Riot Platforms, Inc. · NASDAQ:RIOT
Riot Platforms — Q2 2026 Earnings Presentation
33 slides from Riot Platforms's earnings presentation, Aug 10, 2026
Slide 1: Riot Platforms Q2 2026 Earnings
Conceptual rendering RIOT PLATFORMS Q2 2026 EARNINGS August 10, 2026 NASDAQ: RIOT
Slide 2: Forward-Looking Statement
FORWARD- LOOKING STATEMENT Statements in this presentation that are not statements of historical fact are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions, and are not guarantees of future performance
Slide 3: Table of Contents
TABLE OF CONTENTS S E C T I O N 2 : BUSINESS UPDATE DATA CENTERS S E C T I O N 1 : Q2 2026 KEY HIGHLIGHTS S E C T I O N 4 : Q2 2026 FINANCIAL UPDATE S E C T I O N 3 : FINANCING UPDATE 3 S E C T I O N 5 : CLOSING REMARKS
Slide 4: Q2 2026 Key Highlights
Q2 2026 K E Y H I G H L I G H T S S E C T I O N 1 : 4
Slide 5: Q2 2026 Key Highlights
• Executed Data Center Lease with a leading frontier AI lab for 191 MW of critical IT capacity • 20-year lease expected to generate $9.1B in total initial contract revenue with two 5-year extension options, if exercised, would generate $16.1B in total potential contract revenue • Commissioned and de
Slide 6: Business Update: Data Centers
BUSINESS UPDATE D A T A C E N T E R S S E C T I O N 2 : 6
Slide 7: Riot Signs $9.1 Billion Deal with Leading Frontier AI Lab at Rockdale Campus
191 MW Critical IT Capacity Dec 2027 Initial Deployment and Rent Commencement Two 5-Year Extension Options $9.1 Billion Total Contract Revenue 1 June 2028 Full Deployment $11.0-12.0M / IT MW Illustrative Capex Range4 80% – 90% Anticipated NOI Margin Range 20 Year Initial Term Upon Full Deployment2 1
Slide 8: Initial Capacity On-Schedule and De-Risked for Delivery in December 2027
Initial Capacity On-Schedule and De-Risked for Delivery in December 2027 Signed Lease with Leading Frontier AI Lab Phase 1 96 MW Delivered December 2027 Phase 2 95 MW Delivered June 2028 96 MW 191 MW TODAY Accelerated Design Strategy Defined Tenant BoD incorporated to reduce design timelines and ena
Slide 9: Progress Updates: Rockdale Campus Delivered Initial 25 MW to AMD
P R O G R E S S U P D A T E S 9 • Nearly complete design for second 25 MW deployment, enabling construction execution. • Construction is underway, with the initial 10 MW RFS expected in November 2026 and the remaining 15 MW RFS expected in May 2027. • Leveraging Riot’s vertically integrated engineer
Slide 10: In 2026, Riot Has Secured $9.8 Billion of Data Center Revenue
Average Annual Revenue1 $63.6 million $457 million $520 million Average Annual NOI Total Capital Expenditures3 1. Total Revenue based on contract value of the total length of each lease term, including annual escalators. Represents 50 MW currently contracted under the AMD lease. 2. Estimation based
Slide 11: Financing Update
S E C T I O N 3 : 11 FINANCING UPDATE Q 2 2 0 2 6
Slide 12: Capital Strategy: Capital Recycling & Redeployment
Strong Balance Sheet Allows Riot to deploy capital into current and future data center projects Capital Recycling Expected debt proceeds from initial 25 MW deployment will nearly double Riot’s initial equity contribution1 , with additional capacity for AMD’s second 25 MW deployment Capital Redeploym
Slide 13: Financing Strategy Drives Development Growth
Riot’s financing strategy drives development growth by leveraging a strong balance sheet and debt financing proceeds, reducing the need for external equity 13 1 REFINANCE STABILIZED CAPACITY INITIAL 25 MW DELIVERED - EXPECTED TERM LOAN Expected term loan ~$180M Less: initial 25 MW equity requirement
Slide 14: Q2 2026 Financial Update
FINANCIAL UPDATE Q 2 2 0 2 6 S E C T I O N 4 : 14
Slide 15: Riot Platforms Q2 2026 By The Numbers
1. Net income per share figure based on diluted shares outstanding. 2. See Appendix slides 28-29 for definitions, terms, and reconciliations. 3. Bitcoin value based on a closing price of $58,527 on June 30, 2026, sourced from Coinbase. 4. ‘Global Network Hash Rate’ quarter average sourced from Block
Slide 16: Data Center Q2 2026 Revenues
DATA CENTER | Q2 2026 Data Center Revenues 16 • Delivered 84% operating lease gross margin / 91% base rent gross margin and grew AMD contracted capacity to 50 MW in Q2 • 25 MW of capacity delivered on schedule in May, with construction of next 25 MW underway • Tenant fit-out services include the pro
Slide 17: Riot Engineering Provides a Key Competitive Advantage
