Slides
Page 1
Conceptual rendering RIOT PLATFORMSQ3 2026 EARNINGSNovember 4, 2026NASDAQ RIOT
Page 2
2 FORWARD LOOKING STATEMENT Statementsinthispresentationthatarenotstatementsofhistoricalfactareforward-lookingstatementsthatreflectmanagement’scurrentexpectations,assumptions,andestimatesoffutureperformanceandeconomicconditions,andarenotguaranteesoffutureperformanceoractualresults.SuchstatementsaremadeinrelianceonthesafeharborprovisionsofSection27AoftheSecuritiesActof1933,asamended,andSection21EoftheSecuritiesExchangeActof1934,asamended.Theseforward-lookingstatementsmayinclude,butarenotlimitedto:planstodevelopdatacenters;theCompany’sdatacenterleasesattheRockdalesiteandtheCorsicanasite;totalleasecontractvalueoverthetermwithandwithoutexercisingoptionsandextension;netoperatingincome(“NOI”)oftheleases;projecteddeliverytimelinesofthesites;forecasteddemandforenergyatthesites;constructionplans;forecastedcapitalexpendituresanddescriptionsthereof;projectedenergizationtimelines;andtheCompany’sotherplans,objectives,expectations,andintentions.Wordssuchas“anticipat es,”“believes,”“plans,”“expects,”“int ends,”“will,”“pot ential,”“hope,”andsimilarexpressionsareintendedtoidentifyforward-lookingstatements;however,forward-lookingstatementsmaybemadewithoutsuchsignifyingexpressions.Becausesuchforward-lookingstatementsreflectmanagement’scurrentexpectations,assumptionsandestimatesoffutureperformanceandeconomicconditions,theyaresubjecttorisksanduncertaintiesthatmaycauseactualresultstodiffermateriallyfromthoseexpressedorimpliedbysuchforward-lookingstatements.Theserisksanduncertainties include,butarenotlimitedto:risksrelatingtodevelopingtheCompany’spowercapacityfordatacenterpurposes,includingconstructionplans,delays,supplychainissues,permittingorregulatoryhurdles,andunforeseentechnicalchallenges;ourabilitytoattractandretainqualifiedthird-partypartnersandcustomers;changesinleasingarrangements;risksrelatingtothefinancingofnewdatacenters;futureeconomicconditions,performance,oroutlooks;futurepoliticalconditions;theoutcomeofcontingencies;ourabilitytomaximizethevalueofourfullpowerportfolio;rapidlychangingtechnologies;thenumberandvalueofBitcoinrewardsandtransactionfeesweearnfromourongoingBitcoinMiningoperations;futureself-mininghashratecapacity;expectedcashflowsorcapitalexpenditures;ourbeliefsorexpectations;activities,eventsordevelopmentsthatweintend,expect,project,believe,oranticipatewillormayoccurinthefuture;unauditedestimatesofbitcoinproduction;risksrelatedtothesuccess,schedule,costanddifficultyofintegratingbusinessesweacquire;andourfailuretorealizeanticipatedefficienciesandstrategicandfinancialbenefitsfromouracquisitions.FurtherinformationregardingthefactorsidentifiedbytheCompany’smanagement,whichtheybelievemaycauseactualresultstodiffermateriallyfromthoseexpressedorimpliedbytheforward-lookingstatementscontainedinthispresentation,maybefoundintheCompany’sfilingswiththeU.S.SecuritiesandExchangeCommission(the“SEC ”),includingtherisks,uncertaintiesandotherfactorsdiscussedunderthesectionsentitled“RiskFactors”and“C autionaryNoteRegardingForward-LookingStatements”oftheCompany’smostrecentlyfiledperiodicreportsonForm10KandForm10Q,andtheotherfilingstheCompanymakeswiththeSEC,copiesofwhichmaybeobtainedfromtheSEC’swebsite,www.sec.gov.InadditiontotheserisksandthoseidentifiedbytheCompany’smanagementanddisclosedintheCompany’sfilingswiththeSEC,otherrisks,factorsanduncertaintiesnotidentifiedbymanagement,orwhichmanagementdoesnotpresentlybelievetobematerialtotheCompany,itsbusinessorprospects,mayalsomateriallyaffecttheCompany’sactualfutureresults,includinginwaysadversetotheCompany’sbusiness.Allforward-lookingstatementsincludedinthispresentationaremadeonlyasofthedateofthispresentation,andtheCompanydisclaimsanyintentionorobligationtoupdateorreviseanysuchforward-lookingstatementstoreflecteventsorcircumstancesthat subsequentlyoccur,orofwhichtheCompanyhereafterbecomesaware,exceptasrequiredbylaw.Personsreadingthispresentationarecautionednottoplaceunduerelianceonsuchforward-lookingstatements.Non-GAAPFinancialMeasuresThispresentationincludesaforward-lookingnon-GAAPfinancialmeasure,netoperatingincomeNOI,whichtheCompanydefinesasleaserevenueforaspecificleaselesscostofrevenue.Costofrevenue,includescompensation,ITequipmentandsoftware,andothercostsdirectlyrelatedtothelease.ManagementusesNOItoassesstheprojectedoperatingperformanceofindividualleases.ThemostdirectlycomparableGAAPmeasureissegmentgrossprofitorloss.NOIhassignificantlimitationsasananalyticaltoolandshouldnotbeconsideredinisolationorasasubstituteforGAAPresults.InevaluatingNOI,youshouldbeawarethatfuturenon-reimbursableleaseoperatingexpensesmayarisethatarenotcurrentlyknown.TheCompany’spresentationofNOIshouldnotbeconstruedasaninferencethatitsfutureresultswillbeunaffectedbyunusualornon-recurringitems.Thismeasureexcludestheimpactofcapitalexpenditures,materialfinancialobligations,generalandadministrativeexpensesanddepreciationandamortization,allofwhichhaverealeconomiceffectsandcouldmateriallyaffecttheCompany’sconsolidatedfinancialresults.DefinitionsandcalculationsofNOImayvaryamongcompanies,andthereforetheCompany’sNOImaynotbecomparabletosimilarmeasurespublishedbyothers.AreconciliationofNOItooperatingincomeisnotprovidedbecauseNOIisonlycalculatedforspecificleases.CertainamountscannotbereasonablyestimatedwithoutunreasonableeffortsbecausecertainreconcilingmetricsareoutoftheCompany’scontrol,andsuchestimateswouldimplyadegreeofprecisionthatcouldbemisleadingtoinvestors. Formoreinformation,pleaserefertoourGAAPfinancialstatementsincludedinourmostrecentfilingswiththeSEC.
