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Side-by-side financial comparison of APPIAN CORP (APPN) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
APPIAN CORP is the larger business by last-quarter revenue ($202.9M vs $152.8M, roughly 1.3× Riot Platforms, Inc.). APPIAN CORP runs the higher net margin — -2.5% vs -452.0%, a 449.5% gap on every dollar of revenue. On growth, APPIAN CORP posted the faster year-over-year revenue change (21.7% vs 7.2%). APPIAN CORP produced more free cash flow last quarter ($270.0K vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 16.4%).
Appian Corporation is an American cloud computing and enterprise software company headquartered in McLean, Virginia, part of the Dulles Technology Corridor. The company sells a platform as a service (PaaS) for building enterprise software applications. It is focused on low-code development, process mining, business process management, and case management markets in North America, Europe, the Middle East and Southeast Asia.
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.
APPN vs RIOT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $152.8M |
| Net Profit | $-5.1M | $-690.7M |
| Gross Margin | 64.8% | — |
| Operating Margin | -0.3% | -447.9% |
| Net Margin | -2.5% | -452.0% |
| Revenue YoY | 21.7% | 7.2% |
| Net Profit YoY | 62.6% | -606.3% |
| EPS (diluted) | $-0.06 | $-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 | $202.9M | $152.8M | ||
| Q3 25 | $187.0M | $180.2M | ||
| Q2 25 | $170.6M | $153.0M | ||
| Q1 25 | $166.4M | $161.4M | ||
| Q4 24 | $166.7M | $142.6M | ||
| Q3 24 | $154.1M | $84.8M | ||
| Q2 24 | $146.4M | $70.0M | ||
| Q1 24 | $149.8M | $79.3M |
| Q4 25 | $-5.1M | $-690.7M | ||
| Q3 25 | $7.8M | $104.5M | ||
| Q2 25 | $-312.0K | $219.5M | ||
| Q1 25 | $-1.2M | $-296.4M | ||
| Q4 24 | $-13.6M | $136.4M | ||
| Q3 24 | $-2.1M | $-154.4M | ||
| Q2 24 | $-43.6M | $-84.4M | ||
| Q1 24 | $-32.9M | $211.8M |
| Q4 25 | 64.8% | — | ||
| Q3 25 | 75.8% | — | ||
| Q2 25 | 74.3% | — | ||
| Q1 25 | 76.6% | — | ||
| Q4 24 | 67.8% | — | ||
| Q3 24 | 75.9% | — | ||
| Q2 24 | 73.1% | — | ||
| Q1 24 | 74.6% | — |
| Q4 25 | -0.3% | -447.9% | ||
| Q3 25 | 7.0% | 44.4% | ||
| Q2 25 | -6.4% | — | ||
| Q1 25 | -0.5% | -144.9% | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | -4.6% | -143.3% | ||
| Q2 24 | -26.8% | -167.2% | ||
| Q1 24 | -13.0% | — |
| Q4 25 | -2.5% | -452.0% | ||
| Q3 25 | 4.2% | 58.0% | ||
| Q2 25 | -0.2% | 143.4% | ||
| Q1 25 | -0.7% | -183.6% | ||
| Q4 24 | -8.2% | 95.7% | ||
| Q3 24 | -1.4% | -182.1% | ||
| Q2 24 | -29.8% | -120.6% | ||
| Q1 24 | -22.0% | 267.1% |
| Q4 25 | $-0.06 | $-1.89 | ||
| Q3 25 | $0.10 | $0.26 | ||
| Q2 25 | $0.00 | $0.58 | ||
| Q1 25 | $-0.02 | $-0.90 | ||
| Q4 24 | $-0.18 | $0.39 | ||
| Q3 24 | $-0.03 | $-0.54 | ||
| Q2 24 | $-0.60 | $-0.32 | ||
