Shares of Riot Platforms (NASDAQ:RIOT) rose on Friday as the Bitcoin mining company reported strong first-quarter earnings. The results highlighted a clear shift from its main business of Bitcoin mining.
RIOT’s stock price rose 9% amid a strong earnings report
the Riot arrows It rose almost 9% during the intraday session on Friday, May 1. At press time, Riot Platforms’ stock price was $18.58, representing a gain of 7.80%.
Furthermore, RIOT’s stock price has risen more than 48% in the past month. In addition to riot control platforms, MSTR stock It also showed strong performance today with gains of over 7% on the day.
In its first-quarter earnings report, the most impressive growth was a Bitcoin mining company offering to host its AI-driven data center. This facility generated $33.2 million in revenue for the company in the first quarter of 2026. This was the company’s first significant revenue stream in terms of high-performance computing infrastructure.
Riot CEO Jason Liss considered this move a game changer. “This is a definitive inflection point for Riot, as we officially transform into a vibrant, revenue-generating data center operator,” he said.
The pivot was used to mitigate weakness in traditional mining. Bitcoin production revenue fell to $111.9 million from $142.9 million last year. The reason behind this reduction was the decline in the price of Bitcoin and the increase in international competition that weighed on the economics of production.
The Bitcoin miner also mined only 1,473 BTC in the quarter, which is slightly lower than in the previous year. Moreover, the cost of production increased slightly.
How AMD Partnership Helped Bitcoin Mining Company
However, Riot Platforms has been able to withstand these pressures and strengthen its finances and operations. The company has seen significant growth in engineering-related revenues reaching $22.2 million annually. It also holds a large Bitcoin reserve of 15,679 coins worth about $1.1 billion at the end of the quarter.
One of the main drivers of Riot Platforms’ growth is its collaboration with Advanced Micro Devices. This partnership increased its contracted capacity to 50 MW.
About this, Les He said“Our continued delivery of initial capacity to AMD, and their decision to already double their footprint with a 25 MW expansion, validates our ability to execute at an enterprise level with the most demanding tenants.”
“We have the proven strength, in-house development expertise, and significant financial resources to leverage strong market demand with high-quality tenants in order to maximize compounded shareholder value,” he added.
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