Page 3
TA BLE O F CONTENTSSECTION 2 :BUSINESS UPDATE DATA CENTERS SECTION 1Q3 2026 KEY HIGHLIGHTS SECTION 4 :Q3 2026 FINANCIAL UPDATE SECTION 3 :FINANCING UPDATE 3 SECTION 5:CLOSING REMARKS
Page 4
Q3 2026KEYHIGHLIGHTS SECTION 1 4
Page 5
•Executed lease withFrontier AI Lab for910 MWof critical IT capacity•15-year lease expected to generate $28Bin total initial contract revenue, with two 5-year extension options which, if exercised, would lead to $54Bin total potential contract revenue •25 MW expansion exercised by AMD ison time and on budget and scheduled for full delivery in May 2027•Finalizing AMD Lease bank project financing process •Construction and development underwaywith procurement processes in place to maintain delivery timelines and derisk future execution•Finalizing high investment grade credit backstop, Morgan Stanley interim facility remains in-place in the meantime •Sold down majority of BTC holdings, which continues to serve as the primary funding source for data center project development•Fully repaid $200M Coinbase credit facility with BTC sale proceeds, releasing all collateralized BTC•Maintained strong liquidity position at quarter end with $950M in total liquidity consisting of $748M of cash and $202M in BTC 1 1.Bitcoin value based on a closing price of $83,554 on September 30, 2026, sourced from Coinbase. Cash balance is as of September 30, 2026, and includes restricted cash of $79.2 million. Corsicana Lease Signed with a Frontier AI Lab Frontier AI Lab Deployment at Rockdale on Track Advancing AMD Deployment and Monetization Strong Financial Position Riot has Secured $38 Billion of Contracted Data Center Revenue in 2026 5
Page 6
BUSINESS UPDATEDATA CENTERS SECTION2 6
Page 7
Lease provides for Riot to deliver land, powered pads, andpower delivery infrastructure, Frontier AI Lab procures, installs and operates modular compute deployment 15-year powered land lease with Frontier AI LabCustomer-driven modular deploymentFull monetization of Corsicana siteCapital-efficient funding structure•Projected $6M per MW in total capex, consisting of reimbursements to tenant and site work 1,2 •400 MW phase 1 estimated to fully deliver by September 2027•Reduced reliance on external suppliers and long lead time equipment procurement•Significant reduction in development, delivery, and operational risk •$1.8B of average annualized NOI over the term•Deployment on contiguous core 332-acre parcel•Single tenant execution over entire site enables a streamlined, efficient deployment •Riot funds site work and power infrastructure, and reimbursements to tenant of $4M per IT MW for module costs after each phase is delivered and rent commences•Reimbursementsto Tenant expected to be funded with non-recourse project debt; if financing on comparable market terms is unavailable, funded through rent credits•Riot’s cash contribution funded from existing liquidity, no equity issuance is currently anticipated 1. $4M / IT MW funded by Riot as a reimbursement to tenant for tenant’s actual costs.2. Up to $2M / IT MW in site work and electrical infrastructure upgrades completed by Riot. LONGTERM POWERED LAND LEASE WITHFRONTIER AI LAB FOR ENTIRE CORSICANA CAMPUS •$28B of total initial contract value•910 MW of critical IT and 1.0 GW of utility load•NNN Powered Land Lease•Tenant responsible for reimbursement of cost of power and onsite operations 7
Page 8
910 MW Critical IT Capacity September 2027400 MW Phase 1Deployment Complete Two 5Ye a r Extension Options $28 Billion Total Contract Revenue 1 33% Yield on CostBased on Average NOI over term vs. Est. Reimbursements to Tenant and Site Work 2 $6M / IT MW Reimbursements to Tenant and Site Work 2 99%Estimated NOI Margin 3 15 Y ear Initial TermUpon Full Deployment 4 $1. 8 BillionAverage Annual Rent5 FRONTIER AI LABCORSICANA DATA CENTER POWERED LAND LEASE OVERVIEW DEAL HIGHLIGHTS 400 MW Phase 1 Capacity On-Schedule for Delivery September 2027TODAY Signed lease with Frontier AI Lab 400 MWPhase 1 400 MW Fully Delivered Sep 2027 600 MWPhase 2 200MWFully Delivered Jan 2028 910 MWPhase 3 310MWFully Delivered Jul 2028 1.Contract value for deployment over the entire term of the lease. Includes 3% annual escalators before amortization of reimbursements to tenant.2.Based on estimated $6M / IT MW of reimbursements to tenant and site work. 3.Estimated NOI margin under the triple-net structure.4.Deployment will be delivered in phases.5.Average annual rent over the 15-year initial term from full deployment. Corsicana Site -Conceptual rendering 8
Page 9
RENT COMMENCEMENTCommences on delivery of each powered pad1 Significantly Reduced Development andOperational Requirements Derisk the Project for Riot UTILITY POWER COSTSPass-through only -no markupPays 100% of actual utility cost, including demand capacity & tariff charges OPERATING COSTSRiot maintains owned power infrastructure. Riot provides and Frontier AI Lab reimburses for cost of campus level perimeter security & landscape Triple net –pays all opex(including property tax, insurance, site maintenance, landscape and security) FUTURE DESIGN CHANGES & MAINTENANCE CAPEXNo obligation outside of Riot owned power infrastructureAll alterations & lifecycle capex MODULES Procures, Installs & Owns Reimburses Tenant up to $3.64B UTILIZATION REQUIREMENTSPays rent on 910 MW Critical IT regardless of utilization Delivers power to the low-voltage supply of modules POWER INFRASTRUCTURENo obligationOwns and maintains high & medium voltage power infrastructure POWERED PADSNo obligationBuilds & Delivers Powered Pads 3 phases) 1. Rent commences when Riot delivers each powered pad. Rent commencement for each pad may be extended up to a maximum of 60 daysif Frontier AI Lab modules are not yet installed at time of each powered pad delivery. LEADING FRONTIER AI LAB 9
Page 10
