Riot Platforms CEO Jason Les Q&A - Q2 Earnings & Strategy Update! | Power Analysis

Riot Platforms has achieved record-breaking financial results in Q2 with nearly $500 million in adjusted EBITDA and $220 million in GAAP net income, while simultaneously advancing their strategic transition from Bitcoin mining toward high-performance computing and data centers.

• 50% gross margin in Bitcoin mining operations despite a one-time tax assessment
• Direct cost of approximately $49,000 per Bitcoin mined, well below current market prices
• Significantly improved operational uptime of 87%, with even higher efficiency when excluding curtailment periods
• Resolution of legacy hosting business through Rhodium acquisition, gaining 125 megawatts of additional power capacity
• Increased year-end hash rate target to 40 EH/s, with 45 EH/s projected for Q1 2026
• Strategic pivot toward data center development with 600 megawatts at Corsicana site
• Acquisition of 600+ additional acres (now 858 total) to maximize development flexibility
• ESS Metron division showing strong growth with $120 million in backlog
• Nearly $2.5 billion in liquidity between Bitcoin holdings and cash
• Multiple financing options including Bitcoin-collateralized debt without equity dilution

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