RIOT

MKT CAP:$7B

Riot Platforms, Inc.

Market Cap

$7B

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

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$18.61+$4.45 (+31.43%)

Apr 24, 2026

Company Details

Riot Platforms, Inc., together with its subsidiaries, operates as a Bitcoin mining company in the United States. The company operates in two segments, Bitcoin Mining and Engineering. It offers comprehensive and critical infrastructure for i...

CEO

Jason Les

IPO Date

Mar 31, 2016

Website

www.riotplatforms.com

Key Metrics TTM

Revenue

$647M

+71.9% YoY

Net Income

-$663M

EPS (Diluted)

-$1.95

Free Cash Flow

-$880M

Revenue / Share

$1.90

Gross Margin

37.9%

Operating Margin

-10.0%

Net Margin

-102.4%

FCF Margin

-136.0%

P/S

11.0x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Mar 2, 2026

$647M+71.9%EPS -$1.95

Q4 2025

Mar 2, 2026

$153M+7.2%EPS -$1.88

Q3 2025

Oct 30, 2025

$180M+112.6%EPS $0.26

Q2 2025

Jul 31, 2025

$153M+118.5%EPS $0.57

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$34M	$21M	-$5M
Q3 21	$65M	$39M	-$4M
Q4 21	$91M	$55M	-$20M
Q4 22	$60M	$3M	-$158M
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	$47M	-$127M

Valuation

Quarter	P/S	P/E
Q2 21	109.0x	245.0x
Q3 21	55.8x	461.3x
Q4 21	33.4x	—
Q4 22	28.5x	—
Q1 23	24.6x	—
Q2 23	23.7x	—
Q3 23	27.2x	—
Q4 23	25.4x	—
Q1 24	24.8x	38.8x
Q2 24	25.4x	56.3x
Q3 24	22.8x	136.4x
Q4 24	18.9x	65.1x
Q1 25	15.5x	—
Q2 25	13.1x	—
Q3 25	11.2x	43.4x
Q4 25	11.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	-$21M	-$55M
Q3 21	-$34M	-$124M
Q4 21	-$25M	-$265M
Q4 22	$1M	-$27M
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

Quarter	CapEx
Q2 21	$33M
Q3 21	$90M
Q4 21	$240M
Q4 22	$28M
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

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+1668.7%	+183.7%
Q3 21	+2532.3%	+1409.2%
Q4 21	+1617.8%	+1717.1%
Q4 22	+159.3%	+1277.6%
Q1 23	+113.2%	+41.5%
Q2 23	+18.4%	+58.0%
Q3 23	-42.9%	+20.9%
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%	+713.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$969.0K	2.8%
Q3 21	$36M	55.6%
Q4 21	$31M	33.6%
Q4 22	$17M	28.7%
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
Q2 21	$4M
Q3 21	$40M
Q4 21	$39M
Q4 22	$30M
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 22	$114M	$199M	$312M
Q2 22	$270M	$129M	$399M
Q3 22	$255M	$127M	$382M
Q4 22	$230M	$109M	$340M
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	89M	+6.6%	+158.5%
Q3 21	96M	+7.6%	+114.6%
Q4 21	106M	+10.1%	+76.7%
Q4 22	156M	+47.6%	+86.4%
Q1 23	172M	+10.3%	+92.9%
Q2 23	167M	-2.8%	+74.2%
Q3 23	181M	+8.1%	+71.1%
Q4 23	231M	+27.6%	+47.9%
Q1 24	262M	+13.7%	+52.4%
Q2 24	265M	+0.9%	+58.1%
Q3 24	286M	+8.2%	+58.2%
Q4 24	319M	+11.4%	+38.2%
Q1 25	330M	+3.3%	+25.6%
Q2 25	383M	+16.1%	+44.6%
Q3 25	403M	+5.4%	+40.9%
Q4 25	341M	-15.5%	+6.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$4M	8
Q3 21	$8M	8
Q4 21	$271.3K	335
Q4 22	$123.0K	489
Q1 23	$149.8K	489
Q2 23	$156.9K	489
Q3 23	$106.1K	489
Q4 23	$147.6K	534
Q1 24	$148.5K	534
Q2 24	$131.1K	534
Q3 24	$158.8K	534
Q4 24	$182.1K	783
Q1 25	$206.1K	783
Q2 25	$195.4K	783
Q3 25	$230.2K	783
Q4 25	$187.3K	816

Revenue / Employee