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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

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RIOT

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