$0. 51.1BRiot cash equityPath A · Path B: cash and/or debt SOURCES AND USES WHAT EACH PATH MEANS FOR RIOTPATH A · PROJECT DEBTPATH B · THROUGH THE LEASE Reimbursements to tenant funded by:Non-recourse project debt, sized to contracted rent; drawn as each phase is deliveredFrontier AI Lab, recovered as a credit against rent Riot cash equity:$0.51.1BFlexibility to fund with cash and/or debt Riot earns:Full contracted rent of $130/kW/month, less debt serviceContracted rent net of credits Riot carries:Project debt $4.44.9B, sized to rent over the entire lease; non-recourseSite work funded with cash and/or debt; no TR financing Either path:Riot owns the land, power and site infrastructure; the tenant funds and owns the compute; 15-year take-or-pay rent on 910 IT MW CORSICANAFINANCING PLANLower Capex Requirements Significantly Reduce Funding NeedsUSES ILLUSTRATIVE SOURCES BY PATH $3.6B $1.8B$5.5B Reimbursements to Tenant$4.0M per IT MWSite Work$2.0M per IT MWTotalHard Costs910 IT MW $5.5B Project debt$4.44.9B Riot cash $0.51.1B $5.5B Tenant via lease $3.6Bcredited against rent Site work $1.8BFlexibility to fund with cash and/or debtPath AProject debtPath BThrough the lease PATH A Project-level debtNon-recourse project debt of $4.44.9B sized to contracted rent over the entire lease, funding reimbursements to tenant and site work together TR paid after each phase is delivered); Riot cash equity $0.51.1B. PATH B Funded through the leaseTenant funds the reimbursements as each phase is delivered, recovered as a credit against rent. Riot retains the flexibility to fund site work with cash and/or debt. Note: Illustrative financing. Path A: a single non-recourse project debt facility, sized to contracted rent over the entire lease, funds 8090% of the $5.5B of hard costs $4.44.9B; reimbursements to tenant at $4.0M and site work at $2.0M per IT MW; Riotcash equity represents the balance, $0.51.1B. Bars drawn at $2.0M per IT MW and 90% debt. Path B: tenant initially funds reimbursements, recovered as credits at an implied interest rate equivalent to 12% per year; Riot has the flexibility to fund the $1.8Bofsite work with cash and/or debt. TR is paid after each phase is delivered. Excludes financing fees, OID and reserves. Figures rounded. Multiple paths to finance project capex requirements, minimizing Riot’s equity financing needs 10
Page 11
FRONTIER AI LABTODAY AUG 2026General contractor mobilized SEP 2026Demolition complete; sitework underway NOV 2026Excavation, site development, and equipment orders in progress FEB 2027Building delivery and vertical construction APR 2027Building fit out begins DEC 2027RFS1 96 MW JUN 2028RFS2 95 MW(191 MW Total) PROGRESS UPDATES 191 MWConstruction progressing, with the general contractor mobilized and sitework/excavation underway TODAY JAN 2026Project announcedMAY 2026Initial 25 MW delivered; GC alignment on second 25 MW buildout SEP 2026Energization completeOCT 2026Commissioning began NOV 202635 MW delivered MAY 202750 MW delivered PROGRESS UPDATES 50 MWFull 50 MW remains on track for May 2027 ready-for-service •High investment grade credit support agreement being finalized•Project financing preparation underway in parallel with execution of credit support agreement •First 25 MW commissioned and fully stabilized as of May 2026•Development underway for second 25 MW buildout•10 MW phase energized and ready for commissioning, with all major cooling equipment on site•Remaining 15 MW phase progressing,with cooling distribution installation and electrical testing underway, bringing the building to approximately 50 MW ROCKDALE SITE PROGRESS UPDATE Development on time and on budget for expected RFS datesAMDContinue to advance commissioning of additional phases on time and on budget 11
Page 12
Portfolio ForecastCritical IT MW Leased RIOT1,301 IT MWContract Potential AMD Capacity50 IT MWAMD Expansion Capacity150 IT MWRockdaleLeading Frontier AI Lab Capacity191 IT MW CorsicanaLeading Frontier AI Lab Capacity910 IT MW In 2026, Riot Has Secured $38 Billion of Contracted Data Center Revenue With Leading Players in the AI Ecosystem AMD50 IT MWLEADING FRONTIER AI LAB 191 IT MWLEADING FRONTIER AI LAB 910 IT MWTOTAL1,151 IT MW Average Annual Revenue1 $63 million$451 million$1.8 billion$2.3 billion Average Annual NOI2 $50 million$361 406 million$1.8 billion$2.2 billion Total Capital Expenditures$169 million$2.1 2.3 billion$5.5 billion3$7 .7 7.9 b i l l i o n Full Deployment4May 2027June 2028July 2028July 2028 1. Avg. annual revenue over initial lease term 10 / 20 / 15 yrs) from full delivery, incl. escalators; AMD straight-line. Leading Frontier AI Lab 191 IT MW) incl. O&M; Leading Frontier AI Lab 910 IT MW) before amortization of reimbursements to tenant. 2. Project NOI margins: AMD 80% (lease revenue only), Leading Frontier AI Lab 191 IT MW 8090%, Leading Frontier AI Lab 910 IT MW 99% (on revenue before amortization of reimbursements to tenant).3. Based on estimated $6.0M/IT MW in capex on 910 IT MW, including $4.0M/IT MW of reimbursements to tenant.4. Represents the expected timeline of full capacity delivery on each respective lease shown. 12
Page 13
$5M$17M$24M$227M $701M $1.10B$1.15B$1.15B H1 ’26H2 ’26H1 ’27H2 ’27H1 ’28H2 ’28H1 ’29H2 ’29 LEASE REVENUE TIMELINE · 1.2 GW OF PORTFOLIO LEASED SIGNED LEASES RAMP TO $2. 3B OF LEASE REVENUEIN 2029LEASE REVENUE BY HALFYEAR¹Straight-line, earned in each periodAMDFrontier AI Lab -CorsicanaFrontier AI Lab -Rockdale MW in service2535505468411,1511,1511,151 TODAY CONTRACTED LEASESTENANTPH.RFSMW2029 $M●AMD12In Service2531●AMD34Nov ’26 PH 3, May ’27 PH 42532●Frontier AI Lab -Corsicana1Sep ’27400784●Frontier AI Lab -Rockdale1Dec ’2796226●Frontier AI Lab -Corsicana2Jan ’28200394●Frontier AI Lab -Rockdale2Jun ’2895226●Frontier AI Lab -Corsicana3Jul ’28310615Total 1,1512,307 1. Estimated lease revenue earned in each half-year, including contractual escalators averaged over the lease term. Frontier AI Lab lease revenue at Corsicana excludes amortization of reimbursements to tenant. AMD Phase 1 from February 2026; AMD Phases 34 at lease target delivery dates November 2026 / May 2027. 2029 $M = calendar 2029 lease revenue by phase. MW in service at period end. 13
