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Side-by-side financial comparison of Powerfleet, Inc. (AIOT) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $113.5M, roughly 1.3× Powerfleet, Inc.). Powerfleet, Inc. runs the higher net margin — -3.0% vs -452.0%, a 449.0% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs 6.6%). Powerfleet, Inc. produced more free cash flow last quarter ($4.9M vs $-774.3M). Over the past eight quarters, Powerfleet, Inc.'s revenue compounded faster (81.2% CAGR vs 38.8%).
Powerfleet, Inc. is an American company headquartered in Woodcliff Lake, New Jersey, that operates as a global provider of IoT and M2M solutions for securing, controlling, and tracking high-value enterprise assets. The company is a provider in the international telematics industry, providing fleet management, asset tracking, freight visibility, and driver behavior monitoring for industrial trucks, vehicle fleets, and shipping containers.
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
AIOT vs RIOT — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.5M | $152.8M |
| Net Profit | $-3.4M | $-690.7M |
| Gross Margin | 55.2% | — |
| Operating Margin | 5.6% | -447.9% |
| Net Margin | -3.0% | -452.0% |
| Revenue YoY | 6.6% | 7.2% |
| Net Profit YoY | 76.6% | -606.3% |
| EPS (diluted) | $-0.03 | $-1.89 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $113.5M | $152.8M | ||
| Q3 25 | $111.7M | $180.2M | ||
| Q2 25 | $104.1M | $153.0M | ||
| Q1 25 | $103.6M | $161.4M | ||
| Q4 24 | $106.4M | $142.6M | ||
| Q3 24 | $77.0M | $84.8M | ||
| Q2 24 | $75.4M | $70.0M | ||
| Q1 24 | — | $79.3M |
| Q4 25 | $-3.4M | $-690.7M | ||
| Q3 25 | $-4.3M | $104.5M | ||
| Q2 25 | $-10.2M | $219.5M | ||
| Q1 25 | $-12.4M | $-296.4M | ||
| Q4 24 | $-14.3M | $136.4M | ||
| Q3 24 | $-1.9M | $-154.4M | ||
| Q2 24 | $-22.3M | $-84.4M | ||
| Q1 24 | — | $211.8M |
| Q4 25 | 55.2% | — | ||
| Q3 25 | 56.0% | — | ||
| Q2 25 | 54.2% | — | ||
| Q1 25 | 52.8% | — | ||
| Q4 24 | 55.2% | — | ||
| Q3 24 | 53.7% | — | ||
| Q2 24 | 52.6% | — | ||
| Q1 24 | — | — |
| Q4 25 | 5.6% | -447.9% | ||
| Q3 25 | 3.8% | 44.4% | ||
| Q2 25 | -2.0% | — | ||
| Q1 25 | -6.7% | -144.9% | ||
| Q4 24 | -1.2% | — | ||
| Q3 24 | 0.7% | -143.3% | ||
| Q2 24 | -24.2% | -167.2% | ||
| Q1 24 | — | — |
| Q4 25 | -3.0% | -452.0% | ||
| Q3 25 | -3.8% | 58.0% | ||
| Q2 25 | -9.8% | 143.4% | ||
| Q1 25 | -12.0% | -183.6% | ||
| Q4 24 | -13.5% | 95.7% | ||
| Q3 24 | -2.5% | -182.1% | ||
| Q2 24 | -29.6% | -120.6% | ||
| Q1 24 | — | 267.1% |
| Q4 25 | $-0.03 | $-1.89 | ||
| Q3 25 | $-0.03 | $0.26 | ||
| Q2 25 | $-0.08 | $0.58 | ||
| Q1 25 | $-0.09 | $-0.90 | ||
| Q4 24 | $-0.11 | $0.39 | ||
| Q3 24 | $-0.02 | $-0.54 | ||
| Q2 24 | $-0.21 | $-0.32 | ||
| Q1 24 | — | $0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $31.2M | $233.5M |
