Riot Platforms shares pop as Bitcoin miner reports data center revenue, doubles AMD deal

Bitcoin mining company Riot Platforms achieved a strategic milestone in the first quarter of 2026. Preparing reports $33.2 million in data center revenue – Q1 generated income from hosting AI infrastructure.

Riot CEO Jason is not in a statement He called it “a final inflection point for Riot, as we officially transform into a vibrant, revenue-generating data center operator.”

Riot (RIOT) stock is up nearly 9% on the day, most recently trading at $18.74. The company’s shares have risen more than 49% over the past 30 days per Yahoo Finance.

The launch of the data center helped offset the pressure on Riot’s traditional business. Bitcoin Mining revenues fell to US$111.9 million from US$142.9 million in the same period of the previous year, driven by lower average Bitcoin prices and an increase in the global network’s hash rate.

The company mined 1,473 bitcoins during the quarter, down from 1,530 in the first quarter of 2025, with average mining costs excluding depreciation rising to $44,629 per coin from $43,808. Riot said Earlier in April It sold more than $250 million worth of Bitcoin during the quarter.

Engineering revenues, which include infrastructure services, jumped to $22.2 million from $13.9 million year-on-year. Riot held 15,679 bitcoins worth approximately $1.1 billion based on the end-of-quarter price of $68,222, with 5,802 coins serving as collateral. The company has $282.5 million in cash on hand, although $76.9 million remains tied up.

Riot’s infrastructure capabilities got a boost when tech giant AMD exercised its option to double contracted capacity to 50 megawatts during the quarter.

“Our continued delivery of initial capacity to AMD, and their decision to already double their footprint with a 25 MW expansion, underscores our ability to execute at an enterprise level with the most demanding tenants,” Lees said. “With AMD aggressively contracting for 50 MW, we are quickly executing on the value creation opportunity provided by our large, fully certified power portfolio.”

“We have the proven strength, in-house development expertise, and significant financial resources to leverage strong market demand with high-quality tenants in order to maximize compounded shareholder value,” he added.

This quarter’s results demonstrate progress on Riot’s strategic pivot from pure Bitcoin mining to a hybrid model serving both cryptocurrency and AI workloads. AMD’s expansion signals market demand for Riot’s diversification strategy as Bitcoin miners seek stable revenue streams beyond volatile cryptocurrency markets.