Riot Platforms의 3분기 실적 발표 콘퍼런스 콜에서 380억 달러 규모의 AI 데이터센터 임대 계약이 주요 내용으로 다뤄졌다.

Riot Platforms, Inc. (RIOT) emphasized its shift from Bitcoin mining toward long-term AI infrastructure leasing during its third-quarter 2026 earnings call. Management highlighted a major Corsicana agreement that substantially expands contracted capacity while reducing development and operating exposure. Executives also outlined financing plans, construction milestones and capital allocation priorities. The central focus was converting contracted data center demand into recurring cash flows without issuing additional equity.

Chief Executive Officer Jason Les highlighted a 15-year, triple-net powered land lease covering 910 megawatts (MW) at Corsicana. The agreement represents approximately $28 billion in contracted revenues, rising to $54 billion if extension options are exercised. Riot will provide land and electrical infrastructure, while the tenant will own and operate the modular computing equipment. Les emphasized that this arrangement transfers substantial operational responsibilities to the tenant. The project requires approximately $5.5 billion in capital and is expected to generate $1.8 billion in average annual net operating income, implying an unlevered yield on cost of approximately 33%.

Chief Financial Officer Jason Chung outlined plans to finance Corsicana primarily through nonrecourse project debt, with an illustrative loan-to-cost ratio of 80% to 90%. Under this structure, approximately $4.4 billion to $4.9 billion could come from project financing. If comparable financing terms are unavailable, tenant reimbursements would instead be recovered through rent credits carrying an implied 12% interest rate. Chung emphasized that Riot does not currently anticipate issuing equity for announced developments. The company ended September with approximately $950 million in liquidity after repaying its $200 million Coinbase credit facility.

Les confirmed that Corsicana's initial 400-MW phase is scheduled for September 2027, followed by 200 MW in January 2028 and 310 MW in July 2028. At Rockdale, the 191-MW Frontier AI Lab project remains scheduled for phased delivery in December 2027 and June 2028. AMD's existing deployment should reach 50 MW by May 2027.

Across three leases, Riot has secured 1,151 MW, representing approximately $38 billion in contracted revenue. Management projects annual lease revenue of approximately $250 million in 2027, $1.8 billion in 2028 and $2.3 billion in 2029.

During the analyst discussion, Northland Securities questioned whether Rockdale's estimated construction cost of $11 million to $12 million per megawatt adequately covered potential overruns. Les explained that approximately 70% of the project budget is expected to fall under guaranteed maximum price contracts. Remaining exposure includes directly procured equipment and costs outside those agreements.

Responding to Morgan Stanley, Les defended Corsicana's single-tenant structure, arguing that dividing the campus would increase operating complexity and reduce leasable capacity. The selected arrangement increased expected IT capacity from 756 MW to 910 MW.

Chung reported third-quarter revenues of $181.43 million, exceeding the Zacks Consensus Estimate of $161.46 million. The company reported earnings of 1 cent per share, against a consensus loss estimate of 34 cents. Bitcoin mining revenues declined as lower average Bitcoin prices offset increased production. Engineering revenues, however, more than doubled year over year to $47 million, supported by demand for data center equipment.

Management also detailed its treasury strategy. Riot sold 20,264 Bitcoin during the first nine months of 2026 for approximately $1.5 billion, primarily to fund data center development. The company expects to continue selling substantially all newly mined Bitcoin.

Les emphasized that management's immediate priorities are completing contracted projects on schedule, securing financing and maintaining liquidity. Future investment decisions will focus on risk-adjusted returns, expanding power infrastructure and potentially returning capital to shareholders. Management's outlook centers on executing existing commitments before deploying additional capital.

RIOT currently carries a Zacks Rank #3 (Hold), indicating a neutral near-term outlook based on earnings estimate revision trends. Its Value Score of F, Growth Score of D and Momentum Score of C reflect weaker value and growth characteristics alongside middling momentum. The stock's VGM Score of F indicates an unfavorable combined assessment across value, growth and momentum factors. These readings offer limited support under the Zacks framework, which favors stronger Style Scores alongside top-ranked stocks. The Zacks Rank may change as analysts revise earnings estimates following the latest results.