Riot Platforms, Inc. · NASDAQ:RIOT

Riot Platforms — FY 2025 Earnings Presentation

36 slides from Riot Platforms's earnings presentation, Mar 2, 2026

  1. Slide 1: FY 2025 Earnings

    RIOT PLATFORMS FY 2025 EARNINGS March 2, 2026 | NASDAQ: RIOT Conceptual rendering

  2. Slide 2: Forward-Looking Statement

    FORWARD- issues, permitting or regulatory hurdles, and unforeseen technical challenges; our abil- ity to attract and retain qualified third-party partners and customers; changes in leas- hereafter becomes aware, except as required by law. Persons reading this presenta- tion are cautioned not to plac

  3. Slide 3: Table of Contents

    SECTION 1: FY 2025 KEY HIGHLIGHTS SECTION 2: BUSINESS UPDATE DATA CENTERS TABLE OF SECTION 3: POWER PORTFOLIO CONTENTS SECTION 4: FY 2025 FINANCIAL UPDATE SECTION 5: CLOSING REMARKS 3

  4. Slide 4: FY 2025 Key Highlights

    SECTION 1: FY 2025 K EY H IGH L I G H T S 4

  5. Slide 5: 2025 Was Transformational

    2025 WAS TRANSFORMATIONAL Built Expanded Land Internal Portfolio and Completed Expertise Initial Basis of Design • Built out data center team • Acquired 3 additional land parcels adjacent and near original with veteran design, Corsicana Site LEADING TO... engineering, sales and • Total Corsicana lan

  6. Slide 6: Key Priorities for 2026

    ...POSITIONING RIOT FOR SUBSTANTIAL DATA CENTER DEVELOPMENT IN 2026 AND BEYOND • Announced lease with AMD in January 2026 KEY PRIORITIES FOR 2026 • Ongoing leasing discussions across hyperscale and investment grade tenants for Corsicana and Rockdale 1 The delivery of the full 25 MW of compute for ou

  7. Slide 7: Business Update Data Centers

    SECTION 2: BUSINESS UPDATE D ATA C E N T E R S 7

  8. Slide 8: Driving Capital Efficiency & Value Creation

    FOCUS ON TOP-TIER TENANTS • Ta r g e t i n g h i g h c r e d i t w o r t h y t e n a n t s t o m a t c h our high-quality assets CAPITAL EFFICENCY • High creditwor thy tenants unlock lowest-cost financing, minimizes equity requirements, and DRIVING CAPITAL maximizes return on investment EFFICIENCY &

  9. Slide 9: AMD Lease Update

    ROCKDALE SITE AMD LEASE and we are on track to deliver UPDATE Phase 2 as planned. 9

  10. Slide 10: AMD Project Schedule Update

    AMD Project Schedule Update Phase 1 Delivered Phase 2 On Schedule REMAINS ON TRACK Sign Phase 1 – 5 MW Phase 2 – 20 MW 75 MW 100 MW lease Delivered in To be delivered in Expansion ROFR for with AMD January 2026 May 2026 Option Additional Capacity 5 MW 25 MW 100 MW 200 MW TODAY 10

  11. Slide 11: AMD Lease Terms

    ROCKDALE SITE AMD $311M 25 MW January 30, 2026 Total Contract Initial Capacity Lease start date 2 Revenue1 LEASE $89.5M 75 MW 10-Year $3.6M/MW 3 Expansion Option Initial Term Total Retrofit Costs TERMS $25M Expected 4 Annual NOI 100 MW Right of First Refusal Three 5-Year Extension Options 1.Contract

  12. Slide 12: Power Portfolio

    SECTION 3: POWER PORTFOLIO 12

  13. Slide 13: Power-First Strategy

    Power AMD Lease Capacity Demonstrates Utilized at its this Strategy Highest and in Action POWER- Best Use FIRST STRATEGY • Majority of Riot’s operating power capacity is monetized today through • AMD lease leveraged existing infrastructure to deliver at speed Bitcoin mining and at scale • Long-term

