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Side-by-side financial comparison of Enphase Energy (ENPH) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $152.8M, roughly 1.9× Riot Platforms, Inc.). Enphase Energy runs the higher net margin — -2.6% vs -452.0%, a 449.4% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -20.6%). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs -3.4%).
Enphase Energy, Inc. is an American energy technology company headquartered in Fremont, California, that develops and manufactures solar micro-inverters, battery energy storage, and EV charging stations primarily for residential customers. Enphase was established in 2006 and is the first company to successfully commercialize solar micro-inverters, which convert the direct current (DC) power generated by solar panels into grid-compatible alternating current (AC) for use or export.
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.
ENPH vs RIOT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $152.8M |
| Net Profit | $-7.4M | $-690.7M |
| Gross Margin | 35.5% | — |
| Operating Margin | 54.0% | -447.9% |
| Net Margin | -2.6% | -452.0% |
| Revenue YoY | -20.6% | 7.2% |
| Net Profit YoY | -124.9% | -606.3% |
| EPS (diluted) | $-0.06 | $-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.
| Q1 26 | $282.9M | — | ||
| Q4 25 | $343.3M | $152.8M | ||
| Q3 25 | $410.4M | $180.2M | ||
| Q2 25 | $363.2M | $153.0M | ||
| Q1 25 | $356.1M | $161.4M | ||
| Q4 24 | $382.7M | $142.6M | ||
| Q3 24 | $380.9M | $84.8M | ||
| Q2 24 | $303.5M | $70.0M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $-690.7M | ||
| Q3 25 | $66.6M | $104.5M | ||
| Q2 25 | $37.1M | $219.5M | ||
| Q1 25 | $29.7M | $-296.4M | ||
| Q4 24 | $62.2M | $136.4M | ||
| Q3 24 | $45.8M | $-154.4M | ||
| Q2 24 | $10.8M | $-84.4M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | — | ||
| Q3 25 | 47.8% | — | ||
| Q2 25 | 46.9% | — | ||
| Q1 25 | 47.2% | — | ||
| Q4 24 | 51.8% | — | ||
| Q3 24 | 46.8% | — | ||
| Q2 24 | 45.2% | — |
| Q1 26 | 54.0% | — | ||
| Q4 25 | 6.5% | -447.9% | ||
| Q3 25 | 16.1% | 44.4% | ||
| Q2 25 | 10.2% | — | ||
| Q1 25 | 9.0% | -144.9% | ||
| Q4 24 | 14.3% | — | ||
| Q3 24 | 13.1% | -143.3% | ||
| Q2 24 | 0.6% | -167.2% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | -452.0% | ||
| Q3 25 | 16.2% | 58.0% | ||
| Q2 25 | 10.2% | 143.4% | ||
| Q1 25 | 8.3% | -183.6% | ||
| Q4 24 | 16.2% | 95.7% | ||
| Q3 24 | 12.0% | -182.1% | ||
| Q2 24 | 3.6% | -120.6% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $-1.89 | ||
| Q3 25 | $0.50 | $0.26 | ||
| Q2 25 | $0.28 | $0.58 | ||
| Q1 25 | $0.22 | $-0.90 | ||
| Q4 24 | $0.46 | $0.39 | ||
| Q3 24 | $0.33 | $-0.54 | ||
| Q2 24 | $0.08 | $-0.32 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $497.5M | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $1.1B | $2.9B |
| Total Assets | $2.7B | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $233.5M | ||
| Q3 25 | $1.5B | $330.7M | ||
| Q2 25 | $1.5B | $255.4M | ||
| Q1 25 | $1.5B | $163.7M | ||
| Q4 24 | $1.6B | $277.9M | ||
| Q3 24 | $1.8B | $355.7M | ||
| Q2 24 | $1.6B | $481.2M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $840.8M | ||
| Q3 25 | $1.2B | $5.3M | ||
| Q2 25 | $1.2B | $5.3M | ||
| Q1 25 | $1.2B | $5.3M | ||
| Q4 24 | $1.3B | $584.6M | ||
| Q3 24 | $1.3B | $5.7M | ||
| Q2 24 | $1.3B | — |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $2.9B | ||
| Q3 25 | $995.0M | $3.5B | ||
| Q2 25 | $880.6M | $3.3B | ||
| Q1 25 | $810.7M | $2.9B | ||
| Q4 24 | $833.0M | $3.1B | ||
| Q3 24 | $931.4M | $2.7B | ||
| Q2 24 | $884.5M | $2.6B |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $3.9B | ||
| Q3 25 | $3.3B | $4.5B | ||
| Q2 25 | $3.2B | $4.3B | ||
| Q1 25 | $3.1B | $3.7B | ||
| Q4 24 | $3.2B | $3.9B | ||
| Q3 24 | $3.3B | $2.9B | ||
| Q2 24 | $3.2B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 0.29× | ||
| Q3 25 | 1.21× | 0.00× | ||
| Q2 25 | 1.37× | 0.00× | ||
| Q1 25 | 1.48× | 0.00× | ||
| Q4 24 | 1.56× | 0.19× | ||
| Q3 24 | 1.40× | 0.00× | ||
| Q2 24 | 1.47× | — |
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 | $102.9M | $-572.9M |
| Free Cash FlowOCF − Capex | — | $-774.3M |
| FCF MarginFCF / Revenue | — | -506.6% |
| Capex IntensityCapex / Revenue | — | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $-572.9M | ||
| Q3 25 | $13.9M | $-114.0M | ||
| Q2 25 | $26.6M | $-231.3M | ||
| Q1 25 | $48.4M | $-122.1M | ||
| Q4 24 | $167.3M | $-255.1M | ||
| Q3 24 | $170.1M | $-56.3M | ||
| Q2 24 | $127.1M | $-42.5M |
| Q1 26 | — | — | ||
| Q4 25 | $37.8M | $-774.3M | ||
| Q3 25 | $5.9M | $-139.7M | ||
| Q2 25 | $18.4M | $-291.7M | ||
| Q1 25 | $33.8M | $-154.9M | ||
| Q4 24 | $159.2M | $-495.4M | ||
| Q3 24 | $161.6M | $-127.6M | ||
| Q2 24 | $117.4M | $-96.1M |
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | -506.6% | ||
| Q3 25 | 1.4% | -77.5% | ||
| Q2 25 | 5.1% | -190.7% | ||
| Q1 25 | 9.5% | -96.0% | ||
| Q4 24 | 41.6% | -347.5% | ||
| Q3 24 | 42.4% | -150.5% | ||
| Q2 24 | 38.7% | -137.2% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 131.8% | ||
| Q3 25 | 2.0% | 14.3% | ||
| Q2 25 | 2.3% | 39.5% | ||
| Q1 25 | 4.1% | 20.4% | ||
| Q4 24 | 2.1% | 168.6% | ||
| Q3 24 | 2.2% | 84.1% | ||
| Q2 24 | 3.2% | 76.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | 0.21× | -1.09× | ||
| Q2 25 | 0.72× | -1.05× | ||
| Q1 25 | 1.63× | — | ||
| Q4 24 | 2.69× | -1.87× | ||
| Q3 24 | 3.72× | — | ||
| Q2 24 | 11.73× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
