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Side-by-side financial comparison of Core Scientific, Inc. (CORZ) 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 $79.8M, roughly 1.9× Core Scientific, Inc.). Core Scientific, Inc. runs the higher net margin — 268.5% vs -452.0%, a 720.5% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -16.0%). Core Scientific, Inc. produced more free cash flow last quarter ($-450.8M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs -33.3%).
Core Scientific is a leading digital asset and high-performance computing infrastructure provider. It operates large energy-efficient data centers across North America, offering cryptocurrency mining services, colocation hosting for blockchain and AI clients, and custom high-performance computing solutions for enterprise tech segments.
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.
CORZ vs RIOT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $79.8M | $152.8M |
| Net Profit | $214.2M | $-690.7M |
| Gross Margin | 26.0% | — |
| Operating Margin | -149.5% | -447.9% |
| Net Margin | 268.5% | -452.0% |
| Revenue YoY | -16.0% | 7.2% |
| Net Profit YoY | 180.6% | -606.3% |
| EPS (diluted) | $-1.63 | $-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 | $79.8M | $152.8M | ||
| Q3 25 | $81.1M | $180.2M | ||
| Q2 25 | $78.6M | $153.0M | ||
| Q1 25 | $79.5M | $161.4M | ||
| Q4 24 | $94.9M | $142.6M | ||
| Q3 24 | $95.4M | $84.8M | ||
| Q2 24 | $141.1M | $70.0M | ||
| Q1 24 | $179.3M | $79.3M |
| Q4 25 | $214.2M | $-690.7M | ||
| Q3 25 | $-144.0M | $104.5M | ||
| Q2 25 | $-936.8M | $219.5M | ||
| Q1 25 | $576.3M | $-296.4M | ||
| Q4 24 | $-265.5M | $136.4M | ||
| Q3 24 | $-455.3M | $-154.4M | ||
| Q2 24 | $-902.2M | $-84.4M | ||
| Q1 24 | $210.7M | $211.8M |
| Q4 25 | 26.0% | — | ||
| Q3 25 | 4.8% | — | ||
| Q2 25 | 6.4% | — | ||
| Q1 25 | 10.3% | — | ||
| Q4 24 | 5.0% | — | ||
| Q3 24 | -0.2% | — | ||
| Q2 24 | 27.5% | — | ||
| Q1 24 | 43.3% | — |
| Q4 25 | -149.5% | -447.9% | ||
| Q3 25 | -67.6% | 44.4% | ||
| Q2 25 | -33.4% | — | ||
| Q1 25 | -59.1% | -144.9% | ||
| Q4 24 | -41.9% | — | ||
| Q3 24 | -43.2% | -143.3% | ||
| Q2 24 | -64.3% | -167.2% | ||
| Q1 24 | 30.8% | — |
| Q4 25 | 268.5% | -452.0% | ||
| Q3 25 | -177.6% | 58.0% | ||
| Q2 25 | -1191.4% | 143.4% | ||
| Q1 25 | 724.6% | -183.6% | ||
| Q4 24 | -279.7% | 95.7% | ||
| Q3 24 | -477.4% | -182.1% | ||
| Q2 24 | -639.4% | -120.6% | ||
| Q1 24 | 117.5% | 267.1% |
| Q4 25 | $-1.63 | $-1.89 | ||
| Q3 25 | $-0.45 | $0.26 | ||
| Q2 25 | $-0.04 | $0.58 | ||
| Q1 25 | $1.24 | $-0.90 | ||
| Q4 24 | $0.51 | $0.39 | ||
| Q3 24 | $-1.17 | $-0.54 | ||
| Q2 24 | $-5.05 | $-0.32 | ||
| Q1 24 | $0.78 | $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 | $311.4M | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $-962.7M | $2.9B |
