Slide 1: Riot Platforms Q1 2026 Earnings
RIOT PLATFORMS Q1 2026 EARNINGS April 30, 2026 NASDAQ: RIOT Conceptual rendering
Slide 2: Forward-Looking Statement
risks relating to the financing of new data centers; future economic conditions, to assess the projected operating performance of individual leases. The most performance, or outlooks; future political conditions; the outcome of contingencies; directly comparable GAAP measure is segment gross profit
Slide 3: Table of Contents
S EC T IO N 1: Q1 2026 KEY HIGHLIGHTS S EC T IO N 2: BUSINESS UPDATE DATA CENTERS TABLE OF S EC T IO N 3: FINANCING UPDATE CONTENTS S EC T IO N 4: Q1 2026 FINANCIAL UPDATE S EC T IO N 5: POWER PORTFOLIO S EC T IO N 6 : CLOSING REMARKS 3
Slide 4: Q1 2026 Key Highlights
S EC TI ON 1 : Q1 2026 KEY H IGH LIG HTS 4
Slide 5: Key Accomplishments
KEY ACCOMPLISHMENTS • 25 MW expansion option exercised, bringing total contracted AMD Expansion critical IT capacity to 50 MW with 50 MW of additional capacity remaining on the initial option Option • Additional 100 MW option (replaces prior AMD ROFR), with total potential capacity of 200 MW for AMD
Slide 6: Business Update Data Centers
S EC TI ON 2 : BUSINESS UPDATE D ATA C E N T E R S Recent picture of AMD deployment in Building G at Rockdale 6
Slide 7: AMD Relationship Continues to Deepen
25 MW 25 MW TOTAL INITIAL LEASE EXPANSION LEASE Critical IT 25 MW 25 MW 50 MW Capacity ROCKDALE SITE Full Deployment 1 May 2026 May 2027 May 2027 AMD Lease 10-Year 10-Year 10-Year RELATIONSHIP Term (Three 5-Year Extension Options) (Three 5-Year Extension Options) (Three 5-Year Extension Options) CON
Slide 8: Rockdale AMD Site Plan
Rockdale AMD Site Plan Initial Capacity On-Schedule for May 2026 Delivery AMD +50MW Building F Expansion Option Building G AMD | 25MW AMD | 10MW AMD | 15MW Initial Capacity Phase 3 Expansion Phase 4 Expansion 25 MW 35 MW 50 MW 100 MW 200 MW Signed 25 MW Phase 3: Phase 4: 50 MW 100 MW lease Full RFS
Slide 9: Corsicana
Corsicana core & shell UP TO 756 MW development has TOTAL IT CAPACITY commenced and is Planned at Corsicana across on-schedule 4.5 buildings (168 MW IT Capacity per Building) Conceptual rendering of 168 MW building 1 PHAS E1 PHASE 2 PHASE 3 Prospective Corsicana data center campus
Slide 10: Financing Update
S EC TI ON 3 : FINANCING UPDATE Q 1 2026 10
Slide 11: Riot's Financing Principles
LI QUI DITY 1 Manage cash and Maximize Current bitcoin to fund initial Liquidity development costs RIOT’S 2 ACCESS Broaden Capital Leverage tenant credit to access new funding FINANCING Availability sources PRINCIPLES 3 COST Obtain accretive, lower Lower Cost of cost financing as the asset base matu
Slide 12: Financing Lifecycle
Lower Cost Refinancing Proceeds Recycled to Fund Higher Return Projects FINANCING LIFECYCLE 3 1 Deploy balance sheet Fully Contracted / Cost of Capital Stabilized 2 Obtain project level financing 2 1 Lease Up / Land / Pre-Leased Greenfield / Brownfield 3 Refinance and redeploy proceeds 12
Slide 13: Financial Update
S EC TI ON 4 : FINANCIAL UPDATE Q 1 20 2 6 13
Slide 14: By the Numbers
FINANCIAL POWER BTC MINING DATA CENTER METRICS STATISTICS STATISTICS STATISTICS $167M 3.0 c/kWh 1,473 5 MW Total Revenue Net Cost of Power BTC Produced Exit Critical IT Capacity 2% increase Represents one of the lowest Production of End-of-quarter Critical IT Year-over-year costs of power in the ind
Slide 15: First Quarter of Data Center Revenues
DATA CENTER | First Quarter of Data Center Revenues R even u e Gr os s P rofit Gr os s Ma rg in • Q1 operating lease gross margin of 91% as AMD initiates operations Operating Lease Revenue (Recurring) $0.9M $0.8M 90.8% • 5 MW of capacity delivered on schedule in Q1 and already generating data center
Slide 16: Riot Engineering Provides a Key Competitive Advantage
Riot Engineering Provides a Key Competitive Advantage in the Delivery of Critical Data Center Components Strategically holding back Riot Engineering provides significant capacity for Riot’s own data operational synergies center growth Engineering Capacity • Total engineering manufacturing capacity e
Slide 17: Power Portfolio
S EC TI ON 5 : POWER PORTFOLIO 17
Slide 18: Existing Base Large-Scale Power Portfolio
Existing Large-Scale Power Portfolio with Multiple Avenues Base to Grow Pipeline Further 2.0 GW Utility power in Riot’s power portfolio 01 02 03 04 INORGANIC BEHIND M&A STRATEGIC THE METER Corsicana Greenfield & 1.0 GW Brownfield Self Generation Acquisitions Partnerships Development TEXAS • Secure a
Slide 19: Closing Remarks
S EC TI ON 6 : CLOSING REMARKS 19
Slide 20: Key Workstream Resolution
