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Riot Platforms Q3 revenue beats estimates as data center unit growth offsets weak bitcoin prices

By Reuters News


Overview

  • U.S. digital infrastructure developer's Q3 revenue rose 1% yr/yr, beating analyst expectations

  • Company signed 15-year, $28 bln triple-net powered land lease with Frontier AI Lab

  • Bitcoin mining revenue declined on lower bitcoin prices; data center and engineering revenue rose


Outlook

  • Riot expects $1.8 bln average annual rent from new 15-year Corsicana lease

  • Company anticipates no equity issuance needed to fund announced projects

  • First 400 MW of Corsicana lease scheduled for delivery in September 2027


Result Drivers

  • BITCOIN PRICE IMPACT - Bitcoin mining revenue fell due to a lower average bitcoin price, partially offset by increased production

  • DATA CENTER AND ENGINEERING GROWTH - Data center and engineering revenue increased, driven by demand for custom electrical equipment and new lease activity

  • LOWER MINING COSTS - Average cost to mine bitcoin declined due to lower power costs and higher production, aided by power curtailment credits


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Beat

$181.4 mln

$160.75 mln (18 Analysts)


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 21 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

  • Wall Street's median 12-month price target for Riot Platforms, Inc. is $31.00, about 121.1% above its November 3 closing price of $14.02


Reuters Recommended Reads

  • Nov 2 - Cipher Digital Q3 revenue drops as bitcoin mining declines

  • Nov 4 - Hut 8 Q3 revenue falls, misses analyst expectations

  • Nov 3 - Everus Construction Q3 revenue beats on data center demand


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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