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Side-by-side financial comparison of GPGI, Inc. (GPGI) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs -100.0%).
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.
GPGI vs RIOT — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $0 | $152.8M |
| Net Profit | — | $-690.7M |
| Gross Margin | — | — |
| Operating Margin | — | -447.9% |
| Net Margin | — | -452.0% |
| Revenue YoY | — | 7.2% |
| Net Profit YoY | 261.8% | -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.
| Q4 25 | $0 | $152.8M | ||
| Q3 25 | $0 | $180.2M | ||
| Q2 25 | $0 | $153.0M | ||
| Q1 25 | $59.8M | $161.4M | ||
| Q4 24 | $100.9M | $142.6M | ||
| Q3 24 | $107.1M | $84.8M | ||
| Q2 24 | $108.6M | $70.0M | ||
| Q1 24 | $104.0M | $79.3M |
| Q4 25 | — | $-690.7M | ||
| Q3 25 | $-174.7M | $104.5M | ||
| Q2 25 | $-26.1M | $219.5M | ||
| Q1 25 | $21.5M | $-296.4M | ||
| Q4 24 | — | $136.4M | ||
| Q3 24 | $-42.1M | $-154.4M | ||
| Q2 24 | $11.1M | $-84.4M | ||
| Q1 24 | $4.0M | $211.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 48.1% | — | ||
| Q4 24 | 52.1% | — | ||
| Q3 24 | 51.7% | — | ||
| Q2 24 | 51.6% | — | ||
| Q1 24 | 53.1% | — |
| Q4 25 | — | -447.9% | ||
| Q3 25 | — | 44.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | 10.1% | -144.9% | ||
| Q4 24 | 15.5% | — | ||
| Q3 24 | 27.2% | -143.3% | ||
| Q2 24 | 29.3% | -167.2% | ||
| Q1 24 | 29.9% | — |
| Q4 25 | — | -452.0% | ||
| Q3 25 | — | 58.0% | ||
| Q2 25 | — | 143.4% | ||
| Q1 25 | 35.9% | -183.6% | ||
| Q4 24 | — | 95.7% | ||
| Q3 24 | -39.3% | -182.1% | ||
| Q2 24 | 10.2% | -120.6% | ||
| Q1 24 | 3.9% | 267.1% |
| Q4 25 | — | $-1.89 | ||
| Q3 25 | $-1.58 | $0.26 | ||
| Q2 25 | $-0.26 | $0.58 | ||
| Q1 25 | $0.07 | $-0.90 | ||
| Q4 24 | — | $0.39 | ||
| Q3 24 | $-1.10 | $-0.54 | ||
| Q2 24 | $0.32 | $-0.32 | ||
| Q1 24 | $0.17 | $0.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $114.6M | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $243.1M | $2.9B |
| Total Assets | $517.3M | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.6M | $233.5M | ||
| Q3 25 | $127.4M | $330.7M | ||
| Q2 25 | $4.8M | $255.4M | ||
| Q1 25 | $9.5M | $163.7M | ||
| Q4 24 | $77.5M | $277.9M | ||
| Q3 24 | $52.7M | $355.7M | ||
| Q2 24 | $35.4M | $481.2M | ||
| Q1 24 | $55.1M | $688.5M |
| Q4 25 | — | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $5.3M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $243.1M | $2.9B | ||
| Q3 25 | $152.5M | $3.5B | ||
| Q2 25 | $-106.4M | $3.3B | ||
| Q1 25 | $-87.3M | $2.9B | ||
| Q4 24 | $-143.4M | $3.1B | ||
| Q3 24 | $-285.0M | $2.7B | ||
| Q2 24 | $-725.6M | $2.6B | ||
| Q1 24 | $-794.0M | $2.5B |
| Q4 25 | $517.3M | $3.9B | ||
| Q3 25 | $505.5M | $4.5B | ||
| Q2 25 | $317.3M | $4.3B | ||
| Q1 25 | $292.3M | $3.7B | ||
| Q4 24 | $473.9M | $3.9B | ||
| Q3 24 | $435.4M | $2.9B | ||
| Q2 24 | $213.4M | $2.7B | ||
| Q1 24 | $213.6M | $2.6B |
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| 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 | $-22.9M | $-105.5M |
| Free Cash FlowOCF − Capex | — | $-188.0M |
| FCF MarginFCF / Revenue | — | -123.0% |
| Capex IntensityCapex / Revenue | — | 54.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-774.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $-105.5M | ||
| Q3 25 | $-11.9M | $-114.0M | ||
| Q2 25 | $37.0K | $-231.3M | ||
| Q1 25 | $3.0M | $-122.1M | ||
| Q4 24 | $129.6M | $-98.4M | ||
| Q3 24 | $29.4M | $-56.3M | ||
| Q2 24 | $32.2M | $-42.5M | ||
| Q1 24 | $33.8M | $-57.9M |
| Q4 25 | — | $-188.0M | ||
| Q3 25 | — | $-139.7M | ||
| Q2 25 | — | $-291.7M | ||
| Q1 25 | — | $-154.9M | ||
| Q4 24 | $122.1M | $-156.6M | ||
| Q3 24 | $27.8M | $-127.6M | ||
| Q2 24 | $30.7M | $-96.1M | ||
| Q1 24 | $32.1M | $-115.2M |
| Q4 25 | — | -123.0% | ||
| Q3 25 | — | -77.5% | ||
| Q2 25 | — | -190.7% | ||
| Q1 25 | — | -96.0% | ||
| Q4 24 | 121.1% | -109.8% | ||
| Q3 24 | 25.9% | -150.5% | ||
| Q2 24 | 28.3% | -137.2% | ||
| Q1 24 | 30.9% | -145.2% |
| Q4 25 | — | 54.0% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 39.5% | ||
| Q1 25 | 0.0% | 20.4% | ||
| Q4 24 | 7.3% | 40.8% | ||
| Q3 24 | 1.5% | 84.1% | ||
| Q2 24 | 1.4% | 76.5% | ||
| Q1 24 | 1.6% | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | — | -0.72× | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.91× | — | ||
| Q1 24 | 8.39× | -0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GPGI
Segment breakdown not available.
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
