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- **Data Center Milestone**: Initiated Core & Shell construction for 112 MW at Corsicana, with Q1 2027 completion, marking a strategic shift from Bitcoin mining.
- **Financial Strength**: Q3 revenue of $180.2 million (18% QoQ growth) and $197.2 million in adjusted EBITDA highlight operational efficiency.
- **Power Portfolio Advantage**: 1.7 GW of fully approved power in prime markets positions Riot as a leader in the hyperscale data center space.
- **Tenant Engagement**: Active discussions with top-tier customers, leveraging Riot's unique ability to deliver Tier 3 data centers with guaranteed power and timelines.
- **Cost Leadership**: $0.032/kWh power cost and $214 million capital-efficient development model enhance margins and scalability.

**【CEO Summary Section】**
- Announced the initiation of Core & Shell development for the first 2 buildings at Corsicana, representing 112 MW of critical IT capacity, with construction set to begin in Q1 2026 and completion expected in Q1 2027.
- Secured 67 acres of contiguous land adjacent to the original Corsicana site, enabling full utilization of 1 GW of approved power capacity and completing the campus design for a 1 GW utility load data center.
- Completed the basis of design for standard data center builds, featuring a 7-module (7 mod) format adaptable to tenant needs, with each 7 mod representing 14 MW of IT capacity.
- Highlighted the company's strategic advantage in owning 1.7 GW of fully approved power in high-demand markets (Dallas and Austin), positioning Riot as a leader in the data center sector.
- Emphasized the shift from Bitcoin mining to data center development, with plans to supplant existing mining facilities with data centers over time.

**【CFO Financial Commentary】**
- Q3 2025 revenue: $180.2 million (18% QoQ growth), driven by Bitcoin mining and engineering operations.
- Net income: $104.5 million ($0.26 per diluted share), down from $219.5 million in Q2 due to lower Bitcoin production and higher costs.
- Non-GAAP adjusted EBITDA: $197.2 million, reflecting strong operational efficiency.
- Bitcoin production: 1,406 units (down 1.4% QoQ) with a cost of power of $0.032/kWh, solidifying Riot's position as a low-cost leader.
- Cash and Bitcoin holdings: $400 million in cash and 19,287 Bitcoin (market value $2.2 billion).

**【Q&A Key Highlights】**
- **Tenant Discussions**: CEO Jason Les confirmed active engagement with hyperscale, neocloud, and enterprise customers, emphasizing Riot's ability to deliver Tier 3 data centers with certainty on timing and power availability.
- **Pipeline Expansion**: CFO Colin Yee noted the company's focus on maximizing existing power assets before pursuing new pipeline additions, with no specific targets disclosed.
- **Rockdale Site**: Rockdale's 700 MW of approved power and proximity to Austin make it a future development priority, though near-term focus remains on Corsicana.
- **Engineering Business**: ESS Metron and E4A Solutions contributed $23 million in CapEx savings through internal manufacturing, supporting data center development efficiency.
- **Hiring Progress**: Key hires in sales, engineering, and construction have strengthened the data center team, with ongoing recruitment to support leasing and development efforts.
- **Power Utilization**: Plans to transition 400 MW of Corsicana's power from Bitcoin mining to data centers as demand grows, with Phase 2 development contingent on tenant commitments.


Riot Platforms, Inc. (RIOT) Q3 2025 Earnings Call Transcript

- **Data Center Pivot**: 600 MW Corsicana site prioritized for HPC, with 858-acre land expansion to accommodate tenant needs.
- **Financial Strength**: $2.4B liquidity, Q2 EBITDA $495M, and 87% hash rate utilization highlight operational efficiency.
- **Bitcoin Mining Balance**: 26% YoY hash rate growth, with Bitcoin sold to fund data center development while avoiding stranded power.
- **Market Dynamics**: Hyperscalers demand 100+ MW power, with leases tied to long-term contracts and premium pricing.

