RIOT
Riot Platforms, Inc.

Riot Platforms, Inc.RIOT

Financial Services · Capital Markets
24.93USD
+3.10%
Sep 23, 2026
RIOT overview ready
Hybrid Digital Infrastructure Owner Building Power-Secured AI Data Centers
Riot is evolving from a primarily Bitcoin-mining operator into a hybrid digital-infrastructure owner: it continues large-scale self-mining while developing and leasing power-secured Texas data-center capacity for AI/HPC tenants.
Strong narrative exposure
Exposed to the AI Compute Infrastructure Buildout narrative through AI Cloud Capacity and Powered Land — infrastructure supplier.
Advancing price action
Longer-term context reads mature trend, with a near-term setup of daily advance.
Demanding valuation
The price embeds expectations that run ahead of the growth it delivers per turn of revenue multiple.
Fundamentals under pressure
Ev / sales is weak.
Primary risk
Bitcoin price volatility.
Market Sep 22Filing Jun 30Price action Sep 22Research Sep 3

Conviction Level

NarrativeHeat9.5ThemeHeat8.8PriceAction7.4Valuation0.3CompanyPosition7.3
Price
Loading price history…

Price Action

Advancing price action
Longer-term context reads mature trend, with a near-term setup of daily advance.
EntryConstructive

Structure is constructive, but price remains well extended from the long-term weekly base and the earlier reset has already been partly recovered — a workable rather than ideal entry location.

Key Financials

Market Cap
$9.4B
Avg Volume (60D)
19.5M
60 sessions
Revenue Growth YoY
+71.9%
FY2025 vs FY2024
Gross Margin
+28.3%
Operating Margin
-199.2%
Trailing twelve months
Free Cash Flow Yield
-8.3%
Distance from 200DMA
+30.7%
Next Earnings
2026-10-29
P/E
N/M
EV / Sales
14.4x
Market metrics as of Sep 22, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Jun 30, 2026

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.

Company Research

Thesis
Riot is evolving from a primarily Bitcoin-mining operator into a hybrid digital-infrastructure owner: it continues large-scale self-mining while developing and leasing power-secured Texas data-center capacity for AI/HPC tenants.
Opportunity
High opportunity
Development, ownership, and leasing of power-secured data-center campuses and critical IT capacity for AI and high-performance-computing workloads, where energized power, land, interconnection, and delivery capability are scarce.
Key risk
Bitcoin price volatility.

Narrative & Theme

AI Compute Infrastructure Buildout
Part of AI Cloud Capacity and Powered Land, with strong fit.
RIOT now has real, contracted AI/HPC data-center exposure rather than merely an aspirational miner-to-AI adjacency.
Narrative HeatHot9.5 / 10
Theme HeatHot8.8 / 10
This is the company’s own research reading. The canonical heat measurement for this story has not run.

Business & Markets

Financial Services · Capital Markets
What they do

Riot Platforms, Inc. operates primarily as a Bitcoin mining company in the United States, providing infrastructure and data center services for cryptocurrency mining. It also designs and manufactures power distribution and electrical products for industrial and governmental customers.

How it earns

The company generates revenue through transactional sales of mined Bitcoin and engineered electrical products and services.

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

Riot Platforms is a significant player in the U.S. Bitcoin mining industry with integrated infrastructure capabilities.

Demand drivers
High cyclicality

The company’s performance is closely tied to Bitcoin price volatility and cryptocurrency market cycles.

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