Riot Engineering Provides a Key Competitive Advantage in the Delivery of Critical Data Center Components 17 Riot Engineering provides significant operational synergies • ESS Metron manufactures low and medium voltage switchgear and power distribution units – critical long lead-time components • Riot
Slide 18: Closing Remarks
CLOSING REMARKS S E C T I O N 5 : 18
Slide 19: Riot Maintains Strong Development Momentum
Riot Maintains Strong Development Momentum Jan 2026 Announced Rockdale land acquisition and execution of first data center Lease with AMD May 2026 Phased AMD deployment of 25 MW May 2027 Additional phased AMD deployment of 25 MW Dec 2027 Phase 1 of leading frontier AI lab deployment of 96 MW 241 MW
Slide 20: Future Focus & Themes
FUTURE FOCUS & THEMES 20 DELIVER CONTRACTED MEGAWATTS TO AMD AND ADVANCE THE LEADING FRONTIER AI LAB BUILDOUT ON SCHEDULE AND ON BUDGET CONVERT OUR CORSICANA LOI INTO AN EXECUTED LEASE CLOSE LOWER-COST PROJECT FINANCING THAT REFLECTS THE HIGH QUALITY OF OUR TENANTS AND OUR SITES ACTIVELY PURSUE GROW
Slide 21: Appendix: Q2 2026 Operational Data
Q2 2026 DATA OPERATIONAL A P P E N D I X 21
Slide 22: Bitcoin Mining Metrics
$140.9 $160.8 $131.7 $111.9 $113.7 50% 59% 39% 41% 30% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 35.4 EH/s 36.5 EH/s 38.5 EH/s 42.5 EH/s 44.4 EH/s 87% 86% 89% 90% 87% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 • Q2 2026 Bitcoin Mining Revenue of $113.7M and Gross Profit – Bitcoin Mining of $34.5M • Indus
Slide 23: Q2 2025 vs. Q2 2026 Cost to Mine per BTC
$46,313 $49,912 $9,934 $6,335 Q2 2026 Total Direct Costs per BTC Q2 2026 Power Credits Per BTC Q2 2026 Net Direct Costs per BTC $43,597 $48,992 $11,224 $5,829 Q2 2025 Total Direct Costs per BTC Q2 2025 Power Credits Per BTC Q2 2025 Net Direct Costs per BTC Q2 2025 vs. Q2 2026 Cost to Mine per BTC Q2
Slide 24: Engineering – A Key Component of Vertical Integration Strategy
$10.6 $19.1 $21.1 $22.2 $37.3 7% 28% 26% 18% 28% 0% 10% 20% 30% 40% 50% $- $10.0 $20.0 $30.0 $40.0 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 • Since the acquisition of ESS Metron in December of 2021, Riot has already realized $23.8M in capex savings alone • Backlog of $177.1M, with 90% of this backlog
Slide 25: Company Profile
Company Profile 25 COMPANY SNAPSHOT Headquarters Denver, Colorado – ESS Metron Houston, Texas – E4A Solutions Employees 244 – ESS Metron 60 – E4A Solutions Key Leadership Beck Jonson, CEO – ESS Metron Alexandre Chacara, CEO – E4A Solutions Acquisition Dates December 2021 – ESS Metron December 2024 –
Slide 26: Rockdale Data Center Campus
Utilized by AMD as their Megalab for testing new products. Site of the first installation and testing of Helios, AMD’s next -generation AI GPU architecture. ROCKDALE DATA CENTER CAMPUS 26
Slide 27: Appendix: Q2 2026 Financial Data
Q2 2026 DATA FINANCIAL A P P E N D I X 27
Slide 28: Definitions, Terms, and Reconciliations (Unaudited)
Definitions, Terms, and Reconciliations (Unaudited) 1.Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property tax. 2.Costs to finance the purchase of miners were zero in all periods presented as the miners were paid for with cash from the Co
Slide 29: Definitions, Terms, and Reconciliations (Unaudited)
Definitions, Terms, and Reconciliations (Unaudited) 29 GROSS PROFIT (NON-GAAP) The Company defines Gross Profit as Fully Costed Gross Profit plus Power Curtailment Credits plus Depreciation and Amortization expense. The Company defines Fully Costed Gross Profit as Revenue less Cost of Revenue (exclu
Slide 30: Q2 2026 Statement of Operations (Unaudited)
Q2 2026 Statement of Operations (Unaudited) 30
Slide 31: Q2 2026 Balance Sheet (Unaudited)
Q2 2026 Balance Sheet (Unaudited) 31
Slide 32: Non-GAAP Adjusted EBITDA (Unaudited)
Non-GAAP Adjusted EBITDA (Unaudited) 32 * Indicates Non-GAAP measure. We use Adjusted EBITDA to eliminate the effects of certain non-cash and/or non-recurring items, that do not reflect our ongoing strategic business operations. Adjusted EBITDA is provided in addition to, and not as a substitute for
Slide 33: Riot Trades Among the Lowest EV / MW Multiples in the Sector
Riot Currently Trades Among the Lowest EV / MW Multiples in the Sector $8.9 $7.8 $6.3 $8.6 $5.4 $7.1 $3.7 $3.5 $2.9 EV / 2027 Available MW $3.5 ($M) 1,2 1. Sourced from FactSet as of August 3, 2026. Cash & Cash Equivalents, LT Debt, and BTC value used in calculation as of March 31, 2026. 2. Sourced