The company’s performance significantly outperformed consensus estimates from FactSet, which had projected a per-share loss of 36 cents on $160.8 million in revenue. While bitcoin mining revenue dipped, growth in engineering and data center services provided a necessary buffer. Year to date, the stock has gained 27%.
In section Market Quotes
Riot Platforms Surges 15% After Earnings Beat and AI Infrastructure Deal
Shares of Riot Platforms climbed 15% to $16.10 on Wednesday, defying analyst expectations with a third-quarter profit of $4.03 million. The bitcoin miner's revenue reached $181.4 million, bolstered by a strategic shift toward data center expansion and a massive new land lease deal with a Frontier AI lab.
Chief Executive Jason Les confirmed a 15-year land lease agreement that promises approximately $28 billion in contracted revenue over its term. This move brings Riot’s total contracted data center revenue to $38 billion. At full deployment, the company expects to generate over $2 billion in average annual net operating income, signaling a pivot toward stable infrastructure revenue as it diversifies beyond traditional crypto mining.
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