Riot Platforms posted revenue of $167.2 million in the first quarter of 2026, with its newly launched data center business contributing $33.2 million.

Data center revenue helped offset a decline in Riot’s core Bitcoin mining business, which fell to $111.9 million from $142.9 million in Q1 2025, due to lower average bitcoin prices and a 24% increase in global network hash rates. Riot produced 1,473 bitcoins during the quarter, down from 1,530 a year ago, while the average price of a coin rose to $44,629 from $43,808. According to For an announcement

“The first quarter of 2026 marks a definitive inflection point for Riot, as we officially transition into a viable, revenue-generating data center operator,” said CEO Jason Less, adding that AMD’s decision to double its contracted capacity to 50 megawatts during the quarter validated the company’s enterprise performance.

AMD initially contracted for 25 MW before exercising an extension option, bringing the total contracted capacity to 50 MW of critical IT infrastructure.

Related: CoverView shows how the infrastructure of the crypto era has quietly become the backbone of AI

Riot holds $1.1 billion in bitcoin.

Riot held 15,679 bitcoins at the end of the quarter, worth about $1.1 billion based on a value of $68,222 on March 31, with 5,802 coins held as collateral. The company held $282.5 million in cash, of which $76.9 million is restricted. Riot also said it sold more than $250 million worth of bitcoins during the quarter.

Meanwhile, engineering revenue, which covers infrastructure services, rose to $22.2 million from $13.9 million year over year, adding another layer of diversification to the company’s revenue mix.

Riot stock closed up 7.31% at $18.50 on Friday, boosted by the earnings release. The stock fell 0.57% to $18.40 in after-hours trading.

Shares rally on earnings news. Source: Yahoo! Finance

Related: Bitcoin miner Bitdeer destroys entire BTC treasury, holdings become zero

Bitcoin miners shift to AI.

Bitcoin miners are increasingly moving to AI infrastructure as mining margins tighten as the industry looks for a more stable revenue stream. As Cointelegraph reported, Core Scientific is converting its Pecos, Texas site into a 1.5-gigawatt AI-focused data center campus, retrofitting 300 MW of Bitcoin mining capacity and acquiring more than 200 acres of land to support construction.

Among other miners, MARA Holdings has acquired a majority stake in French AI infrastructure firm Exaion, while Hive, Hut 8, TeraWulf and Iren are also converting mining facilities into data centers.

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