RIOT (Riot Platforms, Inc.) Stock Financials & Earnings | Market Cap Arena

RIOT (Riot Platforms, Inc.) Stock Financials & Earnings | Market Cap Arena

RIOTRiot Platforms, Inc.

Mkt Cap$6B

Financial Services·Financial - Capital Markets·🇺🇸 United States·NASDAQ

Revenue (TTM)$647M

Net Income (TTM)-$663M

EPS (TTM)-$1.95

Free Cash Flow (TTM)-$880M

Gross Margin-15.6%

Op. Margin-61.8%

Net Margin-102.4%

FCF Margin-136.0%

P/S Ratio (TTM)8.7x

P/E Ratio (TTM)—

YoY Rev Growth+71.9%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$73M	$10M	$17M
Q2 23	$77M	$13M	-$32M
Q3 23	$52M	-$12M	-$83M
Q4 23	$79M	$15M	$74M
Q1 24	$79M	$32M	$204M
Q2 24	$70M	$16M	-$117M
Q3 24	$85M	$12M	-$122M
Q4 24	$143M	$53M	$188M
Q1 25	$161M	$66M	-$234M
Q2 25	$153M	$62M	$216M
Q3 25	$180M	$71M	$80M
Q4 25	$153M	-$300M	-$462M

Valuation

Quarter	P/S	P/E
Q1 23	22.2x	—
Q2 23	21.8x	—
Q3 23	21.4x	—
Q4 23	20.0x	—
Q1 24	19.5x	30.5x
Q2 24	20.0x	44.3x
Q3 24	17.9x	107.3x
Q4 24	14.9x	51.2x
Q1 25	12.2x	—
Q2 25	10.3x	—
Q3 25	8.8x	34.2x
Q4 25	8.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$32M	-$19M
Q2 23	-$38M	-$95M
Q3 23	-$6M	-$137M
Q4 23	$45M	-$140M
Q1 24	-$58M	-$254M
Q2 24	-$43M	-$236M
Q3 24	-$56M	-$180M
Q4 24	-$98M	-$853M
Q1 25	-$122M	-$155M
Q2 25	-$231M	-$292M
Q3 25	-$114M	-$246M
Q4 25	-$106M	-$188M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$51M
Q2 23	$56M
Q3 23	$131M
Q4 23	$185M
Q1 24	$197M
Q2 24	$193M
Q3 24	$123M
Q4 24	$754M
Q1 25	$33M
Q2 25	$60M
Q3 25	$132M
Q4 25	$82M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-8.2%	-21.1%
Q2 23	+5.2%	-74.4%
Q3 23	+12.1%	+63.6%
Q4 23	+31.0%	-97.8%
Q1 24	+8.3%	-323.1%
Q2 24	-8.8%	+71.7%
Q3 24	+63.4%	+53.5%
Q4 24	+80.9%	-1067.4%
Q1 25	+103.5%	+417.1%
Q2 25	+118.5%	-133.8%
Q3 25	+112.6%	-51.4%
Q4 25	+7.2%	+1447.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	-$2M	-3.1%
Q2 23	$3M	4.5%
Q3 23	$14M	26.1%
Q4 23	$18M	22.2%
Q1 24	$32M	40.4%
Q2 24	$32M	45.9%
Q3 24	$31M	36.1%
Q4 24	$31M	21.4%
Q1 25	$30M	18.3%
Q2 25	$30M	19.7%
Q3 25	$33M	18.2%
Q4 25	$33M	21.7%

OpEx Breakdown

Quarter	SG&A
Q1 23	$13M
Q2 23	$20M
Q3 23	$29M
Q4 23	$39M
Q1 24	$58M
Q2 24	$61M
Q3 24	$67M
Q4 24	$81M
Q1 25	$71M
Q2 25	$76M
Q3 25	$70M
Q4 25	$82M

Revenue Segments

Quarter	Bitcoin Mining Segment	Engineering Segment
Q1 25	$143M	$20M
Q2 25	$141M	$16M
Q3 25	$161M	$26M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$158M	$122M	$280M
Q2 23	$289M	$141M	$430M
Q3 23	$290M	$152M	$442M
Q4 23	$597M	$311M	$908M
Q1 24	$688M	$0	$688M
Q2 24	$481M	$158M	$639M
Q3 24	$356M	$190M	$546M
Q4 24	$278M	$134M	$412M
Q1 25	$164M	$71M	$235M
Q2 25	$330M	$63M	$393M
Q3 25	$331M	$0	$331M
Q4 25	$234M	$0	$234M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	172M	+10.3%
Q2 23	167M	-2.8%
Q3 23	181M	+8.1%
Q4 23	231M	+27.6%
Q1 24	262M	+13.7%
Q2 24	265M	+0.9%
Q3 24	286M	+8.2%
Q4 24	319M	+11.4%
Q1 25	330M	+3.3%
Q2 25	383M	+16.1%
Q3 25	403M	+5.4%
Q4 25	341M	-15.5%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$11K	24
FY 15	$40K	5
FY 16	$13K	8
FY 17	$30K	9
FY 18	$1M	6
FY 19	$1M	6
FY 20	$2M	8
FY 21	$637K	335
FY 22	$530K	489
FY 23	$526K	534
FY 24	$481K	783
FY 25	$793K	816