| Q1 24 | $-0.45 | $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 | $187.2M | $233.5M |
| Total DebtLower is stronger | $240.8M | $840.8M |
| Stockholders' EquityBook value | $-47.0M | $2.9B |
| Total Assets | $691.4M | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $233.5M | ||
| Q3 25 | $191.6M | $330.7M | ||
| Q2 25 | $184.8M | $255.4M | ||
| Q1 25 | $199.7M | $163.7M | ||
| Q4 24 | $159.9M | $277.9M | ||
| Q3 24 | $99.2M | $355.7M | ||
| Q2 24 | $120.8M | $481.2M | ||
| Q1 24 | $170.1M | $688.5M |
| Q4 25 | $240.8M | $840.8M | ||
| Q3 25 | $245.7M | $5.3M | ||
| Q2 25 | $245.6M | $5.3M | ||
| Q1 25 | $248.0M | $5.3M | ||
| Q4 24 | $250.4M | $584.6M | ||
| Q3 24 | $252.8M | $5.7M | ||
| Q2 24 | $254.0M | — | ||
| Q1 24 | $255.1M | — |
| Q4 25 | $-47.0M | $2.9B | ||
| Q3 25 | $-48.5M | $3.5B | ||
| Q2 25 | $-53.7M | $3.3B | ||
| Q1 25 | $-31.7M | $2.9B | ||
| Q4 24 | $-32.6M | $3.1B | ||
| Q3 24 | $-49.8M | $2.7B | ||
| Q2 24 | $-45.7M | $2.6B | ||
| Q1 24 | $-9.7M | $2.5B |
| Q4 25 | $691.4M | $3.9B | ||
| Q3 25 | $611.7M | $4.5B | ||
| Q2 25 | $590.7M | $4.3B | ||
| Q1 25 | $592.9M | $3.7B | ||
| Q4 24 | $621.0M | $3.9B | ||
| Q3 24 | $549.9M | $2.9B | ||
| Q2 24 | $554.6M | $2.7B | ||
| Q1 24 | $595.4M | $2.6B |
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | — | ||
| 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 | $1.1M | $-572.9M |
| Free Cash FlowOCF − Capex | $270.0K | $-774.3M |
| FCF MarginFCF / Revenue | 0.1% | -506.6% |
| Capex IntensityCapex / Revenue | 0.4% | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1M | $-572.9M | ||
| Q3 25 | $18.7M | $-114.0M | ||
| Q2 25 | $-1.9M | $-231.3M | ||
| Q1 25 | $45.0M | $-122.1M | ||
| Q4 24 | $13.9M | $-255.1M | ||
| Q3 24 | $-8.2M | $-56.3M | ||
| Q2 24 | $-17.6M | $-42.5M | ||
| Q1 24 | $18.9M | $-57.9M |
| Q4 25 | $270.0K | $-774.3M | ||
| Q3 25 | $18.1M | $-139.7M | ||
| Q2 25 | $-3.1M | $-291.7M | ||
| Q1 25 | $44.3M | $-154.9M | ||
| Q4 24 | $13.4M | $-495.4M | ||
| Q3 24 | $-8.6M | $-127.6M | ||
| Q2 24 | $-18.3M | $-96.1M | ||
| Q1 24 | $16.7M | $-115.2M |
| Q4 25 | 0.1% | -506.6% | ||
| Q3 25 | 9.7% | -77.5% | ||
| Q2 25 | -1.8% | -190.7% | ||
| Q1 25 | 26.6% | -96.0% | ||
| Q4 24 | 8.0% | -347.5% | ||
| Q3 24 | -5.6% | -150.5% | ||
| Q2 24 | -12.5% | -137.2% | ||
| Q1 24 | 11.1% | -145.2% |
| Q4 25 | 0.4% | 131.8% | ||
| Q3 25 | 0.3% | 14.3% | ||
| Q2 25 | 0.7% | 39.5% | ||
| Q1 25 | 0.4% | 20.4% | ||
| Q4 24 | 0.3% | 168.6% | ||
| Q3 24 | 0.2% | 84.1% | ||
| Q2 24 | 0.5% | 76.5% | ||
| Q1 24 | 1.5% | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | 2.39× | -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
APPN
| Subscriptions Software And Support | $162.3M | 80% |
| Professional Services | $40.6M | 20% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
