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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) 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 $111.5M, roughly 1.4× AVIAT NETWORKS, INC.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -452.0%, a 457.1% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 0.3%).
Aviat Networks, Inc. is a global provider of microwave transport and backhaul solutions, providing public and private operators with communications infrastructure to serve telecommunications operators and enterprise customers.
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.
AVNW vs RIOT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $152.8M |
| Net Profit | $5.7M | $-690.7M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | -447.9% |
| Net Margin | 5.1% | -452.0% |
| Revenue YoY | -5.7% | 7.2% |
| Net Profit YoY | 27.2% | -606.3% |
| EPS (diluted) | $0.44 | $-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 | $111.5M | $152.8M | ||
| Q3 25 | $107.3M | $180.2M | ||
| Q2 25 | $115.3M | $153.0M | ||
| Q1 25 | $112.6M | $161.4M | ||
| Q4 24 | $118.2M | $142.6M | ||
| Q3 24 | $88.4M | $84.8M | ||
| Q2 24 | $116.7M | $70.0M | ||
| Q1 24 | $110.8M | $79.3M |
| Q4 25 | $5.7M | $-690.7M | ||
| Q3 25 | $162.0K | $104.5M | ||
| Q2 25 | $5.2M | $219.5M | ||
| Q1 25 | $3.5M | $-296.4M | ||
| Q4 24 | $4.5M | $136.4M | ||
| Q3 24 | $-11.9M | $-154.4M | ||
| Q2 24 | $1.5M | $-84.4M | ||
| Q1 24 | $3.9M | $211.8M |
| Q4 25 | 32.4% | — | ||
| Q3 25 | 33.2% | — | ||
| Q2 25 | 34.2% | — | ||
| Q1 25 | 34.9% | — | ||
| Q4 24 | 34.6% | — | ||
| Q3 24 | 22.4% | — | ||
| Q2 24 | 35.3% | — | ||
| Q1 24 | 32.5% | — |
| Q4 25 | 6.5% | -447.9% | ||
| Q3 25 | 4.8% | 44.4% | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 8.3% | -144.9% | ||
| Q4 24 | 6.7% | — | ||
| Q3 24 | -17.6% | -143.3% | ||
| Q2 24 | 4.7% | -167.2% | ||
| Q1 24 | 5.1% | — |
| Q4 25 | 5.1% | -452.0% | ||
| Q3 25 | 0.2% | 58.0% | ||
| Q2 25 | 4.5% | 143.4% | ||
| Q1 25 | 3.1% | -183.6% | ||
| Q4 24 | 3.8% | 95.7% | ||
| Q3 24 | -13.4% | -182.1% | ||
| Q2 24 | 1.3% | -120.6% | ||
| Q1 24 | 3.5% | 267.1% |
| Q4 25 | $0.44 | $-1.89 | ||
| Q3 25 | $0.01 | $0.26 | ||
| Q2 25 | $0.42 | $0.58 | ||
| Q1 25 | $0.27 | $-0.90 | ||
| Q4 24 | $0.35 | $0.39 | ||
| Q3 24 | $-0.94 | $-0.54 | ||
| Q2 24 | $0.11 | $-0.32 | ||
| Q1 24 | $0.30 | $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 | $86.5M | $233.5M |
| Total DebtLower is stronger | $105.4M | $840.8M |
| Stockholders' EquityBook value | $271.6M | $2.9B |
| Total Assets | $659.4M | $3.9B |
| Debt / EquityLower = less leverage | 0.39× | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $233.5M | ||
