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Side-by-side financial comparison of BITMINE IMMERSION TECHNOLOGIES, INC. (BMNR) 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 $2.3M, roughly 66.7× BITMINE IMMERSION TECHNOLOGIES, INC.). Riot Platforms, Inc. runs the higher net margin — -452.0% vs -226955.7%, a 226503.8% gap on every dollar of revenue. On growth, BITMINE IMMERSION TECHNOLOGIES, INC. posted the faster year-over-year revenue change (90.9% vs 7.2%). Riot Platforms, Inc. produced more free cash flow last quarter ($-188.0M vs $-228.7M).
Bitmine Immersion Technologies is a tech firm focused on developing and providing professional immersion cooling solutions for high-performance computing scenarios, including cryptocurrency mining rig clusters and data center infrastructure. Its products boost hardware operating efficiency, cut energy consumption for heat control, extend high-power computing equipment lifespan, and help clients reduce long-term operational costs.
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.
BMNR vs RIOT — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $2.3M | $152.8M |
| Net Profit | $-5.2B | $-690.7M |
| Gross Margin | 55.3% | — |
| Operating Margin | -238564.8% | -447.9% |
| Net Margin | -226955.7% | -452.0% |
| Revenue YoY | 90.9% | 7.2% |
| Net Profit YoY | -533796.8% | -606.3% |
| EPS (diluted) | $-15.98 | $-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 | $2.3M | $152.8M | ||
| Q3 25 | — | $180.2M | ||
| Q2 25 | — | $153.0M | ||
| Q1 25 | — | $161.4M | ||
| Q4 24 | — | $142.6M | ||
| Q3 24 | — | $84.8M | ||
| Q2 24 | — | $70.0M | ||
| Q1 24 | — | $79.3M |
| Q4 25 | $-5.2B | $-690.7M | ||
| Q3 25 | — | $104.5M | ||
| Q2 25 | — | $219.5M | ||
| Q1 25 | — | $-296.4M | ||
| Q4 24 | — | $136.4M | ||
| Q3 24 | — | $-154.4M | ||
| Q2 24 | — | $-84.4M | ||
| Q1 24 | — | $211.8M |
| Q4 25 | 55.3% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -238564.8% | -447.9% | ||
| Q3 25 | — | 44.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -144.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -143.3% | ||
| Q2 24 | — | -167.2% | ||
| Q1 24 | — | — |
| Q4 25 | -226955.7% | -452.0% | ||
| Q3 25 | — | 58.0% | ||
| Q2 25 | — | 143.4% | ||
| Q1 25 | — | -183.6% | ||
| Q4 24 | — | 95.7% | ||
| Q3 24 | — | -182.1% | ||
| Q2 24 | — | -120.6% | ||
| Q1 24 | — | 267.1% |
| Q4 25 | $-15.98 | $-1.89 | ||
| Q3 25 | — | $0.26 | ||
| Q2 25 | — | $0.58 | ||
| Q1 25 | — | $-0.90 | ||
| Q4 24 | — | $0.39 | ||
| Q3 24 | — | $-0.54 | ||
| Q2 24 | — | $-0.32 | ||
| Q1 24 | — | $0.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $887.7M | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $11.3B | $2.9B |
| Total Assets | $11.5B | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $887.7M | $233.5M | ||
| Q3 25 | — | $330.7M | ||
| Q2 25 | — | $255.4M | ||
| Q1 25 | — | $163.7M | ||
| Q4 24 | — | $277.9M | ||
| Q3 24 | — | $355.7M | ||
| Q2 24 | — | $481.2M | ||
| Q1 24 | — | $688.5M |
| Q4 25 | — | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $5.3M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $11.3B | $2.9B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.3B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.6B | ||
| Q1 24 | — | $2.5B |
| Q4 25 | $11.5B | $3.9B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $2.6B |
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| 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 | $-228.4M | $-105.5M |
| Free Cash FlowOCF − Capex | $-228.7M | $-188.0M |
| FCF MarginFCF / Revenue | -9975.2% | -123.0% |
| Capex IntensityCapex / Revenue | 16.4% | 54.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-774.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-228.4M | $-105.5M | ||
| Q3 25 | — | $-114.0M | ||
| Q2 25 | — | $-231.3M | ||
| Q1 25 | — | $-122.1M | ||
| Q4 24 | — | $-98.4M | ||
| Q3 24 | — | $-56.3M | ||
| Q2 24 | — | $-42.5M | ||
| Q1 24 | — | $-57.9M |
| Q4 25 | $-228.7M | $-188.0M | ||
| Q3 25 | — | $-139.7M | ||
| Q2 25 | — | $-291.7M | ||
| Q1 25 | — | $-154.9M | ||
| Q4 24 | — | $-156.6M | ||
| Q3 24 | — | $-127.6M | ||
| Q2 24 | — | $-96.1M | ||
| Q1 24 | — | $-115.2M |
| Q4 25 | -9975.2% | -123.0% | ||
| Q3 25 | — | -77.5% | ||
| Q2 25 | — | -190.7% | ||
| Q1 25 | — | -96.0% | ||
| Q4 24 | — | -109.8% | ||
| Q3 24 | — | -150.5% | ||
| Q2 24 | — | -137.2% | ||
| Q1 24 | — | -145.2% |
| Q4 25 | 16.4% | 54.0% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 39.5% | ||
| Q1 25 | — | 20.4% | ||
| Q4 24 | — | 40.8% | ||
| Q3 24 | — | 84.1% | ||
| Q2 24 | — | 76.5% | ||
| Q1 24 | — | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -0.72× | ||
| 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
BMNR
Segment breakdown not available.
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
