Riot PlatformsRIOTRevenue: is the business selling more than it used to?
$647M+72% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $647M in 2025, compounding +36% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $675M, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Riot PlatformsRIOTNet income: how much of that revenue becomes profit?
$-663MFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→2025 closed with a loss of $663M after being profitable the year before. One bad year is not a pattern, but it is what the balance sheet has to absorb.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Riot PlatformsRIOTHow fast is it growing, year by year?
+71.9%revenue growth, FY 2025
Off the axis: 2025 earnings -706.2% - rebounds off a collapsed prior year.
→Revenue grew +72% in 2025 against a five-year average of +360%. 2025's swing into loss (-706%) sits off the axis.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Riot PlatformsRIOTRevenue per share: is your slice growing as fast as the company?
$1.90revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Revenue per share reached $1.90 in 2025, compounding +1% a year against +36% for RIOT as a whole. Dilution absorbed about 34.9 points of that growth. Free cash flow per share stands at $-2.27.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Riot PlatformsRIOTFree cash flow: what is left in real cash after everything?
$-774MFY 2025
→The business consumed $774M of cash in 2025 after investment. Growth is being funded from the balance sheet, not from operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Riot PlatformsRIOTHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow is negative, so no share of revenue is currently converting to spare cash. Every sales dollar is being reinvested or consumed.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Riot PlatformsRIOTWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The biggest claim on each sales dollar is capital spending, at 31% of revenue (stock compensation 19%, research and development 7%). That share has fallen since 2022, so the cost of competing is easing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Riot PlatformsRIOTMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Operating margin widened 102 points to -96% since 2022. The bottom line is still negative: costs below the operating line eat what is left.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Riot PlatformsRIOTWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→ROE of -60% and ROCE of -18% sit close together, so the returns come from the business itself rather than from borrowing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Riot PlatformsRIOTWhat has the market paid for RIOT over time?
12.1xP/S today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 12.1x sales, the market is paying +67% more than RIOT's own 7-year median of 7.3x. Expectations are elevated, so more has to go right to justify the price.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Riot PlatformsRIOTWhat cash return does the business throw off per dollar of market value?
-9.5%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys -9.5% of annual free cash flow, less than its 7-year median of -10.8% - you are paying up for the same cash.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Riot PlatformsRIOTCould it handle its debt if things went wrong?
→Debt of $843M sits against $471M of cash, or 0.4x shareholders' equity. Earnings don't currently cover the interest bill at all.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Riot PlatformsRIOTIs the company's own capital growing?
→The company's own capital grew from $1.9B in 2023 to $2.2B (+16%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Riot PlatformsRIOTHow much goes back, and how much leaks out as stock comp?
→Shareholders received $4M in buybacks and $10M in dividends in 2025. Stock compensation issued $126M of new shares in the same year, offsetting 100% of that.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Riot PlatformsRIOTHow fast is your ownership being diluted - or concentrated?
→The share count grew 6.8% in 2025, averaging 38.2% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Riot PlatformsRIOTDoes RIOT earn more on its capital than that capital costs?
→RIOT's return on capital is negative at -17.9% in 2025. The capital in the business is not yet earning anything back.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Riot PlatformsRIOTRIOT has issued or retired shares - did shareholders end up better off?
→RIOT's share count rose +1639% from 2019 to 2025 while revenue per share grew +445%. Holders are further ahead than before, though the gain per share is smaller than the growth in the business.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Riot PlatformsRIOTAre the people running it buying or selling?
→Insiders sold $22M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 33 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30