RIOT — what changed in the latest 10-Q
A section-by-section comparison of RIOT's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-04-30 vs the prior 10-Q · 2025-10-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +64 | −65 | ~41 | 28 |
| Market risk (Item 3) | Text added/removed | +4 | −1 | ~2 | 3 |
| Controls & procedures | Text added/removed | +1 | −1 | ~2 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | Text added/removed | 0 | −9 | ~1 | 0 |
| Other information | Text added/removed | 0 | −2 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-04-30
We are a vertically integrated digital infrastructure company principally engaged in developing and optimizing our large-scale power assets. Our business strategy centers on enhancing our electrical infrastructure and deploying it across two complementary platforms: (i) bitcoin mining and (ii) scala…
Our industry remains highly competitive and continues to evolve alongside broader growth in digital assets and high-performance compute. With our scale, integrated power strategy, and engineering foundation, we believe we are well positioned to participate in the rapidly converging markets for Bitco…
In 2025, we began leveraging our core competencies in power optimization, strategic land acquisition, engineering design, and construction execution to pursue opportunities to develop and monetize portions of our existing facilities and power pipeline through data center leasing services. We strengt…
In January 2026, we announced the execution of the AMD Lease to provide 25 MW of critical IT load capacity at our Rockdale Facility. The AMD Lease has an initial term of ten years and provides for expansion options for up to an additional 75 MW of critical IT load capacity, as well as a right of fir…
In April 2026, we entered into the AMD Lease Amendment to exercise a portion of the existing expansion option set forth in the AMD Lease, to provide an additional deployment of 25 MW of critical IT load capacity. Under the AMD Lease Amendment, AMD holds a remaining balance of 50 MW of reserved criti…
Text removed vs the prior filing · source: 10-Q · 2025-10-30
We are a vertically integrated bitcoin mining company principally engaged in enhancing our power infrastructure to support efficient and large-scale Bitcoin Mining operations in support of the Bitcoin blockchain. We are also in the process of developing a scalable data center platform intended to al…
Also in 2024, we expanded our operations through the acquisitions of Block Mining, a Kentucky-based vertically integrated bitcoin miner, and E4A Solutions, a leading provider of electrical engineering services to a diverse customer base of energy developers and data center operators. The Block Minin…
remainder of 2025. The Block Mining Acquisition also provided us with access to additional energy markets located within the MISO region. The E4A Solutions Acquisition added engineering expertise to service our electrical infrastructure and allows us to provide electrical solutions and services to s…
Our market environment is highly competitive, both globally and regionally. We compete with other large-scale bitcoin miners, as well as individual participants, to earn the bitcoin reward that is central to our operations. Our industry continues to evolve alongside the proliferation of bitcoin and …
We strengthened our execution capacity by recruiting critical talent and launching a scalable data center platform to support the initial phase of our data center development at the Corsicana Facility (“Data Center Phase I”). Additionally, we are evaluating further expansion opportunities and assess…
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-04-30
We manage our exposure to bitcoin price volatility by investing in energy-efficient miners and vertical integration, and by diversifying our revenue streams through our data center initiatives. Management regularly monitors market conditions and liquidity requirements to determine the timing of bitc…
The decreased sensitivity to price changes in 2026 as compared to 2025 was primarily due to the decrease in our bitcoin holdings in 2026, and as of March 31, 2026, as compared to March 31, 2025.
Our operations are highly dependent on the availability and cost of electricity. Certain of our operating costs are subject to price fluctuations caused by the volatility of underlying commodity prices, including the cost of power used in our Bitcoin Mining and data center operations. We manage comm…
The following table presents the hypothetical impact on our net income of 10% changes in the future power prices (taking into account the dates of maturity of our various fixed price PPAs) used to derive the fair value of the Rockdale PPA and the Corsicana PPA derivatives:
Text removed vs the prior filing · source: 10-Q · 2025-10-30
The following table presents the impact of 10% changes in the future power prices (taking into account the dates of maturity of our various fixed price PPAs) used to derive the fair value of the Rockdale PPA and the Corsicana PPA derivative assets:
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-04-30
There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2026, that materially affected, or are reasonably likely to materially affect, our internal control ov…
Text removed vs the prior filing · source: 10-Q · 2025-10-30
In July and December 2024, we acquired 100% of the equity interests of Block Mining and E4A Solutions, respectively. We are currently in the process of integrating the Block Mining and E4A Solutions operations, control processes, and information systems into our systems and control environment and e…
Risk factors
Text removed vs the prior filing · source: 10-Q · 2025-10-30
The following risk factors are in addition to those presented in our 2024 Annual Report:
We have only recently begun to explore the development of AI/HPC infrastructure at the Corsicana Facility, and there can be no assurance that this initiative will be successful.
We have commenced initial development activities to evaluate and potentially build out a portion of the Corsicana Facility for AI/HPC applications. This initiative is in its early stages, and we may encounter unforeseen technical, operational, or financial challenges. There can be no assurance that …
Changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences, may have a material adverse impact on our business, financial condition and results of operations.
To maintain and further develop our Bitcoin Mining operations, we must procure mining hardware and other Bitcoin Mining technology. Additionally, the development and potential expansion of our Facilities requires large quantities of construction materials, specialized electricity distribution equipm…
Other information
Text removed vs the prior filing · source: 10-Q · 2025-10-30
On August 25, 2025, Jason Les, Chief Executive Officer of the Company, entered into a 10b5-1 Plan providing for the potential sale of up to 1,050,000 shares of our common stock, subject to sales only when the market price of our common stock is higher than certain minimum threshold prices between th…
On September 4, 2025, Colin Yee, Chief Financial Officer of the Company, entered into a 10b5-1 Plan providing for the potential sale of up to 48,577 shares of our common stock. The first sale date shall be April 1, 2026, and the 10b5-1 Plan shall remain in effect until the earlier of the scheduled e…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice