Riot Platforms Stock Surges on Q2 Results, 20-Year Data Center Deal

• Riot Platforms shares are trending.

Riot Platforms Q2 Key Metrics

Riot reported second-quarter revenue of $174.20 million, beating analyst estimates of $152.06 million, according to Benzinga Pro. The company reported a second-quarter adjusted EBITDA loss of $69.73 million.

Riot Signs 20-Year Data Center Agreement

Subsequent to quarter’s end, Riot signed a 20-year data center lease with a “leading frontier AI lab” for 191 megawatts of capacity at the company’s Rockdale campus. The deal is expected to generate approximately $9.10 billion in total initial contract revenue.

“Today’s announcement of a landmark 20-year, 191-megawatt data center lease with a leading frontier AI lab marks a defining moment in our evolution into a leading developer of large-scale data centers,” said Jason Les, CEO of Riot. “It builds directly on a strong second quarter, in which we completed delivery of the initial 25 megawatts to AMD on time and on budget.”

Riot ended the quarter with $548.90 million in cash and 11,380 Bitcoin.

RIOT Stock Rises After Earnings

RIOT Price Action: Riot shares were up 10.82% in Monday’s after-hours session, trading at $21.49 at the time of publication, according to Benzinga Pro.

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