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Side-by-side financial comparison of IOVANCE BIOTHERAPEUTICS, INC. (IOVA) 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 $86.8M, roughly 1.8× IOVANCE BIOTHERAPEUTICS, INC.). On growth, IOVANCE BIOTHERAPEUTICS, INC. posted the faster year-over-year revenue change (17.7% vs 7.2%). IOVANCE BIOTHERAPEUTICS, INC. produced more free cash flow last quarter ($-61.9M vs $-774.3M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs 38.8%).
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
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.
IOVA vs RIOT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.8M | $152.8M |
| Net Profit | — | $-690.7M |
| Gross Margin | 67.4% | — |
| Operating Margin | -84.7% | -447.9% |
| Net Margin | — | -452.0% |
| Revenue YoY | 17.7% | 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.
| Q4 25 | $86.8M | $152.8M | ||
| Q3 25 | $67.5M | $180.2M | ||
| Q2 25 | $60.0M | $153.0M | ||
| Q1 25 | $49.3M | $161.4M | ||
| Q4 24 | $73.7M | $142.6M | ||
| Q3 24 | $58.6M | $84.8M | ||
| Q2 24 | $31.1M | $70.0M | ||
| Q1 24 | $715.0K | $79.3M |
| Q4 25 | — | $-690.7M | ||
| Q3 25 | $-91.3M | $104.5M | ||
| Q2 25 | $-111.7M | $219.5M | ||
| Q1 25 | $-116.2M | $-296.4M | ||
| Q4 24 | — | $136.4M | ||
| Q3 24 | $-83.5M | $-154.4M | ||
| Q2 24 | $-97.1M | $-84.4M | ||
| Q1 24 | $-113.0M | $211.8M |
| Q4 25 | 67.4% | — | ||
| Q3 25 | 43.0% | — | ||
| Q2 25 | 5.5% | — | ||
| Q1 25 | -0.8% | — | ||
| Q4 24 | 68.7% | — | ||
| Q3 24 | 46.2% | — | ||
| Q2 24 | -0.8% | — | ||
| Q1 24 | — | — |
| Q4 25 | -84.7% | -447.9% | ||
| Q3 25 | -140.7% | 44.4% | ||
| Q2 25 | -189.8% | — | ||
| Q1 25 | -245.8% | -144.9% | ||
| Q4 24 | -117.5% | — | ||
| Q3 24 | -152.1% | -143.3% | ||
| Q2 24 | -327.6% | -167.2% | ||
| Q1 24 | -16464.6% | — |
| Q4 25 | — | -452.0% | ||
| Q3 25 | -135.3% | 58.0% | ||
| Q2 25 | -186.2% | 143.4% | ||
| Q1 25 | -235.5% | -183.6% | ||
| Q4 24 | — | 95.7% | ||
| Q3 24 | -142.7% | -182.1% | ||
| Q2 24 | -312.2% | -120.6% | ||
| Q1 24 | -15800.8% | 267.1% |
| Q4 25 | — | $-1.89 | ||
| Q3 25 | — | $0.26 | ||
| Q2 25 | $-0.33 | $0.58 | ||
| Q1 25 | $-0.36 | $-0.90 | ||
| Q4 24 | $-0.24 | $0.39 | ||
| Q3 24 | $-0.28 | $-0.54 | ||
| Q2 24 | $-0.34 | $-0.32 | ||
| Q1 24 | $-0.42 | $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 | $297.0M | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $698.6M | $2.9B |
| Total Assets | $913.2M | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $297.0M | $233.5M | ||
| Q3 25 | $300.8M | $330.7M | ||
| Q2 25 | $301.2M | $255.4M | ||
| Q1 25 | $359.7M | $163.7M | ||
| Q4 24 | $323.8M | $277.9M | ||
| Q3 24 | $397.5M | $355.7M | ||
| Q2 24 | $412.5M | $481.2M | ||
| Q1 24 | $356.2M | $688.5M |
| 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 24 | — | — |
| Q4 25 | $698.6M | $2.9B | ||
| Q3 25 | $702.3M | $3.5B | ||
| Q2 25 | $698.5M | $3.3B | ||
| Q1 25 | $767.9M | $2.9B | ||
| Q4 24 | $710.4M | $3.1B | ||
| Q3 24 | $773.5M | $2.7B | ||
| Q2 24 | $768.5M | $2.6B | ||
| Q1 24 | $680.0M | $2.5B |
| Q4 25 | $913.2M | $3.9B | ||
| Q3 25 | $904.9M | $4.5B | ||
| Q2 25 | $907.4M | $4.3B | ||
| Q1 25 | $966.7M | $3.7B | ||
| Q4 24 | $910.4M | $3.9B | ||
| Q3 24 | $991.1M | $2.9B | ||
| Q2 24 | $964.3M | $2.7B | ||
| Q1 24 | $869.8M | $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 | $-52.6M | $-572.9M |
| Free Cash FlowOCF − Capex | $-61.9M | $-774.3M |
| FCF MarginFCF / Revenue | -71.3% | -506.6% |
| Capex IntensityCapex / Revenue | 10.7% | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-336.2M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-52.6M | $-572.9M | ||
| Q3 25 | $-78.7M | $-114.0M | ||
| Q2 25 | $-67.4M | $-231.3M | ||
| Q1 25 | $-103.7M | $-122.1M | ||
| Q4 24 | $-73.3M | $-255.1M | ||
| Q3 24 | $-59.0M | $-56.3M | ||
| Q2 24 | $-98.4M | $-42.5M | ||
| Q1 24 | $-122.3M | $-57.9M |
| Q4 25 | $-61.9M | $-774.3M | ||
| Q3 25 | $-89.5M | $-139.7M | ||
| Q2 25 | $-74.9M | $-291.7M | ||
| Q1 25 | $-109.9M | $-154.9M | ||
| Q4 24 | $-77.5M | $-495.4M | ||
| Q3 24 | $-61.3M | $-127.6M | ||
| Q2 24 | $-98.9M | $-96.1M | ||
| Q1 24 | $-126.5M | $-115.2M |
| Q4 25 | -71.3% | -506.6% | ||
| Q3 25 | -132.7% | -77.5% | ||
| Q2 25 | -124.9% | -190.7% | ||
| Q1 25 | -222.8% | -96.0% | ||
| Q4 24 | -105.1% | -347.5% | ||
| Q3 24 | -104.6% | -150.5% | ||
| Q2 24 | -317.9% | -137.2% | ||
| Q1 24 | -17685.3% | -145.2% |
| Q4 25 | 10.7% | 131.8% | ||
| Q3 25 | 16.1% | 14.3% | ||
| Q2 25 | 12.4% | 39.5% | ||
| Q1 25 | 12.6% | 20.4% | ||
| Q4 24 | 5.7% | 168.6% | ||
| Q3 24 | 3.9% | 84.1% | ||
| Q2 24 | 1.4% | 76.5% | ||
| Q1 24 | 583.4% | 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
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
