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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) 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 $143.5M, roughly 1.1× FTAI Infrastructure Inc.). FTAI Infrastructure Inc. runs the higher net margin — -68.1% vs -452.0%, a 383.9% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 7.2%). FTAI Infrastructure Inc. produced more free cash flow last quarter ($-68.6M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 31.9%).
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
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.
FIP vs RIOT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $152.8M |
| Net Profit | $-97.7M | $-690.7M |
| Gross Margin | — | — |
| Operating Margin | -45.7% | -447.9% |
| Net Margin | -68.1% | -452.0% |
| Revenue YoY | 77.7% | 7.2% |
| Net Profit YoY | 21.6% | -606.3% |
| EPS (diluted) | $-1.04 | $-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 | $143.5M | $152.8M | ||
| Q3 25 | $140.6M | $180.2M | ||
| Q2 25 | $122.3M | $153.0M | ||
| Q1 25 | $96.2M | $161.4M | ||
| Q4 24 | $80.8M | $142.6M | ||
| Q3 24 | $83.3M | $84.8M | ||
| Q2 24 | $84.9M | $70.0M | ||
| Q1 24 | $82.5M | $79.3M |
| Q4 25 | $-97.7M | $-690.7M | ||
| Q3 25 | $-104.5M | $104.5M | ||
| Q2 25 | $-70.0M | $219.5M | ||
| Q1 25 | $120.2M | $-296.4M | ||
| Q4 24 | $-124.7M | $136.4M | ||
| Q3 24 | $-43.0M | $-154.4M | ||
| Q2 24 | $-48.1M | $-84.4M | ||
| Q1 24 | $-50.3M | $211.8M |
| Q4 25 | -45.7% | -447.9% | ||
| Q3 25 | -70.8% | 44.4% | ||
| Q2 25 | -56.4% | — | ||
| Q1 25 | 81.8% | -144.9% | ||
| Q4 24 | -152.7% | — | ||
| Q3 24 | -51.7% | -143.3% | ||
| Q2 24 | -56.4% | -167.2% | ||
| Q1 24 | -58.8% | — |
| Q4 25 | -68.1% | -452.0% | ||
| Q3 25 | -74.4% | 58.0% | ||
| Q2 25 | -57.2% | 143.4% | ||
| Q1 25 | 125.0% | -183.6% | ||
| Q4 24 | -154.4% | 95.7% | ||
| Q3 24 | -51.6% | -182.1% | ||
| Q2 24 | -56.7% | -120.6% | ||
| Q1 24 | -60.9% | 267.1% |
| Q4 25 | $-1.04 | $-1.89 | ||
| Q3 25 | $-1.38 | $0.26 | ||
| Q2 25 | $-0.73 | $0.58 | ||
| Q1 25 | $0.89 | $-0.90 | ||
| Q4 24 | $-1.21 | $0.39 | ||
| Q3 24 | $-0.45 | $-0.54 | ||
| Q2 24 | $-0.52 | $-0.32 | ||
| Q1 24 | $-0.54 | $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 | $57.4M | $233.5M |
| Total DebtLower is stronger | $3.8B | $840.8M |
| Stockholders' EquityBook value | $21.3M | $2.9B |
| Total Assets | $5.7B | $3.9B |
| Debt / EquityLower = less leverage | 176.99× | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $233.5M | ||
| Q3 25 | $34.7M | $330.7M | ||
| Q2 25 | $33.6M | $255.4M | ||
| Q1 25 | $26.3M | $163.7M | ||
| Q4 24 | $27.8M | $277.9M | ||
| Q3 24 | $20.3M | $355.7M | ||
| Q2 24 | $33.1M | $481.2M | ||
| Q1 24 | $23.0M | $688.5M |
| Q4 25 | $3.8B | $840.8M | ||
| Q3 25 | $3.7B | $5.3M | ||
| Q2 25 | $3.1B | $5.3M | ||
| Q1 25 | $2.8B | $5.3M | ||
| Q4 24 | $1.6B | $584.6M | ||
| Q3 24 | $1.5B | $5.7M | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | $21.3M | $2.9B | ||
| Q3 25 | $181.1M | $3.5B | ||
| Q2 25 | $375.5M | $3.3B | ||
| Q1 25 | $476.2M | $2.9B | ||
| Q4 24 | $202.7M | $3.1B | ||
| Q3 24 | $370.8M | $2.7B | ||
| Q2 24 | $394.8M | $2.6B | ||
| Q1 24 | $402.5M | $2.5B |
| Q4 25 | $5.7B | $3.9B | ||
| Q3 25 | $5.5B | $4.5B | ||
| Q2 25 | $4.4B | $4.3B | ||
| Q1 25 | $4.1B | $3.7B | ||
| Q4 24 | $2.4B | $3.9B | ||
| Q3 24 | $2.4B | $2.9B | ||
| Q2 24 | $2.5B | $2.7B | ||
| Q1 24 | $2.3B | $2.6B |
| Q4 25 | 176.99× | 0.29× | ||
| Q3 25 | 20.59× | 0.00× | ||
| Q2 25 | 8.21× | 0.00× | ||
| Q1 25 | 5.79× | 0.00× | ||
| Q4 24 | 7.84× | 0.19× | ||
| Q3 24 | 4.14× | 0.00× | ||
| Q2 24 | 3.94× | — | ||
| Q1 24 | 3.34× | — |
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 | $-2.8M | $-572.9M |
| Free Cash FlowOCF − Capex | $-68.6M | $-774.3M |
| FCF MarginFCF / Revenue | -47.8% | -506.6% |
| Capex IntensityCapex / Revenue | 45.9% | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $-572.9M | ||
| Q3 25 | $-24.4M | $-114.0M | ||
| Q2 25 | $-5.2M | $-231.3M | ||
| Q1 25 | $-85.7M | $-122.1M | ||
| Q4 24 | $-8.1M | $-255.1M | ||
| Q3 24 | $14.2M | $-56.3M | ||
| Q2 24 | $-17.6M | $-42.5M | ||
| Q1 24 | $-3.9M | $-57.9M |
| Q4 25 | $-68.6M | $-774.3M | ||
| Q3 25 | $-90.7M | $-139.7M | ||
| Q2 25 | $-87.5M | $-291.7M | ||
| Q1 25 | $-151.7M | $-154.9M | ||
| Q4 24 | $-34.3M | $-495.4M | ||
| Q3 24 | $-11.7M | $-127.6M | ||
| Q2 24 | $-32.1M | $-96.1M | ||
| Q1 24 | $-16.7M | $-115.2M |
| Q4 25 | -47.8% | -506.6% | ||
| Q3 25 | -64.5% | -77.5% | ||
| Q2 25 | -71.6% | -190.7% | ||
| Q1 25 | -157.7% | -96.0% | ||
| Q4 24 | -42.4% | -347.5% | ||
| Q3 24 | -14.0% | -150.5% | ||
| Q2 24 | -37.9% | -137.2% | ||
| Q1 24 | -20.3% | -145.2% |
| Q4 25 | 45.9% | 131.8% | ||
| Q3 25 | 47.2% | 14.3% | ||
| Q2 25 | 67.3% | 39.5% | ||
| Q1 25 | 68.6% | 20.4% | ||
| Q4 24 | 32.5% | 168.6% | ||
| Q3 24 | 31.1% | 84.1% | ||
| Q2 24 | 17.2% | 76.5% | ||
| Q1 24 | 15.6% | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | -0.71× | — | ||
| 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
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
