As filed with the U.S. Securities and Exchange Commission on March 2, 2026 Registration Number 333-292762 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 DMINT, INC. (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or organization) Classification Code Number) Identification No.) Delaware 6199 87-2345483 1 ...

Financial Data and Key Metrics Changes - Riot Platforms reported total revenue of $647 million for fiscal year 2025, representing a 72% increase year-over-year, primarily driven by the Bitcoin mining business which contributed $576 million or 89% of total revenue [22] - The net loss for the year was $663 million or $1.95 per diluted share, influenced by significant non-cash charges and adjustments [23] - Non-GAAP adjusted EBITDA for the year was $13 million, providing a clearer view of underlying operational performance [24] Business Line Data and Key Metrics Changes - The Bitcoin mining business achieved record revenue of $576.3 million and gross profit of $294 million, reflecting operational efficiency and scale [22][23] - Engineering backlog reached a record $224.6 million at the end of 2025, a 302% increase from the previous year, with the data center sector representing 90% of the backlog [27][28] Market Data and Key Metrics Changes - Riot Platforms has 1.7 GW of fully approved firm power across Corsicana and Rockdale sites, with 700 MW at Rockdale and 1 GW at Corsicana, both operational and available for development [18][19][20] - The average load at Rockdale was 351 MW and at Corsicana was 335 MW during fiscal year 2025 [19] Company Strategy and Development Direction - The company has repositioned itself from a Bitcoin mining company to a data center developer, focusing on maximizing the value of its power portfolio [5][9] - The strategy includes securing high creditworthy tenants, with the AMD lease serving as a validation of this approach [12][13] - Future focus includes delivering the full 25 MW of compute for the AMD lease, executing additional leases, and securing low-cost financing [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for data centers driven by the AI revolution and the scarcity of power resources, positioning Riot favorably in the market [32][33] - The company aims to convert its power capacity into long-term contracted cash flows, with potential NOI ranging from $1.6 billion to $2.1 billion upon full build-out [33] Other Important Information - The acquisition of the Rockdale site for $96 million was funded through the sale of approximately 1,080 Bitcoin, eliminating future rental payments and allowing for full ownership [8][9] - The company has maintained a disciplined capital management strategy, focusing on non-dilutive financing options [11][68] Q&A Session Summary Question: Progress on AMD lease and best practices - Management highlighted the importance of understanding customer needs and delivering on aggressive timelines as key lessons from the AMD lease [40] Question: Financing discussions and market liquidity - The CFO noted active engagement with banks and a favorable liquidity environment for project financing, anticipating low costs due to predictable cash flows from the AMD lease [45][48] Question: Leasing pipeline and demand environment - Management confirmed active discussions with multiple parties across various customer segments, with a focus on high creditworthy tenants [52][53] Question: Impact of ERCOT developments on power approval - Management confirmed that Corsicana's power is fully approved and operational, unaffected by ERCOT's new batch process [61][62] Question: Role of Bitcoin sales in funding CapEx - The CFO stated that Bitcoin sales will continue to fund operational needs and growth CapEx, alongside accessing new pools of low-cost capital [67][68] Question: M&A considerations for new sites - Management is evaluating opportunities for new developments while focusing on existing power capacity, emphasizing the importance of bringing own power solutions [73][74] Question: Accelerating energization of data center megawatts - Management is procuring long lead equipment to ensure timely delivery of capacity, targeting competitive timelines for the full 1 GW at Corsicana [77][78]

