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Call sheet · Q2'26

Riot Platforms (RIOT)

Q2'26 earnings call · held August 10, 2026 · compared with the Q1'26 call · management-credibility review
8/12
Disclosure score
2 medium, 1 low flags
Financial quality
Bottom line
Riot increased bitcoin production but faced higher mining cost per coin. In data centers, lower fit-out revenue reduced segment sales while recurring rent lifted gross profit. The new 191MW lease creates a substantial development program; the next tests are final financing and on-time delivery, not whether multi-year contract value appears in current revenue. Evaluate funding scenarios on their stated loan-to-cost assumptions, and distinguish the Corsicana LOI from a signed lease.

The 30-second version

  • Mining production increased, but unit costs rose too
  • Lower data-center revenue came with better gross profit
  • The new lease makes financing and delivery the next tests

What changed this quarter

MetricQ1'26Q2'26Change
Total Revenue$167M$174M, +14% YoY+4% QoQ, mostly engineering not data center
GAAP Net Loss / EPS-$500M / -$1.44-$237M / -$0.68Loss narrowed; inspect the non-cash and operating-result reconciliation
Adjusted EBITDA-$311M-$70MLoss narrowed sharply
Data Center Segment Total Revenue$33.2M$23.2MDown about 30%; lower fit-out activity, while gross profit increased
Recurring Operating Lease Revenue$0.9M$4.9MIncreased $4M from a $0.9M base
Tenant Fit-Out Revenue$32.2M$18.3M-43%, the real driver of segment decline
Engineering Backlog$193.4M$177.1M-8.4%, despite 3x revenue growth
Bitcoin Treasury (units / value)15,679 BTC / ~$1.1B11,380 BTC / $666MHoldings declined 4,299 coins; reconcile sales, production and funding uses
Direct Cost to Mine per BTC$44,629$49,912Up approximately 12% sequentially
Deployed Hash Rate42.5 EH/s44.4 EH/s+4.5%

Accountability tracked

4 new promises made1 narrative shift flagged4 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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