Riot Platforms, Inc. 10-K

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ​ ​ Reports of Independent Registered Public Accounting Firms* F-1 Consolidated Balance Sheets as of December 31, 2025 and 2024 F-3 Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023 F-4 Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024, and 2023 F-5 Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2025, 2024, and 2023 F-6 Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023 F-7 Notes to Consolidated Financial Statements F-9 ​ * Deloitte & Touche LLP, PCAOB Firm ID No. 34 ​ ​ ​ 58 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ​ To the stockholders and the Board of Directors of Riot Platforms, Inc. Opinion on the Financial Statements ​ We have audited the accompanying consolidated balance sheets of Riot Platforms, Inc and subsidiaries (the "Company") ⁠ as of December 31, 2025 and 2024, ⁠ the related consolidated statements of operations, comprehensive income (loss), stockholders' equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and December 31, 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 2, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting. Basis for Opinion ​ These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Mining Revenue – Refer to Note 2 to the financial statements Critical Audit Matter Description The Company participates in a digital asset mining pool (“the mining pool”) by executing agreements with mining pool operators for the provision of hash calculation services to the mining pool. The Company decides when to provide hash calculation services under the agreements and the Company’s enforceable rights to compensation begins only when and lasts as long as the Company provides hash calculation services to the mining pool operator and is created as power is provided over time. In exchange for providing hash calculation services, the Company is entitled to a payout of Bitcoin based on a contractual formula, which primarily calculates the hash rate provided to the mining pool as a percentage of total network hash rate, and other inputs. Revenue is recognized on the same day that control of the contracted service transfers to the mining pool operator, which is the same day as contract inception. For the year ended December 31, 2025, Bitcoin Mining revenue was $576.3 ⁠ million. F-1 Table of Contents We identified the auditing of Bitcoin Mining revenue as a critical audit matter due to the extent of audit effort required to perform audit procedures over the Company’s hash calculation services provided to the mining pool operator, the associated contractual payouts including the blockchain contractual inputs, the Company’s valuation of Bitcoin received from the mining pool operator and evaluating the results of those procedures. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to the Company’s process for recording Bitcoin Mining revenue included the following, among others: ● With the assistance of our Information Technology (IT) specialists, we identified the significant systems used to monitor hash calculation services and tested the general IT controls over each of these systems. ● We tested the effectiveness of controls over the Company’s Bitcoin Mining revenue calculation. ● We tested the amount of the Bitcoin Mining revenue recorded by developing an expectation for the amount recorded based on the hash calculation services provided to the mining pool operator and the payout method prescribed in the contract with the mining pool operator and comparing our expectation to the amount recorded by the Company. ● We confirmed with the mining pool operator the significant contractual terms utilized in the determination of Bitcoin Mining revenue, total mining rewards earned, and the digital asset wallet addresses in which the rewards are deposited. ● We utilized our proprietary audit tool to independently obtain evidence from the Bitcoin blockchain to test the occurrence and accuracy of Bitcoin Mining revenue. ● With the assistance of our Valuation specialists, we evaluated the reasonableness of the prices utilized by the Company to value Bitcoin by obtaining independent Bitcoin prices and comparing those to the prices selected by the Company. ​ ​ /s/ DELOITTE & TOUCHE LLP Houston, TX March 2, 2026 ​ We have served as the Company’s auditor since 2023. ​ ​ ​ F-2 Table of Contents Riot Platforms, Inc. Consolidated Balance Sheets (in thousands, except for share and per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ December 31, 2024 ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ ​ ​ ​ Cash and cash equivalents ​ $ 233,517 ​ $ 277,860 Restricted cash ​ ​ 76,272 ​ ​ 73,441 Accounts receivable, net ​ 29,788 ​ 27,124 Contract assets ​ 8,308 ​ 6,478 Prepaid expenses and other current assets ​ 59,447 ​ 40,288 Derivative assets, current portion ​ ​ 41,378 ​ ​ 40,020 Equity method investment - marketable securities, at fair value ​ — ​ 134,265 Total current assets ​ 448,710 ​ 599,476 ​ ​ ​ ​ ​ ​ ​ Property and equipment, net ​ 1,528,716 ​ 1,338,787 Bitcoin ​ ​ 1,227,462 ​ ​ 1,654,468 Restricted bitcoin ​ ​ 347,979 ​ ​ — Deposits ​ 76,511 ​ 30,115 Finite-lived intangible assets, net ​ 30,187 ​ 34,053 Derivative assets, less current portion ​ ​ 106,670 ​ ​ 109,475 Right-of-use assets ​ ​ 30,171 ​ ​ 27,492 Goodwill ​ ​ 122,499 ​ ​ 121,887 Other long-term assets ​ 17,862 ​ 19,554 Total assets ​ $ 3,936,767 ​ $ 3,935,307 ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDERS’ EQUITY ​ ​ ​ ​ Current liabilities ​ ​ ​ ​ Accounts payable ​ $ 23,420 ​ $ 17,609 Contract liabilities ​ 37,117 ​ 9,644 Accrued expenses ​ ​ 142,852 ​ ​ 75,672 Deferred gain on acquisition post-close dispute settlement ​ ​ — ​ ​ 26,007 Deferred revenue, current portion ​ — ​ 2,892 Contingent consideration liabilities, current portion ​ 6,185 ​ 23,626 Current portion of debt ​ ​ 253,887 ​ ​ 314 Operating lease liability, current portion ​ 6,314 ​ 4,621 Total current liabilities ​ 469,775 ​ 160,385 ​ ​ ​ ​ ​ Deferred revenue, less current portion ​ — ​ 13,590 Operating lease liability, less current portion ​ 19,648 ​ 23,915 Contingent consideration liabilities, less current portion ​ 2,010 ​ 3,229 Debt, less current portion ​ ​ 586,909 ​ ​ 584,311 Other long-term liabilities ​ 19 ​ 6,192 Total liabilities ​ 1,078,361 ​ 791,622 ​ ​ ​ ​ ​ Commitments and contingencies - Note 17 ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders’ equity ​ ​ ​ ​ Preferred stock, no par value, 15,000,000 shares authorized: ​ ​ ​ ​ 2 % Series A Convertible Preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and December 31, 2024 ​ — ​ — 0 % Series B Convertible Preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of December 31, 2025 and December 31, 2024 ​ — ​ — Common stock, no par value; 680,000,000 shares authorized; 371,575,652 and 344,890,208 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively ​ 4,212,006 ​ 3,833,882 Accumulated deficit ​ ( 1,353,600 ) ​ ( 690,419 ) Accumulated other comprehensive income (loss), net ​ ​ — ​ ​ 222 Total stockholders’ equity ​ 2,858,406 ​ 3,143,685 Total liabilities and stockholders’ equity ​ $ 3,936,767 ​ $ 3,935,307 ​ See accompanying Notes to Consolidated Financial Statements. ​ F-3 Table of Contents Riot Platforms, Inc. Consolidated Statements of Operations (in thousands, except for share and per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bitcoin Mining ​ $ 576,276 ​ $ 321,002 ​ $ 188,996 Engineering ​ 64,688 ​ 38,491 ​ 64,303 Other ​ 6,471 ​ 17,165 ​ 27,379 Total revenue ​ 647,435 ​ 376,658 ​ 280,678 ​ ​ ​ ​ ​ ​ ​ Costs and expenses: ​ ​ ​ ​ ​ ​ Cost of revenue (excludes depreciation and amortization presented below): ​ ​ ​ ​ ​ ​ ​ ​ ​ Bitcoin Mining ​ 339,011 ​ 189,224 ​ 96,597 Engineering ​ 50,893 ​ 41,731 ​ 60,614 Other ​ 11,971 ​ 31,800 ​ 97,122 Acquisition-related costs ​ 187 ​ 5,541 ​ — Selling, general, and administrative ​ 298,776 ​ 266,915 ​ 100,346 Depreciation and amortization ​ 346,811 ​ 212,053 ​ 252,354 Change in fair value of bitcoin ​ ​ 115,880 ​ ​ ( 457,409 ) ​ ​ ( 184,734 ) Change in fair value of derivative assets ​ 1,447 ​ ( 45,277 ) ​ ( 6,721 ) Power curtailment credits ​ ​ ( 56,729 ) ​ ​ ( 33,685 ) ​ ​ ( 71,215 ) Change in fair value of contingent consideration ​ ( 18,071 ) ​ ( 2,459 ) ​ — Loss on contract settlement ​ ​ 158,137 ​ ​ — ​ ​ — Loss on legal settlement ​ ​ 20,000 ​ ​ — ​ ​ — Gain on acquisition post-close dispute settlement ​ ​ ( 26,007 ) ​ ​ — ​ ​ — Loss (gain) on sale of equipment ​ ​ ( 2,267 ) ​ ​ 17,429 ​ ​ 5,336 Casualty-related charges (recoveries), net ​ ​ ( 174 ) ​ ​ ( 2,795 ) ​ ​ ( 5,974 ) Impairment of property and equipment ​ ​ 29,736 ​ ​ — ​ ​ — Total costs and expenses ​ 1,269,601 ​ 223,068 ​ 343,725 Operating income (loss) ​ ( 622,166 ) ​ 153,590 ​ ( 63,047 ) ​ ​ ​ ​ ​ ​ ​ Other income (expense): ​ ​ ​ ​ ​ ​ Interest income ​ ​ 13,984 ​ ​ 27,166 ​ ​ 11,076 Interest expense ​ ​ ( 24,144 ) ​ ​ ( 1,985 ) ​ ​ ( 2,854 ) Loss on equity method investment - marketable securities ​ ​ ( 28,192 ) ​ ​ ( 69,489 ) ​ ​ — Loss on convertible notes investment ​ ​ ( 5,757 ) ​ ​ — ​ ​ — Other income (expense) ​ ​ 2,944 ​ 863 ​ 260 Total other income (expense) ​ ( 41,165 ) ​ ( 43,445 ) ​ 8,482 ​ ​ ​ ​ ​ ​ ​ Net income (loss) before taxes ​ ( 663,331 ) ​ 110,145 ​ ( 54,565 ) ​ ​ ​ ​ ​ ​ ​ Current income tax benefit (expense) ​ 150 ​ ( 744 ) ​ 48 Deferred income tax benefit (expense) ​ — ​ — ​ 5,045 Total income tax benefit (expense) ​ 150 ​ ​ ( 744 ) ​ ​ 5,093 ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ ( 663,181 ) ​ $ 109,401 ​ ​ ( 49,472 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per share ​ ​ ( 1.95 ) ​ ​ 0.40 ​ ​ ( 0.28 ) Diluted net income (loss) per share ​ ​ ( 1.95 ) ​ ​ 0.34 ​ ​ ( 0.28 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average number of shares outstanding ​ ​ 340,719,298 ​ ​ 275,980,010 ​ 175,026,051 Diluted weighted average number of shares outstanding ​ 340,719,298 ​ 318,925,961 ​ 175,026,051 ​ See accompanying Notes to Consolidated Financial Statements. ​ ​ F-4 Table of Contents Riot Platforms, Inc. Consolidated Statements of Comprehensive Income (Loss) (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2025 ​ 2024 ​ 2023 Net income (loss) ​ $ ( 663,181 ) ​ $ 109,401 ​ $ ( 49,472 ) Other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized holding gains (losses) on convertible note ​ ​ ( 222 ) ​ ​ 72 ​ ​ 150 Comprehensive income (loss) ​ $ ( 663,403 ) ​ $ 109,473 ​ $ ( 49,322 ) ​ See accompanying Notes to Consolidated Financial Statements. ​ ​ ​ ​ F-5 Table of Contents Riot Platforms, Inc. Consolidated Statements of Stockholders’ Equity (in thousands, except for share and per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other ​ Total ​ ​ Common Stock ​ Accumulated ​ comprehensive ​ stockholders’ ​ ​ Shares ​ ​ ​ Amount ​ ​ ​ deficit ​ ​ ​ income (loss) ​ equity Balance as of January 1, 2023 ​ ​ ​ 167,751,112 ​ 1,907,784 ​ ( 756,342 ) ​ $ — ​ $ 1,151,442 Cumulative effect upon adoption of ASU 2023-08 ​ — ​ ​ — ​ ​ 5,994 ​ ​ — ​ ​ 5,994 Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding 809,302 ​ ( 14,035 ) ​ — ​ ​ — ​ ( 14,035 ) Issuance of common stock/At-the-market offering, net of offering costs 62,206,045 ​ 761,773 ​ — ​ ​ — ​ 761,773 Issuance of common stock in connection with acquisition of ESS Metron 70,165 ​ — ​ — ​ ​ — ​ — Stock-based compensation — ​ 32,170 ​ — ​ ​ — ​ 32,170 Net income (loss) — ​ — ​ ( 49,472 ) ​ ​ — ​ ( 49,472 ) Other comprehensive income (loss) ​ — ​ ​ — ​ ​ — ​ ​ 150 ​ ​ 150 Balance as of December 31, 2023 230,836,624 ​ 2,687,692 ​ ( 799,820 ) ​ ​ 150 ​ 1,888,022 Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding 16,006,545 ​ ( 11,562 ) ​ — ​ ​ — ​ ( 11,562 ) Issuance of common stock/At-the-market offering, net of offering costs 90,626,416 ​ 956,637 ​ — ​ ​ — ​ 956,637 Issuance of common stock in connection with the Block Mining Acquisition 7,240,623 ​ 73,999 ​ — ​ ​ — ​ 73,999 Issuance of common stock to a third-party advisor 180,000 ​ ​ 1,912 ​ ​ — ​ ​ — ​ 1,912 Stock-based compensation ​ — ​ 125,204 ​ — ​ ​ — ​ ​ 125,204 Net income (loss) ​ — ​ — ​ 109,401 ​ ​ — ​ ​ 109,401 Other comprehensive income (loss) — ​ ​ — ​ ​ — ​ ​ 72 ​ 72 Balance as of December 31, 2024 344,890,208 ​ ​ 3,833,882 ​ ​ ( 690,419 ) ​ ​ 222 ​ ​ 3,143,685 Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding 2,946,812 ​ ( 4,289 ) ​ — ​ ​ — ​ ( 4,289 ) Issuance of common stock/At-the-market offering, net of offering costs 16,748,832 ​ 207,702 ​ — ​ ​ — ​ 207,702 Stock-based compensation — ​ 125,711 ​ — ​ ​ — ​ 125,711 Issuance of common stock for contract settlement ​ 6,989,800 ​ 49,000 ​ — ​ ​ — ​ 49,000 Net income (loss) — ​ — ​ ( 663,181 ) ​ ​ — ​ ( 663,181 ) Other comprehensive income (loss) ​ — ​ ​ — ​ ​ — ​ ​ ( 222 ) ​ ​ ( 222 ) Balance as of December 31, 2025 371,575,652 ​ $ 4,212,006 ​ $ ( 1,353,600 ) ​ $ — ​ $ 2,858,406 ​ See accompanying Notes to Consolidated Financial Statements. ​ F-6 Table of Contents Riot Platforms, Inc. Consolidated Statements of Cash Flows (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ ( 663,181 ) ​ $ 109,401 ​ $ ( 49,472 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: ​ ​ ​ ​ ​ ​ Stock-based compensation ​ 125,711 ​ 125,204 ​ 32,170 Issuance of common stock to a third-party advisor ​ ​ — ​ ​ 1,912 ​ ​ — Depreciation and amortization ​ 346,811 ​ 212,053 ​ 252,354 Amortization of license fee revenue ​ ( 388 ) ​ ( 97 ) ​ ( 97 ) Noncash lease expense ​ 6,324 ​ 3,908 ​ 2,509 Amortization of debt issuance costs ​ ​ 4,295 ​ ​ 250 ​ ​ — Deferred income tax expense (benefit) ​ — ​ — ​ ( 5,045 ) Change in fair value of bitcoin ​ ​ 115,880 ​ ​ ( 457,409 ) ​ ​ ( 184,734 ) Change in fair value of derivative assets ​ 1,447 ​ ( 45,277 ) ​ ( 6,721 ) Change in fair value of contingent consideration ​ ( 18,071 ) ​ ( 2,459 ) ​ — Loss on contract settlement ​ ​ 35,518 ​ ​ — ​ ​ — Loss on legal settlement ​ ​ 20,000 ​ ​ — ​ ​ — Gain on acquisition post-close dispute settlement ​ ​ ( 26,007 ) ​ ​ — ​ ​ — Impairment of property and equipment ​ ​ 29,736 ​ ​ — ​ ​ — (Gain) loss on equity method investment - marketable securities ​ ​ 28,192 ​ ​ 69,489 ​ ​ — Loss on convertible notes investment ​ ​ 5,757 ​ ​ — ​ ​ — Loss (gain) on sale of equipment ​ ( 2,267 ) ​ 17,429 ​ 5,336 Casualty-related charges ​ ​ — ​ ​ 310 ​ ​ 1,526 Revenue recognized from bitcoin mined ​ ​ ( 576,276 ) ​ ​ ( 321,002 ) ​ ​ ( 188,996 ) Proceeds from sale of bitcoin ​ ​ — ​ ​ 9,518 ​ ​ 176,219 Changes in assets and liabilities: ​ ​ ​ ​ ​ ​ (Increase)/decrease in operating assets ​ ​ ( 30,495 ) ​ ​ 7,839 ​ ​ 6,352 Increase/(decrease) in operating liabilities ​ ​ 24,086 ​ ​ 13,879 ​ ​ ( 8,316 ) Net cash provided by (used in) operating activities ​ ( 572,928 ) ​ ( 255,052 ) ​ 33,085 ​ ​ ​ ​ ​ ​ ​ Investing activities ​ ​ ​ ​ ​ ​ Block Mining Acquisition, net of cash acquired ​ ​ — ​ ​ ( 7,203 ) ​ ​ — E4A Solutions Acquisition, net of cash acquired ​ ​ — ​ ​ ( 50,861 ) ​ ​ — Acquisition of bitcoin ​ ​ — ​ ​ ( 577,500 ) ​ ​ — Acquisition of assets from Rhodium ​ ​ ( 7,250 ) ​ ​ — ​ ​ — Acquisition of land ​ ​ ( 148,379 ) ​ ​ — ​ ​ — Deposits on equipment ​ ( 213,595 ) ​ ( 442,473 ) ​ ( 230,397 ) Proceeds from sale of bitcoin ​ ​ 535,486 ​ ​ — ​ — Security deposits ​ ​ 1,768 ​ ​ ( 4,095 ) ​ ​ — Proceeds from the sale of equity method investment - marketable securities ​ ​ 106,073 ​ ​ — ​ ​ — Investment in equity method investment - marketable securities ​ ​ — ​ ​ ( 203,754 ) ​ ​ — Investment in convertible note ​ ​ — ​ ​ — ​ ​ ( 4,500 ) Purchases of property and equipment, including construction in progress ​ ( 201,382 ) ​ ( 240,340 ) ​ ( 193,704 ) Purchases of right-of-use assets ​ ​ ( 3,595 ) ​ ​ — ​ ​ — Casualty-related recoveries ​ ​ 174 ​ ​ 3,105 ​ ​ 7,500 Proceeds from the sale of equipment ​ ​ 6,827 ​ ​ 14,316 ​ ​ 6,369 Patent costs incurred ​ — ​ — ​ ( 34 ) Net cash provided by (used in) investing activities ​ 76,127 ​ ( 1,508,805 ) ​ ( 414,766 ) ​ ​ ​ ​ ​ ​ ​ Financing activities ​ ​ ​ ​ ​ ​ Proceeds from the issuance of common stock / At-the-market offering ​ 212,735 ​ 977,030 ​ 778,430 Offering costs for the issuance of common stock / At-the-market offering ​ ( 5,033 ) ​ ( 20,393 ) ​ ( 16,657 ) Proceeds from issuance of convertible notes ​ ​ — ​ ​ 594,383 ​ ​ — Proceeds from revolving credit facilities ​ ​ 61,000 ​ ​ — ​ ​ 6,920 Repayments of revolving credit facilities ​ ​ ( 6,728 ) ​ ​ ( 866 ) ​ ​ ( 6,059 ) Proceeds from credit facility ​ ​ 200,000 ​ ​ — ​ ​ — Debt issuance costs ​ ​ ( 2,396 ) ​ ​ ( 15,249 ) ​ ​ ( 77 ) Repayment of debt assumed in Block Mining Acquisition ​ ​ — ​ ​ ( 5,002 ) ​ ​ — Repayment of note payable ​ ​ — ​ ​ ( 352 ) ​ ​ — Repurchase of common shares to pay employee withholding taxes ​ ( 4,289 ) ​ ( 11,562 ) ​ ( 14,035 ) Net cash provided by (used in) financing activities ​ 455,289 ​ 1,517,989 ​ 748,522 ​ ​ ​ ​ ​ ​ ​ Net increase (decrease) in cash and cash equivalents and restricted cash ​ ( 41,512 ) ​ ( 245,868 ) ​ 366,841 Cash and cash equivalents and restricted cash at beginning of period ​ 351,301 ​ 597,169 ​ 230,328 Cash and cash equivalents and restricted cash at end of period ​ $ 309,789 ​ $ 351,301 ​ $ 597,169 ​ ​ F-7 Table of Contents See accompanying Notes to Consolidated Financial Statements. Riot Platforms, Inc. Consolidated Statements of Cash Flows - continued (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Supplemental information: ​ ​ ​ ​ ​ ​ Cash paid for interest ​ $ 15,451 ​ $ 45 ​ $ 84 Cash paid for taxes ​ $ 1,036 ​ $ 107 ​ $ 680 Non-cash transactions ​ ​ ​ ​ ​ ​ Issuance of common stock for the Block Mining Acquisition ​ $ — ​ $ 73,999 ​ $ — Contingent liability entered into for the Block Mining Acquisition ​ $ — ​ $ 26,085 ​ $ — Contingent liability entered into for the E4A Solutions Acquisition ​ $ — ​ $ 2,640 ​ $ — Reclassification of deposits to property and equipment ​ $ 165,431 ​ $ 623,316 ​ $ 78,376 Construction in progress included in accrued expenses ​ $ 51,288 ​ $ 15,146 ​ $ 23,451 Bitcoin exchanged for employee compensation ​ $ 4,062 ​ $ 2,478 ​ $ 869 Cumulative effect upon adoption of ASU 2023-08 ​ $ — ​ $ — ​ $ 5,994 Right-of-use assets exchanged for new operating lease liabilities ​ $ 15,989 ​ $ 10,987 ​ $ 1,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following reconciles cash, cash equivalents, and restricted cash to the amounts presented above: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, cash equivalents, and restricted cash, beginning of the period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 277,860 ​ $ 597,169 ​ $ 230,328 Restricted cash ​ ​ 73,441 ​ ​ — ​ ​ — Total cash, cash equivalents, and restricted cash as presented above ​ $ 351,301 ​ $ 597,169 ​ $ 230,328 Cash, cash equivalents, and restricted cash, end of the period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 233,517 ​ $ 277,860 ​ $ 597,169 Restricted cash ​ ​ 76,272 ​ ​ 73,441 ​ ​ — Total cash, cash equivalents, and restricted cash as presented above ​ $ 309,789 ​ $ 351,301 ​ $ 597,169 ​ See accompanying Notes to Consolidated Financial Statements. ​ ​ ​ ​ ​ F-8 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements Note 1. Organization and Description of Business Organization Riot Platforms, Inc. is a vertically integrated digital infrastructure company principally engaged in developing and optimizing its large-scale power assets. The Company’s business centers on enhancing its electrical infrastructure and deploying it across two complementary platforms: (i) Bitcoin Mining and (ii) scalable data center solutions designed to support non-mining workloads. By leveraging its energy portfolio, engineering capabilities, and operational footprint, the Company aims to capitalize on both the long-term potential of bitcoin and the accelerating demand for power-intensive compute. ​ The Company provides comprehensive and critical infrastructure for bitcoin mining and data center services at its Facilities. The Rockdale Facility currently provides 700 MW of total developed capacity for Bitcoin Mining and data center leasing. The Corsicana Facility is currently equipped to provide up to 400 MW of capacity for Bitcoin Mining. The Kentucky Facility currently provides 137 MW of developed capacity. Upon completion of the Corsicana Facility, the Company expects to have approximately one GW of developed capacity available for Bitcoin Mining and other data center workloads. ​ As described in Note 20. Segment Information , we operate in two reportable business segments: Bitcoin Mining and Engineering. ​ Note 2. Significant Accounting Policies and Recent Accounting Pronouncements Basis of presentation and principles of consolidation The accompanying consolidated financial statements (“Consolidated Financial Statements”) and these Notes have been prepared in accordance with GAAP. In the opinion of management, the Consolidated Financial Statements reflect all adjustments, consisting of normal and recurring adjustments, considered necessary for a fair presentation of such results. Unless otherwise indicated, amounts are stated in thousands of U.S. dollars, except for: share, per share, MWh and miner quantities; bitcoin quantities, prices and hash rate; cost to mine one bitcoin; and production value of one bitcoin mined. The accompanying audited Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. ​ Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the balance sheets, and the reported amounts of revenue and expenses during the reporting periods. Actual results may differ materially from those estimates. The most significant accounting estimates inherent in the preparation of the Company’s financial statements include revenue recognition; valuation of the derivative assets classified under Level 3 on the fair value hierarchy; determination of the useful lives and recoverability of long-lived assets; impairment analysis of fixed assets and finite-lived intangibles; impairment analysis of goodwill; allocating the fair value of purchase consideration to assets acquired and liabilities assumed in business acquisitions; stock-based compensation; and the valuation allowance associated with the Company’s deferred tax assets. