Earnings call transcript: Riot Platforms tops Q3 2026 estimates, stock jumps on ai lease deal

Riot Platforms reported robust third-quarter 2026 results, surpassing Wall Street expectations with $181 million in revenue and $191 million in adjusted EBITDA. The company's shift from Bitcoin mining to AI-focused digital infrastructure proved profitable, with adjusted earnings of $0.01 per share compared to analyst forecasts of a $0.3242 loss.

Revenue topped expectations by 13%, growing to $181 million, while Bitcoin production totaled 1,637 BTC, down from 11,380 at the end of the previous quarter. Riot unveiled a 15-year triple-net lease for its Corsicana campus, which could generate $28 billion in contract revenue over its initial term. The company's AI infrastructure projects include a 191-megawatt lease in Rockdale and a 25-megawatt expansion for AMD at Rockdale.

Management stated that project financing, lease revenue, and capital recycling will fund these developments, with no equity issuance expected in 2026. Despite a weak financial health score of 1.64, Riot's stock surged 12.7% in premarket trading, reflecting investor confidence in the company's transition to AI infrastructure.