Page 14
CAPITALALLOCATIONRiot’s Capital Allocation Strategy is Driven by Maximizing Per-Share Value Creation1,151 IT MWContracted$0Equity issued in 202620, 264 BTCSold in 2026 year-to-dateONE TEST DRIVES RIOT’S CAPITAL ALLOCATION Grow the power portfolioBuild or buy energized megawatts where value-accretive. WHERE IT STANDS28% blended yield on cost on contracted projects Maintain financial flexibilityProject debt non-recourse to Riot. Capital recycled from one project to the next.WHERE IT STANDSTotal liquidityof $950M(cash and bitcoin) Return capital to shareholdersWhen Riot shares offer a better return than the next project, or as growth is fully funded.WHERE IT STANDSContinuously reviewed vs. alternatives DECISION CRITERIA Contracted capacity reflects announced leases and is subject to delivery. Blended yield on cost is average NOI on total project capital across AMD, Rockdale and Corsicana. Cash and bitcoin is as of September 30, 2026. 1 2 3 $2BNOI from contracted assetsEvaluated against three uses of capital Capital will be allocated based on maximizing per-share value creation Returns Well above cost of capital•Target attractive risk-adjusted returns based on tenant and lease profile Leverage Sized up to contracted rent•Seek additional capital when refinancing stabilized assets Liquidity Ensure sufficient capital to fund announced commitments•Maintain current sources of liquidity, and expand as the pipeline grows and contracted assets come online Equity Issue equity only where investment opportunities are accretive on a per-share basis•Fund growth first through non-recourse project debt and recycled capital 14
Page 15
Expanding the Development Pipeline ThroughMultiple Verticals to Continue Scaling Deeply engaged in active deals across each of the five verticals to add new development opportunities 15 01EXPAND ADDITIONAL CAPACITYGrowth of Current PortfolioAcquire additional acreage and work with utility relationships to expand power capacity in our existing portfolio of sites 02BUILD GRID POWERPowered Land Acquisitions & DevelopmentSecure and develop land assets with immediate or near-term approved power capacity 03PRODUCE SELF GENERATIONBehind the Meter SolutionsOwn power production co-located with load to bypass grid constraints where necessary 04ACQUIRE M&ACorporate AcquisitionsBuild a vertically integrated engineering, products & services platform 05COLLABORATE STRATEGICPartnershipsJoint ventures with third parties to expand footprint, grow the pipeline, and explore new technologies
Page 16
SECTION 3 16 FINANCING UPDATEQ3 2026
Page 17
Market context: higher interest rate environment, credit-led spread widening since September, and more selective lenders doing deeper diligence on tenant credit, power and delivery track record.PRINCIPLEHOW WE RESPONDEXECUTION ILIQUIDITYMaximize current liquidityConvert bitcoin to cash ahead of committed equity needs; hold no pledged collateral; manage liquidity against each project's equity requirement.$950M liquidity at 9/3020,264 BTC sold YTD for $1.5B; $200M Coinbase facility repaid in full and all pledged BTC released IIACCESSBroaden capital availabilityLead with tenant credit, de-risked power and in-house delivery; build relationships across multiple lenders and markets to maintain diversification.$750M of facilities closed or expected to close shortly$573M Morgan Stanley interim facility; $180M AMD term loan plus delayed draw; Rockdale and Corsicana project financings in process IIICOSTLower cost of capitalMatch the credit basis to each project: an investment-grade tenant AMD, high investment-gradecredit support Rockdale), and a lease engineered for financeability Corsicana).Targeting AMD at SOFR 250 bps; Rockdale positioned for bond execution with high investment-grade credit supportCorsicana: take-or-pay on delivered capacity, reimbursements paid after rent commencement, financing process to launch 2027 IVDISCIPLINEBalance sheet managementNon-recourse project debt sized to contracted rent; spend released as each financing closes; negotiate fixed-price and GMP contracts; cost control via in-house manufacturing and procurement. Project financings structured non-recourse to RiotGMP for AMD additional 25MW, negotiating GMP for Rockdale; Corsicana reimbursements paid only after each phase delivers and pays rent FINANCING PRINCIPLESContinuing to Execute Against All Four Financing Principles in a Tighter Credit Market Result: No equity raised in 2026, and none currently anticipated to fund any announced project-sources ahead of equity detailed on slide 18 17
Page 18