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications did not have a material impact on the Company’s Consolidated Financial Statements and related disclosures. The impact on any prior period disclosures was immaterial. Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments. We consider any highly liquid investments with an original maturity of three months or less at acquisition to be cash equivalents. From time to time, the Company’s cash account balances exceed the balances as covered by the FDIC. The Company has never suffered a loss due to such excess balances. F-9 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements Accounts receivable The Company’s accounts receivable balance consists of amounts due from its mining pool operator and engineering customers. The Company records accounts receivable at the invoiced amount less an allowance for any potentially uncollectible accounts under the current expected credit loss (“CECL”) impairment model and presents the net amount of the receivable expected to be collected. ​ The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, which considers forecasts of future economic conditions in addition to information about past events and current conditions. The model also provides a practical expedient, that allows entities to forgo developing forecasts of economic conditions. The Company has elected to apply this practical expedient to determine expected credit losses for current accounts receivable and contract assets, assuming conditions as of the balance sheet date do not change for the remaining life of the asset. Based on this model, the Company considers many factors, including the age of the balance, customer creditworthiness and collection history. Bad debts are written off after all collection efforts have ceased. Allowances for credit losses are recorded as a direct reduction from an asset’s amortized cost basis. Credit losses and recoveries are recorded in Selling, general and administrative expenses in the Consolidated Statements of Operations. Recoveries of financial assets previously written off are recorded when received. For the years ended December 31, 2025, 2024, and 2023, the Company recognized $ 0.3 million, $ 0.1 million, and $ 0.0 million respectively, in bad debt expense. Based on the Company’s current and historical collection experience, management recorded allowances for doubtful accounts of $ 4.7 million and $ 2.9 million as of December 31, 2025 and December 31, 2024, respectively. Bitcoin The Company’s bitcoin is recorded at fair value, as determined using the period-end closing price of bitcoin on the Company’s principal market, Coinbase (the “Principal Market”), and changes in fair value are recognized in Change in fair value of bitcoin , in Operating income (loss) on the Consolidated Statements of Operations. During 2024, the Company made the strategic decision to temporarily halt the sale of its bitcoin production and instead, increase its bitcoin holdings. As a result, the Company classifies its bitcoin as a non-current asset on its Consolidated Balance Sheets and recognizes the proceeds from sales within Investing Activities on the Consolidated Statements of Cash Flows. During the years ended December 31, 2024 and 2023, all sales of bitcoin occurred before the strategic decision and, as such bitcoin was sold nearly immediately after receipt by the Company, the proceeds were recognized within Operating activities on the Consolidated Statements of Cash Flows. Restricted bitcoin The Company has pledged certain of its bitcoin as collateral for certain of its debt facilities. This restricted bitcoin is owned by the Company and is held in a segregated custody account in the Company’s name. The lender is not permitted to use such bitcoin to secure any other loan or account. Consistent with the Company’s other bitcoin holdings, restricted bitcoin is recorded at fair value, as determined using the period-end closing price of bitcoin on the Company’s principal market, Coinbase, and changes in fair value are recognized in Change in fair value of bitcoin, in Operating income (loss) on the Consolidated Statements of Operations. Long-term investments The Company initially records equity investments at cost then adjusts the carrying value of such equity investments through earnings when there is an observable transaction involving the same or a similar investment with the same issuer or upon impairment. For debt investments, such as convertible notes, the Company classifies them as available-for-sale debt instruments and recognizes the investments at fair value in Other long-term assets on the Consolidated Balance Sheets. Unrealized changes in the fair value of the convertible note are recognized in Other comprehensive income (loss) on the Consolidated Statements of Comprehensive Income (Loss). Interest income is recognized within Interest income (expense) on the Consolidated Statements of Operations. F-10 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements Revenue recognition Bitcoin Mining The Company participates in digital asset mining pools by executing agreements with mining pool operators for the provision of hash calculation services to the mining pool. Currently, the Company only participates in a Full-Pay-Per-Share (“FPPS”) mining pool. The Company decides when to provide hash calculation services under the agreements and the Company’s enforceable right to compensation begins only when, and lasts as long as, the Company provides hash calculation services to the mining pool operator over time. The only consideration due to the Company relates to the provision of hash calculation services. Such agreements are freely terminable at any time by the Company or by the pool operator, without penalty to either party. Providing hash calculation services in digital asset transaction verification services is an output of the Company’s ordinary activities and is the only performance obligation in the agreements with mining pool operators. The transaction consideration received, if any, is noncash consideration in the form of bitcoin. Changes in the fair value of the noncash consideration after contract inception due to the form of the consideration (changes in the market price of bitcoin) are not included in the transaction price and, therefore, are not included in revenue. Certain mining pool operators charge fees to cover the costs of maintaining the pool. These fees are deducted from amounts we may otherwise earn and are treated as a reduction to the consideration received. Fees fluctuate and historically have averaged no more than approximately 2 % per reward earned. Under the agreements neither party can dispute settlement terms after approximately 35 days following settlement. In exchange for providing hash calculation services, the Company is entitled to a FPPS payout of bitcoin based on a contractual formula, which primarily calculates the hash rate provided to the mining pool as a percentage of total network hash rate, and other inputs. The Company is entitled to consideration even if a block is not successfully placed by the mining pool operator. Bitcoin network block subsidies are based on the total amount of block subsidies expected to be generated on the bitcoin network as a whole during the 24-hour period beginning at 0:00:00 UTC daily (i.e., the “measurement period”), while network transaction fees are based on the total amount of transaction fees and block rewards actually generated on the blockchain network as a whole during the measurement period. The Company is also entitled to a fractional share of the bitcoin award and transaction fees from the mining pool operator as determined based on the hash rate provided by the Company to the mining pool as a percentage of the total expected bitcoin network hash rate based on the current network difficulty. The Company is entitled to its relative share of consideration at the end of each measurement period, even if a block is not successfully placed by the mining pool. For accounting purposes, the agreement between the Company and the mining pool operator has a duration of less than 24 hours as a result of the agreement being continually renewed at the beginning of each measurement period. However, the continual renewal of the agreement does not represent a material right requiring separate performance obligations, as the FPPS formula remains the same upon each renewal. Consideration is variable. Revenue is recognized on the same day that control of the contracted service transfers to the mining pool operator, which is the same day as contract inception. As it is probable that a significant reversal of cumulative revenue will not occur and we are able to calculate the payout based on the contractual formula, revenue is estimated and recognized based on the spot price of bitcoin determined using the Company’s Principal Market at the beginning of each measurement period, which the Company considers to be 0:00:00 UTC on the date of contract inception. Noncash consideration is measured at fair value at agreement inception. The fair value of the bitcoin consideration is determined using the quoted price per the Principal Market at the beginning of each measurement period at the single bitcoin level (one bitcoin). There is no significant financing component in these transactions, due to the performance obligations and settlement of the transactions occurring on a daily basis. Engineering Substantially all Engineering revenue is derived from the sale of custom products built to customers’ specifications under fixed-price contracts with one identified performance obligation. Revenue is recognized over time as performance creates or enhances an asset with no alternative use, and for which the Company has an enforceable right to receive compensation as defined under the contract. To determine the amount of revenue to recognize over time, the Company utilizes the cost-to-cost method as management believes costs incurred best represent the amount of work completed and remaining on projects. As the cost-to-cost method is driven by F-11 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements incurred costs, the Company calculates the percentage of completion by dividing costs incurred to date by the total estimated cost. The percentage of completion is then multiplied by the estimated contract amount to determine inception-to-date revenue. Approved changes to design plans are generally recognized as a cumulative adjustment to the percentage of completion calculation. Revenue recognized for the period is the current inception-to-date recognized revenue less the prior period inception-to-date recognized revenue. If a contract is projected to result in a loss, the entire contract loss is recognized in the period when the loss was first determined, and any additional losses incurred subsequently are recognized in the subsequent reporting periods as they are identified. Additionally, contract costs incurred to date and expected total contract costs are continuously monitored during the term of the contract. Changes in job performance, job conditions and final contract settlements are factors that influence management’s assessment of total contract value and the total estimated costs to complete those contracts, and therefore, profit and revenue recognition. Because of the inherent uncertainties in estimating costs, it is at least reasonably possible that the estimates used will change within the near term. The length of time for the Company to complete a custom product varies but is typically between four to 12 weeks. Customers are typically required to make periodic progress payments to the Company based on contractually agreed-upon milestones. Invoices are due net, 30 days, and retainage, if any, is generally due 30 days after delivery. Taxes collected from customers and remitted to government authorities are excluded from revenue. Shipping and handling costs are treated as fulfillment costs and are included in cost of revenue. Fair value measurement Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. Fair value measurements are classified and disclosed in one of the following three categories: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices, for similar assets or liabilities that are directly or indirectly observable in the marketplace. Level 3: Unobservable inputs which are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company updates its assumptions each reporting period based on new developments and records such amounts at fair value based on the revised assumptions until the agreements expire or the contingency is resolved, as applicable. Property and equipment Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Estimated useful lives for leasehold improvements are typically the lesser of the estimated useful life of the asset or the term of the lease. The estimated useful lives for all the Company’s property and equipment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Life (Years) Buildings and building improvements 10 - 25 Miners and mining equipment 3 Machinery and facility equipment 5 - 10 Office and computer equipment 3 ​ F-12 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements Impairment of long-lived assets Management reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the undiscounted future cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Goodwill Goodwill represents the cost of a business acquisition in excess of the fair value of the net assets acquired. Goodwill is not amortized and is reviewed for impairment annually as of December 31, or more frequently if facts and circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company uses both qualitative and quantitative analyses in making this determination. The Company determined that it has the following reporting units for goodwill impairment testing purposes: Engineering, Texas, and Kentucky, which is consistent with internal management reporting and management oversight of operations. Our analyses require significant assumptions and judgments, including assumptions about future economic conditions, revenue growth, and operating margins, among other factors. Examples of events or changes in circumstances considered in the qualitative analysis, many of which are subjective in nature, include: a significant negative trend in our industry or overall economic trends, a significant change in how we use the acquired assets, a significant change in our business strategy, a significant decrease in the market value of the asset, a significant change in regulations or in the industry that could affect the value of the asset, and a change in segments. If it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company performs the quantitative test to identify and measure the amount of goodwill impairment loss by comparing the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds the fair value, goodwill of the reporting unit is considered impaired and that excess is recognized as a goodwill impairment loss. Finite-lived intangible assets Intangible assets with finite lives are comprised of customer contracts, trademarks, UL Listings, and patents that are amortized on a straight-line basis over their expected useful lives, which is their contractual term or estimated useful life. Patent costs consisting of filing and legal fees incurred are initially recorded at cost. The Company performs assessments to determine whether finite-lived classification is still appropriate at least annually. The carrying value of finite-lived assets and their remaining useful lives are also reviewed at least annually to determine if circumstances exist which may indicate a potential impairment or revision to the amortization period. A finite-lived intangible asset is considered to be impaired if its carrying value exceeds the estimated future undiscounted cash flows to be derived from it. We exercise judgment in selecting the assumptions used in the estimated future undiscounted cash flows analysis. Impairment is measured by the amount that the carrying value exceeds fair value. The use of different estimates or assumptions could result in significantly different fair values for our reporting units and intangible assets. Business combinations The Company uses the acquisition method of accounting by recognizing the identifiable tangible and intangible assets acquired and liabilities assumed, and any non-controlling interest in the acquired business, measured at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the aforementioned amounts. Contingent consideration is included within the purchase price and is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is remeasured to fair value as of each reporting date until the contingency is resolved, and subsequent changes in fair value are recognized in earnings. Contingent consideration is recorded in current and long-term liabilities on our Consolidated Balance Sheets. While the Company uses its best estimates and assumptions to accurately assign preliminary values to assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, these estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of the assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the Consolidated Statements of Operations. F-13 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements Accounting for business combinations requires management to make significant estimates and assumptions, especially at the acquisition date, including estimates for intangible assets, contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, where applicable. The fair value assigned to acquired assets and liabilities assumed are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. Critical estimates in valuing certain of the intangible assets we have acquired include future expected cash flows from customer contracts, discount rates, and estimated market changes in the value of acquired PPAs, which are accounted for as non-hedging derivative contract. Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates, or actual results. