

platforms including Oracle,

Compass Data Centers,

CoreSite, and Digital Realty

• Directly reports to CEO,

reinforcing leasing as a core

focus & strategic pillar of Riot’s

growth strategy

Data Center Development and Operations

• Distinguished design

and construction leader with

deep technical expertise and

broad delivery experience

across hyperscale and

enterprise data center

programs.

• Tested teams delivering multi-gigawatt infrastructure aligned

to tenant requirements

• Enduring supply chain and

vendor relationships enabling

execution at scale

Riot has a 1 GW+ Critical IT

Leasing Opportunity

January 2025

Announced

strategic pivot to

evaluate potential

HPC development at

Corsicana

June 2025

Begin assembling

best in class data

center team

January 2026

Initial AMD

deployment

of 5 MW

January 2026

Announced

Rockdale land

acquisition and

execution of first

data center lease

with AMD

May 2027

Full AMD

deployment

of 25 MW

April 2026

AMD exercised

expansion.

+10 MW Nov 2026

+15 MW May 2026

168 MW – First

Corsicana Core &

Shell for Tier 3

capacity

Fully developed

portfolio of BTS data

centers

Total Portfolio NOI

Range $1.6-2.1bn

50 MW AMD

Expansion Option

100 MW AMD

Expansion Option

contingent on power

availability

Exercised Expansion

AMD Expansion

Option

First Corsicana

Core & Shell

Future

Data Center

Development

5 MW

30 MW

50 MW

200 MW

368 MW

1.2 GW

Q1 2026

DATA

OPERATIONAL

A P P E N D I X

$142.9 $140.9

$160.8

$131.7

$111.9

53% 50% 59%

39% 41%

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

33.7 EH/s 35.4 EH/s 36.5 EH/s 38.5 EH/s

42.5 EH/s

88% 87% 86% 89% 90%

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

• Q1 2026 Bitcoin Mining Revenue of

$111.9M and Gross Profit – Bitcoin Mining

of $46.2M

• Industry leading Bitcoin Mining margins

with an Q1 2026 Cost to Mine of $44,629

due to Riot’s power strategy driving an all-in

cost of power of 3.0c/kWh

• Strong hash rate utilization averaging 90% in

Q1 2026, Riot’s highest hash rate utilization

average on-record

Metric Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Avg. Hash Price ($/PH/s/Day) $54 $51 $56 $42 $34

Avg. Network Hash Rate¹ 801 EH/s 876 EH/s 948 EH/s 1,071EH/s 994 EH/s

Cost to Mine² $43,808 $48,992 $46,324 $60,619 $44,629

# of BTC produced 1,530 1,426 1,406 1,324 1,473

Ending

Hash Rate

Capacity /

Uptime (%)

Bitcoin Mining

Increasing Efficiency and Scale of Operations

Bitcoin Mining Revenue /

Gross Margin –

Bitcoin Mining2

(%)

Ending Hash Rate Capacity

Bitcoin Mining Revenue ($ million)

1. Sourced from Blockchain.comas of March 31, 2026.

2. See Appendix slides 28-31 for definitions, terms, and reconciliations.

3. Three months ended as of March 31, 2026.

67%

20%

13%

Bitcoin Mining

Data Centers

Engineering

Riot Revenue

Breakdown Q1

20261

$49,095

$44,629

$9,806 $14,272

Q1 2026

Total Direct Costs

per BTC

Q1 2026

Power Credits

Per BTC

Q1 2026

Net Direct Costs

per BTC

$56,658

$11,498 $60,619 $7,537

Q4 2025

Total Direct Costs

per BTC

Q4 2025

Power Credits

Per BTC

Q4 2025

Net Direct Costs

per BTC

Q1 2025 vs. Q1 2026 Cost to Mine per BTC

Q4 2025 1

1,324 BTC Mined

Avg. BTC Price of $99,482

Q1 2026 2

1,473 BTC Mined

Avg. BTC Price of $75,964

Power

Non-Power

25 1.Three months ended as of December 31, 2025. See Appendix on slides 28-31 for definitions, terms, and reconciliations.

2.Three months ended as of March 31, 2026. See Appendix on slides 28-31 for definitions, terms, and reconciliations.

Strong Improvement in Profitability per Bitcoin

Demonstrating Operating Efficiency Gains • Average global network hash rate down

7% in Q1 2026 vs Q4 2025

• Global network hash rate avg.