EXPECTED INCREMENTAL PROJECT CAPITAL$7.67. 8 BCorsicana $5.5B $6.0M/IT MW on 910 IT MW Rockdale $2.12.3B $1112M/IT MW on 191 IT MWAMD capex financed through AMD Facility −PROJECTLEVEL DEBT $6.17. 0 BNon-recourse to Riot, sized to contracted rent; illustrative range of 8090% of project capex−RIOT ILLUSTRATIVE CASH EQUITY RANGE $0.81.5BDeployed with developmentvs NEARTERM LIQUIDITY $1. 2B$0.95B cash and bitcoin and $0.11B of other anticipated inflows, plus $0.18B of proceeds from the AMD term loan on closing CUMULATIVE SOURCES VS. RIOT CASH REQUIREMENT THROUGH CORSICANA PHASE 3 DELIVERY $B Cash and bitcoin0.95 Other inflows30.11AMD term loan 0.18 Contracted rent,Corsicana Ph 121$0.68Rockdale rent(AMD &Frontier AI Lab)20.20 $2.12B 1.24 2.12 Rockdale 0.44 Corsicana 1.09 1.53 80% LTC Rockdale 0.33 Corsicana 0.82 1.15 85% LTCRockdale 0.22 Corsicana 0.55 0.77 90% LTCSourcesto Corsicana Phase 3 Delivery SOURCES AHEAD OF ANY EQUITY ISSUANCE 2Owned land and infrastructure contributed as sponsor equityRiot-owned sites, substations and power infrastructure at Corsicana count toward lenders’ equity requirement, reducing Riot’s cash need 1Contracted rent from commenced projectsCorsicana Phases 12 and Rockdale rent; Corsicana Phase 3 is additional 3Refinancing of stabilized, lease-backed assetsReleases Riot equity from completed projects for the next phase 4Future parent-level facility, such as a corporate revolverLiquidity facility to fund early-stage development costs and working capital, ahead of any project equity requirements, drawn only as needed Riot does not currently anticipate issuing equity to fund any announced project. Project debt is non-recourse and sized to contracted rent; Riot’s cash requirement is deployed over 202729 as each financing closes.1. Cumulative contracted rent from final delivery of Corsicana Phase 1 September 2027) and Phase 2 January 2028) through delivery of Phase 3, excluding any TR, gross of project debt service, operating costs and taxes. 2 Rockdale contracted rent from October 2026 through Corsicana Phase 3 delivery July 2028 AMD, 25 IT MW rising to 50 IT MW by May 2027 $90M of leaserent), and Frontier AI Lab from Phase 1 commencement, 96 IT MW from December 2027 and 191 IT MW from June 2028 $113M; gross of project debt service, operating costs and taxes. 3 Other anticipated inflows of $0.11B. Project capital, debt and Riot’s cash requirement are illustrative. Liquidity is cash of $669M, restricted cash of $79M, bitcoin of $202M at fair value at September 30, 2026. Uses assume Rockdale at $2.2B (midpoint of $1112M/IT MW. Corsicana Phase 12 and Rockdale contracted rent until Corsicana Phase 3 delivery, prior to any financing costs. NOT COUNTED IN THE CHART FUNDING THEBUILDThe Corsicana Lease Lowers Riot’s Capital Requirement; No Equity Issuance Currently Anticipated For Announced Projects 18
Page 19
SECTION 4 19 Q3 2026 KEY FINANCIAL HIGHLIGHTS Q3 2026
Page 20
1.Net income per share figure based on diluted shares outstanding.2.See Appendix slides 3233 for definitions, terms, and reconciliations.3.Bitcoin value based on a closing price of $83,554 on September 30, 2026, sourced from Coinbase.4.‘Global Network Hash Rate’ quarter average sourced from Blockchain.com as of September 30, 2026. FINANCIAL METRICSPOWER STATISTICS Net Cost of PowerRepresents one of the lowest costs of power in the industry2 Power Credits Equivalent to $15,067per BTC mined RIOT PLATFORMSQ3 2026BYTHE NUMBERS 3.2 c/kWh $25MNet Income Reflects several non-cash charges and mark to market pricing on BTC held Diluted EPSIncludes D&A, SBC, unrealized gainon BTC held1 Adjusted EBITDAAdjusted for non-cash and unusual items2 Total Revenue1% increaseyear-over-year Approx. Total Power Capacity1,700 MW in Texas and 300 MW in Kentucky 20 DATA CENTER STATISTICS End-of-quarter Critical IT contracted and delivered Total RevenueReflects RFS of Riot’s first data center deployment & fit-out 25 MW $18M Operating Lease RevenueReflects delivery of full 25 MW AMD deployment in mid-May $8M BTC MINING STATISTICS BTCHeldQuarter-endvalue of$202.0M3 BTC ProducedProduction of 17.8 BTC per day Hash Rate Deployed Accountingfor4.9% oftheglobalnetwork4 Cost to Mine per Bitcoin Vertical-integration and power strategy drive low cost to mine2 Operating Lease Gross Margin80% 1,637 2,418 44.9 EH/s $39,265 $181M $4M $0.01 $191M 2.0 GW 20
Page 21
CLOSING REMARKSSECTION 5 21
Page 22
22 Jan 2026Announced Rockdale land acquisition and execution of first data center Lease with AMD May 2026Phased AMD deployment of 25 MW May 2027Additional phased AMD deployment of 25 MW Sep 2027Corsicana Phase 1 400 MW ITDec 2027Phase 1 of leading Frontier AI Lab deployment of 96 MW at Rockdale Jan 2028Corsicana Phase 2 · 200 MW January 2028 June 2028Phase 2 of leading Frontier AI Lab deployment of 95 MW at Rockdale July 2028Corsicana Phase 3 · 310 MW July 2028 1.2 GW of portfolio leasedExisting portfolio substantially leased, future growth opportunities actively being pursued AMD Lease Phase 1-2 AMD Lease Phase 3-4 Leading FrontierAI Lab Lease Phase 1 Corsicana Lease with Frontier AI LabPhase 1 Leading FrontierAI Lab Lease Phase 2Corsicana Lease with Frontier AI LabPhase 2 Corsicana Lease with Frontier AI LabPhase 3 Total Portfolio Average NOI of $2. 2 Billion 25 MW 50 MW 450 MW 546 MW 746 MW 841MW 1.2GW 1.3 GW
Page 23
FUTUREFOCUS & THEMESEXECUTION•Deliver on AMD•RockdaleAI Lab•Corsicanadelivery FINANCING•Finalize Rockdale AI Lab financing•Corsicana financing•Expand access to funding and sources of liquidity CAPITAL ALLOCATIONMaximizing shareholder value by consistently assessing the most accretive use of capital, whether that is developing the power pipeline or returning capital to shareholders ✓ ✓ ✓ 23
Page 24
Q3 2026 DATAOPERATIONAL APPENDIX 24
Page 25
DATA CENTER |Q3 2026 Data Center Revenues 25 •Delivered 80% operating lease gross margin / 85% base rent gross margin in Q3•First 25 MW of capacity fully stabilized as of May 2026•Construction of next 25 MW underway, with first 10 MW projected to deliver November 2026•Tenant fit-out services include the procurement and installation of customer-specific equipment, reimbursed by the tenant on a cost-plus basis Q3 2026Q2 2026Q/QRevenueGross ProfitGross MarginRevenueGross ProfitGrossMarginRevenueGross ProfitOperating Lease Recurring)$8.3M$6.6M80%$4.9M$4.1M84%69%59% Tenant Fit Out Services$10.2M$0.6M6%$18.3M$2.4M13%44%73% Total$18.4M$7 .2M39%$23.2M$6.5M28%21%11% Base Rent1 Recurring)$7 .7M$6.6M85%$4.5M$4.1M91%70%60% 1.Base Rent is base rent as defined in the lease and recognized on a GAAP-basis, andexcludes power reimbursement and Tenant Fit Out Services revenue and related costs.