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred. Investment in marketable equity securities For investments in marketable equity securities in which the Company has the ability to exercise significant influence, but not control, over the operating and financial policies of the investee, the Company accounts for its investment using the equity method of accounting. Determining the ability of an investor to exercise significant influence is not always clear and applying judgment is necessary to assess the status of each investment. ​ The Company has elected to measure its equity method marketable equity securities at fair value at each balance sheet date, with unrealized holding gains and losses recorded in other income (expense), as the shares have a readily determinable fair value since they are publicly traded and have significant average daily volume traded. As of December 31, 2025, the Company had no investments in marketable equity securities. Convertible Debt Arrangements Convertible debt securities contain embedded conversion options that must be first evaluated to determine if bifurcation and separate accounting is required for the embedded feature. As a result, the Company is required: (1) to analyze whether the conversion feature meets the definition of a derivative and is not eligible for an exception from this guidance (otherwise, the conversion feature will be recognized as a derivative) and (2) to analyze whether there is a significant premium associated with the convertible debt instrument (otherwise, the Company will allocate the debt proceeds with the premium being allocated to equity). If neither condition is met, the entire instrument will be accounted for as debt (i.e., no bifurcation is needed). The embedded conversion features in the Company’s convertible debt securities are deemed to be indexed to the Company’s common stock and meet the criteria for classification in stockholders’ equity, and therefore derivative accounting does not apply. Therefore, the Company recognizes its convertible debt securities as long-term debt on its Consolidated Balance Sheets, net of unamortized debt issuance costs. The associated debt issuance costs are amortized into interest expense on the Consolidated Statements of Operations using the effective interest method over the term of the debt. Leases The Company determines whether an arrangement contains a lease at the inception of the arrangement. If a lease is determined to exist, the term of such lease is assessed based on the date on which the underlying asset is made available for the Company’s use by the lessor. The Company’s assessment of the lease term reflects the non-cancelable term of the lease, inclusive of any rent-free periods and/or periods covered by early-termination options which the Company is reasonably certain not to exercise, as well as periods covered by renewal options which the Company is reasonably certain to exercise. The Company also determines lease classification as either operating or finance at lease commencement, which governs the pattern of expense recognition and the presentation reflected on the Consolidated Statements of Operations over the lease term. For operating leases with a term exceeding 12 months and finance leases, a lease liability is recorded on the Company’s Consolidated Balance Sheets at lease commencement reflecting the present value of its fixed minimum payment obligations over the lease term. A corresponding operating lease right-of-use asset equal to the initial lease liability is also recorded, adjusted for any prepaid rent and/or initial direct costs incurred in connection with execution of the lease and reduced by any lease incentives received. For purposes of measuring the present value of its fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement, as rates implicit in its leasing arrangements are typically not readily determinable. The Company’s incremental borrowing rate reflects the rate it would pay to borrow on a secured basis and incorporates the term and economic environment of the associated lease. F-14 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements For the Company’s operating leases, fixed lease payments are recognized as lease expense on a straight-line basis over the lease term. For leases with a term of 12 months or less, any fixed lease payments are recognized on a straight-line basis over the lease term and are not recognized on the Consolidated Balance Sheets as an accounting policy election. Leases qualifying for the short-term lease exception were insignificant. Variable lease costs are recognized as incurred and primarily consist of common area maintenance and utility charges not included in the measurement of right-of-use assets and operating lease liabilities. For the Company’s finance leases, fixed lease payments are recognized as amortization of the right-of-use asset and interest expense is recognized on the outstanding lease liability using the effective interest method. Finance lease right-of-use assets are amortized into depreciation and amortization expense on a straight-line basis over the lease term or, if the lease transfers ownership of the underlying asset to the Company, the life of the leased asset. Operating segments Operating segments are defined as components of an entity for which discrete financial information is available that is regularly reviewed by the chief operating decision maker (“CODM”), which is the Company’s CEO. The CODM uses segment gross profit (loss) to assess the performance of, manage the operations of, and allocate capital and operational resources to the Company’s two reportable segments. Change in Reportable Segments Previously, the Company operated in three reportable business segments: Bitcoin Mining, Data Center Hosting, and Engineering. As of January 1, 2024, the Company had terminated all contracts with its legacy data center hosting bitcoin mining customers and made the strategic decision to no longer offer data center hosting bitcoin mining services to customers. Commencing with the three months ended March 31, 2024, the Data Center Hosting segment no longer met the quantitative requirements as a reportable segment, and the CODM ceased analyzing the performance of the Company’s legacy data center hosting bitcoin mining operations. As such, the Data Center Hosting segment has been eliminated as a separate reportable segment. Bitcoin Mining and Engineering are the Company’s two remaining reportable business segments. See Note 20. Segment Information for more information. Income taxes The Company accounts for income taxes under the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is required to the extent any deferred tax assets may not be realizable. Contract balances Contract assets consist of costs and estimated earnings in excess of billings on uncompleted engineering contracts. Deferred revenue relates to upfront payments and consideration received from legacy data center hosting bitcoin mining customers and for the upfront license fee generated from the Company’s legacy animal health business. As of December 31, 2025, the Company had no remaining deferred revenue balances. Contract liabilities consist of billings in excess of costs and estimated earnings on uncompleted engineering contracts. ​ Remaining performance obligations Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. The Company elected the practical expedient to not adjust the transaction price for the existence of a significant financing component if the timing difference between a customer’s payment and our performance is one year or less. ​ Stock-based compensation The Company accounts for share-based payment awards exchanged for services at the estimated grant date fair value of the award, which is based on the fair market value of the Company’s common stock at the time of the grant. For performance-based share-based F-15 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements payment awards, the Company recognizes compensation cost over the performance period when achievement of the milestones and targets is probable. For performance-based share-based payment awards that include a market condition, the Company determines the grant date fair value of the award using a Monte Carlo valuation model and recognizes compensation cost over the service period. The grant date fair value is recognized regardless if the market condition is ultimately achieved. Stock options are granted with an exercise price equal to no less than the market price of the Company’s stock at the date of grant and expire approximately 6 years from the date of grant. These options are eligible to vest in one-third increments upon meeting certain specified milestones and continued service with the Company. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model and recognizes compensation cost for each performance milestone over its implied service period based on the estimated probability of achieving such milestone. The Company has elected to account for forfeitures of awards as they occur. Recently issued accounting pronouncements The Company continually assesses new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of such change to its Consolidated Financial Statements and ensures that there are proper controls in place to ensure that the Company’s Consolidated Financial Statements properly reflect the change. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 expands existing income tax disclosures for rate reconciliations by requiring disclosure of certain specific categories and additional reconciling items that meet quantitative thresholds and expands disclosures for income taxes paid by requiring disaggregation by certain jurisdictions. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company adopted the updated guidance for the year ended December 31, 2025, and applied the new disclosure requirements prospectively to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. In December 2023, the FASB issued ASU No. 2023-08, Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”) , which establishes accounting guidance for crypto assets meeting certain criteria. Bitcoin meets this criteria. The amendments require crypto assets meeting the criteria to be recognized at fair value with changes recognized in net income for each reporting period. Upon adoption, a cumulative-effect adjustment is made to the opening balance of retained earnings as of the beginning of the annual reporting period of adoption. ASU 2023-08 is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted. The Company elected to early adopt ASU 2023-08 for the year ended December 31, 2023. As a result of the adoption, the Company recorded a cumulative effect adjustment to its Accumulated deficit balance of approximately $ 6.0 million as of January 1, 2023, as a result of recognizing its bitcoin held as of January 1, 2023, at fair value. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 requires, in the notes to the annual and interim financial statements, disaggregated information about certain income statement expense line items. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact the updated guidance will have on the Company’s consolidated financial statements and disclosures. ​ In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 simplifies credit loss calculations and permits the election of a practical expedient to assume that conditions as of the balance sheet date do not change for the remaining life of the asset when estimating credit losses on current accounts receivable and current contract assets under ASC 606, Revenue from Contracts with Customers . ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025. Early adoption is permitted. The Company adopted ASU 2025-05 effective January 1, 2025 on a prospective basis. The adoption of ASU 2025-05 did not have a material impact on the Company’s consolidated financial statements and disclosures. ​ In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 updates the accounting for costs related to the development of internal-use software to reflect the evolution of software development from a sequential to an agile development method by removing references to project stages in the existing guidance and requiring capitalization of software F-16 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements costs when management has authorized and committed to funding a software project and it is probable that the project will be completed and the software will be used as intended. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027. Early adoption is permitted as of the beginning of a fiscal year. The Company adopted ASU 2025-06 effective January 1, 2025 on a prospective basis. The adoption of ASU 2025-06 did not have a material impact on the Company’s consolidated financial statements and disclosures. ​ ​ Note 3. Acquisitions Rhodium Settlement and Acquisition of Assets ​ On April 28, 2025, the Company’s subsidiary, Whinstone acquired certain assets owned by Rhodium Encore LLC (together with its affiliates, “Rhodium”) located at the Rockdale Facility, assumed Rhodium’s 125 MW of power capacity at the Rockdale Facility, terminated the legacy hosting agreements with Rhodium, and settled all existing litigation between the parties for total consideration of $ 185.0 million (the “Rhodium Settlement”). The total consideration consisted of approximately $ 129.9 million in cash, the return of Rhodium’s power security deposit of approximately $ 6.1 million, and 6,989,800 shares of the Company’s common stock, valued at $ 49.0 million based on the preceding ten trading day volume-weighted average share price immediately prior to the date of execution. The terminated legacy hosting contracts with Rhodium had a remaining term through December 2030 (see Note 4. Revenue from Contracts with Customers for more information). The settled litigation and claims include all existing claims between the parties, and any and all claims, or future claims, arising under the hosting contracts. ​ The acquired set of assets did not meet the definition of a business as defined in ASC 805, Business Combinations, as no substantive processes or inputs that together significantly contribute to the ability to create outputs were acquired. The assets acquired consisted primarily of bitcoin miners and related equipment, which are included in Property and equipment, net on the Consolidated Balance Sheets. The fair value of the tangible assets acquired was $ 7.3 million and was determined using the cost approach, which utilizes replacement cost as an indicator of fair value. The key assumptions included replacement cost new, effective age, and remaining useful life, as well as physical deterioration factors. No identifiable intangible assets were acquired, no goodwill was recognized, and no liabilities were assumed in connection with the transaction. ​ In connection with the contract termination and the elimination of the Company’s future obligations thereunder, the Company relieved approximately $ 14.9 million of previously recognized deferred revenue (see Note 4. Revenue from Contracts with Customers ). ​ The remaining portion of the transaction value is attributable to the combined impact of terminating the Company’s legacy hosting agreement and settling preexisting litigation with Rhodium, both of which stemmed from an ongoing contractual dispute. The legacy hosting agreement contained terms that were significantly unfavorable to the Company compared to prevailing market conditions for similar arrangements. As a result of the termination and settlement, the Company recognized a loss of $ 158.1 million, which is presented as Loss on contract settlement on the Consolidated Statements of Operations. This loss represents the residual amount after accounting for the total consideration transferred and the tangible assets acquired as part of the transaction. E4A Solutions Acquisition On December 16, 2024, the Company acquired 100 % of the equity interests of E4A Solutions, a Texas-based electrical engineering solutions company, for total consideration of approximately $ 54.4 million, which consisted of $ 51.8 million paid for using the Company’s existing cash and a contingent purchase price payable to the sellers with an estimated fair value of $ 2.6 million. Under the contingent purchase price payable, the sellers are eligible to earn potential earn-out targets based on E4A Solutions’ Adjusted EBITDA during the two years ending December 31, 2026, payable in cash or the Company’s common stock at the Company’s discretion. The potential earnout is calculated as 2.65 times the amount the average E4A Solutions’ adjusted EBITDA exceeds the earn-out threshold, as defined in the purchase agreement. E4A Solutions is a provider of electrical engineering services to a diverse customer base of energy developers and data center operators. This acquisition supports the Company’s vertical integration strategy by providing engineering expertise to service its own existing and future electrical infrastructure while providing solutions and services to the rapidly growing market for electrical infrastructure. ​ The E4A Solutions Acquisition was accounted for as an acquisition of a business using the acquisition method of accounting, which requires recognition of assets acquired and liabilities assumed at their respective fair values on the date of acquisition. The Company finalized the valuation of these assets and liabilities, and consideration transferred, during the year ended December 31, 2025, prior F-17 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements to the end of the measurement period. The finalization of the valuation did not result in any adjustments to any of the amounts presented below. The following table presents the allocation of the purchase consideration: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 915 Accounts receivable ​ ​ 3,958 Prepaid expenses and other current assets ​ ​ 169 Contract assets ​ ​ 1,152 Property and equipment ​ ​ 136 Operating lease right-of-use asset ​ ​ 612 Finite-lived intangible assets: ​ ​ ​ Customer contracts ​ ​ 23,100 Trademark ​ ​ 1,100 Accounts payable ​ ​ ( 1,446 ) Deferred revenue, current portion ​ ​ 352 Accrued expenses ​ ​ ( 254 ) Operating lease liability, current portion ​ ​ ( 323 ) Operating lease liability, less current portion ​ ​ ( 289 ) Other long-term liabilities ​ ​ ( 53 ) Total identifiable assets and liabilities acquired ​ ​ 29,129 Goodwill ​ ​ 25,287 Total purchase consideration ​ $ 54,416 ​ The fair values of cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, other long-term assets, accounts payable, contract liabilities, accrued expenses, and other long-term liabilities were determined to be their carrying values due to the immaterial and/or short-term nature of the assets and liabilities. The finite-lived intangible assets consist of a trademark and customer relationships. The fair value of the trademark was estimated using the relief-from-royalty rate method, which estimated future royalty charges attributable to the trademark. The fair value of the customer relationships was estimated using the income approach, which estimated future revenues and costs associated with the existing customer relationships. The estimated fair values of the trademark and customer relationships utilized a discount rate of 13.4 % . The right-of-use asset and operating lease liabilities consisted of an operating lease of office and commercial space in Houston, Texas. The lease has annual payments of approximately $ 0.4 million and a remaining lease term of approximately two years as of the E4A Solutions Acquisition. ​ Goodwill was attributable to the assembled workforce of experienced personnel at E4A Solutions and synergies expected to be achieved from the combined operations of the Company and E4A Solutions. The goodwill recognized is expected to be deductible for tax purposes. The goodwill was assigned to the Engineering reportable segment. The operating results of E4A Solutions have been included in the Company’s Consolidated Statements of Operations since the acquisition date. Through December 31, 2025, the Company recognized approximately $ 2.8 million of acquisition-related costs related to this acquisition that were expensed as incurred. The following table presents E4A’s contribution to the Company’s revenue and net income (loss) since acquisition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Acquisition Date through ​ ​ December 31, ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Revenue ​ $ 9,759 ​ $ 839 Net income (loss) ​ $ ( 3,945 ) ​ $ 11 F-18 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements ​ Block Mining Acquisition On July 23, 2024, the Company acquired 100 % of the equity interests of Block Mining, for total consideration of approximately $ 113.6 million. The purchase price consisted of $ 13.5 million in cash (adjusted for net working capital acquired and other items, excluding the payoff of debt of $ 5.0 million, which was accounted for as a transaction separate from the Block Mining Acquisition) from the Company’s existing cash, 7.2 million shares of Riot common stock valued at approximately $ 74.0 million at acquisition, and a contingent purchase price payable to the sellers with an estimated fair value at acquisition of $ 26.1 million. Under the terms of the contingent purchase price payable, the sellers may earn up to an additional $ 32.5 million if certain previously agreed upon milestones were reached by December 31, 2025. The Block Mining Acquisition immediately enhanced the Company’s operational capabilities by increasing its total hash rate, expanding Riot’s geographic footprint, and providing access to additional energy markets beyond ERCOT. These markets include the Paducah Power Systems, Tennessee Valley Authority, and Big Rivers Electric Corporation, all located within the MISO region. Block Mining consists of two operational sites, both in Kentucky, and includes existing operational Bitcoin Mining capacity, with the potential to expand. In addition, Block Mining owns a greenfield development site adjacent to an existing substation, representing a strategic opportunity for scalable growth. Known for its capital-efficient development model and experienced management team, Block Mining strengthens the Company’s ability to execute on its vertically integrated strategy and enhances its long-term positioning in the Bitcoin mining sector. The Block Mining Acquisition was accounted for as an acquisition of a business using the acquisition method of accounting, which requires recognition of assets acquired and liabilities assumed at their respective fair values on the date of acquisition. The Company finalized the valuation of these assets and liabilities, and consideration transferred, as of June 30, 2025. The finalization of the valuation did not result in any adjustments to any of the amounts presented below . The following table presents the allocation of the purchase consideration: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 6,295 Accounts receivable ​ ​ 362 Prepaid expenses and other current assets ​ ​ 2,877 Property and equipment ​ ​ 20,165 Operating lease right-of-use asset ​ ​ 3,733 Accounts payable ​ ​ ( 1,471 ) Accrued expenses ​ ​ ( 1,180 ) Operating lease liability, current portion ​ ​ ( 2,410 ) Operating lease liability, less current portion ​ ​ ( 1,323 ) Long-term debt ​ ​ ( 10,678 ) Total identifiable assets and liabilities acquired ​ ​ 16,370 Goodwill ​ ​ 97,212 Total purchase consideration ​ $ 113,582 ​ The fair value of cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses was determined to be their respective carrying values due to the short-term nature of the assets and liabilities. The fair value of the acquired trade receivables was determined to be the net realizable amount of the closing date book value of $ 0.4 million. The fair value of property and equipment was estimated by applying the cost approach, which uses the replacement cost as an indicator of fair value. The assumptions of the cost approach include replacement cost new and physical deterioration factors including remaining life and effective age. The replacement cost was based on a price per terahash consistent with prices the Company pays for new bitcoin miners and an effective age of three years, consistent with the Company’s current estimated useful life of bitcoin miners. The right-of-use asset and operating lease liabilities consisted of an operating lease of a data center in Calvert City, Kentucky. The lease has annual payments of approximately $ 1.4 million and a remaining lease term of approximately 3.0 years as of acquisition. The assumed debt consisted of a $ 5.0 million secured loan and a $ 5.7 million note payable. The secured loan was paid off on the date of acquisition. The note payable carries a fixed rate of 8.81 % , and matures in December 2035, with annual principal and accrued F-19 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements interest payments beginning on December 31, 2024. The fair value of the debt at acquisition of $ 5.7 million was determined to equal its carrying value due at acquisition, as the interest rate is reasonably consistent with rates the Company would expect to incur for similar debt instruments. Goodwill was attributable to the assembled workforce of experienced personnel at Block Mining and synergies expected to be achieved from the combined operations of the Company and Block Mining. The goodwill recognized is not expected to be deductible for tax purposes. The goodwill was assigned to the Bitcoin Mining reportable segment. The operating results of Block Mining have been included in the Company’s Consolidated Statements of Operations since the acquisition date. Through December 31, 2025, the Company recognized $ 2.9 million of acquisition-related costs related to this acquisition that were expensed as incurred. The following table presents Block Mining’s contribution to the Company’s revenue and net income (loss) since acquisition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Acquisition Date through ​ ​ December 31, ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Revenue ​ $ 62,132 ​ $ 13,338 Net income (loss) ​ $ ( 13,640 ) ​ $ ( 6,664 ) ​ Pro-forma financial information The following unaudited pro forma financial information summarizes the combined results of operations for Riot, Block Mining, and E4A Solutions, as if the companies were combined as of January 1, 2023. The unaudited pro forma information does not reflect the effect of costs or synergies that may result from the acquisition and excludes acquisition-related costs of $ 5.8 million. This unaudited pro forma information is presented for informational purposes only and is not necessarily indicative of future operating results of the combined company. This information should not be used as a predictive measure of the Company’s future financial position, results of operations, or liquidity. