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Side-by-side financial comparison of H2O AMERICA (HTO) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $152.8M, roughly 1.3× Riot Platforms, Inc.). H2O AMERICA runs the higher net margin — 8.1% vs -452.0%, a 460.1% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs 1.5%). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 15.3%).
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
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.
HTO vs RIOT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $152.8M |
| Net Profit | $16.2M | $-690.7M |
| Gross Margin | — | — |
| Operating Margin | 16.6% | -447.9% |
| Net Margin | 8.1% | -452.0% |
| Revenue YoY | 1.5% | 7.2% |
| Net Profit YoY | -29.2% | -606.3% |
| EPS (diluted) | $0.45 | $-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 | $199.4M | $152.8M | ||
| Q3 25 | $243.5M | $180.2M | ||
| Q2 25 | $197.8M | $153.0M | ||
| Q1 25 | $164.9M | $161.4M | ||
| Q4 24 | $196.5M | $142.6M | ||
| Q3 24 | $216.7M | $84.8M | ||
| Q2 24 | $173.1M | $70.0M | ||
| Q1 24 | $150.0M | $79.3M |
| Q4 25 | $16.2M | $-690.7M | ||
| Q3 25 | $45.1M | $104.5M | ||
| Q2 25 | $24.7M | $219.5M | ||
| Q1 25 | $16.6M | $-296.4M | ||
| Q4 24 | $22.9M | $136.4M | ||
| Q3 24 | $38.7M | $-154.4M | ||
| Q2 24 | $20.7M | $-84.4M | ||
| Q1 24 | $11.7M | $211.8M |
| Q4 25 | 16.6% | -447.9% | ||
| Q3 25 | 26.5% | 44.4% | ||
| Q2 25 | 22.2% | — | ||
| Q1 25 | 21.8% | -144.9% | ||
| Q4 24 | 22.2% | — | ||
| Q3 24 | 26.9% | -143.3% | ||
| Q2 24 | 23.4% | -167.2% | ||
| Q1 24 | 18.6% | — |
| Q4 25 | 8.1% | -452.0% | ||
| Q3 25 | 18.5% | 58.0% | ||
| Q2 25 | 12.5% | 143.4% | ||
| Q1 25 | 10.0% | -183.6% | ||
| Q4 24 | 11.7% | 95.7% | ||
| Q3 24 | 17.8% | -182.1% | ||
| Q2 24 | 12.0% | -120.6% | ||
| Q1 24 | 7.8% | 267.1% |
| Q4 25 | $0.45 | $-1.89 | ||
| Q3 25 | $1.27 | $0.26 | ||
| Q2 25 | $0.71 | $0.58 | ||
| Q1 25 | $0.49 | $-0.90 | ||
| Q4 24 | $0.70 | $0.39 | ||
| Q3 24 | $1.17 | $-0.54 | ||
| Q2 24 | $0.64 | $-0.32 | ||
| Q1 24 | $0.36 | $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 | $20.7M | $233.5M |
| Total DebtLower is stronger | $1.9B | $840.8M |
| Stockholders' EquityBook value | $1.5B | $2.9B |
| Total Assets | $5.1B | $3.9B |
| Debt / EquityLower = less leverage | 1.23× | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $233.5M | ||
| Q3 25 | $11.3M | $330.7M | ||
| Q2 25 | $19.8M | $255.4M | ||
| Q1 25 | $23.7M | $163.7M | ||
| Q4 24 | $11.1M | $277.9M | ||
| Q3 24 | $4.0M | $355.7M | ||
| Q2 24 | $22.8M | $481.2M | ||
| Q1 24 | $4.5M | $688.5M |
| Q4 25 | $1.9B | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | $1.7B | $584.6M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $2.9B | ||
| Q3 25 | $1.5B | $3.5B | ||
| Q2 25 | $1.5B | $3.3B | ||
| Q1 25 | $1.4B | $2.9B | ||
| Q4 24 | $1.4B | $3.1B | ||
| Q3 24 | $1.3B | $2.7B | ||
| Q2 24 | $1.3B | $2.6B | ||
| Q1 24 | $1.2B | $2.5B |
| Q4 25 | $5.1B | $3.9B | ||
| Q3 25 | $5.0B | $4.5B | ||
| Q2 25 | $4.8B | $4.3B | ||
| Q1 25 | $4.7B | $3.7B | ||
| Q4 24 | $4.7B | $3.9B | ||
| Q3 24 | $4.6B | $2.9B | ||
| Q2 24 | $4.4B | $2.7B | ||
| Q1 24 | $4.4B | $2.6B |
| Q4 25 | 1.23× | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | 1.26× | 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 | $63.5M | $-572.9M |
| Free Cash FlowOCF − Capex | — | $-774.3M |
| FCF MarginFCF / Revenue | — | -506.6% |
| Capex IntensityCapex / Revenue | — | 131.8% |
| Cash ConversionOCF / Net Profit | 3.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $-572.9M | ||
| Q3 25 | $77.3M | $-114.0M | ||
| Q2 25 | $60.8M | $-231.3M | ||
| Q1 25 | $43.2M | $-122.1M | ||
| Q4 24 | $41.5M | $-255.1M | ||
| Q3 24 | $53.5M | $-56.3M | ||
| Q2 24 | $49.3M | $-42.5M | ||
| Q1 24 | $51.2M | $-57.9M |
| 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 24 | — | $-115.2M |
| 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 24 | — | -145.2% |
| 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 24 | — | 72.3% |
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | -1.09× | ||
| Q2 25 | 2.47× | -1.05× | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | -1.87× | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | — | ||
| Q1 24 | 4.38× | -0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
