Riot Platforms, Inc. (NASDAQ: RIOT)

Riot Platforms, Inc. is a vertically integrated digital infrastructure company principally engaged in developing and optimizing large scale power assets. The company focuses on enhancing its electrical infrastructure and deploying it across two complementary platforms: Bitcoin Mining and scalable data center solutions designed to support non mining workloads.

The company generates revenue primarily from the sale of bitcoin mined through its Bitcoin Mining operations, from leasing data center capacity to customers such as Advanced Micro Devices, Inc., and from the design, manufacture, and installation of power distribution equipment and engineered to order electrical products via its Engineering segment.

The company operates through the following segments: Bitcoin Mining and Engineering.

• Bitcoin Mining: This segment involves the acquisition and deployment of specialized mining hardware to secure bitcoin rewards, operates large scale data center facilities in Texas and Kentucky, and aims to grow hash rate through facility expansions and acquisitions such as the Block Mining Acquisition.

• Engineering: This segment designs and manufactures power distribution equipment and engineered to order electrical products, supports vertical integration by providing internal electrical infrastructure, and serves large scale industrial and governmental customers.

Riot Platforms, Inc. holds a competitive position in the bitcoin mining industry due to its substantial low cost power portfolio in the Dallas Austin corridor, strong financial resources, and vertical integration that combines mining operations with engineering capabilities. It competes with other large scale publicly listed and private bitcoin miners, as well as established data center operators and infrastructure providers, while leveraging its engineering expertise to expand into the data center sector.

The company’s data center leasing business serves customers such as Advanced Micro Devices, Inc., which has agreed to lease 25 megawatts of critical IT load capacity at the Rockdale Facility, with options for additional capacity. Its Engineering segment provides power distribution products and services to a broad range of industrial and governmental customers.