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ ​ ​ 2024 ​ ​ ​ 2023 Revenue ​ $ 423,602 ​ $ 330,820 Net income (loss) ​ $ 121,891 ​ $ ( 41,330 ) ​ ​ Note 4. Revenue from Contracts with Customers Disaggregated revenue Revenue disaggregated by reportable segment is presented in Note 20. Segments Information . Contract balances Contract assets relate to uncompleted Engineering contracts. As of December 31, 2025 and 2024, contract assets were $ 8.3 million and $ 6.5 million, respectively. As of December 31, 2025 and 2024, the combined amount of contract liabilities and deferred revenue were $ 37.1 million and $ 26.1 million, respectively. In connection with the Rhodium Settlement described in Note 3. Acquisitions , the legacy hosting contract with Rhodium was terminated, thereby eliminating the Company’s future obligations under the contract. As a result, approximately $ 14.9 million of previously recognized deferred revenue was relieved and is included in Loss on contract settlement on the Consolidated Statements of Operations during the year ended December 31, 2025. The increase in contract assets was primarily attributable to the E4A Solutions Acquisition and significant third-party demand for Engineering products due to the increased interest in data center construction, as well as growing worldwide demand for power. During the years ended December 31, 2025, 2024, and 2023, $ 10.4 million, $ 6.1 million, and $ 11.2 million, respectively, of the beginning balance of contract liabilities and deferred revenue was recognized as revenue. F-20 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements During the years ended December 31, 2025, 2024, and 2023, $ 1.1 million, $ 3.5 million, and $ 0.7 million, respectively, was recognized as revenue as a result of satisfying performance obligations in previous periods. Remaining performance obligation The following table presents the estimated future recognition of the Company’s remaining performance obligations, which represent the transaction price of current contracts for work to be performed. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2027 ​ ​ ​ 2028 ​ Total Engineering $ 167,937 $ 59,075 $ — ​ $ 227,012 ​ Subsequent data center lease ​ In January 2026, the Company entered into the AMD Lease with AMD, a leading innovator in high-performance computing, graphics and visualization technologies, at the Rockdale Site. The AMD Lease includes an initial deployment of 25 MW of critical IT load capacity to be delivered in phases beginning in January 2026 and completing in May 2026, with the potential for additional expansion of up to a total of 200 MW of critical IT load capacity. The AMD Lease carries a term of 10 years , with three five-year extension options, and is expected to generate approximately $ 311.0 million in base rent over the initial term. In addition, AMD holds an expansion option for an additional 75 MW of critical IT load capacity and a right of first refusal for another 100 MW. If both options are exercised, AMD’s total leased capacity at the Rockdale Site would increase to 200 MW. As part of the AMD Lease, the Company began incurring tenant fit-out costs, which are anticipated to be reimbursed by AMD during 2026, for the construction of certain facilities to be used by AMD. ​ ​ F-21 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements Note 5. Bitcoin The following table presents information about the Company’s bitcoin balance held: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantity ​ ​ ​ Amounts Balance as of January 1, 2025 ​ ​ 17,722 ​ $ 1,654,468 Revenue recognized from bitcoin mined ​ ​ 5,686 ​ ​ 576,276 Change in bitcoin receivable ​ ​ 1 ​ ​ 125 Proceeds from sale of bitcoin ​ ​ ( 5,363 ) ​ ​ ( 535,486 ) Exchange of bitcoin for employee compensation ​ ​ ( 41 ) ​ ​ ( 4,062 ) Change in fair value of bitcoin ​ ​ — ​ ​ ( 115,880 ) Balance as of December 31, 2025 ​ ​ 18,005 ​ $ 1,575,441 ​ ​ ​ ​ ​ ​ ​ The following reconciles Bitcoin and Restricted bitcoin as of December 31, 2025 to the amounts above: ​ ​ ​ ​ ​ ​ Bitcoin ​ ​ 14,028 ​ $ 1,227,462 Restricted bitcoin (a) ​ ​ 3,977 ​ $ 347,979 Total ​ ​ 18,005 ​ $ 1,575,441 ​ ​ ​ ​ ​ ​ ​ Carrying value of bitcoin as of December 31, 2025 (b) ​ ​ ​ ​ $ 1,537,052 Realized gains on the sale or exchange of bitcoin for the year ended December 31, 2025 (c) ​ ​ ​ ​ $ 35,078 ​ ​ ​ ​ ​ ​ ​ Balance as of January 1, 2024 ​ ​ 7,362 ​ $ 311,178 Revenue recognized from bitcoin mined ​ ​ 4,828 ​ ​ 321,002 Change in bitcoin receivable ​ ​ 5 ​ ​ ( 625 ) Acquisition of bitcoin ​ ​ 5,784 ​ ​ 577,500 Proceeds from sale of bitcoin ​ ​ ( 212 ) ​ ​ ( 9,518 ) Exchange of bitcoin for employee compensation ​ ​ ( 45 ) ​ ​ ( 2,478 ) Change in fair value of bitcoin ​ ​ — ​ ​ 457,409 Balance as of December 31, 2024 ​ ​ 17,722 ​ $ 1,654,468 ​ ​ ​ ​ ​ ​ ​ Carrying value of bitcoin as of December 31, 2024 (b) ​ ​ ​ ​ $ 1,093,793 Realized gains on the sale or exchange of bitcoin for the year ended December 31, 2024 (c) ​ ​ ​ ​ $ 7,983 ​ (a) Restricted bitcoin is the Company’s bitcoin pledged as collateral for the Company’s $ 200 million credit facility. See Note 12. Debt for more information. (b) The carrying value of bitcoin is equal to the initial value of bitcoin as determined for revenue recognition purposes. (c) Bitcoin is sold on a first-in, first-out (FIFO) basis. For all periods presented, gains were recognized on all sales of bitcoin and exchanges of bitcoin for employee compensation and are included in Change in fair value of bitcoin on the Consolidated Statements of Operations. ​ All additions of bitcoin during the periods presented were the result of bitcoin generated by the Company’s Bitcoin Mining operations and acquisitions on the open market. All dispositions of bitcoin were the result of sales on the open market to fund Company operations and for compensation for certain employees. ​ Note 6. Investments Equity method investment - marketable securities During the year ended December 31, 2024, the Company acquired approximately 90.1 million common shares of Bitfarms Ltd. (“Bitfarms”) on the open market for approximately $ 203.8 million. During the year ended December 31, 2025, the Company sold all of its common shares of Bitfarms on the open market for net proceeds of approximately $ 106.1 million. As of December 31, 2025, the Company no longer holds any Bitfarms common stock. F-22 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements On September 23, 2024, Bitfarms appointed an independent director to its board of directors that the Company proposed to be nominated and supported. As a result, for accounting purposes, the Company determined it had obtained the ability to exercise significant influence over its investment. Therefore, the Company began accounting for its investment under the equity method of accounting and elected to account for it at fair value. There were no intra-entity transactions, and therefore, no intra-entity profits or losses. Unrealized gains and losses were recognized in Other income (expense) on the Consolidated Statements of Operations. The fair value measurement of the Company’s investment in Bitfarms was based on quoted prices in an active market and valued at the closing price reported at the end of each period and thus represented a Level 1 measurement on the fair value hierarchy. The following table presents information about the equity method investment - marketable securities (“marketable securities”): ​ ​ ​ ​ ​ Fair value as of January 1, 2025 ​ $ 134,265 Net losses on marketable securities ​ ​ ( 28,192 ) Sales of marketable securities ​ ​ ( 106,073 ) Fair value as of December 31, 2025 ​ $ — ​ Convertible note During the year ended December 31, 2023, the Company invested in a $ 4.5 million convertible note at face value. The convertible note has a three-year term and earns interest at a rate of 12.0 % per annum, which may be paid in cash or in-kind, and converts into equity of the issuer of the convertible note at the end of the three-year term. During the year ended December 31, 2025, the Company determined that no proceeds, including the return of the original investment and accrued interest, either as cash or the equity of the issuer, are expected to be received from the convertible note. As a result, an impairment loss of $ 5.8 million was recognized. The convertible note was legally outstanding as of December 31, 2025. The convertible note is accounted for as an available-for-sale debt instrument and recognized at fair value in Other long-term assets on the Consolidated Balance Sheets. Unrealized changes in the fair value of the convertible note are recognized in Other comprehensive income (loss) on the Consolidated Statements of Comprehensive Income (Loss). Interest income is recognized within Interest income (expense) on the Consolidated Statements of Operations. The fair value measurement of the convertible note was based on significant inputs not observable in the market and thus represented a Level 3 measurement on the fair value hierarchy. ​ The following table presents information about the convertible note: ​ ​ ​ ​ ​ Fair value as of January 1, 2025 $ 5,345 Accrued interest 633 Amortized costs basis 5,979 Unrealized holding gains (losses) recognized in accumulated other comprehensive income ​ ​ ( 222 ) Loss on convertible notes investment ​ ​ ( 5,757 ) Fair value as of December 31, 2025 $ — ​ At issuance, the Company determined that the issuer of the convertible preferred note was a variable interest entity (“VIE”) and that the Company held a variable interest in the issuer of the convertible preferred note. The Company considered the amount it had contributed to the issuer, its lack of decision-making rights and control, among other factors, and concluded that it did not hold a controlling financial interest and did not have majority decision-making control. Therefore, the Company was not the primary beneficiary of the VIE, and as a result, was not required to consolidate the VIE. ​ F-23 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements Note 7. Property and Equipment The following table presents the Company’s property and equipment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Buildings and building improvements ​ $ 803,027 ​ $ 715,862 Land rights and land improvements ​ 160,333 ​ 10,904 Miners and mining equipment ​ ​ 945,700 ​ 927,866 Machinery and facility equipment ​ ​ 54,948 ​ ​ 44,377 Office and computer equipment ​ 4,132 ​ 3,081 Construction in progress ​ 165,621 ​ 82,965 Total cost of property and equipment ​ 2,133,761 ​ 1,785,055 Less accumulated depreciation ​ ( 605,045 ) ​ ( 446,268 ) Property and equipment, net ​ $ 1,528,716 ​ $ 1,338,787 ​ During the year ended December 31, 2025, the Company recognized an impairment of $ 29.7 million on its property and equipment. Certain long-lead items previously included in Construction in progress related to the planned development of the Corsicana Facility and Rockdale Facility for bitcoin mining purposes were deemed to be impaired as a result of the Company’s decision to expand the Corsicana Facility and Rockdale Facility for data center application purposes instead. No other impairments of property and equipment were recognized during the years ended December 31, 2025, 2024, and 2023. Depreciation and amortization expense related to property and equipment totaled approximately $ 342.8 million, $ 206.2 million, and $ 246.5 million, for the years ended December 31, 2025, 2024, and 2023, respectively. Miners and mining equipment As of December 31, 2025 and 2024, the Company had deployed miners in its Bitcoin Mining operations at each of its Facilities. During the year ended December 31, 2023, the Company entered into the Master Agreement, to acquire miners from MicroBT . In 2023 , 2024, and 2025, the Company executed purchase orders with MicroBT to acquire U.S.-manufactured miners with a total hash rate of 49.2 EH/s, for a total purchase price of approximately $ 779.5 million, subject to downward adjustment, as provided under the Master Agreement. Delivery of these miners began in 2023, and all miners under these purchase orders are expected to be received by the second quarter of 2026, with deployment following on an ongoing basis. ​ During years ended December 31, 2025, 2024, and 2023, the Company sold various miners and mining equipment, for which the Company recognized gains (losses) of $ 2.3 million, $( 17.4 ) million, and $( 5.3 ) million, respectively, and are included in Loss (gain) on sale of equipment in the Consolidated Statements of Operations. Casualty-related charges (recoveries), net In December 2022, the Rockdale Facility was damaged during severe winter storms in Texas. As of December 31, 2025, the Company estimated that total damages of $ 10.3 million had been incurred. During the years ended December 31, 2025, 2024, and 2023, the Company received net insurance recoveries of $ 0.2 million, $ 2.8 million, and $ 7.5 million, respectively, primarily related to the damage incurred at the Rockdale Facility. Recoveries are recognized when receipt is probable. Construction in progress In 2022, the Company initiated development of the Corsicana Facility to expand its Bitcoin Mining capabilities, on a 265 -acre site in Navarro County, Texas, located near the Navarro Switch. The initial phase of development of the Corsicana Facility involved the construction of immersion-cooled Bitcoin Mining infrastructure, including a high-voltage power substation and electrical and water transmission facilities to supply power and water to the facility. Operations for this initial phase of the development commenced in April 2024, following energization of the substation. As of December 31, 2024, the initial phase of the Corsicana Facility, including 400 MW of operational capacity, was complete, with deployed Bitcoin Mining infrastructure comprising of four operational buildings, Buildings A1, A2, B1, and B2. In F-24 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements 2025, deployment of immersion-cooled miners continued in Buildings A1, A2, B1, and B2, and development of the remaining 600 MW of capacity continued. The Company expects the Corsicana Facility to reach approximately one GW of developed capacity upon full buildout and it is being designed to support high-density compute workloads. Land acquisitions ​ During the year ended December 31, 2025, the Company acquired various land parcels totaling approximately 663.1 acres for $ 52.4 million. The acquired land is located near the Corsicana Facility and the Kentucky Facility and is intended to be used by the Company for future data center application expansion opportunities. ​ During the year ended December 31, 2025, the Company purchased the land on which the Rockdale Facility is located for a total purchase price of $ 96.0 million. The land was previously subject to an operating lease (see Note 13. Leases ). Upon purchase of the land and derecognition of the associated operating lease asset and liability, the excess of the remaining lease liability balance in excess of the right-of-asset of $ 0.7 million was recognized as a reduction to the carrying value of the purchased land, resulting in an initial carrying value of the land of $ 95.3 million. Concurrent with the acquisition of the land, the Company entered into a new Water Reservation Agreement for the Rockdale Facility (see Note 17. Commitments and Contingencies ). ​ ​ Note 8. Goodwill and Intangible Assets Goodwill The goodwill balance of $ 122.5 million and $ 121.9 million as of December 31, 2025 and 2024, was attributable to the assembled workforces of experienced personnel at Block Mining and E4A Solutions and synergies expected to be achieved as a result of the Company’s acquisitions (see Note 3. Acquisitions) . The Company did not recognize any impairments of its goodwill during the years ended December 31, 2025, 2024, and 2023. Finite-lived intangible assets The following table presents the Company’s finite-lived intangible assets as of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Gross ​ Accumulated ​ Net book ​ average life ​ ​ ​ ​ book value ​ ​ ​ amortization ​ ​ ​ value ​ ​ ​ (years) Customer contracts ​ $ 29,400 ​ $ ( 4,938 ) ​ $ 24,462 10 Trademark ​ 6,100 ​ ( 2,156 ) ​ 3,944 10 UL Listings ​ 2,700 ​ ( 919 ) ​ 1,781 12 Patent licenses ​ ​ 10,060 ​ ​ ( 10,060 ) ​ ​ — ​ Various Finite-lived intangible assets ​ $ 48,260 ​ $ ( 18,073 ) ​ $ 30,187 ​ ​ ​ The customer contracts and trademark were recognized as the result of the E4A Solutions Acquisition in December 2024 and the ESS Metron acquisition which occurred during the year ended December 31, 2021. The UL listings were recognized as the result of the ESS Metron acquisition which occurred during the year ended December 31, 2021. The patent licenses, which are still being utilized by the Company, were acquired in 2022 and relate to technology being used in the development of the Corsicana Facility. The patent licenses were fully amortized over the term of the licenses, which expired on December 31, 2024. F-25 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements The following table presents the Company’s finite-lived intangible assets as of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Gross ​ ​ ​ Accumulated ​ ​ ​ Net book ​ average life ​ ​ ​ ​ book value ​ ​ ​ amortization ​ ​ ​ value ​ ​ ​ (years) Customer contracts ​ $ 29,400 ​ $ ( 1,911 ) ​ $ 27,489 10 Trademark ​ 6,100 ​ ( 1,542 ) ​ 4,558 10 UL Listings ​ 2,700 ​ ( 694 ) ​ 2,006 12 Patent licenses ​ ​ 10,060 ​ ​ ( 10,060 ) ​ ​ — ​ Various Finite-lived intangible assets ​ $ 48,260 ​ $ ( 14,207 ) ​ $ 34,053 ​ ​ ​ During the years ended December 31, 2025, 2024, and 2023, amortization expense related to finite-lived intangible assets was $ 3.9 million, $ 5.8 million, and $ 5.8 million, respectively. The following table presents the estimated future amortization of the Company’s finite-lived intangible assets as of December 31, 2025: ​ ​ ​ ​ 2026 ​ $ 3,775 2027 ​ 3,775 2028 ​ 3,775 2029 ​ 3,775 2030 ​ 3,775 Thereafter ​ 11,312 Total ​ $ 30,187 ​ ​ The Company did not identify any impairment of its finite-lived intangible assets during the years ended December 31, 2025, 2024, and 2023. ​ Note 9. Power