| Total Assets | $2.3B | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $311.4M | $233.5M | ||
| Q3 25 | $453.4M | $330.7M | ||
| Q2 25 | $581.3M | $255.4M | ||
| Q1 25 | $697.9M | $163.7M | ||
| Q4 24 | $836.2M | $277.9M | ||
| Q3 24 | $253.0M | $355.7M | ||
| Q2 24 | $96.1M | $481.2M | ||
| Q1 24 | $98.1M | $688.5M |
| 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 24 | — | — |
| Q4 25 | $-962.7M | $2.9B | ||
| Q3 25 | $-1.3B | $3.5B | ||
| Q2 25 | $-1.2B | $3.3B | ||
| Q1 25 | $-308.8M | $2.9B | ||
| Q4 24 | $-943.0M | $3.1B | ||
| Q3 24 | $-826.7M | $2.7B | ||
| Q2 24 | $-1.2B | $2.6B | ||
| Q1 24 | $-318.5M | $2.5B |
| Q4 25 | $2.3B | $3.9B | ||
| Q3 25 | $2.2B | $4.5B | ||
| Q2 25 | $1.9B | $4.3B | ||
| Q1 25 | $1.5B | $3.7B | ||
| Q4 24 | $1.5B | $3.9B | ||
| Q3 24 | $824.6M | $2.9B | ||
| Q2 24 | $664.2M | $2.7B | ||
| Q1 24 | $814.0M | $2.6B |
| 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 | — | — | ||
| 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 | $278.3M | $-572.9M |
| Free Cash FlowOCF − Capex | $-450.8M | $-774.3M |
| FCF MarginFCF / Revenue | -565.1% | -506.6% |
| Capex IntensityCapex / Revenue | 914.0% | 131.8% |
| Cash ConversionOCF / Net Profit | 1.30× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-779.8M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.3M | $-572.9M | ||
| Q3 25 | $131.8M | $-114.0M | ||
| Q2 25 | $34.0M | $-231.3M | ||
| Q1 25 | $-45.0M | $-122.1M | ||
| Q4 24 | $42.9M | $-255.1M | ||
| Q3 24 | $5.7M | $-56.3M | ||
| Q2 24 | $1.2M | $-42.5M | ||
| Q1 24 | $22.2M | $-57.9M |
| Q4 25 | $-450.8M | $-774.3M | ||
| Q3 25 | $-112.7M | $-139.7M | ||
| Q2 25 | $-87.3M | $-291.7M | ||
| Q1 25 | $-129.0M | $-154.9M | ||
| Q4 24 | $-52.1M | $-495.4M | ||
| Q3 24 | $-25.5M | $-127.6M | ||
| Q2 24 | $-1.9M | $-96.1M | ||
| Q1 24 | $-9.7M | $-115.2M |
| Q4 25 | -565.1% | -506.6% | ||
| Q3 25 | -139.0% | -77.5% | ||
| Q2 25 | -111.0% | -190.7% | ||
| Q1 25 | -162.2% | -96.0% | ||
| Q4 24 | -54.8% | -347.5% | ||
| Q3 24 | -26.7% | -150.5% | ||
| Q2 24 | -1.4% | -137.2% | ||
| Q1 24 | -5.4% | -145.2% |
| Q4 25 | 914.0% | 131.8% | ||
| Q3 25 | 301.5% | 14.3% | ||
| Q2 25 | 154.2% | 39.5% | ||
| Q1 25 | 105.6% | 20.4% | ||
| Q4 24 | 100.0% | 168.6% | ||
| Q3 24 | 32.7% | 84.1% | ||
| Q2 24 | 2.2% | 76.5% | ||
| Q1 24 | 17.8% | 72.3% |
| Q4 25 | 1.30× | — | ||
| Q3 25 | — | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | -0.08× | — | ||
| Q4 24 | — | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.11× | -0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CORZ
| Other | $36.3M | 46% |
| Digital Asset Self Mining Service | $31.8M | 40% |
| Colocation Service | $11.6M | 15% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
