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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) 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 $114.9M, roughly 1.3× DULUTH HOLDINGS INC.). DULUTH HOLDINGS INC. runs the higher net margin — -8.8% vs -452.0%, a 443.2% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -9.6%). DULUTH HOLDINGS INC. produced more free cash flow last quarter ($-8.9M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
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.
DLTH vs RIOT — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $152.8M |
| Net Profit | $-10.1M | $-690.7M |
| Gross Margin | 53.8% | — |
| Operating Margin | -7.7% | -447.9% |
| Net Margin | -8.8% | -452.0% |
| Revenue YoY | -9.6% | 7.2% |
| Net Profit YoY | 64.6% | -606.3% |
| EPS (diluted) | $-0.29 | $-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 | $114.9M | $152.8M | ||
| Q3 25 | $131.7M | $180.2M | ||
| Q2 25 | $102.7M | $153.0M | ||
| Q1 25 | $241.3M | $161.4M | ||
| Q4 24 | $127.1M | $142.6M | ||
| Q3 24 | $141.6M | $84.8M | ||
| Q2 24 | $116.7M | $70.0M | ||
| Q1 24 | $245.6M | $79.3M |
| Q4 25 | $-10.1M | $-690.7M | ||
| Q3 25 | $1.3M | $104.5M | ||
| Q2 25 | $-15.3M | $219.5M | ||
| Q1 25 | $-5.6M | $-296.4M | ||
| Q4 24 | $-28.2M | $136.4M | ||
| Q3 24 | $-2.0M | $-154.4M | ||
| Q2 24 | $-7.9M | $-84.4M | ||
| Q1 24 | $6.4M | $211.8M |
| Q4 25 | 53.8% | — | ||
| Q3 25 | 54.7% | — | ||
| Q2 25 | 52.0% | — | ||
| Q1 25 | 44.1% | — | ||
| Q4 24 | 52.3% | — | ||
| Q3 24 | 52.3% | — | ||
| Q2 24 | 52.8% | — | ||
| Q1 24 | 48.2% | — |
| Q4 25 | -7.7% | -447.9% | ||
| Q3 25 | 1.8% | 44.4% | ||
| Q2 25 | -12.0% | — | ||
| Q1 25 | -1.8% | -144.9% | ||
| Q4 24 | -17.4% | — | ||
| Q3 24 | -1.1% | -143.3% | ||
| Q2 24 | -7.7% | -167.2% | ||
| Q1 24 | 3.6% | — |
| Q4 25 | -8.8% | -452.0% | ||
| Q3 25 | 1.0% | 58.0% | ||
| Q2 25 | -14.9% | 143.4% | ||
| Q1 25 | -2.3% | -183.6% | ||
| Q4 24 | -22.2% | 95.7% | ||
| Q3 24 | -1.4% | -182.1% | ||
| Q2 24 | -6.7% | -120.6% | ||
| Q1 24 | 2.6% | 267.1% |
| Q4 25 | $-0.29 | $-1.89 | ||
| Q3 25 | $0.04 | $0.26 | ||
| Q2 25 | $-0.45 | $0.58 | ||
| Q1 25 | $-0.17 | $-0.90 | ||
| Q4 24 | $-0.84 | $0.39 | ||
| Q3 24 | $-0.06 | $-0.54 | ||
| Q2 24 | $-0.24 | $-0.32 | ||
| Q1 24 | $0.20 | $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 | $8.2M | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $160.6M | $2.9B |
| Total Assets | $468.0M | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $233.5M | ||
| Q3 25 | $5.7M | $330.7M | ||
| Q2 25 | $8.6M | $255.4M | ||
| Q1 25 | $3.3M | $163.7M | ||
| Q4 24 | $9.3M | $277.9M | ||
| Q3 24 | $9.8M | $355.7M | ||
| Q2 24 | $6.8M | $481.2M | ||
| Q1 24 | $32.2M | $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 | $160.6M | $2.9B | ||
| Q3 25 | $170.0M | $3.5B | ||
| Q2 25 | $167.9M | $3.3B | ||
| Q1 25 | $182.7M | $2.9B | ||
| Q4 24 | $188.1M | $3.1B | ||
| Q3 24 | $215.7M | $2.7B | ||
| Q2 24 | $218.4M | $2.6B | ||
| Q1 24 | $222.8M | $2.5B |
| Q4 25 | $468.0M | $3.9B | ||
| Q3 25 | $433.8M | $4.5B | ||
| Q2 25 | $463.7M | $4.3B | ||
| Q1 25 | $452.4M | $3.7B | ||
| Q4 24 | $533.1M | $3.9B | ||
| Q3 24 | $488.6M | $2.9B | ||
| Q2 24 | $471.4M | $2.7B | ||
| Q1 24 | $491.2M | $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 | $-6.7M | $-572.9M |
| Free Cash FlowOCF − Capex | $-8.9M | $-774.3M |
| FCF MarginFCF / Revenue | -7.8% | -506.6% |
| Capex IntensityCapex / Revenue | 2.0% | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $-572.9M | ||
| Q3 25 | $32.0M | $-114.0M | ||
| Q2 25 | $-56.5M | $-231.3M | ||
| Q1 25 | $41.2M | $-122.1M | ||
| Q4 24 | $-41.1M | $-255.1M | ||
| Q3 24 | $16.6M | $-56.3M | ||
| Q2 24 | $-33.7M | $-42.5M | ||
| Q1 24 | $69.7M | $-57.9M |
| Q4 25 | $-8.9M | $-774.3M | ||
| Q3 25 | $29.8M | $-139.7M | ||
| Q2 25 | $-57.8M | $-291.7M | ||
| Q1 25 | $38.7M | $-154.9M | ||
| Q4 24 | $-43.7M | $-495.4M | ||
| Q3 24 | $15.0M | $-127.6M | ||
| Q2 24 | $-35.2M | $-96.1M | ||
| Q1 24 | $60.6M | $-115.2M |
| Q4 25 | -7.8% | -506.6% | ||
| Q3 25 | 22.6% | -77.5% | ||
| Q2 25 | -56.3% | -190.7% | ||
| Q1 25 | 16.0% | -96.0% | ||
| Q4 24 | -34.4% | -347.5% | ||
| Q3 24 | 10.6% | -150.5% | ||
| Q2 24 | -30.2% | -137.2% | ||
| Q1 24 | 24.7% | -145.2% |
| Q4 25 | 2.0% | 131.8% | ||
| Q3 25 | 1.7% | 14.3% | ||
| Q2 25 | 1.3% | 39.5% | ||
| Q1 25 | 1.0% | 20.4% | ||
| Q4 24 | 2.1% | 168.6% | ||
| Q3 24 | 1.2% | 84.1% | ||
| Q2 24 | 1.3% | 76.5% | ||
| Q1 24 | 3.7% | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 10.86× | -0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