Supply Agreements Rockdale Facility Power Purchase Agreement In May 2020, Whinstone entered into a long-term power purchase agreement (the “Rockdale PPA”) to provide power at fixed prices to the Rockdale Facility, via the nearby Sandow Switch. Pursuant to the Rockdale PPA, the Company agreed to acquire a total of 345 MW of long-term, fixed-price power, in multiple blocks, as follows: 130 MW contracted in May 2020, through April 30, 2030; 65 MW contracted in March 2022, through April 30, 2030; and 150 MW contracted in November 2022, through October 31, 2027. Additionally, the Rockdale PPA allows for the purchase of additional power at market prices, as needed. Under the Rockdale PPA, the Company may also elect not to utilize its long-term, fixed-price power for its operations, and instead elect to sell that power in exchange for credits against future power costs when there is a benefit to the Company, depending on the spot market price of electricity. The Company’s power strategy combines participation in Demand Response Services Programs, as defined below, participation in ERCOT’s Four Coincident Peak (“4CP”) program, and sales of power, to attempt to manage operating costs most efficiently. During the years ended December 31, 2025, 2024, and 2023, the Company earned credits against future power costs in exchange for power resold of approximately $ 56.7 million, $ 33.7 million, and $ 71.2 million, respectively. These amounts are recorded in Power curtailment credits on the Consolidated Statements of Operations. The Company determined the Rockdale PPA meets the definition of a derivative because it allows for net settlement. However, because the Company has the ability to offer the power back for sale outside of the Rockdale PPA, rather than taking physical delivery, the Company determined that physical delivery is not probable through the entirety of the contract and therefore, the Company does not believe the normal purchases and normal sales scope exception applies to the Rockdale PPA. Accordingly, the Rockdale PPA (a non-hedging derivative contract) is accounted for as a derivative and recorded at its estimated fair value each reporting period in Derivative assets on the Consolidated Balance Sheets with the change in the fair value recorded in Change in fair value of derivative assets on the Consolidated Statements of Operations. The Rockdale PPA is not designated as a hedging F-26 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements instrument. The Facilities Agreement (as defined below), Demand Response Service Programs (as defined below), and the ERCOT 4CP program (the “4CP Program”) are not part of the Rockdale PPA and are therefore not subject to treatment and valuation as a derivative along with Rockdale PPA. The terms of the Rockdale PPA require margin-based collateral, calculated as exposure resulting from fluctuations in the market cost rate of electricity versus the fixed price stated in the contract. As of December 31, 2025 and 2024, the margin-based collateral requirement of the Company was zero . While the Company manages operating costs at the Rockdale Facility in part by periodically selling back unused or uneconomical power, the Company does not consider such actions to be trading activities. Demand Response Services Programs Concurrently with the Rockdale PPA, Whinstone entered into an interconnection agreement for the extension of delivery system transmission/substation facilities to facilitate delivery of electricity to the Rockdale Facility (the “Facilities Agreement”). Power costs incurred under the Facilities Agreement were determined every 15 minutes using settlement information provided by ERCOT and recorded in Cost of revenue on the Consolidated Statements of Operations. During the year ended December 31, 2024, the construction of the interconnection was completed and power costs under the Facilities Agreement are no longer being incurred. ERCOT has implemented demand response services programs for customers like the Company that have the ability to reduce or modify electricity use in response to ERCOT instructions or signals (“Demand Response Services Programs”). These Demand Response Services Programs provide the ERCOT market with valuable grid stability and economic services by helping to preserve system reliability, enhancing competition and load predictability, mitigating price spikes, and stabilizing the grid by encouraging the demand side of the market to give more visibility and control of their power consumption to grid operators. Market participants with flexible electrical loads, like the Company, may participate in these Demand Response Service Programs directly by offering their electrical loads into the ERCOT markets, or indirectly by voluntarily reducing their energy usage in response to increasing power demand in the ERCOT marketplace. The Demand Response Services Programs run concurrent with the Rockdale PPA. ​ Under these Demand Response Services Programs, the Company can participate in various ancillary services by designating a portion of its available electrical load for forward market bidding. Participation in the Demand Response Services Programs is compensated based on hourly power rates and the volume of load bid into each program. Through ancillary services, the Company competitively bids among other market participants to sell ERCOT the ability to control the Company’s electrical load on demand. This requires the Company to remain powered on during the times in which its power is bid into ancillary services, allowing ERCOT the ability to direct the Company to power down the amount of power bid into the program. The Company receives compensation for its participation in ancillary services whether or not the Company is actually called to power down. The Company also participates in the 4CP Program, which refers to the highest-load settlement intervals in each of the four summer months (June, July, August, and September), during which demand for power is typically at its highest across the ERCOT grid. The 4CP Program participants may voluntarily power down operations during these times and in doing so, reduce the electrical load demand on the ERCOT grid. Participants that reduce their load in these peak periods receive credits toward transmission costs on future power bills for the subsequent year, reducing overall power costs for the year. As a result of participation in the 4CP Program in 2024, the Company’s ongoing 2025 monthly power bills reflect substantially reduced transmission charges. The 4CP Program has an indefinite duration. Corsicana Facility During the year ended December 31, 2024, the Company’s subsidiary, Riot Corsicana, LLC, entered into an agreement with ICE Futures U.S., Inc., a subsidiary of the InterContinental Exchange to access the exchange for the execution of electricity futures contracts. The Company intends to enter into electricity futures contracts up to the amount of power used at the Corsicana Facility. These financial instruments meet the definition of derivatives, but are not designated as hedging instruments, and will be recognized at fair value, with any gains or losses recognized in Net income (loss) on the Consolidated Statements of Operations. The Company enters into electricity futures contracts to manage electricity price risks and reduce the variability of cash flows associated with purchases of electricity used for the Company’s Bitcoin Mining operations at its Corsicana Facility. As of December 31, 2025, the Company held outstanding electricity futures contracts for 93,664 MWh with a combined fair value of $ 1.7 million included in Prepaid expenses and other current assets on the Consolidated Balance Sheets. During the years ended F-27 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements December 31, 2025 and 2024, combined realized and unrealized gains of $ 1.4 million and $ 0.3 million, respectively, were recognized in Other income (expense) on the Consolidated Statements of Operations. ​ During the year ended December 31, 2024, the Company’s subsidiary, Riot Corsicana, LLC, also entered into a requirements contract with MEMS Industrial Supply (“MEMSIS”) under which it will purchase retail power to meet the consumption requirements of the Corsicana Facility. Electric power will be invoiced by MEMSIS based upon the market price for electric power at the ERCOT North Load Zone, plus a retail adder corresponding to the peak consumption threshold of the Corsicana Facility, and pass-through charges (including ancillary charges, taxes, congestion, and line loss), based on the actual variable consumption of the Corsicana Facility. The contract, dated November 12, 2024, has a three-year term ending November 25, 2027. Although this contract does not require the supply of power at a fixed price, it allows the parties to enter into fixed-price contracts. Under the requirements contract with MEMSIS, during the year ended December 31, 2024, Riot and MEMSIS entered into the Corsicana PPA, a three-year contract (January 1, 2025 through December 31, 2027, but excluding July and August contracts during the period) for a fixed quantity of 25 MW at a fixed price of $ 43.95 per MWh. ​ The Company determined the Corsicana PPA meets the definition of a derivative and, accordingly, the Corsicana PPA (a non-hedging derivative contract) is recorded at its estimated fair value each reporting period in Derivative assets on the Consolidated Balance Sheets with the change in the fair value recorded in Change in fair value of derivative assets on the Consolidated Statements of Operations. The requirements contract is not designated as a hedging instrument. ​ Kentucky Facility In April 2021, the Company’s subsidiary, Block Mining, entered into the Kentucky PPA to provide power to one of its locations in Kentucky. Pursuant to the Kentucky PPA, the Company has the ability, but not the obligation, to acquire up to a total of 67 MW of power at one of its facilities through mid-April 2041. The all-in power rate includes a portion of the total fee that is at a fixed rate and another portion that adjusts annually. The Company determined the Kentucky PPA does not meet the definition of a derivative because it does not contain any net settlement provisions. Under the Kentucky PPA, the Company may elect not to utilize its long-term, fixed-price power for its operations, and instead elect to sell that power back into the MISO grid in exchange for credits against future power costs when there is a benefit to the Company, depending on the spot market price of electricity. The Company’s power strategy combines participation in Demand Response Services Programs and sales of power, to attempt to manage operating costs most efficiently. Derivative Assets ​ The following table presents the unobservable inputs used in the valuation of the Derivative assets : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation Date ​ ​ Significant Unobservable Input ​ Range ​ Average December 31, 2025 ​ ​ Forward prices (per MWh) ​ $ 36.09 - $ 106.51 ​ $ 55.70 December 31, 2024 ​ ​ Forward prices (per MWh) ​ $ 31.22 - $ 95.58 ​ $ 51.98 ​ The following table presents changes in the estimated fair value of the Derivative assets : ​ ​ ​ ​ ​ Balance as of January 1, 2025 ​ $ 149,495 Change in fair value of derivative assets: ​ ​ Change due to future price curve ​ ​ 12,469 Change due to passage of time and settlements ​ ​ ( 13,916 ) Total change in fair value of derivative assets ​ ​ ( 1,447 ) Balance as of December 31, 2025 ​ $ 148,048 ​ The estimated fair values of the Rockdale PPA and Corsicana PPA are classified under Level 3 of the fair value hierarchy due to the significant unobservable inputs utilized in the valuation, which include the fixed price of each block for all 345 MW of power to be delivered per the Rockdale PPA and 25 MW of power to be delivered per the Corsicana PPA, discounted cash flow estimation models containing quoted commodity exchange spot and forward prices in MWh and are adjusted for basis spreads for load zone-to-hub differentials through the term of the Rockdale PPA, which is scheduled to end as of April 30, 2030, and the term of the Corsicana PPA, which is scheduled to end as of December 31, 2027, and a discount rate of 23.7 %. Actual power usage is not a F-28 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements variable input in the determination of the fair value as the price and quantity of power to be delivered per the Rockdale PPA and the Corsicana PPA are fixed despite the existence of multiple blocks with separate power amounts. The discount rate reflects the nature of the contract as it relates to the risk and uncertainty of the estimated future mark-to-market adjustments, forward price curves of the power supply, broker/dealer quotes, and other similar data obtained from quoted market prices or independent pricing vendors, risk-free rate of return, which is determined from United States Treasury Bond yields, estimated cost of debt, which includes a Moody’s rating, and an equity risk premium based upon market data provided by a global cost of capital service provider. The discount rate includes observable market inputs, but also includes unobservable inputs based on qualitative judgment related to Company credit risk. ​ ​ Note 10. Deposits The following table presents the activity of the Company’s deposits paid: ​ ​ ​ ​ ​ Deposits on equipment: ​ ​ Balance as of January 1, 2025 ​ $ 4,495 Additions ​ 213,595 Reclassifications to property and equipment ​ ​ ( 165,431 ) Balance as of December 31, 2025 ​ $ 52,659 Security deposits: ​ ​ ​ Balance as of January 1, 2025 ​ $ 25,620 Additions ​ ​ 436 Deposits returned ​ ​ ( 2,204 ) Balance as of December 31, 2025 ​ ​ 23,852 Total long-term deposits ​ $ 76,511 ​ Deposits on equipment ​ During the years ended December 31, 2025 and 2024, the Company made deposits and advance payments of $ 208.0 million and $ 364.8 million, respectively, to MicroBT for the purchase of miners and made deposits of $ 5.6 million and $ 77.7 million, respectively, for the purchases of other property and equipment, primarily consisting of electrical components and immersion tanks used in the development of the Corsicana Facility. During the years ended December 31, 2025 and 2024, the Company reclassified $ 158.2 million and $ 540.4 million, respectively, of deposits made to MicroBT and $ 7.2 million and $ 82.9 million, respectively, of other deposits to property and equipment in connection with the receipt of the equipment (see Note 7. Property and Equipment). Security deposits During the year ended December 31, 2023, the Company paid $ 23.0 million, all of which remains held as a deposit as of December 31, 2024, as a security deposit in connection with its 215 MW increase to the long-term, fixed-price power secured under the Rockdale PPA, resulting in a total of 345 MW under contract at fixed prices at the Rockdale Facility (see Note 9. Power Supply Agreements) . The Company has other security deposits totaling approximately $ 0.9 million for its offices and facilities. During the year ended December 31, 2025, $ 1.8 million associated with its ground lease was returned to the Company following the Company’s purchase of the land subject to that lease. ​ F-29 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements Note 11. Accrued Expenses The following table presents the Company’s accrued expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2025 ​ 2024 Property and equipment ​ $ 51,288 ​ $ 5,790 Power related costs ​ 27,006 ​ 19,636 Compensation ​ ​ 20,940 ​ ​ 21,218 Insurance ​ 40 ​ 11,672 Sales and property tax payable ​ ​ 11,228 ​ ​ 9,356 Legal Settlement ​ ​ 20,000 ​ ​ — Other ​ 12,350 ​ 8,000 Total accrued expenses ​ $ 142,852 ​ $ 75,672 ​ ​ ​ Note 12. Debt The following table presents the Company’s outstanding debt: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2025 ​ 2024 Outstanding principal: ​ ​ ​ ​ ​ ​ 2030 Notes ​ $ 594,383 ​ $ 594,383 $50 Million Credit Facility ​ ​ 34,272 ​ ​ — $20 Million Credit Facility ​ 20,000 ​ — $200 Million Credit Facility ​ ​ 200,000 ​ ​ — CPACE Note Payable ​ ​ 5,009 ​ ​ 5,323 Total outstanding principal ​ ​ 853,664 ​ ​ 599,706 Less unamortized debt issuance costs ​ ( 12,868 ) ​ ( 15,081 ) Debt, net ​ $ 840,796 ​ $ 584,625 ​ ​ ​ ​ ​ ​ ​ Current portion of debt ​ $ 253,887 ​ $ 314 Debt, less current portion ​ ​ 586,909 ​ ​ 584,311 Debt, net ​ $ 840,796 ​ $ 584,625 ​ 2030 Notes In December 2024, the Company sold $ 594.4 million aggregate principal of the 2030 Notes. Interest is payable semiannually in arrears on January 15 and July 15 of each year, beginning on July 15, 2025. The notes mature on January 15, 2030, unless earlier repurchased, redeemed, or converted. Until July 15, 2029, the 2030 Notes may be converted at the option of the holder only upon the occurrence of certain events. On or after July 15, 2029, until the close of business on the second trading day immediately preceding the maturity date, the 2030 Notes may be converted at the option of the holder at the conversion rate then in effect. The Company may not redeem the 2030 Notes prior to January 20, 2028, at which time the Company may redeem the 2030 Notes upon the occurrence of certain events. The Company will settle any conversions of the 2030 Notes by paying or delivering cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company’s election. The 2030 Notes are convertible based upon an initial conversion rate of 67.2767 shares of the Company's common stock per $ 1,000 principal amount of the 2030 Notes, equivalent to an initial conversion price of approximately $ 14.86 per share of Company common stock. The conversion rate is subject to adjustment upon the occurrence of certain anti-dilutive events. The Company incurred $ 15.2 million of issuance costs related to the 2030 Notes, which are amortized into Interest expense, (income) on the Consolidated Statements of Operations over the term of the 2030 Notes. The 2030 Notes are recognized as long-term debt on the Consolidated Balance Sheets, net of unamortized debt issuance costs. As of December 31, 2025, the amount recognized was $ 582.2 million ($ 594.4 million principal less $ 12.1 million of unamortized debt issuance costs). As of December 31, 2024, the amount recognized was $ 579.3 million ($ 594.4 million principal less $ 15.1 million of unamortized debt issuance costs). F-30 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements During the years ended December 31, 2025 and 2024, the Company recognized $ 3.0 million and $ 0.2 million, respectively, of amortization of the deferred issuance costs. As of December 31, 2025, the 2030 Notes had an estimated fair value of approximately $ 669.6 million. The estimated fair value is based on quoted prices in an active market and valued at the closing price reported at the end of the period and thus represents a Level 1 measurement on the fair value hierarchy. Revolving Credit Facilities $50 Million Credit Facility In July 2024, the Company entered into a one-year $ 50.0 million Revolving Credit Facility (“$50 Million Credit Facility”). In May 2025, the Company extended the term of the facility through July 15, 2026. Revolving Loans borrowed by the Company under the $50 Million Credit Facility may be used for general corporate purposes and carry a per annum interest rate of 1.25 % plus the Secured Overnight Financing Rate. Letters of Credit issued under the $50 Million Credit Facility have a one-year term and incur fees of 1.25 % per annum on the amount of Letters of Credit outstanding. Letters of Credit require the issuance of cash collateral by the Company equal to 105 % of the Letter of Credit exposure. Concurrent with entry into the $50 Million Credit Facility, as required by the agreement, the Company pledged as security $ 50.0 million in cash collateral, depositing the funds into a control account maintained by the lender. The balance maintained in the control account is included in Restricted cash on the Consolidated Balance Sheets. Variable interest, equal to approximately 3.4 % per annum as of December 31, 2025, is earned by the Company on the amount held in the control account. During the years ended December 31, 2025 and 2024, the Company recognized interest expense of $ 1.5 million and $ 0.0 million, respectively, related to the $50 Million Credit Facility. The following is a summary of the activity of revolving line of credit under the $50 Million Credit Facility: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2025 ​ 2024 Total revolving credit facility ​ $ 50,000 ​ ​ $ 50,000 ​ Revolving loans: ​ ​ ​ ​ ​ ​ ​ ​ Borrowings outstanding at end of period ​ $ 34,272 ​ ​ $ — ​ Weighted average daily borrowings during the period ended ​ $ 26,094 ​ ​ $ — ​ Maximum daily borrowings during the period ended ​ $ 41,000 ​ ​ $ — ​ Weighted average interest rate during the period ended ​ ​ 5.5 % ​ ​ 5.6 % Interest rate at end of the period ​ 5.1 % ​ 5.6 % ​ ​ ​ ​ ​ ​ ​ ​ ​ Letters of credit issued ​ $ 15,171 ​ ​ $ 8,400 ​ Total available capacity ​ $ 557 ​ ​ $ 41,600 ​ ​ $20 Million Credit Facility In August 2024, the Company entered into a two-year $ 20.0 million Revolving Credit Facility (“$20 Million Credit Facility”) expiring on August 2, 2026. Revolving Loans borrowed by the Company under the $20 Million Credit Facility carry a per annum interest rate