Bitcoin Miner Riot Stock Shoots 8% After Strong Q1 Earnings Report

Riot Platforms (NASDAQ:RIOT) shares soared on Friday as the Bitcoin miner reported a strong first-quarter earnings. The results spotlighted an evident transition out of its main business of Bitcoin mining.

RIOT Stock Price Rockets 9% Amid Robust Earnings Report

The RIOT stock rose almost 9% in the intraday session on Friday, May 1. At press time, the Riot Platforms stock price stood at $18.58, representing a gain of 7.80%.

Moreover, the RIOT share price has risen more than 48% in the last month. Alongside Riot Platforms, the MSTR stock also exhibited a strong performance today with over 7% intraday gains.

In the Q1 earnings report, the most impressive growth was Bitcoin miner’s introduction of AI-driven data center hosting. This facility earned the company $33.2 million in revenue in Q1 2026. It was the first significant revenue flow of the company in terms of high-performance computing infrastructure.

Riot CEO Jason Les deemed the move as a game-changer. He said, “a definitive inflection point for Riot, as we officially transitioned into an active, revenue-generating data center operator.”

The pivot was used to soften the weakness in its traditional mining. Bitcoin production revenue dropped to $111.9 million versus $142.9 million a year ago. The reason behind this reduction was the drop in BTC price and increased international competition burdened production economics.

The Bitcoin miner also mined just 1,473 BTC in the quarter, a little less than it was in the previous year. Furthermore, the cost of production increased marginally.

How Partnership AMD Helped The Bitcoin Miner

However, Riot Platforms was able to endure these pressures and consolidate its financial and operations. The company has seen a substantial growth in engineering related revenue that has gone up to $22.2 million annually. It also boasts a large Bitcoin reserve of 15,679 coins worth approximately $1.1 billion at the end of the quarter.

One of the major drivers of Riot Platforms growth is its collaboration with Advanced Micro Devices. This partnership increased its contracted capacity to 50 megawatts.

About this, Les said, “Our ongoing delivery of initial capacity to AMD, and their decision to already double their footprint with a 25 megawatt expansion, validates our ability to execute at institutional scale with the most demanding tenants.”

He further added, “We have the secured power, the in-house development expertise, and the significant financial resources required to capitalize on strong market demand with high-quality tenants in order to drive compounding shareholder value.”

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