Riot Platforms, Inc. (RIOT) SEC Filings & Earnings Calls

Concentration risk from reliance on a single custodian for digital assets; liability cap may limit recovery in case of loss.

“The Custody Agreement limits BitGo Bank & Trust’s liability to the fees paid or payable during the six months preceding the event giving rise to the claim.” · word for word

Debt prepayment eliminates interest expense and collateral risk; no early termination fees incurred

“no early termination fees or penalties were incurred by the Company in connection with the prepayment or termination” · word for word

High leverage; facility matures December 2026; interest at SOFR+2.75% or base+1.75%.

“Loans mature on December 31, 2026; interest at Adjusted Term SOFR plus 2.75% or Base Rate plus 1.75%.”

Bitcoin Price Decline and Liquidity Risk

“This decline may necessitate the sale of a greater volume of our bitcoin than previously anticipated to generate the liquidity required to fund our ongoing operations and working capital needs.” · word for word

Impairment Risk from Strategic Pivot

“Impairment of property and equipment of $28.0 million during the three months ended June 30, 2026, was from certain long-lead items previously included in Construction in progress...related to the planned expansion of the Rockdale Facility for bitcoin mining purposes. These items were deemed to be impaired as a result of our decision to expand the Rockdale F”

Supply Chain and Tariff Risk

“To mitigate the risks associated with supply chain volatility, increasing demand, and uncertainty arising from U.S. tariffs and retaliatory international tariffs, we have proactively procured and currently maintain a supply of essential electrical infrastructure components and construction materials.” · word for word

Execution risk on phased delivery schedule for 191 MW data center build-out by June 2028.

“Phased delivery schedule, with the initial 96 IT MW expected in December 2027 and full 191 IT MW deployment expected by June 2028.” · word for word

Bitcoin mining revenue decline due to lower bitcoin prices and increased network hash rate, partially offset by higher hash rate.

“Bitcoin Mining revenue of $113.7 million for the quarter, as compared to $140.9 million for the same three-month period in 2025, primarily driven by lower average bitcoin prices and an increase in global network hash rate.” · word for word

Rising cost to mine bitcoin due to higher power costs and expansion at Kentucky facilities.

“The average cost to mine bitcoin, excluding depreciation, was $49,912 in the quarter, as compared to $48,992 per bitcoin in the same three-month period in 2025. The increase was primarily driven by higher power costs and the expansion at Riot’s Kentucky facilities.” · word for word

Bitcoin Price Volatility

“The price of bitcoin reached new all-time highs in 2025... but fell in the first quarter of 2026 to prices last seen in 2024.” · word for word

Increased Network Hash Rate

“the number of bitcoin we mined during the same period decreased slightly as a result of the increase in the global network hash rate as compared to the same period in 2025.” · word for word

Regulatory Scrutiny on Energy Consumption

“As the bitcoin mining industry has expanded in recent years, regulatory scrutiny on bitcoin mining facilities and their energy consumption has intensified accordingly.” · word for word

Supply Chain Disruptions

“Global supply chain disruptions and inflationary pressures have, at times, resulted in delays to our miner delivery schedules, infrastructure development timelines, and the manufacturing and delivery schedules within our Engineering segment.” · word for word

Bitcoin mining revenue decline due to lower bitcoin prices and network hash rate increase

“Bitcoin Mining revenue of $111.9 million for the quarter, as compared to $142.9 million” · word for word

Execution risk in data center development and construction

“Risks relating to growth, construction plans, delays, supply chain issues, permitting”

Execution risk in data center pivot

“Effective April 12, 2026, Mr. Gibbs’ employment with the Company ceased.” · word for word

Bitcoin price volatility

“Net Income $(663.2)M” · word for word

Key person dependency

“Effective March 1, 2026, in a planned CFO transition, Mr. Yee stepped down as the Company’s CFO and immediately transitioned to a Senior Advisor role” · word for word

Bitcoin price volatility

“Our ability to achieve profitability is largely dependent on the price of bitcoin, which has historically been volatile.” · word for word

Halving impact on revenue

“Our Bitcoin Mining operations may generate less revenue as a result of 'halving'.” · word for word

Data center strategy execution risk

“Our data center business strategy may not perform as planned.” · word for word

Hash rate competition

“We must grow our hash rate relative to the global network hash rate and increasing network difficulty to effectively compete.” · word for word

Increased mining cost due to rising network hash rate may pressure margins if bitcoin prices decline.

“The average cost to mine bitcoin, excluding depreciation, was $49,645 in the year, as compared to $32,216 per bitcoin in the same twelve-month period in 2024. The increase was primarily driven by a 47% increase in the average global network hash rate” · word for word

Dependence on bitcoin price volatility and regulatory environment for mining and data center operations.

“Forward-looking statements include risks relating to the Company’s growth and developing the Company’s power capacity for data center purposes, including construction plans, delays, supply chain issues, permitting or regulatory hurdles”

Execution risk in transitioning from Bitcoin mining to HPC hosting; AMD lease may not be profitable.

“New business line; no financial terms disclosed.”

Transition risk during CFO change, though mitigated by planned handoff and internal appointment.

“CFO transition with Senior Advisor role for continuity.”

Potential dilution from new $500M ATM offering; prior program had $149M unsold, indicating possible market absorption challenges.

“New $500M ATM offering; prior $750M program had $149M unsold.”

Average cost to mine bitcoin increased 31% year-over-year due to 52% increase in global network hash rate, partially offset by higher power credits.

“The average cost to mine bitcoin, excluding depreciation, was $46,324 in the quarter, as compared to $35,376 per bitcoin in the same three-month period in 2024. The increase was primarily driven by a 52% increase in the average global network hash rate” · word for word

Bitcoin price volatility and network difficulty remain key risks to profitability.

“Bitcoin Mining revenue driven by higher average bitcoin prices and increase in operational hash rate, partially offset by increase in average global network hash rate.”

Bitcoin Price Volatility

“Additionally, we have observed significant historical volatility in the market price of bitcoin and, as such, future prices cannot be predicted.” · word for word

Regulatory Scrutiny on Energy Consumption

“As the bitcoin mining industry has expanded in recent years, regulatory scrutiny on bitcoin mining facilities and their energy consumption has intensified accordingly.” · word for word

Supply Chain Delays

“An inflationary environment marked by global supply chain logistics disruptions across multiple distribution channels, has at times contributed to delays in certain of our miner delivery schedules and in our infrastructure development schedules.” · word for word

Debt and Financing Risk

“We have approximately $854.0 million in total principal on our debt outstanding, primarily consisting of $594.4 million from our 2030 Notes, $200.0 million from our bitcoin-backed credit facility.” · word for word

Dilution from Equity Issuance

“During the nine months ended September 30, 2025 and 2024, we issued and sold approximately 16.1 million shares and 70.1 million shares, respectively, of our common stock under our ATM offering program for aggregate net proceeds (net of commissions and expenses) of $195.2 million and $730.8 million, respectively.” · word for word