Riot Platforms, Inc.

Good day and thank you for standing by. Welcome to Riot Platform's first quarter 2026 earnings conference call. Please note that all participants have been placed in a listen-only mode until the question and answer session begins following the company's presentation of its prepared remarks. Please also be advised that today's call is being recorded. I would now like to hand the conference over to Josh Kane, Head of Investor Relations at Riot Platform. Please go ahead.

Thank you, operator. Good afternoon and welcome to RIOT Platform's first quarter 2026 earnings conference call. My name is Josh Kane, head of investor relations, and joining me on today's call from RIOT are Jason Less, chief executive officer, and Jason Chung, chief financial officer. On the RIOT investor relations website, you can find our first quarter 2026 earnings press release and accompanying earnings press presentation, which are intended to supplement today's prepared remarks and which include a discussion of certain non-GAAP items. Non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP and are included as additional clarifying items to aid investors in further understanding the company's first quarter 2026 performance. During today's call, we will be making forward-looking statements regarding potential future events. These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties. Actual results could materially differ due to factors discussed in today's earnings press release, in comments and responses made during today's call, and in the risk factors section of our Form 10-K and Forms 10-Q, including for the three months ended March 31st, 2026, which will be filed later today, as well as other filings with the Securities and Exchange Commission. With that, I will turn the call over to Jason Leffs, CEO of Riot Platforms.

Thank you, Josh, and good afternoon, everyone. The first quarter of 2026 was a definitive inflection point in Riot's transition into one of the most significant and capable data center operators in the industry. Looking at our key milestones for the quarter. First, AMD officially exercised a 25 megawatt expansion option. bringing their total contracted footprint at our Rockdale facility to 50 megawatts and validating our ability to execute at institutional scale. Initial data center capacity for this expansion will be delivered beginning in November of this year. Second, on the initial 25 megawatt AMD lease, we delivered the first five megawatts of critical IT capacity right on schedule in January. with the remaining 20 megawatts on track for delivery this May. Third, we continue to make significant progress at our Corsicana facility. We have initiated development of our first core and shell building using our enhanced 168 megawatt standard design, which efficiently consolidates our previous two building design, which will now be connected by expanded administrative capacity. Concurrently, we are also securing long lead items to ensure timely delivery of full built-to-suit capacity after the corn shell is complete. Finally, we achieve this infrastructure growth while maintaining strong capital discipline, proactively funding our data center initiatives entirely through operating cash flow and disciplined Bitcoin sales. allowing us to execute on these key growth initiatives without issuing a single share of equity. Let's dive right into the AMD expansion. When we announced the initial AMD lease in January, we signed a 10-year agreement to deliver 25 megawatts of critical IT capacity at our Rockdale facility with extension options that created a partnership pathway of up to 25 years. That original lease included a 75 megawatt expansion option and a right of first refusal on an additional 100 megawatts. More recently, our partnership with AMD has expanded as they worked with our team to exercise an additional 25 megawatts of their expansion option capacity. AMD now has 50 megawatts of critical IT capacity under contract with Riot at the Rothfield facility. This expansion reflects AMD's ongoing confidence in our ability to deliver and is a clear indicator that Riot is delivering exactly as promised, on time and on budget. To summarize the economics of our expanded AMD lease today, we are delivering an additional 25 megawatts of critical IT capacity, bringing the total lease to 50 megawatts. Total revenue of $636 million during the primary 10-year period. $51 million in average annual NOI over the course of the contract, which, when combined with the reduced capex spend, will drive an even more attractive development yield relative to the initial AMD lease. The total CAPEX required for the expansion is approximately $3.3 million per megawatt, totaling $83.2 million, a significant reduction from the initial 25 megawatt CAPEX of $3.6 million per megawatt, driven by a leaner build-out scope following building preparation in the initial phase. Slide eight presents a clear visual of exactly how this expansion is taking shape on the ground at our Rockdale facility. On the top half of the slide, you can see the physical layout of buildings F and G. We are currently finalizing the initial 25 megawatts of capacity for AMD, highlighted in yellow. We are already delivering 5 megawatts for AMD, with the remaining 20 megawatts firmly on schedule for full delivery next month in May 2026. AMD's 25 megawatt expansion will be developed directly adjacent to the initial AMD footprint in Building G and will be constructed in two phases. Phase 3, highlighted in blue, will deliver 10 megawatts in November of 2026. while phase four, highlighted in orange, represents the remaining 15 megawatts for delivery in May of 2027. As a result of this phase delivery, we anticipate exiting 2026 with an annualized operating lease revenue run rate of $37.8 million, scaling to a run rate of $55.6 million as we exit 2027 and AMD's full 50 megawatt footprint comes online. Importantly, this provides a highly visible high margin baseline that has the potential to scale up even further if AMD exercises its remaining expansion options. You can see the physical footprint of those additional options mapped out in green on the site plan. AMD retains an additional 50 megawatt expansion option And furthermore, they now hold an additional 100 megawatt option, which replaces their prior right of first refusal. Together, this provides a highly visible de-risked pathway to potentially scale our partnership with AMD to up to 200 megawatts of critical IT capacity at Rockdale. Now, I want to provide an update on the development activity underway at our Corsicana campus. As a reminder, at the end of last year, we announced our plan to initiate core and shell development at Corsicana. I am pleased to report the development is actively underway and tracking on schedule. This marks the transition of Corsicana from a site with approved power into an active data center development site. Since that announcement, our team has continued to refine our standard basis of design based on market engagement and feedback. The result is a meaningful enhancement to both the density and the flexibility of what we can deliver. Our updated standard is a 168 megawatt critical IT building engineered to support densities beyond 1,000 watts per square foot. The design is configurable as a two-story standard or a single-story high-density format with oversized galleries to accept 100% liquid cooling and the densest next-generation equipment without retrofit. We are using prefabricated skids and vendor-agnostic equipment specifications to further compress our schedule and de-risk procurement. This is a design built for repeatability, speed to market, and the requirements of the most sophisticated AI and HPC tenants in the market today. Reflecting this enhancement, we have consolidated the two buildings we previously announced into a single larger building with 168 megawatts of critical IT capacity. Up from the 112 megawatts we originally planned across two buildings. The core and shell CapEx is unchanged from our prior guidance, which means we are now delivering 50% more critical IT capacity for the same capital spend. This meaningfully improves our capital efficiency at the core and shell level. Development is underway today, and we have a clear line of sight to 168 megawatts of completed core and shell in the second quarter of 2027. Applying the updated design across the full Corsicana site, our total planned campus capacity now stands at 756 megawatts of critical IT capacity, an increase over our prior plan on the same approved power, the same LAM, and the same development timeline. Put simply, we are extracting more capacity and more value from the infrastructure we have already secured and we are doing so on a timeline that matches the urgency of today's market. Now, I'd like to turn it over to Jason Chung to outline our financing strategy and review the quarterly financial results.