Riot posts $33.2M data-center revenue; AMD expands to 50 MW

Riot Platforms reported $33.2 million in first-quarter data-center revenue and said Advanced Micro Devices exercised an option during the quarter to increase its contracted capacity with Riot to 50 megawatts.

The company posted total revenue of $167.2 million for Q1. Revenue from Riot’s bitcoin-mining operations was $111.9 million, a year‑over‑year decline the company attributed to lower bitcoin production and weaker average Bitcoin prices. Riot sold 3,778 BTC during the quarter and continues to hold 15,679 BTC, which the company values at roughly $1.2 billion.

Data-center activity accounted for about 20% of Riot’s revenue in Q1, driven largely by a long-term lease agreement with AMD. Under the agreement, AMD exercised an option to add 25 MW to its initial commitment, bringing contracted capacity to 50 MW. Riot said additional expansion options could increase AMD’s footprint by as much as 200 MW.

Riot delivered 5 MW of capacity tied to the AMD deal during the quarter and reported that capacity was already generating revenue. The company expects much of the remaining initial capacity to be online in the second quarter.

Much of the early data-center revenue came from tenant fit-out services, which Riot describes as procurement and installation of customer-specific equipment that tenants reimburse on a cost-plus basis. Riot characterized those services as lower margin compared with other data-center offerings.

Construction and site expansion continued in Texas. AMD’s deployment is underway at Riot’s Rockdale facility. Riot is also developing its Corsicana campus, a multi-building project planned to host single- and multi-tenant customers, including facilities designed for AI and hyperscaler workloads.

Riot reported leadership changes in its data-center unit. Chief Data Center Officer Jonathan Gibbs left earlier in the month. The company named Adam Black, an infrastructure executive with prior roles at Google and TA Digital Group, to oversee design and construction of the projects.

Shares of Riot Platforms (RIOT) closed at $17.24 on Thursday, up 7.9% for the day.