of 1.60 % plus the Secured Overnight Financing Rate. Letters of Credit issued under the $20 Million Credit Facility have a one-year term and incur fees of 1.5 % per annum on the amount of Letters of Credit outstanding. Letters of Credit require the issuance of cash collateral by the Company equal to 105 % of the Letter of Credit exposure. Concurrent with entry into the $20 Million Credit Facility, as required by the agreement, the Company pledged as security $ 20.0 million in cash collateral, depositing the funds into a control account maintained by the lender. The balance maintained in the control account is included in Restricted cash on the Consolidated Balance Sheets. Variable interest, equal to approximately 3.1 % per annum as of December 31, 2025, is earned by the Company on the amount held in the control account. During the years ended December 31, 2025 and 2024, the Company recognized interest expense of $ 0.9 million and $ 0.0 million, respectively, related to the $20 Million Credit Facility. F-31 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements As of December 31, 2025 and 2024, the Company had no letters of credit issued under the $20 Million Credit Facility. The following is a summary of the activity of the revolving line of credit under the $20 Million Credit Facility: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2025 ​ 2024 Total revolving credit facility ​ $ 20,000 ​ ​ $ 20,000 ​ Borrowings outstanding at end of period (a) ​ 20,000 ​ ​ — ​ Weighted average daily borrowings during the period ended ​ ​ 14,904 ​ ​ ​ — ​ Maximum daily borrowings during the period ended ​ 20,000 ​ ​ — ​ Weighted average interest rate during the period ended ​ ​ 5.8 % ​ ​ 4.0 % Interest rate at end of the period ​ 5.3 % ​ 4.0 % ​ $200 Million Credit Facility ​ On April 22, 2025, the Company entered into a $ 100.0 million credit facility with Coinbase Credit, Inc. On May 20, 2025, this credit facility was upsized to a total commitment of $ 200.0 million (“$200 Million Credit Facility”). Under the $200 Million Credit Facility, a multiple drawdown term loan facility in an aggregate principal amount of up to $200 million was made available to the Company. The Company has fully drawn against the $ 200 Million Credit Facility and intends to use the proceeds to pursue key strategic initiatives and for general corporate purposes. ​ All amounts borrowed under the $200 Million Credit Facility will bear interest at an annual rate equal to (a) the greater of (i) the federal funds rate on the date of the applicable borrowing, and (ii) 3.25 % , plus (b) 4.50 % . The $200 Million Credit Facility has a term of one year following commencement, but the Company may request that the maturity date be extended by an additional one-year term, subject to consent by Coinbase Credit. Amounts borrowed under the $200 Million Credit Facility are secured by a portion of the Company’s total bitcoin holdings. Such pledged collateral shall not be used by the lender to secure any other loan account. ​ As of December 31, 2025, 3,977 of the Company’s bitcoin were pledged as collateral to secure the $200 Million Credit Facility. These bitcoin are recorded in Restricted bitcoin on the Consolidated Balance Sheets. ​ During the year ended December 31, 2025, the Company recognized interest expense on the $200 Million Credit Facility of $ 13.2 million and $ 1.6 million of amortization of deferred issuance costs. The interest rate as of December 31, 2025 was 8.3 % . In February 2026, due to the decline in bitcoin prices, the Company was required to pledge an additional 1,825 bitcoin as collateral, for a total of 5,802 bitcoin pledged. Note Payable As part of the Block Mining Acquisition, the Company assumed a $ 5.7 million note payable with a fixed rate of 8.81 % . The note matures in December 2035, with annual principal and accrued interest payments due, which began on December 31, 2024. The following table presents the future minimum principal payments due on the note payable as of December 31, 2025: ​ ​ ​ ​ ​ 2026 ​ $ 343 2027 ​ 373 2028 ​ 405 2029 ​ 443 2030 ​ 482 Thereafter ​ 2,963 Total ​ $ 5,009 ​ As of December 31, 2025, the note payable had an estimated fair value of approximately $ 4.8 million. The fair value measurement of the note payable is based on significant inputs not observable in the market and thus represents a Level 3 measurement on the fair value hierarchy. The significant assumptions used to estimate fair value of the convertible note as of December 31, 2025 , primarily consisted of an interest rate range of 8.9 % to 10.5 % , which reflected the issuance date spread premium over the selected yield for the remaining time to maturity. ​ ​ F-32 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements ​ Note 13. Leases Operating Leases As of December 31, 2025, the Company had operating leases primarily for its various offices, the manufacturing facilities of ESS Metron and E4A Solutions, and the Kentucky Facility, all of which expire on various dates through July 2035. During the year ended December 31, 2025, the Company purchased the Rockdale Facility that was previously subject to a ground lease, resulting in the termination of the ground lease and derecognition of the associated operating lease right-of-use asset of $ 10.4 million and operating lease liability of $ 11.2 million. As of December 31, 2025 and 2024, operating lease right-of-use assets were $ 26.7 million and $ 27.5 million, respectively, and operating lease liabilities were $ 26.0 million and $ 28.5 million, respectively. Finance Lease During the year ended December 31, 2025, the Company entered into a lease for equipment located at the Kentucky Facility. Title to the leased equipment will transfer to the Company at the conclusion of the lease, which expires on December 31, 2029. As of December 31, 2025, the finance lease right-of-use asset was $ 3.4 million and there was no remaining finance lease liability. The following table presents the components of the Company’s lease expense. Ground and facilities lease expenses are included in Cost of revenue , office lease expenses are included in Selling, general, and administrative , and finance leases are amortized into Depreciation and amortization on the Consolidated Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 150 ​ $ — ​ $ — Operating lease cost ​ ​ 8,544 ​ ​ 4,965 ​ ​ 3,747 Variable lease cost ​ $ 722 ​ $ 646 ​ $ 240 Total lease expense ​ $ 9,416 ​ $ 5,611 ​ $ 3,987 ​ The following table presents supplemental lease information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ Operating leases net operating cash outflows ​ ​ $ 9,610 ​ $ 5,498 ​ $ 3,522 ​ Right-of-use assets exchanged for new operating lease liabilities ​ ​ $ 15,989 ​ $ 10,987 ​ $ 1,249 ​ New right-of-use assets associated with finance leases ​ ​ $ 3,595 ​ $ — ​ $ — ​ Weighted-average remaining lease term – operating leases ​ ​ 4.7 ​ 6.0 ​ 7.5 ​ Weighted-average discount rate – operating leases ​ ​ 7.4 % 7.1 % 6.7 % ​ The following table presents the Company’s future minimum operating lease payments as of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Office and other leases ​ ​ ​ 2026 ​ $ 8,012 ​ 2027 ​ 7,425 ​ 2028 ​ ​ 6,910 ​ 2029 ​ 5,065 ​ 2030 ​ 1,520 ​ Thereafter ​ 1,172 ​ Total undiscounted lease payments ​ 30,104 ​ Less present value discount ​ ( 4,144 ) ​ Present value of lease liabilities ​ $ 25,960 ​ ​ dd ​ ​ ​ F-33 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements Note 14. Stockholders’ Equity Preferred Stock 0 % Series B Convertible Preferred Stock On November 3, 2017, the Company designated 1,750,001 shares of preferred stock as “ 0 % Series B Convertible Preferred Stock.” The shares of 0 % Series B Convertible Preferred Stock are non-voting and convertible into shares of common stock based on a conversion calculation equal to the stated value of the 0 % Series B Convertible Preferred Stock, plus all accrued and unpaid dividends, if any, as of such date of determination, divided by the conversion price. The stated value of each share of 0 % Series B Convertible Preferred Stock is $ 6.80 and the initial conversion price is $ 6.80 per share, each subject to adjustment for stock splits, stock dividends, recapitalizations, combinations, subdivisions or other similar events. Holders of 0 % Series B Convertible Preferred Stock are entitled to receive dividends if and when declared by the Company’s Board. The 0 % Series B Convertible Preferred Stock is also subject to beneficial ownership limitations and conversion limitations. As of December 31, 2025 and 2024, no shares of the Company’s 0 % Series B Convertible Preferred Stock were outstanding. Common Stock The Company is authorized to issue up to 680,000,000 shares of common stock, without any par value per share. ​ Each holder of common stock is entitled to one vote for each share held of record on all matters to be voted on by such holders. Holders of common stock are entitled to receive dividends, if declared. Upon liquidation, dissolution or winding-up, holders of common stock are entitled to share ratably in the net assets legally available for distribution after payment of all debts and other liabilities, subject to any preferential rights of the holders of preferred stock, if any. During the year ended December 31, 2025, approximately 1.5 million shares of common stock vested or were issued to the Company’s board of directors, officers, employees, and advisors in settlement of an equal number of fully vested restricted stock awards (“RSAs”) or restricted stock units (“RSUs”) awarded to such individuals by the Company under the Company’s 2019 Equity Incentive Plan, as amended (the “2019 Equity Incentive Plan”). The Company withheld approximately 0.3 million of these shares, with a fair value of approximately $ 4.3 million, to cover taxes related to the settlement of these vested RSAs and RSUs, as permitted by the 2019 Equity Incentive Plan. ATM Program 2025 ATM Program ​ In December 2025, the Company established the 2025 ATM Program, under which it could offer and sell up to $ 500.0 million in shares of the Company’s common stock. ​ During the year ended December 31, 2025, no shares were sold under the 2025 ATM Program and, as of December 31, 2025, all $ 500.0 million in shares of the Company’s common stock were available for sale. ​ August 2024 ATM Program ​ In August 2024, the Company established the August 2024 ATM Program, under which it could offer and sell up to $ 750.0 million in shares of the Company’s common stock. ​ During the year ended December 31, 2025, the Company received net proceeds of approximately $ 207.7 million ($ 212.7 million of gross proceeds, net of $ 5.0 million in commissions and expenses), from the sale of 16,748,832 shares of its common stock at a weighted average fair value of $ 12.70 under the August 2024 ATM Program. Effective December 30, 2025, the Company terminated the prior sales agreement, dated as of August 9, 2024, associated with the August 2024 ATM Program. There were no costs or payments associated with the early termination. No additional shares of common stock will be offered or sold under the August 2024 ATM Program. ​ F-34 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements During the year ended December 31, 2024, the Company received net proceeds of approximately $ 380.0 million ($ 387.8 million of gross proceeds, net of $ 7.8 million in commissions and expenses), from the sale of 41,336,261 shares, of its common stock at a weighted average fair value of $ 9.38 per share, under the August 2024 ATM Program. ​ February 2024 ATM Program ​ In February 2024, the Company established the February 2024 ATM Program, under which it could offer and sell up to $ 750.0 million in shares of the Company’s common stock. ​ During the year ended December 31, 2024, the Company received net proceeds of approximately $ 462.5 million ($ 471.9 million of gross proceeds, net of $ 9.4 million in commissions and expenses) from the sale of 40,646,055 shares of its common stock at a weighted average fair value of $ 11.61 per share under the February 2024 ATM Program. With the sale and issuance of those shares, no additional shares of common stock will be offered or sold under the February 2024 ATM Program. ​ 2023 ATM Program ​ In August 2023, the Company established the 2023 ATM Program, under which it could offer and sell up to $ 750.0 million in shares of the Company’s common stock. During the year ended December 31, 2024, the Company received net proceeds of approximately $ 114.9 million ($ 117.3 million of gross proceeds, net of $ 2.4 million in commissions and expenses) from the sale of 8,644,100 shares of its common stock at a weighted average fair value of $ 13.57 per share under the 2023 ATM Program. With the sale and issuance of those shares, no additional shares of common stock will be offered or sold under the 2023 ATM Program. During the year ended December 31, 2023, the Company received net proceeds of approximately $ 571.6 million ($ 583.3 million of gross proceeds, net of $ 11.7 million in commissions and expenses) from the sale of 45,758,400 shares of its common stock at a weighted average fair value of $ 13.07 per share under the 2023 ATM Program. ​ 2022 ATM Program ​ In March 2022, the Company entered into an ATM sales agreement under which it could offer and sell up to $ 500.0 million in shares of the Company’s common stock. During the year ended December 31, 2022, the Company received gross proceeds of approximately $ 304.8 million ( $ 298.2 million, net of $ 6.6 million in commissions and expenses), from the sale of 37,052,612 shares of common stock at an average fair value of $ 8.23 per share under the 2022 ATM Program. During the year ended December 31, 2023, the Company received net proceeds of approximately $ 191.2 million ($ 195.2 million of gross proceeds, net of $ 3.9 million in commissions and expenses) from the sale of 16,447,645 shares of its common stock at a weighted average fair value of $ 11.86 per share under its 2022 ATM Program. With the sale and issuance of these shares, all $ 500.0 million in shares of the Company’s common stock available for sale under its 2022 ATM Program had been issued. ​ Warrants During the year ended December 31, 2021, the Company issued warrants to XMS Capital Partners, LLC as partial payment for its advisory services in connection with the acquisition of Whinstone. The warrants entitle XMS to purchase up to 63,000 shares of the Company’s common stock at a purchase price of $ 48.37 per share. The warrants may be exercised at any time through August 12, 2026. The warrants are recognized as a liability with a fair value of zero upon issuance and a redemption value of zero as of December 31, 2025 and 2024. 2025 Transactions During the year ended December 31, 2025, approximately 3.5 million shares of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, and net of tax withholding, were issued. The Company withheld approximately 0.3 million shares of the common stock issued upon vesting, with a fair value of approximately $ 4.3 million, to cover the withholding taxes F-35 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements related to the settlement of these vested restricted stock awards, as permitted by the 2019 Equity Incentive Plan. See Note 15. Stock-Based Compensation , for a complete description of the 2019 Equity Incentive Plan. During the year ended December 31, 2025, the Company issued approximately 7.0 million shares with a value of $ 49.0 million as consideration for the acquisition of certain assets in the Rhodium Settlement (see Note 3. Acquisitions ). 2024 Transactions During the year ended December 31, 2024, the Company increased its authorized shares of common stock from 340.0 million shares to 680.0 million shares. During the year ended December 31, 2024, the Company issued approximately 7.2 million shares of common stock with a value of approximately $ 74.0 million as consideration for the Block Mining Acquisition (see Note 3. Acquisitions ). During the year ended December 31, 2024, approximately 16.0 million shares of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, and net of tax withholding, were issued. The Company withheld approximately 1.1 million shares of the common stock issued upon vesting, with a fair value of approximately $ 11.6 million, to cover the withholding taxes related to the settlement of these vested restricted stock awards, as permitted by the 2019 Equity Incentive Plan. In June 2024, the Company’s stockholders approved the Sixth Amendment to the 2019 Equity Incentive Plan, which increased the shares of common stock reserved for issuance by 15.0 million shares. 2023 Transactions During the year ended December 31, 2023, approximately 0.8 million shares of restricted stock, net of forfeitures and delivery of common stock underlying the stock awards, and net of tax withholding, were issued. The Company withheld approximately 1.3 million shares of the common stock issued upon vesting, with a fair value of approximately $ 14.0 million, to cover the withholding taxes related to the settlement of these vested restricted stock awards, as permitted by the 2019 Equity Incentive Plan. In June 2023, the Company’s stockholders approved the Fourth Amendment to the 2019 Equity Incentive Plan, which increased the shares of common stock reserved for issuance under the 2019 Equity Incentive Plan by 4.0 million shares. In December 2023, the Company’s stockholders approved the Fifth Amendment to the 2019 Equity Incentive Plan, which increased the shares of common stock reserved for issuance under the 2019 Equity Inventive Plan by 13.0 million shares. On December 1, 2021, the Company acquired 100 % of the equity interests in ESS Metron for consideration that included 715,413 shares of the Company’s common stock, 70,165 shares of which were withheld as security for the sellers’ indemnification obligations for 18 months . During the year ended December 31, 2023, the indemnification period ended and all 70,165 of the withheld shares were issued to the ESS Metron sellers. Note 15. Stock-Based Compensation The 2019 Equity Incentive Plan authorizes the granting of stock-based compensation awards to directors, officers, employees, and advisors of the Company in the form of RSAs, RSUs, or stock options, all of which settle in shares of the Company’s common stock upon vesting. In July 2023, the Company adopted a new long-term incentive program under its 2019 Equity Incentive Plan, under which employees are eligible to receive performance-based RSAs or RSUs and service-based RSAs or RSUs. The performance-based awards are eligible to vest based on the relative performance of the Company’s common stock (“Total Stockholder Return” or “TSR”), compared to the performance of the RUSSELL 3000 Index (the “Index TSR”), during the three-year performance period commencing as of the grant date of the TSR award (collectively, the “TSR Awards”). The TSR Awards have a vesting range of 0 % to 200 % of the recipient’s target award, which is calculated based on the difference between the Company’s TSR and the Index TSR over the three-year performance period, subject to the recipient’s continuous employment with the Company through the third anniversary of the award’s grant date. The service-based awards are eligible to vest in one-third annual installments over a three-year service period commencing on the award’s grant date, subject to the recipient’s continuous employment with the Company through the applicable vesting dates. F-36 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements As of December 31, 2025, the Company had 10,337,176 shares of common stock reserved for issuance under the 2019 Equity Incentive Plan. The following table presents the Company’s stock-based compensation expense by category: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Performance-based stock awards and units ​ $ 105,495 ​ $ 99,178 ​ $ ( 4,703 ) Service-based stock awards and units ​ ​ 19,327 ​ ​ 26,026 ​ ​ 36,873 Stock options ​ ​ 889 ​ ​ — ​ ​ — Total stock-based compensation ​ $ 125,711 ​ $ 125,204 ​ $ 32,170 ​ Stock-based compensation expense is recognized within Selling, general and administrative on the Consolidated Statements of Operations. Performance-Based Awards and Units Performance-based RSAs and RSUs are eligible to vest over a three-year performance period based on the Company’s TSR as compared to the performance of the Index TSR. The following table presents a summary of the activity of the performance-based RSAs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Per Share ​ ​ ​ ​ Number of Shares ​ ​ ​ Fair Value Balance as of January 1, 2025 ​ 19,615,388 ​ $ 13.03 Granted ​ 1,873,681 ​ $ 8.25 Vested ​ — ​ $ — Forfeited ​ ( 358,410 ) ​ $ 8.99 Balance as of December 31, 2025 ​ 21,130,659 ​ $ 12.68 ​ During the year ended December 31, 2024, the Company granted 18,089,198 performance-based RSAs with a grant date fair value of $ 224.1 million. During the year ended December 31, 2023, the Company granted 2,076,340 performance-based RSAs with a grant-date fair value of $ 36.3 million. As of December 31, 2025, there was approximately $ 73.9 million of unrecognized compensation cost related to the performance-based RSAs, which is expected to be recognized over a remaining weighted-average vesting period of approximately 