| Total DebtLower is stronger | $237.8M | $840.8M |
| Stockholders' EquityBook value | $485.0M | $2.9B |
| Total Assets | $959.5M | $3.9B |
| Debt / EquityLower = less leverage | 0.49× | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.2M | $233.5M | ||
| Q3 25 | $27.9M | $330.7M | ||
| Q2 25 | $31.2M | $255.4M | ||
| Q1 25 | $44.4M | $163.7M | ||
| Q4 24 | $33.6M | $277.9M | ||
| Q3 24 | $26.0M | $355.7M | ||
| Q2 24 | $30.2M | $481.2M | ||
| Q1 24 | — | $688.5M |
| Q4 25 | $237.8M | $840.8M | ||
| Q3 25 | $238.2M | $5.3M | ||
| Q2 25 | $239.0M | $5.3M | ||
| Q1 25 | $237.5M | $5.3M | ||
| Q4 24 | $238.5M | $584.6M | ||
| Q3 24 | $113.6M | $5.7M | ||
| Q2 24 | $113.7M | — | ||
| Q1 24 | — | — |
| Q4 25 | $485.0M | $2.9B | ||
| Q3 25 | $468.8M | $3.5B | ||
| Q2 25 | $460.7M | $3.3B | ||
| Q1 25 | $446.6M | $2.9B | ||
| Q4 24 | $458.4M | $3.1B | ||
| Q3 24 | $451.0M | $2.7B | ||
| Q2 24 | $390.4M | $2.6B | ||
| Q1 24 | — | $2.5B |
| Q4 25 | $959.5M | $3.9B | ||
| Q3 25 | $936.9M | $4.5B | ||
| Q2 25 | $930.8M | $4.3B | ||
| Q1 25 | $910.1M | $3.7B | ||
| Q4 24 | $908.7M | $3.9B | ||
| Q3 24 | $748.3M | $2.9B | ||
| Q2 24 | $684.9M | $2.7B | ||
| Q1 24 | — | $2.6B |
| Q4 25 | 0.49× | 0.29× | ||
| Q3 25 | 0.51× | 0.00× | ||
| Q2 25 | 0.52× | 0.00× | ||
| Q1 25 | 0.53× | 0.00× | ||
| Q4 24 | 0.52× | 0.19× | ||
| Q3 24 | 0.25× | 0.00× | ||
| Q2 24 | 0.29× | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $10.2M | $-572.9M |
| Free Cash FlowOCF − Capex | $4.9M | $-774.3M |
| FCF MarginFCF / Revenue | 4.4% | -506.6% |
| Capex IntensityCapex / Revenue | 4.6% | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $12.9M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.2M | $-572.9M | ||
| Q3 25 | $5.5M | $-114.0M | ||
| Q2 25 | $4.7M | $-231.3M | ||
| Q1 25 | $13.5M | $-122.1M | ||
| Q4 24 | $-6.1M | $-255.1M | ||
| Q3 24 | $-3.2M | $-56.3M | ||
| Q2 24 | $-7.6M | $-42.5M | ||
| Q1 24 | — | $-57.9M |
| Q4 25 | $4.9M | $-774.3M | ||
| Q3 25 | $1.2M | $-139.7M | ||
| Q2 25 | $-3.4M | $-291.7M | ||
| Q1 25 | $10.1M | $-154.9M | ||
| Q4 24 | $-12.2M | $-495.4M | ||
| Q3 24 | $-8.0M | $-127.6M | ||
| Q2 24 | $-13.2M | $-96.1M | ||
| Q1 24 | — | $-115.2M |
| Q4 25 | 4.4% | -506.6% | ||
| Q3 25 | 1.1% | -77.5% | ||
| Q2 25 | -3.3% | -190.7% | ||
| Q1 25 | 9.8% | -96.0% | ||
| Q4 24 | -11.5% | -347.5% | ||
| Q3 24 | -10.4% | -150.5% | ||
| Q2 24 | -17.5% | -137.2% | ||
| Q1 24 | — | -145.2% |
| Q4 25 | 4.6% | 131.8% | ||
| Q3 25 | 3.9% | 14.3% | ||
| Q2 25 | 7.8% | 39.5% | ||
| Q1 25 | 3.3% | 20.4% | ||
| Q4 24 | 5.8% | 168.6% | ||
| Q3 24 | 6.3% | 84.1% | ||
| Q2 24 | 7.4% | 76.5% | ||
| Q1 24 | — | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AIOT
| Services | $91.1M | 80% |
| Products | $22.4M | 20% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
