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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
Bitcoin Depot Inc. is the larger business by last-quarter revenue ($162.5M vs $152.8M, roughly 1.1× Riot Platforms, Inc.). Bitcoin Depot Inc. runs the higher net margin — 3.4% vs -452.0%, a 455.4% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs 7.2%). Bitcoin Depot Inc. produced more free cash flow last quarter ($2.5M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs -4.9%).
Bitcoin Depot Inc. is one of the largest cryptocurrency ATM operators across North America. It provides retail consumers with accessible in-person kiosks to buy and sell Bitcoin and other leading digital assets, alongside online crypto purchase services via bank transfer. Its self-service kiosks are located in high-traffic retail spaces including grocery stores, gas stations and convenience stores.
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.
BTM vs RIOT — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $152.8M |
| Net Profit | $5.5M | $-690.7M |
| Gross Margin | — | — |
| Operating Margin | 7.3% | -447.9% |
| Net Margin | 3.4% | -452.0% |
| Revenue YoY | 20.1% | 7.2% |
| Net Profit YoY | 690.4% | -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.
| Q4 25 | — | $152.8M | ||
| Q3 25 | $162.5M | $180.2M | ||
| Q2 25 | $172.1M | $153.0M | ||
| Q1 25 | $164.2M | $161.4M | ||
| Q4 24 | — | $142.6M | ||
| Q3 24 | $135.3M | $84.8M | ||
| Q2 24 | $163.1M | $70.0M | ||
| Q1 24 | $138.5M | $79.3M |
| Q4 25 | — | $-690.7M | ||
| Q3 25 | $5.5M | $104.5M | ||
| Q2 25 | $6.1M | $219.5M | ||
| Q1 25 | $4.2M | $-296.4M | ||
| Q4 24 | — | $136.4M | ||
| Q3 24 | $-939.0K | $-154.4M | ||
| Q2 24 | $-2.6M | $-84.4M | ||
| Q1 24 | $-1.5M | $211.8M |
| Q4 25 | — | -447.9% | ||
| Q3 25 | 7.3% | 44.4% | ||
| Q2 25 | 9.2% | — | ||
| Q1 25 | 10.8% | -144.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.1% | -143.3% | ||
| Q2 24 | 4.7% | -167.2% | ||
| Q1 24 | 0.5% | — |
| Q4 25 | — | -452.0% | ||
| Q3 25 | 3.4% | 58.0% | ||
| Q2 25 | 3.5% | 143.4% | ||
| Q1 25 | 2.6% | -183.6% | ||
| Q4 24 | — | 95.7% | ||
| Q3 24 | -0.7% | -182.1% | ||
| Q2 24 | -1.6% | -120.6% | ||
| Q1 24 | -1.1% | 267.1% |
| Q4 25 | — | $-1.89 | ||
| Q3 25 | $0.08 | $0.26 | ||
| Q2 25 | $0.16 | $0.58 | ||
| Q1 25 | $0.20 | $-0.90 | ||
| Q4 24 | — | $0.39 | ||
| Q3 24 | $-0.05 | $-0.54 | ||
| Q2 24 | $-0.13 | $-0.32 | ||
| Q1 24 | $-0.25 | $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 | $59.3M | $233.5M |
| Total DebtLower is stronger | $67.5M | $840.8M |
| Stockholders' EquityBook value | $21.0M | $2.9B |
| Total Assets | $125.3M | $3.9B |
| Debt / EquityLower = less leverage | 3.21× | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $233.5M | ||
| Q3 25 | $59.3M | $330.7M | ||
| Q2 25 | $48.0M | $255.4M | ||
| Q1 25 | $35.0M | $163.7M | ||
| Q4 24 | — | $277.9M | ||
| Q3 24 | $32.2M | $355.7M | ||
| Q2 24 | $43.9M | $481.2M | ||
| Q1 24 | $42.2M | $688.5M |
| Q4 25 | — | $840.8M | ||
| Q3 25 | $67.5M | $5.3M | ||
| Q2 25 | $66.5M | $5.3M | ||
| Q1 25 | $56.2M | $5.3M | ||
| Q4 24 | — | $584.6M | ||
| Q3 24 | $44.5M | $5.7M | ||
| Q2 24 | $41.2M | — | ||
| Q1 24 | $37.6M | — |
| Q4 25 | — | $2.9B | ||
| Q3 25 | $21.0M | $3.5B | ||
| Q2 25 | $4.7M | $3.3B | ||
| Q1 25 | $-4.6M | $2.9B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | $-7.9M | $2.7B | ||
| Q2 24 | $4.4M | $2.6B | ||
| Q1 24 | $5.0M | $2.5B |
| Q4 25 | — | $3.9B | ||
| Q3 25 | $125.3M | $4.5B | ||
| Q2 25 | $109.1M | $4.3B | ||
| Q1 25 | $89.7M | $3.7B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | $87.4M | $2.9B | ||
| Q2 24 | $97.5M | $2.7B | ||
| Q1 24 | $90.1M | $2.6B |
| Q4 25 | — | 0.29× | ||
| Q3 25 | 3.21× | 0.00× | ||
| Q2 25 | 14.18× | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | 9.27× | — | ||
| Q1 24 | 7.54× | — |
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 | $6.6M | $-572.9M |
| Free Cash FlowOCF − Capex | $2.5M | $-774.3M |
| FCF MarginFCF / Revenue | 1.6% | -506.6% |
| Capex IntensityCapex / Revenue | 2.5% | 131.8% |
| Cash ConversionOCF / Net Profit | 1.20× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-572.9M | ||
| Q3 25 | $6.6M | $-114.0M | ||
| Q2 25 | $10.2M | $-231.3M | ||
| Q1 25 | $16.3M | $-122.1M | ||
| Q4 24 | — | $-255.1M | ||
| Q3 24 | $5.8M | $-56.3M | ||
| Q2 24 | $10.1M | $-42.5M | ||
| Q1 24 | $1.3M | $-57.9M |
| Q4 25 | — | $-774.3M | ||
| Q3 25 | $2.5M | $-139.7M | ||
| Q2 25 | $9.8M | $-291.7M | ||
| Q1 25 | $15.9M | $-154.9M | ||
| Q4 24 | — | $-495.4M | ||
| Q3 24 | $-1.0M | $-127.6M | ||
| Q2 24 | $7.6M | $-96.1M | ||
| Q1 24 | $789.0K | $-115.2M |
| Q4 25 | — | -506.6% | ||
| Q3 25 | 1.6% | -77.5% | ||
| Q2 25 | 5.7% | -190.7% | ||
| Q1 25 | 9.7% | -96.0% | ||
| Q4 24 | — | -347.5% | ||
| Q3 24 | -0.8% | -150.5% | ||
| Q2 24 | 4.7% | -137.2% | ||
| Q1 24 | 0.6% | -145.2% |
| Q4 25 | — | 131.8% | ||
| Q3 25 | 2.5% | 14.3% | ||
| Q2 25 | 0.2% | 39.5% | ||
| Q1 25 | 0.2% | 20.4% | ||
| Q4 24 | — | 168.6% | ||
| Q3 24 | 5.0% | 84.1% | ||
| Q2 24 | 1.5% | 76.5% | ||
| Q1 24 | 0.4% | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | 1.20× | -1.09× | ||
| Q2 25 | 1.67× | -1.05× | ||
| Q1 25 | 3.88× | — | ||
| 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
BTM
Segment breakdown not available.
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
