vs
Side-by-side financial comparison of BLACKBERRY Ltd (BB) 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 $141.8M, roughly 1.1× BLACKBERRY Ltd). BLACKBERRY Ltd runs the higher net margin — 9.7% vs -452.0%, a 461.6% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -0.8%). BLACKBERRY Ltd produced more free cash flow last quarter ($17.4M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 17.8%).
BlackBerry Limited, formerly Research In Motion (RIM), is a Canadian software company specializing in secure communications and the Internet of Things (IoT). Founded in 1984, it developed the BlackBerry brand of two-way pagers, smartphones, and tablets. The company later transitioned to providing software and services and holds critical software application patents.
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.
BB vs RIOT — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $141.8M | $152.8M |
| Net Profit | $13.7M | $-690.7M |
| Gross Margin | 77.5% | — |
| Operating Margin | 8.4% | -447.9% |
| Net Margin | 9.7% | -452.0% |
| Revenue YoY | -0.8% | 7.2% |
| Net Profit YoY | 224.5% | -606.3% |
| EPS (diluted) | $0.02 | $-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 | $141.8M | $152.8M | ||
| Q3 25 | $129.6M | $180.2M | ||
| Q2 25 | $121.7M | $153.0M | ||
| Q1 25 | $141.7M | $161.4M | ||
| Q4 24 | $143.6M | $142.6M | ||
| Q3 24 | $126.2M | $84.8M | ||
| Q2 24 | $123.4M | $70.0M | ||
| Q1 24 | $102.1M | $79.3M |
| Q4 25 | $13.7M | $-690.7M | ||
| Q3 25 | $13.3M | $104.5M | ||
| Q2 25 | $1.9M | $219.5M | ||
| Q1 25 | $-7.4M | $-296.4M | ||
| Q4 24 | $-10.5M | $136.4M | ||
| Q3 24 | $-19.7M | $-154.4M | ||
| Q2 24 | $-41.4M | $-84.4M | ||
| Q1 24 | $-56.2M | $211.8M |
| Q4 25 | 77.5% | — | ||
| Q3 25 | 74.5% | — | ||
| Q2 25 | 74.2% | — | ||
| Q1 25 | 73.5% | — | ||
| Q4 24 | 78.1% | — | ||
| Q3 24 | 70.2% | — | ||
| Q2 24 | 72.9% | — | ||
| Q1 24 | — | — |
| Q4 25 | 8.4% | -447.9% | ||
| Q3 25 | 8.9% | 44.4% | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | -5.6% | -144.9% | ||
| Q4 24 | 13.6% | — | ||
| Q3 24 | 1.7% | -143.3% | ||
| Q2 24 | -10.5% | -167.2% | ||
| Q1 24 | 50.0% | — |
| Q4 25 | 9.7% | -452.0% | ||
| Q3 25 | 10.3% | 58.0% | ||
| Q2 25 | 1.6% | 143.4% | ||
| Q1 25 | -5.2% | -183.6% | ||
| Q4 24 | -7.3% | 95.7% | ||
| Q3 24 | -15.6% | -182.1% | ||
| Q2 24 | -33.5% | -120.6% | ||
| Q1 24 | -55.0% | 267.1% |
| Q4 25 | $0.02 | $-1.89 | ||
| Q3 25 | $0.02 | $0.26 | ||
| Q2 25 | $0.00 | $0.58 | ||
| Q1 25 | $-0.01 | $-0.90 | ||
| Q4 24 | $-0.02 | $0.39 | ||
| Q3 24 | $-0.03 | $-0.54 | ||
| Q2 24 | $-0.07 | $-0.32 | ||
| Q1 24 | $-0.08 | $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 | $304.2M | $233.5M |
| Total DebtLower is stronger | $196.2M | $840.8M |
| Stockholders' EquityBook value | $741.1M | $2.9B |
| Total Assets | $1.2B | $3.9B |
