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Side-by-side financial comparison of Bandwidth Inc. (BAND) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
Bandwidth Inc. is the larger business by last-quarter revenue ($208.8M vs $152.8M, roughly 1.4× Riot Platforms, Inc.). Bandwidth Inc. runs the higher net margin — 1.9% vs -452.0%, a 453.9% gap on every dollar of revenue. On growth, Bandwidth Inc. posted the faster year-over-year revenue change (20.1% vs 7.2%). Bandwidth Inc. produced more free cash flow last quarter ($-1.0M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 9.7%).
Bandwidth Inc. is a communications platform as a service company. It sells software application programming interfaces for voice, text messaging and emergency services, using its own global IP voice network.
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.
BAND vs RIOT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $208.8M | $152.8M |
| Net Profit | $4.0M | $-690.7M |
| Gross Margin | 37.3% | — |
| Operating Margin | 60.5% | -447.9% |
| Net Margin | 1.9% | -452.0% |
| Revenue YoY | 20.1% | 7.2% |
| Net Profit YoY | 200.0% | -606.3% |
| EPS (diluted) | $-0.08 | $-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.
| Q1 26 | $208.8M | — | ||
| Q4 25 | $207.7M | $152.8M | ||
| Q3 25 | $191.9M | $180.2M | ||
| Q2 25 | $180.0M | $153.0M | ||
| Q1 25 | $174.2M | $161.4M | ||
| Q4 24 | $210.0M | $142.6M | ||
| Q3 24 | $193.9M | $84.8M | ||
| Q2 24 | $173.6M | $70.0M |
| Q1 26 | $4.0M | — | ||
| Q4 25 | — | $-690.7M | ||
| Q3 25 | $-1.2M | $104.5M | ||
| Q2 25 | $-4.9M | $219.5M | ||
| Q1 25 | $-3.7M | $-296.4M | ||
| Q4 24 | — | $136.4M | ||
| Q3 24 | $413.0K | $-154.4M | ||
| Q2 24 | $4.1M | $-84.4M |
| Q1 26 | 37.3% | — | ||
| Q4 25 | 37.6% | — | ||
| Q3 25 | 38.5% | — | ||
| Q2 25 | 39.8% | — | ||
| Q1 25 | 41.0% | — | ||
| Q4 24 | 36.4% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 37.3% | — |
| Q1 26 | 60.5% | — | ||
| Q4 25 | -1.9% | -447.9% | ||
| Q3 25 | -1.0% | 44.4% | ||
| Q2 25 | -2.1% | — | ||
| Q1 25 | -2.7% | -144.9% | ||
| Q4 24 | -1.3% | — | ||
| Q3 24 | -0.5% | -143.3% | ||
| Q2 24 | -3.5% | -167.2% |
| Q1 26 | 1.9% | — | ||
| Q4 25 | — | -452.0% | ||
| Q3 25 | -0.6% | 58.0% | ||
| Q2 25 | -2.7% | 143.4% | ||
| Q1 25 | -2.1% | -183.6% | ||
| Q4 24 | — | 95.7% | ||
| Q3 24 | 0.2% | -182.1% | ||
| Q2 24 | 2.3% | -120.6% |
| Q1 26 | $-0.08 | — | ||
| Q4 25 | $-0.10 | $-1.89 | ||
| Q3 25 | $-0.04 | $0.26 | ||
| Q2 25 | $-0.16 | $0.58 | ||
| Q1 25 | $-0.13 | $-0.90 | ||
| Q4 24 | $0.27 | $0.39 | ||
| Q3 24 | $0.01 | $-0.54 | ||
| Q2 24 | $-0.17 | $-0.32 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $47.3M | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $405.7M | $2.9B |
| Total Assets | $984.2M | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $47.3M | — | ||
| Q4 25 | $111.3M | $233.5M | ||
| Q3 25 | $80.4M | $330.7M | ||
| Q2 25 | $68.1M | $255.4M | ||
| Q1 25 | $41.7M | $163.7M | ||
| Q4 24 | $83.8M | $277.9M | ||
| Q3 24 | $79.9M | $355.7M | ||
| Q2 24 | $76.4M | $481.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $584.6M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — |
| Q1 26 | $405.7M | — | ||
| Q4 25 | $400.0M | $2.9B | ||
| Q3 25 | $392.7M | $3.5B | ||
| Q2 25 | $384.5M | $3.3B | ||
| Q1 25 | $345.4M | $2.9B | ||
| Q4 24 | $312.5M | $3.1B | ||
| Q3 24 | $336.6M | $2.7B | ||
| Q2 24 | $307.4M | $2.6B |
| Q1 26 | $984.2M | — | ||
| Q4 25 | $1.1B | $3.9B | ||
| Q3 25 | $1.0B | $4.5B | ||
| Q2 25 | $1.0B | $4.3B | ||
| Q1 25 | $964.4M | $3.7B | ||
| Q4 24 | $989.2M | $3.9B | ||
| Q3 24 | $1.0B | $2.9B | ||
| Q2 24 | $1.0B | $2.7B |
| Q1 26 | — | — | ||
| 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 | — | — |
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 | — | $-572.9M |
| Free Cash FlowOCF − Capex | $-1.0M | $-774.3M |
| FCF MarginFCF / Revenue | -0.5% | -506.6% |
| Capex IntensityCapex / Revenue | — | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $38.6M | $-572.9M | ||
| Q3 25 | $22.2M | $-114.0M | ||
| Q2 25 | $31.7M | $-231.3M | ||
| Q1 25 | $-3.1M | $-122.1M | ||
| Q4 24 | $36.5M | $-255.1M | ||
| Q3 24 | $20.5M | $-56.3M | ||
| Q2 24 | $24.4M | $-42.5M |
| Q1 26 | $-1.0M | — | ||
| Q4 25 | — | $-774.3M | ||
| Q3 25 | — | $-139.7M | ||
| Q2 25 | — | $-291.7M | ||
| Q1 25 | — | $-154.9M | ||
| Q4 24 | — | $-495.4M | ||
| Q3 24 | — | $-127.6M | ||
| Q2 24 | — | $-96.1M |
| Q1 26 | -0.5% | — | ||
| Q4 25 | — | -506.6% | ||
| Q3 25 | — | -77.5% | ||
| Q2 25 | — | -190.7% | ||
| Q1 25 | — | -96.0% | ||
| Q4 24 | — | -347.5% | ||
| Q3 24 | — | -150.5% | ||
| Q2 24 | — | -137.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 131.8% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 39.5% | ||
| Q1 25 | — | 20.4% | ||
| Q4 24 | — | 168.6% | ||
| Q3 24 | — | 84.1% | ||
| Q2 24 | — | 76.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -1.87× | ||
| Q3 24 | 49.55× | — | ||
| Q2 24 | 6.03× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAND
Segment breakdown not available.
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
