Riot Platforms, Inc. (NASDAQ: RIOT) shares are trading lower on Friday, following second-quarter earnings report. Revenue exceeded estimates at $152.99 million, with earnings per share of 57 cents, beating expectations of a loss of 10 cents per share. JP Morgan analyst maintains a Neutral rating, citing seasonal factors affecting cash operating profit.

Riot plans to monetize power infrastructure through HPC data centers, starting with 600 MW site in 2026. Short-term focus remains on bitcoin mining, with long-term strategy to cater to HPC clients. Analyst sees potential in Riot’s infrastructure for HPC workloads, but cautions investors on timeline for colocation deals.

Riot is actively seeking tenants for planned 600 MW data center at Corsicana site, with upgrades to support HPC needs. Location is crucial for hyperscalers, and Riot’s strategic positioning is seen favorably. Despite strong interest, near-term colocation deals may take time to finalize, with shares down 16.5% to $11.21 on Friday.

Read more at Yahoo Finance: Riot Rides Bitcoin To Profit, But Market Frets Over Slow Data Center Growth