| Q3 25 | $64.8M | $330.7M | ||
| Q2 25 | $59.7M | $255.4M | ||
| Q1 25 | $49.4M | $163.7M | ||
| Q4 24 | $52.6M | $277.9M | ||
| Q3 24 | $51.0M | $355.7M | ||
| Q2 24 | $64.6M | $481.2M | ||
| Q1 24 | $59.2M | $688.5M |
| Q4 25 | $105.4M | $840.8M | ||
| Q3 25 | $106.5M | $5.3M | ||
| Q2 25 | $87.6M | $5.3M | ||
| Q1 25 | $73.9M | $5.3M | ||
| Q4 24 | $74.9M | $584.6M | ||
| Q3 24 | $83.4M | $5.7M | ||
| Q2 24 | $48.4M | — | ||
| Q1 24 | $48.9M | — |
| Q4 25 | $271.6M | $2.9B | ||
| Q3 25 | $263.6M | $3.5B | ||
| Q2 25 | $263.2M | $3.3B | ||
| Q1 25 | $256.1M | $2.9B | ||
| Q4 24 | $249.6M | $3.1B | ||
| Q3 24 | $247.1M | $2.7B | ||
| Q2 24 | $255.9M | $2.6B | ||
| Q1 24 | $256.0M | $2.5B |
| Q4 25 | $659.4M | $3.9B | ||
| Q3 25 | $643.3M | $4.5B | ||
| Q2 25 | $633.3M | $4.3B | ||
| Q1 25 | $628.3M | $3.7B | ||
| Q4 24 | $594.1M | $3.9B | ||
| Q3 24 | $590.9M | $2.9B | ||
| Q2 24 | $535.2M | $2.7B | ||
| Q1 24 | $490.3M | $2.6B |
| Q4 25 | 0.39× | 0.29× | ||
| Q3 25 | 0.40× | 0.00× | ||
| Q2 25 | 0.33× | 0.00× | ||
| Q1 25 | 0.29× | 0.00× | ||
| Q4 24 | 0.30× | 0.19× | ||
| Q3 24 | 0.34× | 0.00× | ||
| Q2 24 | 0.19× | — | ||
| Q1 24 | 0.19× | — |
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 | $23.9M | $-572.9M |
| Free Cash FlowOCF − Capex | $22.5M | $-774.3M |
| FCF MarginFCF / Revenue | 20.2% | -506.6% |
| Capex IntensityCapex / Revenue | 1.3% | 131.8% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $-572.9M | ||
| Q3 25 | $-11.7M | $-114.0M | ||
| Q2 25 | $10.5M | $-231.3M | ||
| Q1 25 | $1.6M | $-122.1M | ||
| Q4 24 | $20.8M | $-255.1M | ||
| Q3 24 | $-27.2M | $-56.3M | ||
| Q2 24 | $8.3M | $-42.5M | ||
| Q1 24 | $15.3M | $-57.9M |
| Q4 25 | $22.5M | $-774.3M | ||
| Q3 25 | $-13.5M | $-139.7M | ||
| Q2 25 | $8.2M | $-291.7M | ||
| Q1 25 | $-1.2M | $-154.9M | ||
| Q4 24 | $18.3M | $-495.4M | ||
| Q3 24 | $-32.6M | $-127.6M | ||
| Q2 24 | $7.5M | $-96.1M | ||
| Q1 24 | $14.8M | $-115.2M |
| Q4 25 | 20.2% | -506.6% | ||
| Q3 25 | -12.6% | -77.5% | ||
| Q2 25 | 7.1% | -190.7% | ||
| Q1 25 | -1.0% | -96.0% | ||
| Q4 24 | 15.5% | -347.5% | ||
| Q3 24 | -36.8% | -150.5% | ||
| Q2 24 | 6.4% | -137.2% | ||
| Q1 24 | 13.4% | -145.2% |
| Q4 25 | 1.3% | 131.8% | ||
| Q3 25 | 1.6% | 14.3% | ||
| Q2 25 | 2.0% | 39.5% | ||
| Q1 25 | 2.5% | 20.4% | ||
| Q4 24 | 2.1% | 168.6% | ||
| Q3 24 | 6.1% | 84.1% | ||
| Q2 24 | 0.7% | 76.5% | ||
| Q1 24 | 0.4% | 72.3% |
| Q4 25 | 4.18× | — | ||
| Q3 25 | -72.48× | -1.09× | ||
| Q2 25 | 2.02× | -1.05× | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 4.62× | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.37× | — | ||
| Q1 24 | 3.96× | -0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