**【CEO Summary Section】**
- **Strategic Pivot to Data Centers**: CEO Jason Les emphasized Riot's transition from Bitcoin mining to high-performance compute (HPC) data centers, driven by the 600 MW power capacity at Corsicana. The company aims to maximize megawatt utilization, with Jonathan Gibbs (Chief Data Center Officer) leading the development.
- **Land Expansion**: Acquired 858 acres in Corsicana to ensure flexibility for large-scale data center designs, addressing tenant density requirements.
- **Bitcoin Mining Balance**: Continued Bitcoin mining at Rockdale and Kentucky to maintain cash flow, with hash rate growth of 26% YoY, targeting 4% global network share.
- **Power Portfolio Optimization**: Prioritized data center leases for high-value tenants, with Bitcoin mining as a fallback to avoid stranded capacity.

**【CFO Financial Commentary】**
- **Q2 Financials**: Total revenue $153M (5% QoQ decline), gross profit $70.3M (46% margin), net income $219.5M (driven by Bitcoin price appreciation). Non-GAAP EBITDA $495.3M (vs. $176.3M loss prior quarter).
- **Bitcoin Mining Efficiency**: Direct cost per Bitcoin $48,992 (77% power), with 87% hash rate utilization. Q2 production 1,426 Bitcoin, down 7% QoQ due to global hash rate growth.
- **Liquidity**: $330M cash + 19,000 Bitcoin ($2.4B liquidity), supported by $200M Bitcoin-backed financing with Coinbase.

**【EVP Strategy & Bitcoin Mining】**
- **Mining Standalone Profitability**: Run-rate EBITDA $45.6M (32% margin), sensitive to hash price ($60 vs. $51/Q2). Excluding one-time costs, cash SG&A $29.5M (low end of $30-33M guidance).
- **Cost Control**: Direct non-power costs increased due to property taxes ($3.8M/Q2), but gross profit per Bitcoin stable due to higher Bitcoin prices.

**【Q&A Highlights】**
- **Bitcoin Strategy**: Sold monthly production to cover costs, with flexibility to HODL if prices justify reduced ATM issuance.
- **Data Center Demand**: Robust interest in large-scale (100+ MW) power, with hyperscalers seeking long-term (5+ year) leases. Basis of design for Corsicana expected Q3 completion.
- **Infrastructure Lead Times**: Substation and waterline projects on track for Q1 2026, mitigating delays in securing tenants.
- **Regulatory Impact**: Texas Senate Bill 6 may affect transmission costs, but existing FEAs shield current operations.


Riot Platforms, Inc. (RIOT) Q2 2025 Earnings Call Transcript

- **Bitcoin Mining Dominance**: 90% uptime, 1,530 BTC mined Q1, lowest cost per BTC ($43,808) vs. peers. 
- **Strategic Acquisition**: $185M Rhodium deal eliminates $14.6M annual loss, adds 125 MW power. 
- **Data Center Momentum**: 355-acre land acquisition, 1 GW power capacity, 2026 energization target. 
- **Financial Strength**: $192M Bitcoin holdings, 47.4% YTD yield, minimal ATM dilution. 
- **Hyperscaler Demand**: Multiple tenants in due diligence, 30 GW generative AI capacity needed by 2030. 


**【CEO Opening Remarks】**
- **Bitcoin Mining Efficiency**: Achieved 90% uptime in Q1 2025, up from prior periods, with 1,530 Bitcoin mined (vs. 1,516 in Q4 2024). 
- **Rhodium Acquisition**: Acquired 125 MW of power capacity and all Rhodium mining operations for $185M, ending a costly legacy hosting contract. 
- **AI/HPC Data Center Progress**: Secured 355 acres near Corsicana, added water infrastructure, and expanded fiber connectivity. Feasibility study highlights Corsicana's 1 GW power capacity and proximity to Dallas hyperscalers. 
- **Financial Discipline**: Limited ATM usage ($13.05/share avg), utilized Bitcoin sales and Coinbase credit facility to minimize dilution. 