994EH/s in Q1 2026 versus

1,071EH/s in Q4 2025

• ‘Non-Power’ includes direct labor, miner

insurance, miner and miner-related

equipment repair, land lease, property

taxes, network costs and other utilities

expenses

• Riot’s power strategy generated

significant power curtailment credits of

$21.0 million in Q1 2026, driving an all-in

cost of power of 3.0c/kWh

• Equates to $14,272 per BTC for the

quarter

Non-Power

Power

$13.9

$10.6

$19.1 $21.1

$22.2

15%

28% 26%

18%

10%

20%

30%

40%

50%

$5.0

$10.0

$15.0

$20.0

$25.0

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

• Since the acquisition of ESS Metron in

December of 2021, Riot has already realized

$23.8M in capex savings alone

• Backlog of $193.4M, with 90% of this

backlog originating from the data center

sector

• Q1 2026 backlog impacted by Riot

strategically holding back capacity for own

data center growth

Cumulative

Capex

Savings to

Riot

Backlog

Revenue /

Gross Margin

(%)

Engineering – A Key Component

of Riot’s Vertical Integration Strategy

Riot Revenue

Breakdown Q1

20261

1. Three months ended as of March 31, 2026.

$10.4

$12.4

$23.0 $23.2 $23.8

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

$114.9 $118.7

$159.6

$227.0

$193.4

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

67%

20%

13%

Bitcoin Mining

Data Centers

Engineering

Q1 2026

DATA

FINANCIAL

A P P E N D I X

Definitions, Terms, and Reconciliations (Unaudited)

1.Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property tax.

2.Costs to finance the purchase of miners were zero in all periods presented as the miners were paid for with cash from the Company’s cash balance. The seller did not provide any financing, nor did the Company borrow from a third-party to purchase the miners.

3.Power curtailment credits are credited against our power invoices as a result of temporarily pausing our operations to participate in ERCOT’s Demand Response Service Programs. Our fixed-price power purchase contracts enable us to strategically curtail our mining operations and participate in these programs,

which significantly lower our cost to mine bitcoin. These credits are recognized in Power Curtailment Credits on our Consolidated Statement of Operations, outside of cost of revenue.

4.Computed as revenue recognized from bitcoin mined divided by the quantity of bitcoin mined during the same period.

COST TO MINE

The Company defines Cost to Mine as the

direct cost to mine one Bitcoin, excluding

Bitcoin miner depreciation, as calculated in the

table below.

COST OF POWER

The Company defines Cost of Power as the cost of

power directly used in the process of mining Bitcoin,

less power curtailment credits, divided by kilowatt

("kWh") hours used

March 31, June 30, September 30, December 31, March 31,

2025 2025 2025 2025 2026

Total Cost of Power $ 61,830 $ 62,170 $ 82,370 $ 75,027 $ 72,317

less: Power curtailment credits (7,801) (8,313) (30,634) (9,981) (21,023)

Net Cost of Power $ 54,029 $ 53,857 $ 51,736 $ 65,046 $ 51,294

kWh used 1,340,458,113 1,538,273,540 1,592,798,508 1,669,276,467 1,735,496,392

Cost of Power (c/kWh) $ 4.0 $ 3.5 $ 3.2 $ 3.9 $ 3.0

Three Months Ended March 31, June 30, September 30, December 31, March 31,

2025 2025 2025 2025 2026

Cost of power for self-mining operations $ 61,830 $ 62,170 $ 82,370 $ 75,027 $ 72,317

Other direct cost of revenue for self-mining operations(1)(2), excluding Bitcoin miner depreciation 12,988 16,005 13,395 15,226 14,445

Cost of revenue for self-mining operations, excluding Bitcoin miner depreciation 74,818 78,175 95,765 90,253 86,762

Less: power curtailment credits(3)

(7,801) (8,313) (30,634) (9,981) (21,023)

Cost of revenue for self-mining operations, net of power curtailment credits, excluding Bitcoin miner depreciation 67,017 69,862 65,131 80,272 65,739

Bitcoin miner depreciation 57,062 60,252 60,106 60,154 76,086

Cost of revenue for self-mining operations, net of power curtailment credits, including Bitcoin miner depreciation $ 124,079 $ 130,114 $ 125,237 $ 140,426 $ 141,825

Quantity of Bitcoin mined 1,530 1,426 1,406 1,324 1,473

Production value of one Bitcoin mined(4) $ 93,385 $ 98,800 $ 114,361 $ 99,482 $ 75,964

Cost to mine one Bitcoin, excluding Bitcoin miner depreciation $ 43,808 $ 48,992 $ 46,324 $ 60,619 $ 44,629

Cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as a % of production value of one Bitcoin mined 46.9% 49.6% 40.5% 60.9% 58.8%

Cost to mine one Bitcoin, including Bitcoin miner depreciation $ 81,109 $ 91,244 $ 89,074 $ 106,045 $ 96,283

Cost to mine one Bitcoin, including Bitcoin miner depreciation, as a % of production value of one Bitcoin mined 86.9% 92.4% 77.9% 106.6% 126.7%

Three Months Ended

Definitions, Terms, and Reconciliations (Unaudited)

FULLY COSTED GROSS PROFIT

The Company defines Fully Costed Gross Profit as Revenue

less Cost of Revenue less Depreciation and Amortization

expense as calculated below.