Financial Data and Key Metrics Changes - Riot Platforms reported total revenue of $647 million for fiscal year 2025, a 72% increase year-over-year, primarily driven by Bitcoin mining which contributed $576 million or 89% of total revenue [22][23] - The net loss for the year was $663 million, translating to $1.95 per diluted share, influenced by significant non-cash charges and adjustments [23][24] - Non-GAAP adjusted EBITDA for the year was $13 million, providing a clearer view of operational performance [24] Business Line Data and Key Metrics Changes - The Bitcoin mining business achieved record revenue of $576.3 million and gross profit of $294 million, reflecting operational efficiency and a strong power strategy [22][23] - Engineering backlog reached a record $224.6 million, a 302% increase from the previous year, with 90% of the backlog related to the data center sector [27][28] Market Data and Key Metrics Changes - Riot Platforms has 1.7 GW of fully approved firm power across Corsicana and Rockdale, with 700 MW at Rockdale and 1,000 MW at Corsicana, both sites being operational and strategically located [18][19][20] - The average load at Rockdale was 351 megawatts, while Corsicana had an average load of 335 megawatts during fiscal year 2025 [19] Company Strategy and Development Direction - The company has transitioned from a Bitcoin mining focus to a data center development strategy, aiming to maximize the value of its power portfolio [5][10] - The signing of a lease with AMD is a significant milestone, validating Riot's capabilities as a credible developer and operator in the data center space [9][13] - Future focus includes delivering the full 25 megawatts for the AMD lease, executing additional leases, and securing low-cost financing [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for data centers driven by the AI revolution and the scarcity of power resources, positioning Riot favorably in the market [32][33] - The company aims to convert its power capacity into long-term contracted cash flows with creditworthy tenants, anticipating a re-rating of its asset value as it executes its strategy [31][33] Other Important Information - The acquisition of the Rockdale site for $96 million was funded through the sale of Bitcoin, eliminating future rental payments and allowing for full ownership [8][9] - The company has maintained a disciplined capital management strategy, focusing on non-dilutive financing options to fund development [11][12] Q&A Session Summary Question: Progress on the AMD lease and best practices learned - Management highlighted the importance of understanding customer needs and delivering on aggressive timelines as key lessons from the AMD lease experience [40][41] Question: Financing discussions and market liquidity - The CFO noted strong liquidity in project finance markets and the potential for low-cost capital due to the predictable cash flows from the AMD lease [45][48] Question: Leasing pipeline and demand environment - Management confirmed active discussions with multiple parties across various customer segments, with a focus on high creditworthy tenants [52][54] Question: Impact of ERCOT developments on power approval - Management confirmed that Corsicana's power has been fully approved and operational, unaffected by ERCOT's new batch process [61][62] Question: Role of Bitcoin sales in funding CapEx - The CFO stated that Bitcoin sales will continue to fund operational needs and growth CapEx, alongside accessing lower-cost debt structures [67][68] Question: M&A considerations for new sites - Management is evaluating opportunities for new developments while focusing on maximizing the value of existing sites [73][74] Question: Accelerating energization of data center megawatts - Management is procuring long lead equipment to ensure timely delivery of capacity and is marketing the entire site for leasing [77][78] Question: Valuation of site attributes and deal economics - Management indicated that proximity to tier-one markets enhances tenant quality and financing opportunities, impacting deal discussions positively [81][82]

RIOT PLATFORMS FY 2025 EARNINGS | March 2, 2026 NASDAQ: RIOT Conceptual rendering FORWARD- LOOKING STATEMENT Statements in this presentation that are not statements of historical fact are for- ward-looking statements that reflect management's current expectations, assump- tions, and estimates of future performance and economic conditions, and are not guarantees of future performance or actual results. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of ...

Core Insights - Riot Platforms, Inc. reported a transformative year in 2025, focusing on leveraging its nearly two-gigawatt power portfolio to enhance data center infrastructure and drive shareholder value [2][4]. Financial Performance - Total revenue for 2025 reached $647.4 million, a significant increase from $376.7 million in 2024, primarily due to a $255.3 million rise in Bitcoin mining revenue [6]. - The company mined 5,686 bitcoins in 2025, up from 4,828 in 2024 [6]. - The average cost to mine one bitcoin, excluding depreciation, was $49,645, compared to $32,216 in 2024, influenced by a 47% increase in the average global network hash rate [6][17]. - Bitcoin mining revenue was $576.3 million, up from $321.0 million in 2024, driven by higher average bitcoin prices and an increase in operational hash rate [6]. - Engineering revenue increased to $64.7 million from $38.5 million in 2024, showcasing operational synergies post-acquisition of ESS Metron [6]. Operational Highlights - The company maintained a strong liquidity position with 18,005 bitcoins valued at approximately $1.6 billion and $309.8 million in cash [6]. - The partnership with AMD has commenced operations, generating revenue for Riot as of January 2026, validating the company's capacity to deliver power at scale [3][4]. - Strategic land acquisitions have improved the positioning of the Corsicana and Rockdale sites, enhancing operational capabilities [5][6]. Strategic Direction - Riot aims to be a leader in digital infrastructure, focusing on Bitcoin mining and large-scale data center development to meet the growing demand for high-density computing [8]. - The company is expanding its infrastructure footprint, supported by record annual revenue and a robust asset base [4][8].

