RIOT
Riot Platforms, Inc.

Riot Platforms, Inc.RIOT

Financial Services · Capital Markets
16.71USD
+13.21%
Nov 08, 2026
RIOT overview ready
Operator of scalable Bitcoin mining and AI/HPC data center infrastructure
Riot is converting portions of its large Texas and Kentucky power-and-data-center footprint from a Bitcoin-mining-centered platform into leased, high-density AI/HPC data-center capacity, while retaining Bitcoin mining and an internal electrical-engineering business.
Primary theme is lagging
Crypto is lagging (-24.2pp vs SPY over 21 sessions; 1 of 15 members ahead of SPY).
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of base repair.
The tactical setup reads base repair, but the weekly structure is broken.
Demanding valuation
The price embeds expectations that run ahead of the growth it delivers per turn of revenue multiple.
Unremarkable fundamentals
Primary risk
Cryptocurrency price volatility impacting mining profitability.
Market Nov 6Filing Sep 30Price action Nov 7Research Oct 4

Conviction Level

PriceAction5.4BusinessPerformance5.0BusinessQuality—Valuation3.4ThemeMomentum1.0Mixed — Revenue is roughly flat year over year (+0.7%). Diluted EPS fell 96% year over year to $0.01. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
CryptoLagging
vs SPY
−24.2pp
Theme return
−29.2%
Beating SPY
1 of 15
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of base repair.
The tactical setup reads base repair, but the weekly structure is broken.
EntryConstructive

Structure is constructive on both timeframes without excessive extension — a reasonable entry location.

Key Financials

Market Cap
$6.3B
Avg Volume (60D)
20.6M
60 sessions
Revenue Growth YoY
+71.9%
FY2025 vs FY2024
Gross Margin
+23.9%
Operating Margin
-210.5%
Trailing twelve months
Free Cash Flow Yield
-14.4%
Distance from 200DMA
-13.6%
P/E
N/M
EV / Sales
9.3x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Mixed

Revenue is roughly flat year over year (+0.7%). Diluted EPS fell 96% year over year to $0.01.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthFlat
+0.7%
$181M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +7.2%
  2. +3.6%
  3. +14%
  4. +0.7%
Earnings growthDeclining
-96%
Diluted EPS $0.01 vs $0.26 a year earlier · GAAP
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Operating marginNot applicable
0.7%
-43.8 pp YoY
The business is consuming cash

Business Quality

Not assessed

Not assessed — banks, insurers and lenders need a different model.

Fundamentals & Valuation

The available comparisons disagreed; the intrinsic comparison is the more reliable method for this business and the others are published as dissent.
Riot Platforms, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of the growth it delivers per turn of revenue multiple.

What changed

  • RIOT rose 13.2% in one session
    RIOT closed +13.2% while the broad market was close to flat (+0.3%).
    2026-11-06

Company Research

Thesis
Riot is converting portions of its large Texas and Kentucky power-and-data-center footprint from a Bitcoin-mining-centered platform into leased, high-density AI/HPC data-center capacity, while retaining Bitcoin mining and an internal electrical-engineering business.
Opportunity
High opportunity
Development and operation of data-center campuses with scarce, deliverable power capacity and infrastructure suitable for AI and high-performance-computing workloads.
Key risk
Cryptocurrency price volatility impacting mining profitability.

Economic classification

Loading the economic classification…

Business & Markets

Financial Services · Capital Markets
What they do

Riot Platforms operates primarily as a Bitcoin mining company in the U.S., providing infrastructure and data center services for cryptocurrency mining, while also designing and manufacturing electrical power distribution equipment.

How it earns

The company generates revenue through transactional sales of mined Bitcoin and project-based sales of engineered electrical products and data center services.

Products & services
Bitcoin mining operations
Power distribution equipment design and manufacturing
Data center services
Customers & end markets
Cryptocurrency market participants
Large-scale industrial and governmental customers
Data center operators
Market position

Niche player with a growing role in both Bitcoin mining and emerging AI/HPC data center infrastructure markets.

Demand drivers
High cyclicality

Due to dependence on volatile cryptocurrency markets and capital-intensive infrastructure investments.