March 31, June 30, September 30, December 31, March 31,

Riot Platforms, Inc.: 2025 2025 2025 2025 2026

Revenue $ 161,387 $ 152,988 $ 180,229 $ 152,831 $ 167,219

less Bitcoin Mining Cost of revenue* (74,818) (78,175) (95,765) (90,253) (86,762)

less Data Centers Cost of revenue* - - - - (30,773)

less Engineering Cost of revenue* (11,806) (9,858) (13,707) (15,522) (18,141)

less Other Cost of revenue* (8,965) (3,006) - - -

less Depreciation and amortization expense (77,926) (83,197) (82,929) (102,759) (97,734)

Fully Costed Gross Profit $ (12,128) $ (21,248) $ (12,172) $ (55,703) $ (66,191)

Bitcoin Mining:

Bitcoin Mining Revenue $ 142,859 $ 140,889 $ 160,792 $ 131,736 $ 111,895

less Bitcoin Mining Cost of revenue* (74,818) (78,175) (95,765) (90,253) (86,762)

less Depreciation and amortization expense of Bitcoin miners (57,062) (60,252) (60,106) (60,154) (76,086)

Fully Costed Gross Profit - Bitcoin Mining $ 10,979 $ 2,462 $ 4,921 $ (18,671) $ (50,953)

Data Centers:

Data Centers Revenue $ - $ - $ - $ - $ 33,150

less Data Centers Cost of revenue* - - - - (30,773)

less Depreciation and amortization expense - - - - (212)

Fully Costed Gross Profit - Data Centers $ - $ - $ - $ - $ 2,165

Data Centers - Operating Leases:

Data Centers Operating Lease Revenue $ - $ - $ - $ - $ 927

less Data Centers Operating Lease Cost of revenue* - - - - (85)

less Depreciation and amortization expense - - - - (212)

Fully Costed Gross Profit - Data Centers - Operating Leases $ - $ - $ - $ - $ 630

Data Centers - Tenant Fit-Out Services:

Data Centers Tenant Fit-Out Services Revenue $ - $ - $ - $ - $ 32,222

less Data Centers Tenant Fit-Out Services Cost of revenue* - - - - (30,688)

less Depreciation and amortization expense - - - - -

Fully Costed Gross Profit - Data Centers - Tenant Fit-Out Services $ - $ - $ - $ - $ 1,534

Engineering:

Engineering Revenue $ 13,920 $ 10,576 $ 19,097 $ 21,095 $ 22,174

less Engineering Cost of revenue* (11,806) (9,858) (13,707) (15,522) (18,141)

less Depreciation and amortization expense (1,325) (1,237) (1,340) (1,275) (1,305)

Fully Costed Gross Profit - Engineering $ 789 $ (519) $ 4,050 $ 4,298 $ 2,728

*excludes depreciation and amortization, which is presented separately

Three Months Ended

Definitions, Terms, and Reconciliations (Unaudited)

GROSS MARGIN

The Company defines Gross Margin as Gross Profit (as defined below)

divided by Revenue. Gross Margin represents the percentage of profit

achieved by operations and is a measure of the level of profitability for

direct costs and the revenue received from them.

March 31, June 30, September 30, December 31, March 31,

Riot Platforms, Inc.: 2025 2025 2025 2025 2026

Gross Profit $ 73,599 $ 70,262 $ 101,391 $ 57,037 $ 52,566

divided by Total Revenue $ 161,387 $ 152,988 $ 180,229 $ 152,831 $ 167,219

Gross Margin 46% 46% 56% 37% 31%

Bitcoin Mining:

Gross Profit - Bitcoin Mining $ 75,842 $ 71,027 $ 95,661 $ 51,464 $ 46,156

divided by Bitcoin Mining Revenue $ 142,859 $ 140,889 $ 160,792 $ 131,736 $ 111,895

Gross Margin - Bitcoin Mining 53% 50% 59% 39% 41%

Data Centers:

Gross Profit - Data Centers $ - $ - $ - $ - $ 2,377

divided by Data Centers Revenue $ - $ - $ - $ - $ 33,150

Gross Margin - Data Centers - - - - 7.2%

Data Centers - Operating Leases:

Gross Profit - Data Centers - Operating Leases $ - $ - $ - $ - $ 842

divided by Data Centers Operating Lease Revenue $ - $ - $ - $ - $ 927

Gross Margin - Data Centers - Operating Leases - - - - 90.8%

Data Centers - Tenant Fit-Out Services:

