Riot Platforms Reports $33M Data Center Revenue as AMD Expands AI Capacity Deal

Riot Platforms reported $33.2 million in its first quarter data center revenue, marking a key milestone in its transition beyond Bitcoin mining. The segment contributed roughly 20% of total quarterly revenue, which reached $167.2 million. However, most of the data center income came from lower-margin tenant fit-out services, where Riot installs customer-specific infrastructure on a cost-plus basis.

AMD Deal Drives Capacity Expansion

A major driver of this growth is Riot’s partnership with Advanced Micro Devices (AMD), which doubled its contracted capacity from 25 megawatts to 50 megawatts during the quarter. The initial 5 MW deployment is already operational and generating revenue, with further capacity expected to come online in the second quarter. AMD also retains options to expand up to 200 MW, highlighting long-term demand potential.

Bitcoin Mining Revenue Declines Year-Over-Year

Despite diversification efforts, Riot’s core Bitcoin mining business generated $111.9 million, down from the previous year due to lower production and softer prices. The firm sold 3,778 BTC but still holds 15,679 BTC, valued near $1.2 billion.

AI Infrastructure Expansion and Leadership Changes

Riot continues expanding its Texas-based facilities, including Rockdale and Corsicana sites, to support AI and hyperscaler clients. The company also appointed Adam Black to lead data center development following recent executive changes.

Shares of Riot Platforms RRIOT0% closed at $17.24 on Thursday.