0.9 years. The following table presents a summary of the activity of the performance-based RSUs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Per Share ​ ​ ​ ​ Number of Units ​ ​ ​ Fair Value Balance as of January 1, 2025 ​ 1,769,038 ​ $ 12.55 Granted ​ — ​ $ — Vested ​ — ​ $ — Forfeited ​ — ​ $ — Balance as of December 31, 2025 ​ 1,769,038 ​ $ 12.55 ​ During the year ended December 31, 2024, the Company granted 1,522,612 performance-based RSUs with a grant date fair value of $ 17.4 million. During the year ended December 31, 2023, the Company granted 246,426 performance-based RSUs with a grant date fair value of $ 4.8 million. As of December 31, 2025, there was approximately $ 5.7 million of unrecognized compensation cost related to the performance-based RSUs, which is expected to be recognized over a remaining weighted-average vesting period of approximately 0.9 years. F-37 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements Service-Based Awards and Units Service-based awards vest over one , two , and three-year service periods. ​ The following table presents a summary of the activity of the service-based RSAs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Per Share ​ ​ ​ ​ Number of Shares ​ ​ ​ Fair Value Balance as of January 1, 2025 ​ 2,712,859 ​ $ 11.76 Granted ​ 1,818,886 ​ $ 10.13 Vested ​ ( 1,313,243 ) ​ $ 11.55 Forfeited ​ ( 207,282 ) ​ $ 10.31 Balance as of December 31, 2025 3,011,220 ​ $ 10.97 ​ During the year ended December 31, 2024, the Company granted 8,172,345 service-based RSAs with a grant date fair value of $ 81.9 million. During the year ended December 31, 2023, the Company granted 1,313,925 service-based RSAs with a grant date fair value of $ 20.3 million. As of December 31, 2025, there was approximately $ 24.7 million of unrecognized compensation cost related to the service-based RSAs, which is expected to be recognized over a remaining weighted-average vesting period of approximately 1.5 years. The following table presents a summary of the activity of the service-based RSUs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Per Share ​ ​ ​ ​ Number of Units ​ ​ ​ Fair Value Balance as of January 1, 2025 ​ 362,425 ​ $ 12.29 Granted ​ 35,187 ​ $ 12.01 Vested ​ ( 167,201 ) ​ $ 12.65 Forfeited ​ — ​ $ — Balance as of December 31, 2025 230,411 ​ $ 12.00 ​ During the year ended December 31, 2024, the Company granted 294,608 service-based RSUs with a grant date fair value of $ 2.9 million. During the year ended December 31, 2023, the Company granted 155,213 service-based RSUs with a grant date fair value of $ 3.0 million. As of December 31, 2025, there was approximately $ 1.9 million of unrecognized compensation cost related to the service-based RSUs, which is expected to be recognized over a remaining weighted-average vesting period of approximately 1.3 years. Stock Options In June 2025, the Company granted approximately 1.2 million performance-based stock option awards under the 2019 Equity Incentive Plan. The stock option awards are eligible to vest in one-third increments upon meeting certain specified data center development-based EBITDA milestones through December 31, 2029. The vesting of all options is contingent upon continued service with the Company through each of the applicable milestones. All vested options are exercisable through December 31, 2030. As of the grant date, the fair value per share underlying each stock option award was $ 5.99 and the total fair value of all options granted was approximately $ 7.0 million. T he total fair value is recognized ratably as stock-based compensation expense for each performance milestone over its implied service period, based on the estimated probability of achieving such milestone, through December 31, 2029. F-38 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements The Company estimated the fair value of the stock option awards on the date of grant using the Black-Scholes option-pricing model, utilizing the following inputs: ​ ● The grant date exercise price/strike price of $ 8.07 , equal to the closing market price of the Company’s common stock on the date of the grant; ● An expected award term of approximately five years determined using the simplified method, which uses the midpoint between the vesting period and the contractual term; ● Contractual term of approximately five years based on the expiration date of vested awards; ● A risk-free rate of 3.93 % based on U.S. Treasury yields over the expected life of the options granted; and ● Expected volatility of future equity of 94.7 % based on the average of the Company’s own historical volatility over the past five years and the implied volatility over the five-year term. ​ The following table presents a summary of the activity of the stock options: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Options ​ ​ ​ Exercise Price Balance as of January 1, 2025 ​ — ​ $ — Granted ​ 1,166,861 ​ $ 8.07 Vested ​ — ​ $ — Forfeited ​ — ​ $ — Balance as of December 31, 2025 1,166,861 ​ $ 8.07 ​ As of December 31, 2025, there was approximately $ 6.1 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a remaining weighted-average vesting period of approximately 4.0 years. The weighted average remaining contractual term of the options is approximately 5.0 years. ​ The intrinsic value of the stock options was approximately $ 5.4 million. The intrinsic value is calculated as the difference between the Company’s closing stock price of $ 12.67 on December 31, 2025, and the exercise price, multiplied by the number of in-the-money options that would have been received by the option holder, had the holder been able to exercise the options on December 31, 2025. Subsequent Awards ​ In January 2026, the Company granted 5.1 million performance-based RSAs. The awards are eligible to vest, if at all, over a three-year performance period based on the Company’s TSR as compared to the Index TSR through December 31, 2028. The TSR Awards have a vesting range of 0 % to 200 % of the recipient’s target award, which is calculated based on the difference between the Company’s TSR and the Index TSR over the three-year performance period, subject to the recipient’s continuous employment with the Company through the third anniversary of the award’s grant date. The awards have an aggregate grant date fair value of approximately $ 45.7 million. ​ In January 2026, the Company granted 2.5 million service-based RSAs. These awards are eligible to vest in one-third annual installments over a three-year service period commencing on the award’s grant date, subject to the recipient’s continuous employment with the Company through the applicable vesting dates. The awards have an aggregate grant date fair value of $ 32.3 million. ​ F-39 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements Note 16. Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured as of December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted prices in ​ Significant other ​ unobservable ​ ​ Total carrying ​ active markets ​ observable inputs ​ inputs ​ ​ ​ ​ Value ​ ​ ​ (Level 1) ​ ​ ​ (Level 2) ​ ​ ​ (Level 3) Bitcoin (a) ​ $ 1,227,462 ​ $ 1,227,462 ​ $ — ​ $ — Restricted bitcoin (a) ​ $ 347,979 ​ $ 347,979 ​ $ — ​ $ — Derivative assets (b) ​ $ 148,048 ​ $ — ​ $ — ​ $ 148,048 Contingent consideration liabilities (c) ​ $ 8,195 ​ $ — ​ $ — ​ $ 8,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured as of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted prices in ​ Significant other ​ unobservable ​ ​ Total carrying ​ active markets ​ observable inputs ​ inputs ​ ​ ​ ​ Value ​ ​ ​ (Level 1) ​ ​ ​ (Level 2) ​ ​ ​ (Level 3) Bitcoin (a) ​ $ 1,654,468 ​ $ 1,654,468 ​ $ — ​ $ — Derivative assets (b) ​ $ 149,495 ​ $ — ​ $ — ​ $ 149,495 Contingent consideration liabilities (c) ​ $ 26,855 ​ $ — ​ $ — ​ $ 26,855 Equity method investment - marketable securities (d) ​ $ 134,265 ​ $ 134,265 ​ $ — ​ $ — Convertible note (d) ​ $ 5,345 ​ $ — ​ $ — ​ $ 5,345 ​ (a) See Note 5. Bitcoin (b) See Note 9. Power Supply Agreements (c) See Note 17. Commitments and Contingencies (d) See Note 6. Investments ​ There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented. Assets and liabilities not measured at fair value on a recurring basis: In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also measures certain assets and liabilities at fair value on a nonrecurring basis. The Company’s non-financial assets, including goodwill, intangible assets, operating lease right-of-use assets, and property and equipment, are measured at fair value when there is an indication of impairment and the carrying amount exceeds the asset’s projected undiscounted cash flows. These assets are recorded at fair value only when an impairment charge is recognized. As of December 31, 2025 and 2024, the fair values of cash and cash equivalents, restricted cash, accounts receivable, contract assets, prepaid expenses and other current assets, accounts payable, contract liabilities, and accrued expenses approximated their carrying values because of the short-term nature of these instruments. ​ F-40 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements Note 17. Commitments and Contingencies Commitments Miners and mining equipment Through December 31, 2025, the Company paid a total of $ 779.9 million in deposits and payments to MicroBT for the purchase of miners pursuant to the Master Agreement described in Note 7. Property and Equipment . As of December 31, 2025, the Company had a remaining commitment of $ 29.4 million for the purchase of miners, which is expected to be paid through the first half of 2026. Infrastructure During 2024, the Company entered into agreements related to water supply infrastructure for the Corsicana Facility resulting in total remaining commitments of approximately $ 6.7 million. The Company expects to incur these costs throughout 2026. In January 2026, the Company entered into an agreement for the purchase of electrical equipment for approximately $ 67.2 million. The equipment is expected to be delivered through 2027, with payment due upon delivery. Operating leases The Company leases its primary office locations and the Kentucky Facility under non-cancelable lease agreements that expire on varying dates through 2032. For additional information see Note 13. Leases . Water reservation agreement During the year ended December 31, 2025, in conjunction with the purchase of the Rockdale Facility land (see Note 7. Property and Equipment ), the Company entered into a water reservation agreement to secure a certain quantity of non-potable water from a nearby lake to be used by the Company at the Rockdale Facility. The water reservation agreement runs through January 2049 and requires annual payments of approximately $ 1.4 million. The Company concluded that the water reservation agreement was not a lease or a derivative instrument. The Company had a previous water agreement associated with its ground lease to supply water to the Rockdale Facility. That agreement was terminated upon the purchase of the land by the Company and termination of the ground lease. Contingent consideration liabilities Block Mining As part of the Block Mining Acquisition, the sellers are eligible to earn an additional $ 32.5 million in potential earn-out targets, payable in cash or stock, if certain milestones are reached by December 31, 2025 (See Note 3. Acquisitions ). This contingent consideration had an acquisition date fair value of $ 26.1 million. As of December 31, 2025, the Block Mining Acquisition contingent consideration had an estimated fair value of $ 6.2 million, recognized on the Consolidated Balance Sheets in Contingent consideration liabilities, current portion. The fair value measurement as of December 31, 2025, is based on significant inputs not observable in the market and thus represents a Level 3 measurement on the fair value hierarchy. These inputs include management’s best estimate of both the probability and timing of achieving the milestones, a risk-free interest rate of approximately 5 % based on the U.S. Treasury rate for the corresponding time periods and a credit spread of approximately 1 % based on the median of Investment Grade High Yield Debt Instruments with a Standard & Poor’s BB credit rating. This credit rating was selected based on an independently-produced synthetic credit rating analysis. As of December 31, 2024, the Block Mining Acquisition contingent consideration had an estimated fair value of $ 23.6 million. E4A Solutions As part of the E4A Solutions Acquisition, the sellers are eligible to earn potential earn-out targets based on E4A Solutions’ adjusted EBITDA, calculated as 2.65 times the amount the average adjusted EBITDA exceeds the established earn-out threshold during the two years ending December 31, 2026, payable in cash or Riot common stock at the Company’s discretion. This contingent F-41 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements consideration was recognized as the acquisition date fair value of $ 2.6 million. As of December 31, 2025, the E4A Solutions Acquisition contingent consideration had an estimated fair value of $ 2.0 million. It is recognized at fair value on the Consolidated Balance Sheets in Contingent consideration liabilities, less current portion. The fair value measurement as of December 31, 2025 is based on significant inputs not observable in the market and thus represents a Level 3 measurement on the fair value hierarchy . These inputs include management’s best estimate of both the probability and timing of achieving the milestones, risk-free rates ranging from 3.5 % to 3.6 % based on the U.S. Treasury rate for the corresponding time periods and a credit spread of approximately 1.9 % based on the median of investment grade and high yield debt instruments with a Standard & Poor’s BB- credit rating. This credit rating was selected based on an independently-produced synthetic credit rating analysis. As of December 31, 2024, the E4A Solutions Acquisition contingent consideration had an estimated fair value of $ 2.6 million. Whinstone In February 2021, the State of Texas experienced an extreme and unprecedented winter weather event that resulted in prolonged freezing temperatures and caused an electricity generation shortage that was severely disruptive to the whole state. While demand for electricity reached extraordinary levels due to the extreme cold, the supply of electricity significantly decreased in part because of the inability of certain power generation facilities to supply electric power to the grid. Due to the extreme market price of electricity during this time, at the request of ERCOT, the Company stopped supplying power to its customers and instead sold power back to the grid. In April 2021, under the provisions of the Rockdale PPA, and as a result of the weather event, the Company entered into a Qualified Scheduling Entity (“QSE”) Letter Agreement, which resulted in the Company being entitled to receive approximately $ 125.1 million for its power sales during the February winter storm, all under the terms and conditions of the QSE Letter Agreement. The Company received cash of $ 29.0 million in April 2021 (after deducting $ 10.0 million in power management fees owed by Whinstone), approximately $ 59.7 million was credited against power bills of the Company during 2022, with the remaining $ 26.3 million being contingent upon ERCOT’s future remittance. These amounts are recognized gross before fair value adjustments and expenses incurred by the Company for power management fees noted above and customer settlements. The fair value of the settlement agreement was estimated and recognized as an asset as part of acquisition accounting. As part of the acquisition of Whinstone, the Company was obligated to pay the seller up to $ 86.0 million, net of income taxes, (undiscounted) of additional consideration if certain power credits are received or realized by the Company arising from the February 2021 weather event. Upon the acquisition of Whinstone, the estimated fair value of the contingent consideration was approximately $ 83.0 million. The estimated fair value measurement was based on significant inputs not observable in the market and thus represents a Level 3 measurement. Upon the acquisition of Whinstone, the Company estimated the fair value of the contingent consideration using a discounted cash flow analysis, which included estimates of both the timing and amounts of potential future power credits. These estimates were determined using the Company’s historical consumption quantities and patterns combined with management’s expectations of its future consumption requirements, which required significant judgment and depend on various factors outside the Company’s control, such as construction delays. The discount rate of approximately 2.5 % included observable market inputs, but also included unobservable inputs such as interest rate spreads, which were estimated based on qualitative judgment related to company-specific risk factors. Specifically, the Company used S&P Global’s B credit rating in the yield curve to estimate a reasonable interest rate spread to determine the cost of debt input because the power credits are subordinated obligations of the Company’s counterparty. Although these estimates are based on management’s best knowledge of current events, the estimates could change significantly from period to period. As of December 31, 2024, approximately $ 1.2 million of remaining future power credits were expected to be received. As of December 31, 2025, the Company believes approximately all credits have been received and the associated remaining contingent consideration asset and liability balances as of December 31, 2025 are zero . F-42 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements The following table presents the changes in the estimated fair value of the Company’s contingent consideration liabilities: ​ ​ ​ ​ ​ Balance as of January 1, 2025 ​ $ 26,855 Change in contingent consideration ​ ​ ( 589 ) Change in fair value of contingent consideration ​ ​ ( 18,071 ) Balance as of December 31, 2025 ​ $ 8,195 ​ For the years ended December 31, 2024 and 2023 the change in fair value of the contingent consideration was $ 2.5 million and less than $ 0.1 million. Contingencies Legal Proceedings The Company, and our subsidiaries, are subject at times to various claims, lawsuits and governmental proceedings relating to our business and transactions arising in the ordinary course of business. We cannot predict the final outcome of such proceedings. Where appropriate, we vigorously defend such claims, lawsuits and proceedings. Some of these claims, lawsuits and proceedings seek damages, including direct, consequential, exemplary, and/or punitive damages, in amounts that could, if awarded, be significant. Certain of the claims, lawsuits and proceedings arising in ordinary course of business are covered by our insurance program. We maintain property and various types of liability insurance in an effort to protect ourselves from such claims. In terms of any matters where there is no insurance coverage available to us, or where coverage is available and we maintain a retention or deductible associated with such insurance, we may establish an accrual for such loss, retention or deductible based on current available information. In accordance with accounting guidance, if it is probable that an asset has been impaired or a liability has been incurred as of the date of the financial statements, and the amount of loss is reasonably estimable, then an accrual for the cost to resolve or settle these claims is recorded by us on the Consolidated Balance Sheets. If it is reasonably possible that an asset may be impaired as of the date of the financial statements, then we disclose the range of possible loss. Costs related to the defense of such claims are recorded by us as they are incurred. Management, with the assistance of outside counsel, may from time to time adjust such accruals according to new developments in the matter, court rulings, or changes in the strategy affecting our defense of such matters. On the basis of current information, we do not believe there is a reasonable possibility that any material loss, if any, will result from any claims, lawsuits and proceedings to which we are subject to either individually, or in the aggregate. Intellectual Property Disputes Malikie Innovations Patent Dispute On December 12, 2025, Malikie Innovations Ltd. (“Malikie”) and Key Patent Innovations Ltd. (together with Malikie, the “Plaintiffs”) filed suit against the Company, Foundry Digital LLC, Fortitude Mining, LLC, and Cipher Mining Inc. (collectively, the “Defendants”) in the United States District Court for the Western District of Texas in the case captioned 7:25-CV-00567. The Plaintiffs allege that the Defendants’ Bitcoin transactions infringe on certain patents owned by the Plaintiffs and seek injunctive relief and an unspecified amount of damages, including pre and post-judgment interest. The Company has engaged counsel and is working with its counsel to evaluate and defend the Company from this infringement claim. The Company cannot reasonably predict the outcome of such ongoing litigation, or the magnitude of such outcome, at this time. ​ Green Revolution Cooling Patent Dispute On March 22, 2024, Green Revolution Cooling, Inc. (“GRC”) filed