Data Center
Riot Q3 Earnings: Construction Begins on Corsicana for 112MW
Riot had a lackluster report with no new surprises to speak of. In terms of timing, the initial 112MW build-to-suit data centers will not be complete until early 2027 despite being energized much earlier. For Riot, the timing issue is centered around design and construction rather than available power. The upside in analyst estimates is more apparent on the bottom line with our back-of-the-napkin math suggesting net operating income of $673 million annually. Last year, Riot reported net operating income of $92.3 and has reported $5 million in NOI year-to-date (currently this is largely dependent on Bitcoin). Analyst estimates call for a decline in EPS of (43%) for FY2026 and net losses in FY2027. Therefore, if/when management truly delivers the 600MW in the next 1-2 years, it should drive a significant rebound on the bottom line.
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