Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
RIOT Platforms' second quarter of fiscal 2026 was shaped by its strategic expansion into data center leasing and robust bitcoin production growth, but these positives were overshadowed by a steep downturn in bitcoin prices. The higher average operating hash rate and the ramp‑up of the AMD lease drove a 14% revenue increase, yet the average bitcoin price fell 27% year‑over‑year, slashing mining profitability. More critically, a $401 million fair‑value loss on the company's bitcoin holdings pushed the bottom line deep into negative territory. While power curtailment credits and a strong cash position provided some cushion, the quarter underscored the earnings vulnerability tied to bitcoin price swings.
Revenue
$174.24M
+13.89% YoY
EPS (Diluted)
-$0.68
-217.24% YoY
Operating Income
-$239.43M
-210.77% YoY
Source: SEC XBRL
Riot Platforms (RIOT) reported Q2 FY2026 revenue of $174.24M, up 13.9% year over year. Operating margin was -137.4%, against 141.3% a year earlier. RIOT's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 2 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Mar 2026 | -1.44 | -0.60 | Miss -138.2% |
| Dec 2025 | -2.06 | -0.29 | Miss -607.4% |
| Sep 2025 | 0.26 | 0.07 | Beat +280.7% |
| Jun 2025 | 0.92 | 0.11 | Beat +760.6% |
3 reported segments · SEC XBRL
Segment revenue totals $174.24M, which is the $174.24M of consolidated revenue on the income statement.
Profit above is reported as gross profit, the measure RIOT itself discloses in this filing. Each company chooses its own measure here, so these margins are not comparable with another company's.
Compiled by AI from 10-Q Item 2 of this filing
Bitcoin Mining revenue fell 19% year-over-year for Q2 2026, primarily due to lower bitcoin prices averaging $71,667 versus $98,800 a year earlier, partially offset by an 11.3% increase in bitcoin production and a 17.4% rise in average operating hash rate.
Source: 10-Q Item 2 MD&A
Data Center revenue of $23.2 million in Q2 2026 was attributable to leasing activity and tenant fit-out associated with the AMD Lease, which began in January 2026 and expanded in April 2026 with an additional 25 MW of critical IT load.
Source: 10-Q Item 2 MD&A
Total power curtailment credits reached $10.1 million in Q2 2026, up from $8.3 million a year ago, driven by manual curtailment and demand response programs that significantly reduce effective mining costs.
Source: 10-Q Item 2 MD&A
During the first half of 2026, the company sold 9,665 bitcoin for proceeds of $732.5 million to fund operations and capital needs, reducing its bitcoin holdings from 18,005 to 11,380 coins.
Source: 10-Q Item 2 MD&A
Depreciation of bitcoin miners increased to $64.6 million in Q2 2026, and when included, the cost to mine one bitcoin rose to $90,631, exceeding the average production value of $71,667 by 26.5%.
Source: 10-Q Item 2 MD&A
Compiled by AI from 10-Q Item 1A of this filing · 5 high, 0 medium, 0 low
New Texas legislation (SB 6) and Governor Abbott’s August 2026 audit directive may delay or prevent interconnection of data center projects, impose financial security requirements, and increase costs; projects failing to meet requirements will be denied grid access.
Source: 10-Q Item 1A Risk Factors
PUCT is considering shifting from current 4CP to 12CP cost allocation, potentially requiring large loads to bear a greater share of transmission system upgrade costs and pay minimum demand charges for 20 years.
Source: 10-Q Item 1A Risk Factors
ERCOT may establish mandatory curtailment protocols during firm load-shed events and a reliability service that could force immediate power reductions with limited notice, disrupting operations.
Source: 10-Q Item 1A Risk Factors
New NOGRR 282 / NPRR 1308 requirements (effective Aug 1, 2026) raise high-frequency ride-through thresholds and extend dynamic modeling to large loads, potentially requiring costly equipment upgrades.
Source: 10-Q Item 1A Risk Factors
Access to power is subject to oversight by ERCOT, PUCT, and Oncor; increased regulatory scrutiny of energy consumption could lead to new restrictions or prohibitions on electricity use by data centers and bitcoin miners.
Source: 10-Q Item 1A Risk Factors
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $M | 174.24 $M | 152.99 $M | +13.89% |
Operating Income $M | -239.43 $M | 216.15 $M | -210.77% |
Net Income $M | -237.17 $M | 219.45 $M | -208.07% |
EPS (Basic) $ | -0.68 $ | 0.65 $ | -204.62% |
EPS (Diluted) $ | -0.68 $ | 0.58 $ | -217.24% |
SG&A Expense $M | 82.00 $M | 75.90 $M | +8.03% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
RIOT reported a modest 3.6% revenue increase to $167.2M in Q1 FY2026, but operating losses deepened sharply to -$499.9M (down 113.7% YoY), driven by surging costs and impairments, resulting in a net loss of -$500.5M and EPS of -$1.44.
RIOT reported a 71.9% revenue surge to $647.4M in FY2025, but swung to a net loss of $663.2M (-$1.95 EPS) driven by a massive operating loss of $622.2M, reflecting soaring costs and impairments that overwhelmed top-line growth.