Riot Platforms Earnings in Focus as Data Center Pivot Looms

Riot Platforms is set to report its second-quarter earnings on Thursday, and investors are looking beyond the numbers for signs of progress in the company's pivot towards artificial intelligence data centers.

The Castle Rock, Colo.-based Bitcoin miner has been working to capitalize on a generational opportunity to monetize power assets for AI infrastructure, with analysts expecting the company to post a loss of 23 cents per share on revenue of $155.6 million.

This represents a significant sequential improvement on the bottom line from the prior quarter's $1.44-per-share loss, though revenue would decline from $167.2 million in the first quarter.

Analysts remain bullish on the stock, with 20 of 21 rating it a buy and a consensus price target of $29.66, implying nearly 40% upside from the current $21.24 share price.