Riot Platforms, Inc. Leases Disclosure
Note 13. Leases
Operating Leases
As of December 31, 2025, the Company had operating leases primarily for its various offices, the manufacturing facilities of ESS Metron and E4A Solutions, and the Kentucky Facility, all of which expire on various dates through July 2035.
During the year ended December 31, 2025, the Company purchased the Rockdale Facility that was previously subject to a ground lease, resulting in the termination of the ground lease and derecognition of the associated operating lease right-of-use asset of $10.4 million and operating lease liability of $11.2 million.
As of December 31, 2025 and 2024, operating lease right-of-use assets were $26.7 million and $27.5 million, respectively, and operating lease liabilities were $26.0 million and $28.5 million, respectively.
Finance Lease
During the year ended December 31, 2025, the Company entered into a lease for equipment located at the Kentucky Facility. Title to the leased equipment will transfer to the Company at the conclusion of the lease, which expires on December 31, 2029.
As of December 31, 2025, the finance lease right-of-use asset was $3.4 million and there was no remaining finance lease liability.
The following table presents the components of the Company’s lease expense. Ground and facilities lease expenses are included in Cost of revenue, office lease expenses are included in Selling, general, and administrative, and finance leases are amortized into Depreciation and amortization on the Consolidated Statements of Operations:
| Years Ended December 31, | ||||||||
2025 | | 2024 | | 2023 | |||||
Finance lease cost: | |||||||||
Amortization of right-of-use assets | $ | 150 | $ | — | $ | — | |||
Operating lease cost | 8,544 | 4,965 | 3,747 | ||||||
Variable lease cost | $ | 722 | $ | 646 | $ | 240 | |||
Total lease expense | $ | 9,416 | $ | 5,611 | $ | 3,987 | |||
The following table presents supplemental lease information:
Years Ended December 31, | |||||||||||
|
| 2025 | | 2024 | | 2023 | |||||
Operating leases net operating cash outflows | $ | 9,610 | $ | 5,498 | $ | 3,522 | |||||
Right-of-use assets exchanged for new operating lease liabilities | $ | 15,989 | $ | 10,987 | $ | 1,249 | |||||
New right-of-use assets associated with finance leases | $ | 3,595 | $ | — | $ | — | |||||
Weighted-average remaining lease term – operating leases |
| 4.7 |
| 6.0 |
| 7.5 | |||||
Weighted-average discount rate – operating leases |
| 7.4 | % |
| 7.1 | % |
| 6.7 | % | ||
The following table presents the Company’s future minimum operating lease payments as of December 31, 2025:
| Office and other leases | | ||
2026 | $ | 8,012 | ||
2027 |
| 7,425 | ||
2028 | 6,910 | |||
2029 |
| 5,065 | ||
2030 |
| 1,520 | ||
Thereafter |
| 1,172 | ||
Total undiscounted lease payments |
| 30,104 | ||
Less present value discount |
| (4,144) | ||
Present value of lease liabilities | $ | 25,960 | ||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Mar 2, 2023 | |
| 2021 | Mar 16, 2022 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.