Page 26
Riot Engineering Provides a Key Competitive Advantage in the Delivery of Critical Data Center Components Riot Engineering provides significant operational synergies•ESS Metron manufactures low and medium voltage switchgear and power distribution units –critical long lead-time components•Riot engineering supporting the procurement process for our data center strategy•Drives greater control of the supply chain and creates cost savings•Derisksthe delivery of a critical data center component•Servicingandmaintenanceexpertise leads to operational efficiencies Data center sector represents 90%of current backlog 26 $159.6 $227 .0 $193.4 $177 .1 $141.5 Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026 Conversion cycle of backlog to revenue continues toimprove dramatically in 2026 EngineeringBacklog $M Engineering Revenues Continue to Increase $M$19.1 $21.1 $22.2 $37 .3 $47 .0 Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Page 27
36.5 EH/s38.5 EH/s42.5 EH/s44.4 EH/s44.9 EH/s 86%89%90%87%87% 30 %40 %50 %60 %70 %80 %90 %10 0%11 0%12 0% $1 0 m$1 5 m$2 0 m$2 5 m$3 0 m$3 5 m$4 0 m$4 5 m$5 0 m Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026 •Q3 2026 Bitcoin Mining Revenue of $116.0M and Gross Profit –Bitcoin Mining of $51.7M•Industry leading Bitcoin Mining margins with an Q3 2026 Cost to Mine of $39,265 due to Riot’s power strategy driving an all-in cost of power of 3.2c/kWh•Strong hash rate utilization averaging 87% in Q3 2026, partially impacted by elevated summer temperatures at both Rockdale and Corsicana driving miner downtime MetricQ32025Q42025Q1 2026Q2 2026Q3 2026Avg.HashPrice$/PH/s/Day)$56$42$34$34$35Avg.NetworkHashRate¹948 EH/s1,071EH/s994 EH/s957 EH/s916 EH/sCosttoMine²$46,324$60,619$44,629$49,912$39,265#ofBTCproduced1,4061,3241,4731,5871,637 Ending Hash Rate Capacity / Uptime3 % Bitcoin MiningIncreasingEfficiencyandScaleofOperations Bitcoin Mining Revenue /Gross Margin –Bitcoin Mining2 % Ending Hash Rate Capacity Bitcoin Mining Revenue $ million)1.Sourced from Blockchain.com as of September 30, 2026.2.See Appendix slides 3233 for definitions, terms, and reconciliations.3.Uptime excludes intentional power curtailment related to Riot’s power strategy.4.Three months ended as of September 30, 2026. 27 64%10% 26% Bitcoin MiningData Centers Engineering Riot Revenue Breakdown Q3 20264 $160.8 $131.7 $111.9 $113.7 $116.0 59%39%41%30%45%0%20 %40 %60 %80 %10 0%12 0%14 0%16 0%18 0% $0 m$2 0 m$4 0 m$6 0 m$8 0 m$1 00 m$1 20 m$1 40 m$1 60 m$1 80 m$2 00 m Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Page 28
$45,723 $39,265 $8,608 $15,067 Q3 2026Total Direct Costsper BTCQ3 2026Power CreditsPer BTCQ3 2026Net Direct Costsper BTC $58,585 $46,324 $9,527 $21,788 Q3 2025Total Direct Costsper BTCQ3 2025Power CreditsPer BTCQ3 2025Net Direct Costsper BTC Q3 2025 vs. Q3 2026 Cost to Mine per BTCQ3 2025 1 1,406 BTC MinedAvg. BTC Price of $114,361 Q3 2026 2 1,637 BTC MinedAvg. BTC Price of $70,855 281.Three months ended as of September 30, 2025. See Appendix on slides 3233 for definitions, terms, and reconciliations.2.Three months ended as of September 30, 2026. See Appendix on slides 3233 for definitions, terms, and reconciliations. Despite BTC Mining Headwinds, Low Cost to Mine Drives Continued Profitability•Average global network hash rate down 3% in Q3 2026 vs Q3 2025•Global network hash rate avg. 916 EH/s inQ3 2026 versus 948 EH/s in Q3 2025•‘Non-Power’ includes direct labor,miner insurance, miner and miner-related equipment repair, land lease, property taxes, network costs and other utilities expenses•Riot’s power strategy generated significant power curtailment credits of $24.7 million in Q3 2026, driving an all-in cost of power of 3.2c/kWh•Equates to $15,067 per BTC for the quarter Non-Power Power Non-Power Power
Page 29
$19.1 $21.1 $22.2 $37.3 $47.0 28% 26% 18% 28% 15% 0%5%10 %15%20%25%30 %35%40%45%50% $ - $ 5.0 $ 10.0 $ 15.0 $ 20 .0 $ 25.0 $ 30.0 $ 35.0 $ 40.0 $ 45.0 $ 50 .0 Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026 •Since the acquisition of ESS Metron in December of 2021, Riot has already realized $26.1M in capex savings alone•Backlogof $141.5M, with more than 90% of this backlog originating from the data center sector•Strategically holding back capacity for Riot data center growth and continued integration of the Riot platform Cumulative Capex Savings to Riot Backlog Revenue / Gross Margin % 29 Engineering –A Key Componentof Riot’s Vertical Integration Strategy 1.Three months ended as of September 30, 2026. $4.8 $9.8 $12.2 $22.3 $26.1 Q3 2022Q3 2023Q3 2024Q3 2025Q3 2026 $159.6 $227.0 $193.4 $177.1 $141.5 Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026 Riot Revenue Breakdown Q3 2026164%10% 26% Bitcoin MiningData Centers Engineering
Page 30