a complaint against the Company in the Western District of Texas (Case No. 6:24-CV-152), for patent infringement. More specifically, GRC has alleged that the immersion cooling systems provided to the Company by third parties infringe GRC’s U.S. Patent Nos. 9,992,914 (the “’914 Patent”) and 10,123,463 (the “’463 Patent”). GRC seeks monetary damages through the time of trial, in excess of $ 52.0 million. GRC also seeks an injunction against using all products that allegedly infringe the ’914 Patent and the ’463 Patent, or in lieu of an injunction, an award of a compulsory post-trial royalty of $ 0.01 per kWh of power used by the immersion cooled buildings. This matter is currently set for trial in the Western District of Texas on April 13, 2026. The Company’s counsel is defending the Company from this infringement claim and has filed a motion for summary judgment on GRC’s infringement claims, along with other motions. The Company cannot reasonably predict the outcome of such ongoing litigation, or the magnitude of such outcome, at this time. F-43 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements ​ Legacy Hosting Customer Disputes ​ SBI On April 5, 2023, SBI Crypto Co., Ltd. (“SBI”) filed a complaint in the United States District Court for the Western District of Texas (Case No. 6:23-cv-252), which it later amended, against Whinstone alleging breach of contract, fraud, and negligent bailment claims related to a colocation services agreement between Whinstone and SBI that was terminated in 2021. On July 21, 2023, Whinstone filed a motion to dismiss the amended complaint, which was denied on October 25, 2023. On November 25, 2024, Whinstone asserted counterclaims for breach of contract and fraudulent inducement. SBI attempted to update its alleged damages to over $ 350.0 million in purported lost profits through an updated expert report which the court has since stricken. Notwithstanding, SBI attempted to recover over $ 175.0 million in purported lost profits (a substantial amount of which is comprised from appreciation in Bitcoin prices), which has been previously disclosed, and more than $ 50.0 million in equipment replacement cost, plus exemplary damages, reasonable attorneys’ fees, costs, expenses, and pre- and post-judgment interest. Whinstone believes many of the claims are barred or waived, and that all of SBI’s claims substantively lack merit, and Whinstone plans to vigorously contest the same, as appropriate. On February 2, 2026, the court granted the Company’s motion for summary judgment in part, disallowing the use of appreciated Bitcoin prices in SBI’s damages model. On February 9, 2026, trial commenced before Magistrate Gilliland in the Western District of Texas. On February 16, 2026, the Company and SBI verbally agreed to a global settlement of all existing or future claims between the parties (the "SBI Settlement"). In consideration for the SBI Settlement, the Company agreed to pay SBI a total sum of $ 20.0 million in cash. GMO ​ On June 13, 2022, GMO Gamecenter USA, Inc. and its parent, GMO Internet Group, Inc., (collectively “GMO”) filed a complaint against Whinstone alleging breach of a colocation services agreement between GMO and Whinstone, which has since been terminated, seeking damages in excess of $ 150.0 million for lost profit and profit sharing payments GMO alleges it was owed from Whinstone. The case is pending in the United States District Court for the Southern District of New York (Case No. 1:22-cv-05974-JPC). Whinstone has responded to GMO’s claims and raised counterclaims of its own, alleging GMO itself breached the colocation services agreement, seeking a declaratory judgment and damages in excess of $ 25.0 million. On October 19, 2023, GMO filed its fourth amended complaint claiming an additional $ 496.0 million in damages, for loss of future profits and future profit sharing payments GMO alleges would have been received through the term of the agreement, based on Whinstone’s allegedly wrongful termination of the colocation services agreement as of June 29, 2023. On August 26, 2025, GMO filed its fifth amended complaint including the Company as a defendant. On September 29, 2025, the Company filed a motion to dismiss the fifth amended complaint, and that motion is currently pending before the court. On January 8, 2026, Whinstone filed a motion for summary judgment seeking dismissal of almost all claims against it, and GMO filed a motion for partial summary judgment on certain issues. Briefing on these motions is ongoing and has not been completed as of the date of this filing. The Company cannot reasonably estimate the outcome of such ongoing litigation, or the magnitude of such an outcome, at this time. ​ Note 18. Income Taxes The following table presents the components of the net income (loss) before provision for income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Domestic ​ $ ( 663,331 ) ​ $ 110,145 ​ $ ( 54,565 ) Foreign ​ — ​ — ​ — Income (loss) before provision for income taxes ​ $ ( 663,331 ) ​ $ 110,145 ​ $ ( 54,565 ) ​ F-44 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements The following table presents the components of income tax benefit (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ US Federal ​ $ — ​ $ — ​ $ — US State ​ 150 ​ ( 744 ) ​ 48 Foreign ​ — ​ — ​ — Total current benefit (expense) ​ $ 150 ​ $ ( 744 ) ​ $ 48 Deferred: ​ ​ ​ ​ ​ ​ US Federal ​ $ — ​ $ — ​ $ 5,045 US State ​ — ​ — ​ — Foreign ​ — ​ — ​ — Total deferred benefit ​ — ​ — ​ 5,045 Total benefit (expense) for income taxes ​ $ 150 ​ $ ( 744 ) ​ $ 5,093 ​ The following table presents the tax effects of temporary differences and tax loss and credit carryforwards that give rise to significant portions of deferred tax assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Deferred income tax assets: ​ ​ ​ ​ ​ ​ Operating lease liability ​ $ 5,523 ​ $ 6,372 Deferred revenue ​ — ​ 3,497 Stock compensation ​ 9,160 ​ 4,799 Intangible assets ​ ​ 6,313 ​ ​ 7,079 Net operating losses ​ ​ 170,914 ​ ​ 202,871 Other deferred tax assets ​ ​ 7,098 ​ ​ 2,515 Total deferred tax assets ​ 199,008 ​ 227,133 Valuation allowance ​ ( 143,200 ) ​ ( 12,508 ) Net deferred tax assets ​ 55,808 ​ 214,625 ​ ​ ​ ​ ​ ​ ​ Deferred income tax liabilities: ​ ​ ​ ​ Derivative assets ​ ( 31,496 ) ​ ( 33,379 ) Right-of-use assets ​ ​ ( 5,685 ) ​ ​ ( 6,139 ) Fixed assets ​ ​ ( 7,586 ) ​ ​ ( 30,725 ) Bitcoin ​ ​ ( 8,424 ) ​ ​ ( 125,471 ) LT Investments ​ ​ — ​ ​ ( 3,281 ) Unrealized G/L ​ ​ — ​ ​ ( 15,499 ) Other deferred tax liabilities ​ ​ ( 2,617 ) ​ ​ ( 131 ) Total deferred tax liabilities ​ ( 55,808 ) ​ ( 214,625 ) Net deferred tax assets (liabilities) ​ $ — ​ $ — ​ The Company has approximately $ 778.3 million and $ 207.9 million of federal and state tax Net Operating Losses (“NOLs”), respectively, that may be available to offset future taxable income. Federal and state net operating loss carryforwards of $ 130.1 million and $ 116.9 million, respectively, if not utilized, expire between 2026 and 2045. Under the Tax Cuts and Jobs Act, $ 648.2 million federal and $ 91.0 million state NOLs incurred after December 31, 2017 are carried forward indefinitely, but may be limited in utilization to 80% of taxable income. Furthermore, as a result of changes in the ownership of our common stock and changes in our business operations, our ability to use our federal and state NOLs may be subject to annual limitations limited under Internal Revenue Code Section 382 and 383. The annual limitations may result in the expiration of net operating losses and credits before they are able to be utilized. The Company does not expect any previous ownership changes, as defined under Section 382 and 383 of the Internal Revenue Code, to result in an ultimate limitation that will materially reduce the total amount of net operating loss carryforwards and credits that can be utilized. The statute of limitations for assessment by the IRS and state tax authorities is open for tax years ending December 31, 2021 through 2024, although carryforward attributes that were generated prior to tax year 2021 may still be adjusted upon examination by the IRS F-45 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements or state tax authorities if they either have been or will be used in a future period. Currently, no federal or state income/franchise tax returns are under examination by the respective taxing authorities. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that such assets will be realized, which depends on the generation of future taxable income during the periods in which those temporary differences become deductible. This assessment includes consideration of the scheduled reversal of deferred tax liabilities, projected future taxable income, and available tax planning strategies. Continued operating losses and updated forecasts indicating insufficient future taxable income resulted in an increase in the valuation allowance of approximately $ 130.7 million during the year ended December 31, 2025, and a full valuation allowance on deferred tax assets as of December 31, 2025 and 2024. The Company has not identified any uncertain tax positions requiring a reserve as of December 31, 2025, and 2024. The Company’s policy is to recognize interest and penalties that would be assessed in relation to the settlement value of unrecognized tax benefits as a component of income tax expense. The Company did not accrue either interest or penalties for the years ended December 31, 2025, and 2024. The following table reconciles the income tax benefit (expense) based on the U.S. federal statutory rate with actual income tax benefit (expense), updated per the requirements of ASU 2023-09 (see Note 2. Significant Accounting Policies and Recent Accounting Pronouncements ): ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2025 Federal tax (benefit) at statutory rate ​ ​ ​ $ ( 139,175 ) 21.0 % State tax (benefit), net of federal benefit ​ ( 148 ) 0.0 % Change in Valuation Allowance ​ 123,380 ( 18.6 )% Nontaxable or Nondeductible Items ​ ​ — 0.0 % Executive Compensation Disallowance ​ ​ 22,386 ( 3.4 )% Other ​ ​ ( 3,799 ) 0.6 % Other Adjustment ​ ( 2,794 ) 0.4 % Total provision for (benefit from) income taxes ​ $ ( 150 ) 0.0 % ​ ​ The following table reconciles the income tax benefit (expense) based on the U.S. federal statutory rate with actual income tax benefit (expense), prior to adoption of ASU 2023-09: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2024 ​ 2023 Federal statutory rate ​ ​ ​ $ ( 23,410 ) 21.3 % ​ ​ ​ $ 11,459 21.0 % State and local taxes, net of federal taxes ​ ( 2,087 ) ( 1.9 )% ​ 42 ( 0.1 )% Contingent payment ​ ​ — 0.0 % ​ ​ 5,045 9.2 % Section 162m compensation ​ ​ ( 25,093 ) 22.8 % ​ ​ ( 21,315 ) ( 39.1 )% Stock compensation ​ ​ ( 7 ) 0.0 % ​ ​ 2,648 4.9 % Return to provision ​ ​ 285 ( 0.3 )% ​ ​ ( 2,760 ) ( 5.1 )% Rate change on deferreds ​ ( 3,441 ) 3.1 % ​ 3,919 7.2 % Deferred adjustment ​ — 0.0 % ​ ( 36,159 ) ( 66.3 )% Other ​ ( 84 ) ( 0.1 )% ​ ( 244 ) ( 0.4 )% Change in valuation allowance ​ 53,093 ( 48.2 )% ​ 42,458 77.8 % Income tax benefit (expense) ​ $ ( 744 ) 0.7 % ​ $ 5,093 9.3 % ​ The following table presents total income taxes paid, net of refunds, by jurisdiction: ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2025 Federal ​ $ — Texas ​ ​ 960 Total income taxes paid, net of refunds ​ $ 960 ​ F-46 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements ​ Note 19. Earnings Per Share The following table presents the computation of basic and diluted earnings per share (“EPS”): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ $ ( 663,181 ) ​ $ 109,401 ​ $ ( 49,472 ) Interest incurred on the 2030 Notes, net of income taxes ​ ​ ​ — ​ ​ 382 ​ ​ — Numerator for diluted EPS ​ ​ $ ( 663,181 ) ​ $ 109,783 ​ $ ( 49,472 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic EPS - weighted average shares outstanding ​ ​ ​ 340,719,298 ​ ​ 275,980,010 ​ ​ 175,026,051 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested RSAs ​ ​ ​ — ​ ​ 2,553,095 ​ ​ — Unvested RSUs ​ ​ ​ — ​ ​ 404,730 ​ ​ — 2030 Notes ​ ​ ​ — ​ ​ 39,988,127 ​ ​ — Dilutive potential common shares ​ ​ ​ — ​ ​ 42,945,951 ​ ​ — Denominator for diluted EPS - adjusted weighted average shares outstanding ​ ​ ​ 340,719,298 ​ ​ 318,925,961 ​ ​ 175,026,051 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic EPS ​ ​ $ ( 1.95 ) ​ $ 0.40 ​ $ ( 0.28 ) Diluted EPS ​ ​ $ ( 1.95 ) ​ $ 0.34 ​ $ ( 0.28 ) ​ The following table presents potentially dilutive securities that are not included in the computation of diluted net income (loss) per share as their inclusion would be anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 Warrants to purchase common stock ​ ​ ​ 63,000 ​ ​ 63,000 ​ ​ 63,000 Unvested RSAs (a) ​ ​ ​ 24,141,879 ​ ​ — ​ ​ 9,824,546 Unvested RSUs ​ ​ ​ 1,999,449 ​ ​ — ​ ​ 401,639 Stock options ​ ​ ​ 1,166,861 ​ ​ — ​ ​ — 2030 Notes ​ ​ ​ 39,988,127 ​ ​ — ​ ​ — Total ​ ​ ​ 67,359,316 ​ ​ 63,000 ​ ​ 10,289,185 ​ (a) Unvested restricted stock awards are included in total common shares outstanding but are excluded from the calculation of basic earnings per share. ​ Note 20. Segment Information The Company has two reportable segments: Bitcoin Mining and Engineering. The reportable segments are identified based on the types of services performed. No operating segments have been aggregated to form the reportable segments. Gross profit (loss) is the segment performance measure the CODM uses to assess the Company’s reportable segments and is calculated before the elimination of intersegment profits. The CODM is the Company’s CEO. The CODM uses segment gross profit (loss) to assess the performance of, manage the operations of, and allocate capital and operational resources to the Company’s two reportable segments. Prior to 2024, the Company had a Data Center Hosting reportable segment but has since terminated all contracts with its Data Center Hosting customers. Commencing in the three months ended March 31, 2024, the CODM ceased analyzing the performance of the Data Center Hosting operations and the Company ceased reporting Data Center Hosting as a separate reportable business segment. The Company has no plans to offer data center hosting bitcoin mining services to new customers. All residual revenue and costs of F-47 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements revenue related to Data Center Hosting incurred during the years ended December 31, 2025 and 2024 are included in Revenue: Other and Cost of Revenue: Other on the Consolidated Statements of Operations. Other than the $ 97.2 million of goodwill from the Block Mining Acquisition allocated to the Bitcoin Mining segment and $ 25.3 million of goodwill from the E4A Solutions Acquisition allocated to the Engineering segment, the Company does not allocate assets to the reporting segments because its assets are managed on an entity-wide basis and, therefore, does not separately disclose the total assets of its reportable operating segments. The Bitcoin Mining segment generates revenue from the bitcoin earned through its Bitcoin Mining activities. The Engineering segment generates revenue through customer contracts for custom-engineered electrical products and services. All Revenue: Other revenue is from external customers. All revenue and cost of revenue from intersegment transactions have been eliminated in the Consolidated Statements of Operations. The following tables present segment revenue and segment gross profit (loss), including the significant expense items reviewed by the CODM: ​ Year Ended December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bitcoin Mining ​ Engineering ​ Total Revenue from external customers ​ $ 576,276 ​ $ 64,688 ​ $ 640,964 Intersegment revenue ​ ​ — ​ ​ 29,754 ​ ​ 29,754 Segment revenue ​ ​ 576,276 ​ ​ 94,442 ​ ​ 670,718 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation of revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Other revenue (a) ​ ​ ​ ​ ​ ​ ​ ​ 6,471 Elimination of intersegment revenue ​ ​ ​ ​ ​ ​ ​ ​ ( 29,754 ) Total consolidated revenue ​ ​ ​ ​ ​ ​ ​ ​ 647,435 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ Power ​ ​ 281,396 ​ ​ — ​ ​ 281,396 Compensation ​ ​ 18,921 ​ ​ — ​ ​ 18,921 Insurance on miners ​ ​ 5,848 ​ ​ — ​ ​ 5,848 Ground rent and related water and property tax ​ ​ 16,994 ​ ​ — ​ ​ 16,994 Materials ​ ​ — ​ ​ 20,290 ​ ​ 20,290 Labor ​ ​ — ​ ​ 5,509 ​ ​ 5,509 Other segment items (b) ​ ​ 15,852 ​ ​ 25,094 ​ ​ 40,946 Segment gross profit (loss) ​ $ 237,265 ​ $ 43,549 ​ $ 280,814 ​ F-48 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements Year Ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bitcoin Mining ​ Engineering ​ Total Revenue from external customers ​ $ 321,002 ​ $ 38,491 ​ $ 359,493 Intersegment revenue ​ ​ — ​ ​ 7,979 ​ ​ 7,979 Segment revenue ​ ​ 321,002 ​ ​ 46,470 ​ ​ 367,472 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation of revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Other revenue (a) ​ ​ ​ ​ ​ ​ ​ ​ 17,165 Elimination of intersegment revenue ​ ​ ​ ​ ​ ​ ​ ​ ( 7,979 ) Total consolidated revenue ​ ​ ​ ​ ​ ​ ​ ​ 376,658 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment cost of revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Power ​ ​ 149,019 ​ ​ — ​ ​ 149,019 Compensation ​ ​ 13,294 ​ ​ — ​ ​ 13,294 Insurance on miners ​ ​ 6,992 ​ ​ — ​ ​ 6,992 Ground rent and related water and property tax ​ ​ 5,945 ​ ​ — ​ ​ 5,945 Materials ​ ​ — ​ ​ 24,272 ​ ​ 24,272 Labor ​ ​ — ​ ​ 4,926 ​ ​ 4,926 Other segment items (b) ​ ​ 13,974 ​ ​ 18,399 ​ ​ 32,373 Segment gross profit (loss) ​ $ 131,778 ​ $ ( 1,127 ) ​ $ 130,651 ​ Year Ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bitcoin Mining ​ Engineering ​ Total Revenue from external customers ​ $ 188,996 ​ $ 64,303 ​ $ 253,299 Intersegment revenue ​ ​ — ​ ​ 8,522 ​ ​ 8,522 Segment revenue ​ ​ 188,996 ​ ​ 72,825 ​ ​ 261,821 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation of revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Other revenue (a) ​ ​ ​ ​ ​ ​ ​ ​ 27,379 Elimination of intersegment revenue ​ ​ ​ ​ ​ ​ ​ ​ ( 8,522 ) Total consolidated revenue ​ ​ ​ ​ ​ ​ ​ ​ 280,678 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment cost of revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Power ​ ​ 89,134 ​ ​ — ​ ​ 89,134 Insurance on miners ​ ​ 3,768 ​ ​ — ​ ​ 3,768 Materials ​ ​ — ​ ​ 42,729 ​ ​ 42,729 Labor ​ ​ — ​ ​ 4,214 ​ ​ 4,214 Other segment items (b) ​ ​ 3,695 ​ ​ 19,334 ​ ​ 23,029 Segment gross profit (loss) ​ $ 92,399 ​ $ 6,548 ​ $ 98,947 ​ (a) Other revenue is primarily attributable to legacy Data Center Hosting bitcoin mining revenue and is therefore not included in the total for segment gross profit (loss). (b) For each reportable segment, the other segment items category primarily consists of: Bitcoin Mining – Bitcoin miner and network repair and maintenance costs. Engineering – Manufacturing overhead costs. F-49 Table of Contents Riot Platforms, Inc. Notes to Consolidated Financial Statements ​ The following table presents the reconciliation of segment gross profit (loss) to net income (loss) before taxes : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Segment gross profit (loss) ​ $ 280,814 ​ $ 130,651 ​ $ 98,947 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciling Items: ​ ​ ​ ​ ​ ​ Other profit (loss) (a) ​ ​ ( 5,500 ) ​ ​ ( 14,635 ) ​ ​ ( 69,743 ) Elimination of intersegment profits ​ ( 29,754 ) ​ ( 2,113 ) ​ ( 2,859 ) Acquisition-related costs ​ ( 187 ) ​ ( 5,541 ) ​ — Selling, general, and administrative ​ ( 298,776 ) ​ ( 266,915 ) ​ ( 100,346 ) Depreciation and amortization ​ ( 346,811 ) ​ ( 212,053 ) ​ ( 252,354 ) Change in fair value of bitcoin ​ ​ ( 115,880 ) ​ ​ 457,409 ​ ​ 184,734 Change in fair value of derivative assets ​ ( 1,447 ) ​ 45,277 ​ 6,721 Power curtailment credits ​ ​ 56,729 ​ ​ 33,685 ​ ​ 71,215 Change in fair value of contingent consideration ​ 18,071 ​ 2,459 ​ — (Loss) gain on sale/exchange of equipment ​ ​ 2,267 ​ ​ ( 17,429 ) ​ ​ ( 5,336 ) Casualty-related (charges) recoveries, net ​ 174 ​ 2,795 ​ 5,974 Interest income ​ 13,984 ​ 27,166 ​ 11,076 Interest expense ​ ​ ( 24,144 ) ​ ​ ( 1,985 ) ​ ​ ( 2,854 ) Loss on equity method investment - marketable securities ​ ( 28,192 ) ​ ( 69,489 ) ​ — Loss on contract settlement ​ ​ ( 158,137 ) ​ ​ — ​ ​ — Loss on legal settlement ​ ​ ( 20,000 ) ​ ​ — ​ ​ — Gain on acquisition post-close dispute settlement ​ ​ 26,007 ​ ​ — ​ ​ — Impairment of fixed assets ​ ​ ( 29,736 ) ​ ​ — ​ ​ — Loss on convertible notes investment ​ ​ ( 5,757 ) ​ ​ — ​ ​ — Other income (expense) ​ 2,944 ​ 863 ​ 260 Net income (loss) before taxes ​ $ ( 663,331 ) ​ $ 110,145 ​ $ ( 54,565 ) ​ (a) Other profit (loss) is primarily attributable to legacy Data Center Hosting bitcoin mining activity and is therefore not included in the total for segment gross profit (loss ). ​ Concentrations ​ During the years ended December 31, 2025, 2024, and 2023, aside from the Bitcoin Mining revenue generated as a result of the Company’s participation in a mining pool, no single customer or related group of customers contributed 10% or more of the Company’s total consolidated revenue . During the years ended December 31, 2025, 2024, and 2023, Bitcoin Mining power was primarily obtained from ERCOT. ​ ​ F-50 Table of Contents ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None. ​