Riot Platforms, Inc. · NASDAQ:RIOT
Riot Platforms — Q3 2026 Earnings Presentation
37 slides from Riot Platforms's earnings presentation, Nov 4, 2026
Slide 1: Riot Platforms Q3 2026 Earnings
Conceptual rendering RIOT PLATFORMS Q3 2026 EARNINGS November 4, 2026 NASDAQ: RIOT
Slide 2: Forward-Looking Statement
2 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 : Q3 2026 KEY HIGHLIGHTS S E C T I O N 4 : Q3 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: Q3 2026 Key Highlights
Q3 2026 K E Y HI G H L I G H T S S E C T I O N 1 : 4
Slide 5: Q3 2026 Key Highlights
• Executed lease with Frontier AI Lab for 910 MW of critical IT capacity • 15-year lease expected to generate $28B in total initial contract revenue, with two 5-year extension options which, if exercised, would lead to $54B in total potential contract revenue • 25 MW expansion exercised by AMD is on
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: Frontier AI Lab Corsicana Lease Overview
Lease provides for Riot to deliver land, powered pads, and power delivery infrastructure, Frontier A I Lab p rocures, installs and op erates m od ular com p ute d ep loym ent 15-year powered land lease with Frontier AI Lab Customer-driven modular deployment Full monetization of Corsicana Corsicana s
Slide 8: Frontier AI Lab Corsicana Data Center Powered Land Lease Overview
910 MW Critical IT Capacity September 2027 400 MW Phase 1 Deployment Complete Two 5-Year Extension Options $28 Billion Total Contract Revenue 1 33% Yield on Cost Based on Average NOI over term vs. Est. Reimbursements to Tenant and Site Work 2 $6M / IT MW Reimbursements to Tenant and Site Work 2 99%
Slide 9: Lease Terms: Rent Commencement and Cost Responsibilities
R E N T C O M M E N C E M E N T Commences on delivery of each powered pad1 Significantly Reduced Development and Operational Requirements Derisk the Project for Riot UTILITY POWER COSTS Pass-through only - no markup Pays 100% of actual utility cost, including demand capacity & tariff charges OPERATI
Slide 10: Corsicana Financing Plan: Sources and Uses
$0.5–1.1B Riot cash equity Path A · Path B: cash and/or debt S O U R C E S A N D U S E S WHAT EACH PATH MEANS FOR RIOT PATH A · PROJECT DEBT PATH B · THROUGH THE LEASE Reimbursements to tenant funded by: Non-recourse project debt, sized to contracted rent; drawn as each phase is delivered Frontier A
Slide 11: Rockdale Progress Updates
FRONTIER AI LAB TODAY A U G 2 0 2 6 General contractor mobilized SEP 2026 Demolition complete; sitework underway NOV 2026 Excavation, site development, and and equipment orders in progress progress FEB 2027 Building delivery delivery and vertical construction APR 2027 Building fit out begins DEC 202
Slide 12: Portfolio Forecast: Critical IT MW Leased
Portfolio Forecast Critical IT MW Leased RI OT 1,301 IT MW Contract Potential AMD Capacity 50 IT MW AMD Expansion Capacity 150 IT MW Rockdale Leading Frontier AI Lab Capacity 191 IT MW Corsicana Leading Frontier AI L L ab Capacity ab 910 IT MW In 2026, Riot Has Secured $38 Billion of Contracted Data
Slide 13: Signed Leases Ramp to $2.3B of Lease Revenue in 2029
$5M $17M $24M $227M $701M $1.10B $1.15B $1.15B H1 ’26 H2 ’26 H1 ’27 H2 ’27 H1 ’28 H2 ’28 H1 ’29 H2 ’29 L E A S E R E V E N U E T I M E L I N E · 1 . 2 G W O F P O R T F O L I O L E A S E D SIGNED LEASES RAMP TO $2.3B OF LEASE REVENUE IN 2029 L E A S E R E V E N U E B Y H A L F - Y E A R ¹ Straig ht-
Slide 14: Capital Allocation
CAPITAL ALLOCATION Riot’s Capital Allocation Strategy is Driven by Maximizing Per Per- - Share Value Creation Share 1,151 IT MW Contracted $0 Equity issued in 2026 20,264 BTC Sold in 2026 year-to-date O N E T E S T D R I V E S R I O T ’ S C A P I T A L A L L O C A T I O N Grow the power portfolio Bu
Slide 15: Expanding the Development Pipeline Through Multiple Verticals
Expanding the Development Pipeline Through Multiple Verticals to Continue Scaling Deeply engaged in active deals across each of the five verticals to add new development opportunities 15 01 EXPAND ADDITIONAL CAPACITY Growth of Current Portfolio Acquire additional acreage and work with utility relati
Slide 16: Financing Update
S E C T I O N 3 : 16 FINANCING UPDATE Q 3 2 0 2 6
Slide 17: Financing Market Context and Response
Market context: higher interest rate environment, credit-led spread widening since September, and more selective lenders doing deeper diligence on tenant credit, power and delivery track record. P R I N C I P L E H O W W E R E S P O N D E X E C U T I O N I L I Q U I D I T Y Maximize current liquidit
Slide 18: Expected Incremental Project Capital
E XPE CTE D I NCRE ME NTAL PROJE CT CAPI TAL $7.6–7.8B Corsicana $5.5B ($6.0M/IT MW on 910 IT MW) Rockdale $2.1–2.3B ($11–12M/IT MW on 191 IT MW) AMD capex financed through AMD Facility − PROJE CT-LE VE L DE BT $6.1–7.0B Non-recourse to Riot, sized to contracted rent; illustrative range of 80–90% of
Slide 19: Q3 2026 Key Financial Highlights