Company Profile 30 COMPANY SNAPSHOTHeadquartersDenver, Colorado –ESS MetronHouston, Texas –E4A Solutions Employees244 ESS Metron60 E4A Solutions Key LeadershipBeck Jonson, CEO ESS MetronAlexandre Chacara, CEO E4A Solutions Acquisition DatesDecember 2021 ESS MetronDecember 2024 E4A Solutions ESS METRONKEY OFFERINGS Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026Revenue$19.1$21.1$22.2$37 .3$47 .0% growt h-10.5%5.2%68.0%26.0%Gross Profit$5.4$5.6$4.0$10.3$7 .1% margin28.2%26.4%18.2%27 .5%15.0% SUMMARY FINANCIALS $M SELECT CLIENTS MANUFACTURINGDesigns and manufactures power distribution equipment and engineered-to-order electrical products for large-scale industrial and governmental clients across the data center, power generation, utility, water, industrial, and alternative energy markets E4A SOLUTIONSKEY OFFERINGSSERVICESProvides electrical engineering solutions and services supporting the full lifecycle of electrical infrastructure, from design and engineering to commissioning and ongoing operations & maintenance RIOT ENGINEERING
Page 31
Q3 2026 DATAFINANCIAL APPENDIX 31
Page 32
Definitions, Terms, and Reconciliations Unaudited) 1.Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property tax.2.Costs to finance the purchase of miners were zero in all periods presented as the miners were paid for with cash from the Company’s cash balance. The seller did not provide any financing, nor did the Company borrow from a third-party to purchase the miners.3.Power curtailment credits are credited against our power invoices as a result of temporarily pausing our operations to participate in ERCOT’s Demand Response Service Programs. Our fixed-price power purchase contracts enable us to strategically curtail our mining operations and participate in these programs, which significantly lower our cost to mine bitcoin. These credits are recognized in Power Curtailment Credits on our Consolidated Statement of Operations, outside of cost of revenue.4.Computed as revenue recognized from bitcoin mined divided by the quantity of bitcoin mined during the same period. 32 COST TO MINE The Company defines Cost to Mine as the direct cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as calculated in the table below COST OF POWERThe Company defines Cost of Power as the cost of power directly used in the process of mining Bitcoin, less power curtailment credits, divided by kilowatt ("kWh") hours used September 30,December 31,March 31,June 30,September 30,2025 2025 2026 2026 2026 2026 2025Total Cost of Power 82,370$ 75,027$ 72,317$ 73,499$ 74,849$ 220,665$ 206,369$ less: Power curtailment credits (30,634) (9,981) (21,023) (10,054) (24,664) (55,741) (46,748) Net Cost of Power 51,736$ 65,046$ 51,294$ 63,445$ 50,185$ 164,924$ 159,621$ kWh used 1,538,273,540 1,592,798,508 1,669,276,467 1,735,496,392 1,588,456,523 4,993,229,382 4,993,229,382 Cost of Power (c/kWh) 3.4$ 4.1$ 3.1$ 3.7$ 3.2$ 3.3$ 3.2$ September 30,Three Months Ended Nine Months Ended September 30,December 31,March 31,June 30,September 30,2025 2025 2026 2026 2026 2026 2025Cost of power for self-mining operations 82,370$ 75,027$ 72,317$ 73,499$ 74,849$ 220,665$ 206,369$ Other direct cost of revenue for self-mining operations(1)(2), excluding Bitcoin miner depreciation 13,395 15,226 14,445 15,765 14,091 44,301 42,389 Cost of revenue for self-mining operations, excluding Bitcoin miner depreciation95,765 90,253 86,762 89,264 88,940 264,966 248,758 Less: power curtailment credits(3) (30,634) (9,981) (21,023) (10,054) (24,664) (55,741) (46,748) Cost of revenue for self-mining operations, net of power curtailment credits, excluding Bitcoin miner depreciation65,131 80,272 65,739 79,210 64,276 209,225 202,010 Bitcoin miner depreciation 60,106 60,154 76,086 64,622 64,728 205,436 177,420 Cost of revenue for self-mining operations, net of power curtailment credits, including Bitcoin miner depreciation125,237$ 140,426$ 141,825$ 143,832$ 129,004$ 414,661$ 379,430$ Quantity of Bitcoin mined 1,406 1,324 1,473 1,587 1,637 4,697 4,362 Production value of one Bitcoin mined(4) 114,361$ 99,482$ 75,964$ 71,667$ 70,855$ 72,732$ 101,912$ Cost to mine one Bitcoin, excluding Bitcoin miner depreciation 46,324$ 60,619$ 44,629$ 49,912$ 39,265$ 44,544$ 46,311$ Cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as a % of production value of one Bitcoin mined40.5% 60.9% 58.8% 69.6% 55.4% 61.2% 45.4% Cost to mine one Bitcoin, including Bitcoin miner depreciation 89,074$ 106,045$ 96,283$ 90,631$ 78,805$ 88,282$ 86,985$ Cost to mine one Bitcoin, including Bitcoin miner depreciation, as a % of production value of one Bitcoin mined77.9% 106.6%126.7%126.5%111.2% 121.4% 85.4% September 30,Three Months Ended Nine Months Ended
Page 33
Definitions, Terms, and Reconciliations Unaudited) 33 GROSS PROFIT The Company defines Gross Profit as Fully Costed Gross Profit plus Power Curtailment Credits plus Depreciation and Amortization expense. The Company defines Fully Costed Gross Profit as Revenue less Cost of Revenue (excluding Depreciation and Amortization)GROSS MARGIN The Company defines Gross Margin as Gross Profit divided by RevenueNet Operating IncomeThe Company defines Net Operating Income (“NOI”) as Revenue less Cost of revenue, excluding depreciation and amortization. The Company uses this metric to evaluate the expected economics of its individual data center leases NOI MarginThe Company defines NOI Margin as NOI divided by Revenue September 30,December 31,March 31,June 30,September 30,Riot Platforms, Inc.: 20252025202620262026 20262025Revenue 180,229$ 152,831$ 167,219$ 174,235$ 