Core Insights - Bitcoin mining is currently a money-losing business, with analysts highlighting a shift towards AI data centers that offer better returns [1][7] - American Bitcoin reported a quarterly loss of $59 million, with its stock price dropping nearly 90% from last year's peak [1] - Miners are transitioning from Bitcoin mining to AI infrastructure due to higher profit margins per megawatt compared to Bitcoin hashing [1] Industry Challenges - The pivot towards AI began after Bitcoin's April 2024 halving, which halved block rewards and significantly squeezed margins across the sector [2] - Rising electricity prices and increased hardware spending have elevated production costs, narrowing the gap between mining expenses and Bitcoin's market price [2] - JPMorgan estimates average production costs at around $92,000 per Bitcoin, with expectations of further increases in the coming years [3] Market Dynamics - Hash price has declined approximately 30% over the past three months, while Bitcoin's price is around $68,000, reducing miners' profits compared to when it was above $100,000 last year [3] - Tiger Research reported that the average cost to mine one Bitcoin has climbed to $130,000, indicating a "double squeeze" on the industry [4] - As mining profitability weakens, companies are seeking business models aligned with the AI era, which could stabilize cash flow and reduce forced Bitcoin selling [5] Profitability Concerns - Most Bitcoin miners are now operating at or near unprofitable levels due to falling token prices and shrinking hash prices [6][7] - The shift to AI data centers is seen as a strategy for miners to achieve higher and more predictable returns [7]

Core Insights - Riot Platforms, Inc. (RIOT) is expected to report its fourth-quarter 2025 results on March 3, with a strong earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the last four quarters, averaging a 160% earnings surprise [2] Revenue Expectations - The Zacks Consensus Estimate for RIOT's revenue in Q4 2025 is $157.4 million, reflecting a 10.1% increase from the previous year, driven by growth in Bitcoin Mining and Engineering revenues [3] - Bitcoin Mining revenues are projected at $136 million, indicating a 7.6% year-over-year growth, while Engineering revenues are expected to reach $21.3 million, representing an 85% increase from the prior year [3] Strategic Developments - The company has been actively developing its data center business for bitcoin mining, including the acquisition of 67 acres adjacent to its Corsicana site to create a 1 GW utility-load data center campus, which is anticipated to enhance technical engagement with major customers [4] - Recent growth in the engineering business, particularly through ESS Metron and E4A Solutions, is expected to create synergies and expand the data center development program, contributing positively to revenue [5] Earnings Outlook - The consensus estimate for loss per share is 22 cents, a decline from a profit of 44 cents reported in the same quarter last year, reflecting the impact of the company's transformation efforts and acquisitions [6] - The company has announced the development of two new buildings at its Corsicana campus, adding 112 megawatts of critical IT data center capacity, which is expected to enhance future capabilities [7] Earnings Prediction Model - The current model does not predict an earnings beat for RIOT, with an Earnings ESP of 0.00% and a Zacks Rank of 1 (Strong Buy), indicating that while the potential for an earnings beat exists, it is not strongly supported by the current data [8]

Group 1 - Bitcoin's price surged to nearly $70,000, driven by significant inflows into ETFs [1] - Stablecoin issuer Circle and bitcoin miner Hut 8 reported diverging results, leading to a 32% increase in Circle's stock [1] - American Bitcoin, a miner linked to the Trump family, saw its stock rise following positive results released on Thursday morning [1] Group 2 - Other companies in the cryptocurrency sector, such as MARA Holdings, TeraWulf, and blockchain lender Figure Technologies, are also in focus following recent earnings reports [1] - Figure Technologies experienced a remarkable 196% increase since its IPO in September, indicating strong market performance [1] - Riot Platforms received a high Relative Strength (RS) rating of 92, reflecting its strong stock performance [1]

Group 1 - Bitcoin miners have been entering into long-term agreements with companies, including several with Fluidstack, to lease their infrastructure and energy access [1] - The trend of bitcoin miners leasing out their resources has been prominent over the last 3-6 months [1] Group 2 - The article reflects on the author's personal investment journey, highlighting the importance of early investment education and the impact of market timing on investment returns [1]

Core Insights - MARA Holdings is partnering with Starwood Property Trust to develop AI-focused data centers from its Bitcoin mining sites, which has positively impacted its stock price in after-hours trading [1][3] - The partnership aims to convert select Bitcoin mining sites into large-scale data centers that can handle enterprise and AI workloads, enhancing operational efficiency [2][4] Financial Performance - MARA's stock closed at $8.45, down 1.4% during the regular trading session, but rose to $9.62 in after-hours trading, marking a gain of approximately 13.9% [3] - In extended trading, shares peaked at $9.90, reflecting a roughly 16% increase from the regular session close [3] Strategic Implications - The collaboration is expected to leverage low-cost power and strong grid access, allowing for a dual focus on Bitcoin mining and AI workloads [3][4] - This strategic shift is seen as moving MARA from being a Bitcoin price proxy to a model focused on monetizing power-to-compute capabilities [4] Future Outlook - While the partnership could significantly alter MARA's long-term earnings profile, it is contingent on future AI expenditure trends [5] - The immediate impact on revenue is expected to be limited, as MARA has not yet secured confirmed AI tenants or contracts, unlike some competitors [6]