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Side-by-side financial comparison of BingEx Ltd (FLX) 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 $143.2M, roughly 1.1× BingEx Ltd). BingEx Ltd runs the higher net margin — 2.2% vs -452.0%, a 454.2% gap on every dollar of revenue.
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.
FLX vs RIOT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.2M | $152.8M |
| Net Profit | $3.2M | $-690.7M |
| Gross Margin | 10.8% | — |
| Operating Margin | — | -447.9% |
| Net Margin | 2.2% | -452.0% |
| Revenue YoY | — | 7.2% |
| Net Profit YoY | — | -606.3% |
| EPS (diluted) | — | $-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 | $143.2M | — | ||
| Q4 25 | — | $152.8M | ||
| Q3 25 | $141.2M | $180.2M | ||
| Q2 25 | $143.0M | $153.0M | ||
| Q1 25 | $141.0M | $161.4M | ||
| Q4 24 | — | $142.6M | ||
| Q3 24 | $164.6M | $84.8M | ||
| Q2 24 | — | $70.0M |
| Q1 26 | $3.2M | — | ||
| Q4 25 | — | $-690.7M | ||
| Q3 25 | $6.1M | $104.5M | ||
| Q2 25 | $7.5M | $219.5M | ||
| Q1 25 | $27.6M | $-296.4M | ||
| Q4 24 | — | $136.4M | ||
| Q3 24 | $3.4M | $-154.4M | ||
| Q2 24 | — | $-84.4M |
| Q1 26 | 10.8% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 11.1% | — | ||
| Q2 25 | 12.0% | — | ||
| Q1 25 | 10.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 11.3% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | -447.9% | ||
| Q3 25 | 1.4% | 44.4% | ||
| Q2 25 | 1.9% | — | ||
| Q1 25 | — | -144.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.0% | -143.3% | ||
| Q2 24 | — | -167.2% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | — | -452.0% | ||
| Q3 25 | 4.4% | 58.0% | ||
| Q2 25 | 5.2% | 143.4% | ||
| Q1 25 | 19.6% | -183.6% | ||
| Q4 24 | — | 95.7% | ||
| Q3 24 | 2.1% | -182.1% | ||
| Q2 24 | — | -120.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | $-1.89 | ||
| Q3 25 | — | $0.26 | ||
| Q2 25 | — | $0.58 | ||
| Q1 25 | — | $-0.90 | ||
| Q4 24 | — | $0.39 | ||
| Q3 24 | — | $-0.54 | ||
| Q2 24 | — | $-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 | $561.1M | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | — | $2.9B |
| Total Assets | $1.3B | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $561.1M | — | ||
| Q4 25 | — | $233.5M | ||
| Q3 25 | $628.6M | $330.7M | ||
| Q2 25 | $499.4M | $255.4M | ||
| Q1 25 | $592.4M | $163.7M | ||
| Q4 24 | — | $277.9M | ||
| Q3 24 | $517.4M | $355.7M | ||
| Q2 24 | — | $481.2M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.3B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.6B |
| Q1 26 | $1.3B | — | ||
| Q4 25 | — | $3.9B | ||
| Q3 25 | $1.3B | $4.5B | ||
| Q2 25 | $1.2B | $4.3B | ||
| Q1 25 | $1.2B | $3.7B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | $926.8M | $2.9B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| 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 | — | — |
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 | — | $-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 | — | — | ||
| Q4 25 | — | $-572.9M | ||
| Q3 25 | — | $-114.0M | ||
| Q2 25 | — | $-231.3M | ||
| Q1 25 | — | $-122.1M | ||
| Q4 24 | — | $-255.1M | ||
| Q3 24 | — | $-56.3M | ||
| Q2 24 | — | $-42.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-774.3M | ||
| Q3 25 | — | $-139.7M | ||
| Q2 25 | — | $-291.7M | ||
| Q1 25 | — | $-154.9M | ||
| Q4 24 | — | $-495.4M | ||
| Q3 24 | — | $-127.6M | ||
| Q2 24 | — | $-96.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | -506.6% | ||
| Q3 25 | — | -77.5% | ||
| Q2 25 | — | -190.7% | ||
| Q1 25 | — | -96.0% | ||
| Q4 24 | — | -347.5% | ||
| Q3 24 | — | -150.5% | ||
| Q2 24 | — | -137.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 131.8% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 39.5% | ||
| Q1 25 | — | 20.4% | ||
| Q4 24 | — | 168.6% | ||
| Q3 24 | — | 84.1% | ||
| Q2 24 | — | 76.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FLX
Segment breakdown not available.
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