181,426$ 522,880$ 494,604$ less Bitcoin Mining Cost of revenue (95,765) (90,253) (86,762) (89,264) (88,940) (264,966) (248,758) less Data Center Cost of revenue - - (30,773) (16,700) (11,181) (58,654) - less Engineering Cost of revenue (13,707) (15,522) (18,141) (27,030) (39,951) (85,122) (35,371) less Other Cost of revenue - - - - - - (11,971) less Depreciation and amortization expense (82,929) (102,759) (97,734) (97,784) (123,921) (319,439) (244,052) Fully Costed Gross Profit (12,172)$ (55,703)$ (66,191)$ (56,543)$ (82,567)$ (205,301)$ (45,548)$ plus Power curtailment credits 30,634 9,981 21,023 10,054 24,664 55,741 46,748 plus Depreciation and amortization 82,929 102,759 97,734 97,784 123,921 319,439 244,052 Gross Profit 101,391$ 57,037$ 52,566$ 51,295$ 66,018$ 169,879$ 245,252$ Gross Margin 56.3%37.3%31.4%29.4%36.4%32.5%49.6% Bitcoin Mining:Bitcoin Mining Revenue 160,792$ 131,736$ 111,895$ 113,736$ 115,990$ 341,621$ 444,540$ less Bitcoin Mining Cost of revenue (95,765) (90,253) (86,762) (89,264) (88,940) (264,966) (248,758) less Depreciation and amortization expense of Bitcoin miners(60,106) (60,154) (76,086) (64,622) (64,728) (205,436) (177,420) Fully Costed Gross Profit - Bitcoin Mining 4,921$ (18,671)$ (50,953)$ (40,150)$ (37,678)$ (128,781)$ 18,362$ plus Power curtailment credits 30,634 9,981 21,023 10,054 24,664 55,741 46,748 plus Depreciation and amortization expense of Bitcoin miners60,106 60,154 76,086 64,622 64,728 205,436 177,420 Gross Profit - Bitcoin Mining 95,661$ 51,464$ 46,156$ 34,526$ 51,714$ 132,396$ 242,530$ Gross Margin - Bitcoin Mining 59.5%39.1%41.2%30.4%44.6%38.8%54.6% Data Center:Data Center Revenue -$ -$ 33,150$ 23,213$ 18,429$ 74,792$ -$ less Data Center Cost of revenue - - (30,773) (16,700) (11,181) (58,654) - less Depreciation and amortization expense - - (212) (574) (1,150) (1,936) - Fully Costed Gross Profit - Data Center -$ -$ 2,165$ 5,939$ 6,098$ 14,202$ -$ plus Depreciation and amortization expense - - 212 574 1,150 1,936 - Gross Profit - Data Center -$ -$ 2,377$ 6,513$ 7,248$ 16,138$ -$ Gross Margin - Data Center - - 7.2%28.1%39.3%21.6%0.0% Data Center - Operating Leases:Data Center Operating Lease Revenue -$ -$ 927$ 4,895$ 8,256$ 14,078$ -$ less Data Center Operating Lease Cost of revenue - - (85) (775) (1,647) (2,507) - less Depreciation and amortization expense - - (212) (574) (1,150) (1,936) - Fully Costed Gross Profit - Data Center - Operating Leases-$ -$ 630$ 3,546$ 5,459$ 9,635$ -$ plus Depreciation and amortization expense - - 212 574 1,150 1,936 - Gross Profit - Data Center - Operating Leases -$ -$ 842$ 4,120$ 6,609$ 11,571$ -$ Gross Margin - Data Center - Operating Leases - - 90.8%84.2%80.0%82.2%0.0% Data Center - Tenant Fit-Out Services:Data Center Tenant Fit-Out Services Revenue -$ -$ 32,222$ 18,318$ 10,173$ 60,714$ -$ less Data Center Tenant Fit-Out Services Cost of revenue - - (30,688) (15,925) (9,534) (56,147) - less Depreciation and amortization expense - - - - - - - Fully Costed Gross Profit - Data Center - Tenant Fit-Out Services-$ -$ 1,534$ 2,393$ 639$ 4,567$ -$ plus Depreciation and amortization expense - - - - - - - Gross Profit - Data Center - Tenant Fit-Out Services -$ -$ 1,534$ 2,393$ 639$ 4,567$ -$ Gross Margin - Data Center - Tenant Fit-Out Services - - 4.8%13.1%6.3% 7.5%0.0% Engineering:Engineering Revenue 19,097$ 21,095$ 22,174$ 37,286$ 47,007$ 106,467$ 43,593$ less Engineering Cost of revenue (13,707) (15,522) (18,141) (27,030) (39,951) (85,122) (35,371) less Depreciation and amortization expense (1,237) (1,340) (1,275) (1,305) (1,423) (4,003) (2,562) Fully Costed Gross Profit - Engineering 4,153$ 4,233$ 2,758$ 8,951$ 5,633$ 17,342$ 5,660$ plus Depreciation and amortization 1,237 1,340 1,275 1,305 1,423 4,003 2,562 Gross Profit - Engineering 5,390$ 5,573$ 4,033$ 10,256$ 7,056$ 21,345$ 8,222$ Gross Margin - Engineering 28.2%26.4%18.2%27.5%15.0%20.0%18.9% Three Months Ended Nine Months EndedSeptember 30,
Page 34
Q3 2026 Statement of Operations Unaudited) 34
Page 35
Q3 2026 BalanceSheetUnaudited) 35
Page 36
Non-GAAPAdjustedEBITDAUnaudited) 36 * Indicates Non-GAAP measure. We use Adjusted EBITDA to eliminate the effects of certain non-cash and/or non-recurring items, that do not reflect our ongoing strategic business operations. Adjusted EBITDA is provided in addition to, and not as a substitutefor, or as superior to, the comparable GAAP measure, Net Income. For a full reconciliation of the Non-GAAP measures we use to their comparable GAAP measures, see the discussion under the heading “Non-GAAP Measures”, under Item 2, “ Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our September 30, 2026, Form 10Q.
Page 37
Riot Currently Trades Among the LowestEV / MW Multiples in the SectorEV / 2027 Available MW$M1,2 $5.0 $3.8$3.2$3.1$2.9$2.4$2.2$1.7$1.2$1.2 1.Sourced from FactSet as of November 2, 2026. Cash & Cash Equivalents, LT Debt, and BTC value used in calculation as of June 30, 2026.2.Sourced from company filings, company presentations, press releases, management commentary, and S&P451 Data Center Knowledge Base DCKB. Includes only power capacity that is currently operational and under construction in North America. 37