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Side-by-side financial comparison of Fat Brands, Inc (FAT) 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 $140.0M, roughly 1.1× Fat Brands, Inc). Fat Brands, Inc runs the higher net margin — -41.6% vs -452.0%, a 410.4% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -2.3%). Fat Brands, Inc produced more free cash flow last quarter ($-16.9M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
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.
FAT vs RIOT — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $152.8M |
| Net Profit | $-58.2M | $-690.7M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | -447.9% |
| Net Margin | -41.6% | -452.0% |
| Revenue YoY | -2.3% | 7.2% |
| Net Profit YoY | -30.1% | -606.3% |
| EPS (diluted) | $-3.39 | $-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 | $140.0M | $180.2M | ||
| Q2 25 | $146.8M | $153.0M | ||
| Q1 25 | $142.0M | $161.4M | ||
| Q4 24 | $145.3M | $142.6M | ||
| Q3 24 | $143.4M | $84.8M | ||
| Q2 24 | $152.0M | $70.0M | ||
| Q1 24 | $152.0M | $79.3M |
| Q4 25 | — | $-690.7M | ||
| Q3 25 | $-58.2M | $104.5M | ||
| Q2 25 | $-54.2M | $219.5M | ||
| Q1 25 | $-46.0M | $-296.4M | ||
| Q4 24 | $-67.4M | $136.4M | ||
| Q3 24 | $-44.8M | $-154.4M | ||
| Q2 24 | $-39.4M | $-84.4M | ||
| Q1 24 | $-38.3M | $211.8M |
| Q4 25 | — | -447.9% | ||
| Q3 25 | -12.4% | 44.4% | ||
| Q2 25 | -10.6% | — | ||
| Q1 25 | -6.0% | -144.9% | ||
| Q4 24 | -27.1% | — | ||
| Q3 24 | -6.2% | -143.3% | ||
| Q2 24 | -1.8% | -167.2% | ||
| Q1 24 | -0.9% | — |
| Q4 25 | — | -452.0% | ||
| Q3 25 | -41.6% | 58.0% | ||
| Q2 25 | -36.9% | 143.4% | ||
| Q1 25 | -32.4% | -183.6% | ||
| Q4 24 | -46.4% | 95.7% | ||
| Q3 24 | -31.2% | -182.1% | ||
| Q2 24 | -25.9% | -120.6% | ||
| Q1 24 | -25.2% | 267.1% |
| Q4 25 | — | $-1.89 | ||
| Q3 25 | $-3.39 | $0.26 | ||
| Q2 25 | $-3.17 | $0.58 | ||
| Q1 25 | $-2.73 | $-0.90 | ||
| Q4 24 | $-4.06 | $0.39 | ||
| Q3 24 | $-2.74 | $-0.54 | ||
| Q2 24 | $-2.43 | $-0.32 | ||
| Q1 24 | $-2.37 | $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 | — | $233.5M |
| Total DebtLower is stronger | $1.3B | $840.8M |
| Stockholders' EquityBook value | $-585.8M | $2.9B |
| Total Assets | $1.2B | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $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 | $1.3B | $5.3M | ||
| Q2 25 | $1.3B | $5.3M | ||
| Q1 25 | $1.3B | $5.3M | ||
| Q4 24 | $1.3B | $584.6M | ||
| Q3 24 | $1.2B | $5.7M | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | — | $2.9B | ||
| Q3 25 | $-585.8M | $3.5B | ||
| Q2 25 | $-536.5M | $3.3B | ||
| Q1 25 | $-493.9M | $2.9B | ||
| Q4 24 | $-455.7M | $3.1B | ||
| Q3 24 | $-386.1M | $2.7B | ||
| Q2 24 | $-338.6M | $2.6B | ||
| Q1 24 | $-296.8M | $2.5B |
| Q4 25 | — | $3.9B | ||
| Q3 25 | $1.2B | $4.5B | ||
| Q2 25 | $1.2B | $4.3B | ||
| Q1 25 | $1.3B | $3.7B | ||
| Q4 24 | $1.3B | $3.9B | ||
| Q3 24 | $1.3B | $2.9B | ||
| Q2 24 | $1.4B | $2.7B | ||
| Q1 24 | $1.4B | $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 | $-14.5M | $-572.9M |
| Free Cash FlowOCF − Capex | $-16.9M | $-774.3M |
| FCF MarginFCF / Revenue | -12.1% | -506.6% |
| Capex IntensityCapex / Revenue | 1.7% | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-572.9M | ||
| Q3 25 | $-14.5M | $-114.0M | ||
| Q2 25 | $-26.9M | $-231.3M | ||
| Q1 25 | $-13.2M | $-122.1M | ||
| Q4 24 | $-10.4M | $-255.1M | ||
| Q3 24 | $-3.2M | $-56.3M | ||
| Q2 24 | $-14.2M | $-42.5M | ||
| Q1 24 | $-28.4M | $-57.9M |
| Q4 25 | — | $-774.3M | ||
| Q3 25 | $-16.9M | $-139.7M | ||
| Q2 25 | $-29.3M | $-291.7M | ||
| Q1 25 | $-17.8M | $-154.9M | ||
| Q4 24 | $-11.0M | $-495.4M | ||
| Q3 24 | $-11.1M | $-127.6M | ||
| Q2 24 | $-24.4M | $-96.1M | ||
| Q1 24 | $-32.5M | $-115.2M |
| Q4 25 | — | -506.6% | ||
| Q3 25 | -12.1% | -77.5% | ||
| Q2 25 | -20.0% | -190.7% | ||
| Q1 25 | -12.5% | -96.0% | ||
| Q4 24 | -7.6% | -347.5% | ||
| Q3 24 | -7.7% | -150.5% | ||
| Q2 24 | -16.1% | -137.2% | ||
| Q1 24 | -21.4% | -145.2% |
| Q4 25 | — | 131.8% | ||
| Q3 25 | 1.7% | 14.3% | ||
| Q2 25 | 1.6% | 39.5% | ||
| Q1 25 | 3.2% | 20.4% | ||
| Q4 24 | 0.4% | 168.6% | ||
| Q3 24 | 5.5% | 84.1% | ||
| Q2 24 | 6.7% | 76.5% | ||
| Q1 24 | 2.7% | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | — | ||
| 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
FAT
| Restaurant Sales | $96.6M | 69% |
| Royalty | $21.6M | 15% |
| Factory | $9.6M | 7% |
| Advertising | $9.1M | 7% |
| Franchisor | $1.5M | 1% |
| Other | $1.5M | 1% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