Key Workstream Resolution has Enabled Focus on Lease Discussions and Development Q1 Q2 Q3 Q4 Q1 2025 2025 2025 2025 2026 Present Altman Solon Studies to Assess Data 01 Center Development Feasibility 02 Build & Expand Data Center Team O NGO ING Address Land Ownership Constraints C O R SIC A NA A D J
Slide 21: Riot Continues to Build Strong Data Center Capabilities
Riot Continues to Build ADAM Strong Data Center Capabilities BLACK EVP, Design & Data Center Development and Operations Construction Adam Black is a senior infrastructure executive with 15+ years of experience leading hyperscale and AI data center Commercial Sales Critical Project Execution Design a
Slide 22: Riot has a 1 GW+ Critical IT Leasing Opportunity
Riot has a 1 GW+ Critical IT Leasing Opportunity 1.2 GW Future Data Center Development 368 MW First Corsicana 200 MW Core & Shell AMD Expansion 50 MW Option 25 MW 35 MW 5 MW Exercised Expansion Fully developed Jan 2025 Jun 2025 Jan 2026 Jan 2026 May 2026 Nov 2026 May 2027 50 MW AMD 168 MW – First po
Slide 23: Q1 2026 Data Operational
A PP ENDI X Q1 2026 DATA OPERATIONAL 24
Slide 24: Bitcoin Mining
Bitcoin Mining 13% Riot Revenue Increasing Efficiency and Scale of Operations Breakdown Q1 20% 20261 Metric Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 67% Bitcoin Mining Avg. Hash Price ($/PH/s/Day) $54 $51 $56 $42 $34 Data Centers Avg. Network Hash Rate¹ 801 EH/s 876 EH/s 948 EH/s 1,071EH/s 994 EH/s E
Slide 25: Strong Improvement in Profitability per Bitcoin
Strong Improvement in Profitability per Bitcoin Demonstrating Operating Efficiency Gains • Average global network hash rate down 7% in Q1 2026 vs Q4 2025 Q1 2025 vs. Q1 2026 Cost to Mine per BTC • Global network hash rate avg. 994EH/s in Q1 2026 versus Q4 2025 1 Q1 2026 2 1,071EH/s in Q4 2025 1,324
Slide 26: Engineering – Key Component of Vertical Integration Strategy
Engineering – A Key Component 13% Riot Revenue of Riot’s Vertical Integration Strategy 20% Breakdown Q1 20261 67% $23.2 $23.8 $23.0 Bitcoin Mining Data Centers Cumulative $12.4 Capex $10.4 Engineering Savings to Riot Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 $227.0 • Since the acquisition of ESS Metro
Slide 27: Q1 2026 Data Financial
A PP ENDI X Q1 2026 DATA FINANCIAL 28
Slide 28: Definitions, Terms, and Reconciliations (Unaudited)
Definitions, Terms, and Reconciliations (Unaudited) Three Months Ended March 31, June 30, September 30, December 31, March 31, COST OF POWER Total Cost of Power $ 2025 61,830 $ 2025 62,170 $ 2025 82,370 $ 2025 75,027 $ 2026 72,317 The Company defines Cost of Power as the cost of less: Power curtailm
Slide 29: Definitions, Terms, and Reconciliations (Unaudited)
Definitions, Terms, and Reconciliations (Unaudited) Three Months Ended March 31, June 30, September 30, December 31, March 31, Riot Platforms, Inc.: 2025 2025 2025 2025 2026 Revenue $ 161,387 $ 152,988 $ 180,229 $ 152,831 $ 167,219 less Bitcoin Mining Cost of revenue* (74,818) (78,175) (95,765) (90,
Slide 30: Definitions, Terms, and Reconciliations (Unaudited)
Definitions, Terms, and Reconciliations (Unaudited) Three Months Ended March 31, June 30, September 30, December 31, March 31, Riot Platforms, Inc.: 2025 2025 2025 2025 2026 GROSS MARGIN Gross Profit divided by Total Revenue $ $ 73,599 $ 161,387 $ 70,262 $ 152,988 $ 101,391 $ 180,229 $ 57,037 $ 152,
Slide 31: Definitions, Terms, and Reconciliations (Unaudited)
Definitions, Terms, and Reconciliations (Unaudited) Three Months Ended March 31, June 30, September 30, December 31, March 31, 2025 2025 2025 2025 2026 Riot Platforms, Inc.: Fully Costed Gross Profit $ (12,128) $ (21,248) $ (12,172) $ (55,703) $ (66,191) GROSS PROFIT plus Power Curtailment Credits p
Slide 32: Q1 2026 Statement of Operations
Q1 2026 Statement of Operations (Unaudited) 33
Slide 33: Q1 2026 Balance Sheet
Q1 2026 Balance Sheet (Unaudited) 34
Slide 34: Non-GAAP Adjusted EBITDA
Non-GAAP Adjusted EBITDA (Unaudited) * 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, o
Slide 35: Miner Fleet Upgrades & Growth in Kentucky
Miner Fleet Upgrades & Growth in Kentucky Drive Targeted Hash Rate Growth Historical 45.0 EH/s 42.5 EH/s 42.5 EH/s 43.0 EH/s 38.5 EH/s 31.5 EH/s 12.4 EH/s 9.7 EH/s 3.1 EH/s 2021A 2022A 2023A 2024A 2025A Q1 2026A Q2 2026E Q3 2026E Q4 2026E 36
Slide 36: EV / 2027 Available MW
Riot Currently Trades Among the Lowest EV / MW Multiples in the Sector Riot $8.3 Signed Data Center Leases $7.9 No Signed Data Center Leases ($M) 1,2 $6.5 EV / 2027 Available MW $5.5 $5.2 $5.2 $2.6 $2.4 $2.2 $2.0 1. Sourced from FactSet as o f April 28, 2026. Cash & C ash Equiva lents, LT Debt, and