Riot Platforms Q2 revenue beats on data center contracts
Riot Platforms Q2 revenue beats on data center contracts
Overview
US digital infrastructure and bitcoin miner's Q2 revenue grew 14% yr/yr, beating analyst expectations
Company executed 20-year, 191 MW data center lease with frontier AI lab, expected to generate $9.1 bln
Data center segment revenue rose to $23.2 mln, reflecting growth from new leases and services
Outlook
Company expects phased delivery of 191 MW data center lease, with full deployment by June 2028
Riot says strong demand for large-scale data centers is expected to continue
Company anticipates average annual NOI contribution of $365 mln to $411 mln from new lease
Result Drivers
DATA CENTER CONTRACTS - Revenue growth attributed to new data center leases and tenant fit-out services, including delivery of initial 25 MW to AMD
BITCOIN MINING REVENUE DECLINE - Lower bitcoin prices and higher global network hash rate reduced mining revenue, partly offset by increased operating hash rate
ENGINEERING REVENUE GROWTH - Engineering revenue rose to $37.3 mln from $10.6 mln yr/yr
Company press release: ID:nGNX8LF9B8
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $174.20 mln | $152.06 mln (18 Analysts) |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 21 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"
Wall Street's median 12-month price target for Riot Platforms, Inc. is $28.75, about 40.1% above its August 7 closing price of $20.52
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)