  14. Slide 14: Riot Power Portfolio in Texas

    Fully approved, evergreen right to 1.7 GW of power across Corsicana and Rockdale sites FY 2025 Total Approval RIOT POWER Average Load Approved Capacity Date Energization PORTFOLIO Rockdale 351 MW 700 MW Q4 2019 Q2 2020 IN TEXAS Corsicana TOTAL 335 MW 686 MW 1,000 MW 1,700 MW Q4 2022 Q2 2024 Power ca

  15. Slide 15: FY 2025 Financial Update

    SECTION 4: FINANCIAL UPDATE FY 2025 15

  16. Slide 16: Riot Platforms FY 2025 By the Numbers

    FINANCIAL POWER BTC MINING METRICS STATISTICS STATISTICS $647M 3.7 c/kWh 5,686 Total Revenue Net Cost of Power BTC Produced 72% increase Represents one of the Production of Year-over-year lowest costs of power in 15.3 BTC per day RIOT PLATFORMS the industry 2 FY 2025 ($663M) $57M 18,005 BY THE Net I

  17. Slide 17: Riot Engineering Provides a Key Competitive Advantage

    Riot Engineering Provides a Key Competitive Advantage in the Delivery of Critical Data Center Components “The data center supply chain has become a front- Engineering Backlog and-center bottleneck for new builds. Even when $224.6 projects have their permits… long queues for critical Continues to Gro

  18. Slide 18: Closing Remarks

    SECTION 5: CLOSING REMARKS 18

  19. Slide 19: Riot Currently Trades Among the Lowest EV / MW Multiples

    Riot Currently Trades Among the Lowest EV / MW Multiples in the Sector Riot $6.6 Signed Data Center Leases No Signed Data Center Leases EV / 2027 Available MW ($M) $5.7 $5.4 1,2 $4.5 $4.1 $4.1 $2.2 $1.8 $1.0 $0.9 1. Sourced from FactSet as of February 16, 2026. Cash & Cash Equivalents, LT Debt, and

  20. Slide 20: Riot Has GW+ Critical IT Leasing Opportunity

    Riot has 1 GW+ Critical IT Leasing Opportunity 1,400 1.2 GW 1,200 th 1,000 w Critical IT MWs ro Future G er Data Center 800 Development nt Ce ta 600 Da 400 312 MW 200 MW First Corsicana Core & Shell 200 AMD ROFR 5 MW 25 MW AMD Expansion January 2025 June 2025 January 2026 January 2026 May 2026 75 MW

  21. Slide 21: Appendix: FY Data Operational

    APPENDIX FY DATA OPERATIONAL 21

  22. Slide 22: Bitcoin Mining

    Bitcoin Mining 11% Riot Revenue Breakdown Increasing Efficiency and Scale of Operations FY 20253 Metric Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Bitcoin Mining 89% Avg. Hash Price ($/PH/s/Day) $54 $51 $56 $42 $65 $51 Engineering & Other Avg. Network Hash Rate¹ 801 EH/s 876 EH/s 948 EH/s 1,071

  23. Slide 23: Strong Improvement in Profitability per Bitcoin

    Strong Improvement in Profitability per Bitcoin Demonstrating Operating Efficiency Gains • Average global network hash rate up 47% in FY 2025 vs FY 2024 FY 2024 vs. FY 2025 Cost to Mine per BTC • Global network hash rate avg. 923EH/s in FY 2025 versus FY 2024 1 FY 2025 2 630EH/s in FY 2024 4,828 BTC

  24. Slide 24: Engineering – A Key Component of Vertical Integration Strategy

    Engineering – A Key Component 11% Riot Revenue of Riot’s Vertical Integration Strategy Breakdown FY 20251 $23.0 $23.2 Bitcoin Mining 89% Cumulative Engineering & Capex $10.4 $12.4 Other Savings to $7.5 Riot Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $227.0 • Since the acquisition of ESS Metron in Decem