**【CFO Financial Highlights】**
- **Revenue**: $161.4M (QoQ +13%), driven by Bitcoin Mining ($142.9M) and Engineering ($13.9M). 
- **Profitability**: Gross margin 46% (QoQ +7pp), Non-GAAP EBITDA loss $176.3M (vs. $296.3M profit in Q4). 
- **Bitcoin Holdings**: 19,223 BTC (QoQ +8%), with 47.4% Bitcoin yield/YTD. 
- **Cost Control**: Direct mining cost $43,808/BTC (81% power), non-power costs down to 19% of total. 

**【Q&A Key Takeaways】**
- **Data Center Timeline**: Substation completion in 2025, first phase energization in 2026. 
- **Financing Strategy**: Exploring project-level financing with hyperscalers, leveraging Bitcoin treasury ($271M mark-to-market loss in Q1). 
- **Market Dynamics**: Global hash rate +10% QoQ, Riot's hash rate +7%, outpacing network difficulty. 
- **Tariff Impact**: U.S.-produced miners shielded from tariffs, but component supply chain risks remain. 
- **Tenant Interest**: Multiple hyperscalers performing due diligence, focus on 2026+ generative AI demand. 


Riot Blockchain (RIOT)-1 May 25-2025 Q1 Earnings call transcript

- **Bitcoin Yield Success**: 17,722 Bitcoin held ($1.7B) vs. 7,362 at Q3, 141% increase.
- **AI/HPC Pivot**: 1 gigawatt power available at Corsicana, targeting hyperscalers with 10+ year contracts.
- **Financial Strength**: $376.7M revenue (34% YoY), 52% gross margin, $463M EBITDA.
- **Engineering Growth**: Engineering business to $100M+ in 2025 with E4A acquisition.
- **Cost Leadership**: All-in cost $42,011/BTC (industry lowest), 79% power costs.


**【CEO Strategic Overview】**
- Riot achieved a 154% increase in self-mining hash rate to 31.5 exahash in 2024, outpacing global network growth of 67%. 
- Transitioned to a Bitcoin yield strategy, retaining all mined Bitcoin and acquiring 10,000+ Bitcoin through debt issuance, ending with 17,722 Bitcoin worth $1.7B.
- Expanded into AI/HPC with 1 gigawatt of power available at Corsicana and 700 megawatts at Rockdale, targeting hyperscalers with long-term contracts.
- 2025 growth plan includes 22% hash rate expansion to 38.4 exahash and $198M capex for AI/HPC development.

**【CFO Financial Highlights】**
- 2024 revenue: $376.7M (34% YoY growth), Bitcoin Mining revenue: $321M (70% YoY growth).
- Gross profit: $147.6M (52% margin), Non-GAAP EBITDA: $463.2M (112% YoY growth).
- All-in cost per Bitcoin: $42,011 (79% power costs), lowest in industry.
- Bitcoin holdings increased 141% to 17,722, with 100% retention of mined Bitcoin.

**【AI/HPC Opportunity】**
- Engaged hyperscalers with 1 gigawatt at Corsicana (400MW online, 600MW under development) and 700MW at Rockdale.
- Secured financial advisors (Evercore, Northland) and conducted feasibility study for AI/HPC conversion.
- Land acquisition underway at Corsicana to support 100+ megawatt deployments.
- Targeting 10-year+ contracts with blue-chip counterparties for predictable cash flows.

**【Engineering Business】**
- Acquired E4A Solutions for $52M, adding $28.2M in 2024 revenue and 16% EBITDA margin.
- Combined with ESS Metron, engineering business on track for $100M+ 2025 revenue.
- Synergies in services (maintenance, training) and hardware (switchgear) for AI/HPC data centers.


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