| Debt / EquityLower = less leverage | 0.26× | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $304.2M | $233.5M | ||
| Q3 25 | $290.5M | $330.7M | ||
| Q2 25 | $306.6M | $255.4M | ||
| Q1 25 | $337.8M | $163.7M | ||
| Q4 24 | $220.0M | $277.9M | ||
| Q3 24 | $211.0M | $355.7M | ||
| Q2 24 | $229.0M | $481.2M | ||
| Q1 24 | $237.1M | $688.5M |
| Q4 25 | $196.2M | $840.8M | ||
| Q3 25 | $195.9M | $5.3M | ||
| Q2 25 | $195.6M | $5.3M | ||
| Q1 25 | $195.3M | $5.3M | ||
| Q4 24 | — | $584.6M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | $194.1M | — |
| Q4 25 | $741.1M | $2.9B | ||
| Q3 25 | $725.1M | $3.5B | ||
| Q2 25 | $725.1M | $3.3B | ||
| Q1 25 | $719.9M | $2.9B | ||
| Q4 24 | $725.2M | $3.1B | ||
| Q3 24 | $732.1M | $2.7B | ||
| Q2 24 | $742.6M | $2.6B | ||
| Q1 24 | $775.1M | $2.5B |
| Q4 25 | $1.2B | $3.9B | ||
| Q3 25 | $1.2B | $4.5B | ||
| Q2 25 | $1.2B | $4.3B | ||
| Q1 25 | $1.3B | $3.7B | ||
| Q4 24 | $1.3B | $3.9B | ||
| Q3 24 | $1.3B | $2.9B | ||
| Q2 24 | $1.3B | $2.7B | ||
| Q1 24 | $1.4B | $2.6B |
| Q4 25 | 0.26× | 0.29× | ||
| Q3 25 | 0.27× | 0.00× | ||
| Q2 25 | 0.27× | 0.00× | ||
| Q1 25 | 0.27× | 0.00× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.25× | — |
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 | $18.3M | $-572.9M |
| Free Cash FlowOCF − Capex | $17.4M | $-774.3M |
| FCF MarginFCF / Revenue | 12.3% | -506.6% |
| Capex IntensityCapex / Revenue | 0.6% | 131.8% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $42.8M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.3M | $-572.9M | ||
| Q3 25 | $3.9M | $-114.0M | ||
| Q2 25 | $-18.0M | $-231.3M | ||
| Q1 25 | $41.6M | $-122.1M | ||
| Q4 24 | $6.0M | $-255.1M | ||
| Q3 24 | $-16.0M | $-56.3M | ||
| Q2 24 | $-15.1M | $-42.5M | ||
| Q1 24 | $-15.5M | $-57.9M |
| Q4 25 | $17.4M | $-774.3M | ||
| Q3 25 | $3.1M | $-139.7M | ||
| Q2 25 | $-18.9M | $-291.7M | ||
| Q1 25 | $41.2M | $-154.9M | ||
| Q4 24 | $5.2M | $-495.4M | ||
| Q3 24 | $-16.5M | $-127.6M | ||
| Q2 24 | $-16.5M | $-96.1M | ||
| Q1 24 | $-17.6M | $-115.2M |
| Q4 25 | 12.3% | -506.6% | ||
| Q3 25 | 2.4% | -77.5% | ||
| Q2 25 | -15.5% | -190.7% | ||
| Q1 25 | 29.1% | -96.0% | ||
| Q4 24 | 3.6% | -347.5% | ||
| Q3 24 | -13.1% | -150.5% | ||
| Q2 24 | -13.4% | -137.2% | ||
| Q1 24 | -17.2% | -145.2% |
| Q4 25 | 0.6% | 131.8% | ||
| Q3 25 | 0.6% | 14.3% | ||
| Q2 25 | 0.7% | 39.5% | ||
| Q1 25 | 0.3% | 20.4% | ||
| Q4 24 | 0.6% | 168.6% | ||
| Q3 24 | 0.4% | 84.1% | ||
| Q2 24 | 1.1% | 76.5% | ||
| Q1 24 | 2.1% | 72.3% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 0.29× | -1.09× | ||
| Q2 25 | -9.47× | -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
BB
| QNX | $68.7M | 48% |
| Secure Communication | $67.0M | 47% |
| Licensing | $6.1M | 4% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