Gross Profit - Data Centers - Tenant Fit-Out Services $ - $ - $ - $ - $ 1,534

divided by Data Centers Tenant Fit-Out Services Revenue $ - $ - $ - $ - $ 32,222

Gross Margin - Data Centers - Tenant Fit-Out Services - - - - 4.8%

Engineering:

Gross Profit - Engineering $ 2,114 $ 718 $ 5,390 $ 5,573 $ 4,033

divided by Engineering Revenue $ 13,920 $ 10,576 $ 19,097 $ 21,095 $ 22,174

Gross Margin - Engineering 15% 7 % 28% 26% 18%

Three Months Ended

Definitions, Terms, and Reconciliations (Unaudited)

GROSS PROFIT

The Company defines Gross Profit as Fully Costed Gross Profit (as defined

below) plus Power curtailment Credits plus Depreciation & Amortization

expense.

March 31, June 30, September 30, December 31, March 31,

2025 2025 2025 2025 2026

Riot Platforms, Inc.:

Fully Costed Gross Profit $ (12,128) $ (21,248) $ (12,172) $ (55,703) $ (66,191)

plus Power Curtailment Credits 7,801 8,313 30,634 9,981 21,023

plus Depreciation and amortization 77,926 83,197 82,929 102,759 97,734

Gross Profit $ 73,599 $ 70,262 $ 101,391 $ 57,037 $ 52,566

Bitcoin Mining:

Fully Costed Gross Profit $ 10,979 $ 2,462 $ 4,921 $ (18,671) $ (50,953)

plus Power Curtailment Credits 7,801 8,313 30,634 9,981 21,023

plus Depreciation and amortization expense of Bitcoin miners 57,062 60,252 60,106 60,154 76,086

Gross Profit - Bitcoin Mining $ 75,842 $ 71,027 $ 95,661 $ 51,464 $ 46,156

Data Centers:

Fully Costed Gross Profit $ - $ - $ - $ - $ 2,165

plus Depreciation and amortization expense - - - - 212

Gross Profit - Data Centers $ - $ - $ - $ - $ 2,377

Data Centers - Operating Leases:

Fully Costed Gross Profit $ - $ - $ - $ - $ 630

plus Depreciation and amortization expense - - - - 212

Gross Profit - Data Centers - Operating Leases $ - $ - $ - $ - $ 842

Data Centers - Tenant Fit-Out Services:

Fully Costed Gross Profit $ - $ - $ - $ - $ 1,534

plus Depreciation and amortization expense - - - - -

Gross Profit - Data Centers - Tenant Fit-Out Services $ - $ - $ - $ - $ 1,534

Engineering:

Fully Costed Gross Profit $ 789 $ (519) $ 4,050 $ 4,298 $ 2,728

plus Depreciation and amortization 1,325 1,237 1,340 1,275 1,305

Gross Profit - Engineering $ 2,114 $ 718 $ 5,390 $ 5,573 $ 4,033

Three Months Ended

Q1 2026

Statement

of Operations

(Unaudited)

Q1 2026

Balance

Sheet

(Unaudited)

Non-GAAP

Adjusted

EBITDA

(Unaudited)

* Indicates Non-GAAP measure. We use Adjusted EBITDA to eliminate the effects of certain non-cash and/or non-recurring items, that do not reflect our

ongoing strategic business operations. Adjusted EBITDA is provided in addition to, and not as a substitute for, or as superior to, the comparable GAAP

measure, Net Income. For a full reconciliation of the Non-GAAP measures we use to their comparable GAAP measures, see the discussion under the heading

“Non-GAAP Measures”, under Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our March 31, 2025, Form

10-Q.

3.1 EH/s

9.7 EH/s

12.4 EH/s

31.5 EH/s

38.5 EH/s

42.5 EH/s 42.5 EH/s 43.0 EH/s

45.0 EH/s

2021A 2022A 2023A 2024A 2025A Q1 2026A Q2 2026E Q3 2026E Q4 2026E

Miner Fleet Upgrades & Growth in Kentucky Drive Targeted Hash Rate Growth

Historical

Riot Currently Trades Among the Lowest

EV / MW Multiples in the Sector

$8.3

$7.9

$6.5

$5.5

$5.2 $5.2

$2.6

$2.4 $2.2 $2.0

Riot

Signed Data Center Leases

No Signed Data Center Leases

EV / 2027 Available MW ($M) 1,2

1. Sourced from FactSet as of April 28, 2026. Cash & Cash Equivalents, LT Debt, and BTC value used in calculation as of December 31, 2025.

2. Sourced from company filings, company presentations, press releases, management commentary, and S&P-451 Data Center Knowledge Base (DCKB). Includes only power capacity that is currently operational and under construction in North America.

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