Riot Platforms Inc (NASDAQ:RIOT) on Monday reported upbeat second-quarter sales results.

Riot reported second-quarter revenue of $174.20 million, beating analyst estimates of $152.06 million, according to Benzinga Pro. The company reported a second-quarter adjusted EBITDA loss of $69.73 million.

Subsequent to quarter’s end, Riot signed a 20-year data center lease with a “leading frontier AI lab” for 191 megawatts of capacity at the company’s Rockdale campus.

"Today’s announcement of a landmark 20-year, 191-megawatt data center lease with a leading frontier AI lab marks a defining moment in our evolution into a leading developer of large-scale data centers," said Jason Les, CEO of Riot. "It builds directly on a strong second quarter, in which we completed delivery of the initial 25 megawatts to AMD on time and on budget."

Riot Platforms shares jumped 18.9% to $23.07 in pre-market trading.

These analysts made changes to their price targets on Riot Platforms following earnings announcement.

  • Needham analyst John Todaro maintained the stock with a Buy and raised the price target from $28.5 to $30.
  • Cantor Fitzgerald analyst Brett Knoblauch maintained the stock with an Overweight rating and raised the price target from $23 to $30.

Considering buying RIOT stock? Here’s what analysts think:

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