S E C T I O N 4 : 19 Q3 2026 KEY FINANCIAL HIGHLIGHTS Q 3 2 0 2 6
Slide 20: Q3 2026 By the Numbers
1. Net income per share figure based on diluted shares outstanding. 2. See Appendix slides 32-33 for definitions, terms, and reconciliations. 3. Bitcoin value based on a closing price of $83,554 on September 30, 2026, sourced from Coinbase. 4. ‘Global Network Hash Rate’ quarter average sourced from
Slide 21: Closing Remarks
CLOSING REMARKS S E C T I O N 5 : 21
Slide 22: Portfolio Milestones Timeline
22 Jan 2026 Announced Rockdale Rockdale land acquisition and execution of first data data center Lease with with AMD May 2026 Phased AMD deployment of 25 MW MW May 2027 Additional phased AMD deployment of of 25 MW Sep 2027 Corsicana (Phase 1) 400 MW IT Dec 2027 Phase 1 of leading Frontier AI Lab dep
Slide 23: Future Focus & Themes
FUTURE FOCUS & THEMES EXECUTION • Deliver on AMD • Rockdale AI Lab • Corsicana delivery FINANCING • Finalize Rockdale AI Lab financing • Corsicana financing • Expand access to funding and sources of liquidity CAPITAL ALLOCATION Maximizing shareholder value by consistently assessing the most accretiv
Slide 24: Appendix: Q3 2026 Data Operational
Q3 2026 DATA OPERATIONAL A P P E N D I X 24
Slide 25: Data Center Q3 2026 Revenues
DATA CENTER | Q3 2026 Data Center Revenues 25 • Delivered 80% operating lease gross margin / 85% base rent gross margin in Q3 • First 25 MW of capacity fully stabilized as of May 2026 • Construction of next 25 MW underway, with first 10 MW projected to deliver November 2026 • Tenant fit-out services
Slide 26: Riot Engineering Provides a Key Competitive Advantage
Riot Engineering Provides a Key Competitive Advantage in the Delivery of Critical Data Center Components Riot Engineering provides significant operational synergies • ESS Metron manufactures low and medium voltage switchgear and power distribution units – critical long lead-time components • Riot en
Slide 27: Bitcoin Mining Increasing Efficiency and Scale of Operations
36.5 EH/s 38.5 EH/s 42.5 EH/s 44.4 EH/s 44.9 EH/s 86% 89% 90% 87% 87% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 • Q3 2026 Bitcoin Mining Revenue of $116.0M and Gross Profit – Bitcoin Mining of $51.7M • Industry leading Bitcoin Mining margins with an Q3 2026 Cost to Mine of $39,265 due to Riot’s power
Slide 28: Q3 2025 vs. Q3 2026 Cost to Mine per BTC
$45,723 $39,265 $8,608 $15,067 Q3 2026 Total Direct Costs per BTC Q3 2026 Power Credits Per BTC Q3 2026 Net Direct Costs per BTC $58,585 $46,324 $9,527 $21,788 Q3 2025 Total Direct Costs per BTC Q3 2025 Power Credits Per BTC Q3 2025 Net Direct Costs per BTC Q3 2025 vs. Q3 2026 Cost to Mine per BTC Q
Slide 29: Engineering: A Key Component of Vertical Integration
$19.1 $21.1 $22.2 $37.3 $47.0 28% 26% 18% 28% 15% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 $50.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 • Since the acquisition of ESS Metron in December of 2021, Riot has already realized $26.1M in capex savin
Slide 30: Company Profile: ESS Metron and E4A Solutions
Company Profile 30 COMPANY SNAPSHOT Headquarters Denver, Colorado – ESS Metron Houston, Texas – E4A Solutions Employees 244 – ESS Metron 60 – E4A Solutions Key Leadership Beck Jonson, CEO – ESS Metron Alexandre Chacara, CEO – E4A Solutions Acquisition Dates December 2021 – ESS Metron December 2024 –
Slide 31: Appendix: Q3 2026 Data Financial
Q3 2026 DATA FINANCIAL A P P E N D I X 31
Slide 32: Definitions, Terms, and Reconciliations
Definitions, Terms, and Reconciliations (Unaudited) 1.Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property tax. 2.Costs to finance the purchase of miners were zero in all periods presented as the miners were paid for with cash from the Co
Slide 33: Definitions, Terms, and Reconciliations
Definitions, Terms, and Reconciliations (Unaudited) 33 GROSS PROFIT The Company defines Gross Profit as Fully Costed Gross Profit plus Power Curtailment Credits plus Depreciation and Amortization expense. The Company defines Fully Costed Gross Profit as Revenue less Cost of Revenue (excluding Deprec
Slide 34: Q3 2026 Statement of Operations
Q3 2026 Statement of Operations (Unaudited) 34
Slide 35: Q3 2026 Balance Sheet
Q3 2026 Balance Sheet (Unaudited) 35
Slide 36: Non-GAAP Adjusted EBITDA
Non-GAAP Adjusted EBITDA (Unaudited) 36 * Indicates Non-GAAP measure. We use Adjusted EBITDA to eliminate the effects of certain non-cash and/or non-recurring items, that do not reflect our ongoing strategic business operations. Adjusted EBITDA is provided in addition to, and not as a substitute for
Slide 37: Riot Trades Among the Lowest EV / MW Multiples in the Sector
Riot Currently Trades Among the Lowest EV / MW Multiples in the Sector EV / 2027 Available MW ($M) 1,2 $5.0 $3.8 $3.2 $3.1 $2.9 $2.4 $2.2 $1.7 $1.2 $1.2 1. Sourced from FactSet as of November 2, 2026. Cash & Cash Equivalents, LT Debt, and BTC value used in calculation as of June 30, 2026. 2. Sourced