  25. Slide 25: Miner Fleet Upgrades & Growth in Kentucky

    Miner Fleet Upgrades & Growth in Kentucky Drive Targeted Hash Rate Growth Historical 45.0 EH/s 43.0 EH/s 41.5 EH/s 38.5 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 2026E Q2 2026E Q3 2026E Q4 2026E 25

  26. Slide 26: Appendix: FY Data Financial

    APPENDIX FY DATA FINANCIAL 26

  27. Slide 27: Definitions, Terms, and Reconciliations

    Definitions, Terms, and Reconciliations (Unaudited) COST OF POWER !"#"$%"CDE)* 5N5S +,C#JDE)* 5N5T 8JC""D+9M4JYDMMc"c ./M"DEN* 5N5T 2"P4"$%"CDEN* !"#"$%"CDE)* 5N5T 5N5T 5N5T i",CYDMMc"c !"#"$%"CDE)* 5N5S 5N5E The Company defines Cost of Power as the 894,WD;9Y4D9=D>9?"CD !"##$ D>9?"CD#/C4,bWquot;M4D#C"c

  28. Slide 28: Definitions, Terms, and Reconciliations

    Definitions, Terms, and Reconciliations (Unaudited) gJC""D+YM4J=DlM>"> m",C=DlM>"> !"#"$B"CDEFG +,C#JDEFG ./M"DE1G 2"P4"$B"CDE1G !"#"$B"CDEFG !"#"$B"CDEFG FULLY COSTED GROSS MARGIN !"#$BC'E$F#G+I-B./M12 R1RS R1RT R1RT R1RT R1RT R1RT R1RS R1RE 8/99:D;Y=4">D?CY==D@CYAB4 dDDDDDDDDDDDCRaGb1Fc dDDDDDDDDD

  29. Slide 29: Definitions, Terms, and Reconciliations

    Definitions, Terms, and Reconciliations (Unaudited) CASH SG&A !"#"$%"&DE)* +,&#JDE)* hJ&""D+CM4JYDgM;"; ./M"DE1* 2"34"$%"&DE1* !"#"$%"&DE)* I",&YDgM;"; !"#"$%"&DE)* The Company defines Cash SG&A as Selling, General, and 515S 515T 515T 515T 515T 515T 515S 515E Administrative expenses less Stock-Based

  30. Slide 30: Definitions, Terms, and Reconciliations

    Definitions, Terms, and Reconciliations (Unaudited) NJC""D+YM4J=DlM>"> m",C=DlM>"> !"#"$B"CDEFG +,C#JDEFG ./M"DE1G 2"P4"$B"CDE1G !"#"$B"CDEFG !"#"$B"CDEFG 515S 515T 515T 515T 515T 515T 515S 515E !"#$B&'E$)#G+I-B./M12 8/99:D;Y=4">D?CY==D@CYAB4 dDDDDDDDDDDDC5aGb1Fc dDDDDDDDDDDDCF5GF5ac dDDDDDDDDDDDC5F

  31. Slide 31: Definitions, Terms, and Reconciliations

    Definitions, Terms, and Reconciliations (Unaudited) gJC""D+9M4J:DhMB"B i",C:DhMB"B HASH COST 89:4D9;DC"Y"M/"D;9CD:"=;>$?M?M@D93"C,4?9M:*DM"4D9;D39A"CD#/C4,?=quot;M4D#C"B?4:*D"C#=/B?M@Da?4#9?MD$?M"CDB"3C"#?,4?9M !"#"$B"CDE)* 515S +,C#JDE)* 515T ./M"DE1* 515T 2"34"$B"CDE1* !"#"$B"CDE)* 515T 515T dDDDDDDD

  32. Slide 32: FY 2025 Statement of Operations

    FY 2025 Statement of Operations (Unaudited) 32

  33. Slide 33: FY 2025 Balance Sheet

    FY 2025 Balance Sheet (Unaudited) 33

  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

  35. Slide 35: Rockdale Site

    ROCKDALE SITE 9 1OT

  36. Slide 36: Corsicana Site

    CORSICANA SITE 1OT

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