Riot Platforms reported $33.2 million in debut data center revenue in the first quarter and said Advanced Micro Devices elected to double its contracted capacity to 50 megawatts in its earnings release on Thursday.
It is a major milestone for the company as it diversifies beyond bitcoin (BTC) mining, leaning more heavily into serving AI, data center, and hyperscaler customers.
Riot posted total revenue of $167.2 million for the quarter, with $111.9 million coming from its core bitcoin mining business, which declined year-over-year amid lower bitcoin production and lower average bitcoin prices.
The company sold 3,778 BTC during the quarter but still holds 15,679 BTC worth nearly $1.2 billion at current prices, making it the seventh-largest public holder.
The new data center revenue segment accounted for roughly 20% of total revenue, driven largely by Riot’s long-term lease agreement with AMD.
The chipmaker exercised an option during the quarter to expand its footprint by an additional 25 MW, bringing total contracted capacity to 50 MW, with further expansion options of up to 200 MW still on the table.
AI pivot starts to show
Most of the new data center revenue came from lower-margin “tenant fit-out services,” which Riot describes as the “procurement and installation of customer-specific equipment, reimbursed by the tenant on a cost-plus basis.”
Riot also said 5 MW of capacity tied to the AMD deal was delivered during the quarter and is already generating revenue, with much of the remaining initial capacity expected to come online in Q2.
Furthermore, Riot is expanding its flagship Rockdale, Texas site, where AMD’s deployment is underway, while continuing to build out its Corsicana campus, a multi-building project executives said could support both single- and multi-tenant AI and hyperscaler customers.
Riot also recently saw turnover in its data center leadership, with Chief Data Center Officer Jonathan Gibbs departing earlier this month.
The company has since appointed veteran infrastructure executive Adam Black, a former executive at Google and TA Digital Group, to oversee design and construction.
Shares of Riot Platforms (RIOT) closed at $17.24 on Thursday after a 7.9% gain on the day, according to The Block’s company data.
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