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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $152.8M, roughly 1.8× Riot Platforms, Inc.). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs -452.0%, a 456.8% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 7.2%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 4.4%).
IPG Photonics Corporation is a manufacturer of fiber lasers. IPG Photonics developed and commercialized optical fiber lasers, which are used in a variety of applications including materials processing, medical applications and telecommunications. IPG has manufacturing facilities in the United States, Germany, Russia and Italy.
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.
IPGP vs RIOT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $152.8M |
| Net Profit | $13.3M | $-690.7M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | -447.9% |
| Net Margin | 4.8% | -452.0% |
| Revenue YoY | 17.1% | 7.2% |
| Net Profit YoY | 69.8% | -606.3% |
| EPS (diluted) | $0.30 | $-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 | $274.5M | $152.8M | ||
| Q3 25 | $250.8M | $180.2M | ||
| Q2 25 | $250.7M | $153.0M | ||
| Q1 25 | $227.8M | $161.4M | ||
| Q4 24 | $234.3M | $142.6M | ||
| Q3 24 | $233.1M | $84.8M | ||
| Q2 24 | $257.6M | $70.0M | ||
| Q1 24 | $252.0M | $79.3M |
| Q4 25 | $13.3M | $-690.7M | ||
| Q3 25 | $7.5M | $104.5M | ||
| Q2 25 | $6.6M | $219.5M | ||
| Q1 25 | $3.8M | $-296.4M | ||
| Q4 24 | $7.8M | $136.4M | ||
| Q3 24 | $-233.6M | $-154.4M | ||
| Q2 24 | $20.2M | $-84.4M | ||
| Q1 24 | $24.1M | $211.8M |
| Q4 25 | 36.1% | — | ||
| Q3 25 | 39.5% | — | ||
| Q2 25 | 37.3% | — | ||
| Q1 25 | 39.4% | — | ||
| Q4 24 | 38.6% | — | ||
| Q3 24 | 23.2% | — | ||
| Q2 24 | 37.3% | — | ||
| Q1 24 | 38.7% | — |
| Q4 25 | 1.2% | -447.9% | ||
| Q3 25 | 3.1% | 44.4% | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.8% | -144.9% | ||
| Q4 24 | 6.0% | — | ||
| Q3 24 | -108.7% | -143.3% | ||
| Q2 24 | 4.7% | -167.2% | ||
| Q1 24 | 7.6% | — |
| Q4 25 | 4.8% | -452.0% | ||
| Q3 25 | 3.0% | 58.0% | ||
| Q2 25 | 2.6% | 143.4% | ||
| Q1 25 | 1.6% | -183.6% | ||
| Q4 24 | 3.3% | 95.7% | ||
| Q3 24 | -100.2% | -182.1% | ||
| Q2 24 | 7.8% | -120.6% | ||
| Q1 24 | 9.6% | 267.1% |
| Q4 25 | $0.30 | $-1.89 | ||
| Q3 25 | $0.18 | $0.26 | ||
| Q2 25 | $0.16 | $0.58 | ||
| Q1 25 | $0.09 | $-0.90 | ||
| Q4 24 | $0.27 | $0.39 | ||
| Q3 24 | $-5.33 | $-0.54 | ||
| Q2 24 | $0.45 | $-0.32 | ||
| Q1 24 | $0.52 | $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 | $839.3M | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $2.1B | $2.9B |
| Total Assets | $2.4B | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $233.5M | ||
| Q3 25 | $870.4M | $330.7M | ||
| Q2 25 | $899.6M | $255.4M | ||
| Q1 25 | $926.9M | $163.7M | ||
| Q4 24 | $930.2M | $277.9M | ||
| Q3 24 | $1.0B | $355.7M | ||
| Q2 24 | $1.1B | $481.2M | ||
| Q1 24 | $1.1B | $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 | $2.1B | $2.9B | ||
| Q3 25 | $2.1B | $3.5B | ||
| Q2 25 | $2.1B | $3.3B | ||
| Q1 25 | $2.1B | $2.9B | ||
| Q4 24 | $2.0B | $3.1B | ||
| Q3 24 | $2.1B | $2.7B | ||
| Q2 24 | $2.3B | $2.6B | ||
| Q1 24 | $2.3B | $2.5B |
| Q4 25 | $2.4B | $3.9B | ||
| Q3 25 | $2.4B | $4.5B | ||
| Q2 25 | $2.4B | $4.3B | ||
| Q1 25 | $2.3B | $3.7B | ||
| Q4 24 | $2.3B | $3.9B | ||
| Q3 24 | $2.4B | $2.9B | ||
| Q2 24 | $2.5B | $2.7B | ||
| Q1 24 | $2.6B | $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 | $28.8M | $-572.9M |
| Free Cash FlowOCF − Capex | $10.9M | $-774.3M |
| FCF MarginFCF / Revenue | 4.0% | -506.6% |
| Capex IntensityCapex / Revenue | 6.5% | 131.8% |
| Cash ConversionOCF / Net Profit | 2.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $-572.9M | ||
| Q3 25 | $35.3M | $-114.0M | ||
| Q2 25 | $-2.2M | $-231.3M | ||
| Q1 25 | $13.4M | $-122.1M | ||
| Q4 24 | $73.8M | $-255.1M | ||
| Q3 24 | $66.1M | $-56.3M | ||
| Q2 24 | $53.5M | $-42.5M | ||
| Q1 24 | $54.6M | $-57.9M |
| Q4 25 | $10.9M | $-774.3M | ||
| Q3 25 | $14.6M | $-139.7M | ||
| Q2 25 | $-17.6M | $-291.7M | ||
| Q1 25 | $-11.4M | $-154.9M | ||
| Q4 24 | $50.6M | $-495.4M | ||
| Q3 24 | $43.0M | $-127.6M | ||
| Q2 24 | $29.2M | $-96.1M | ||
| Q1 24 | $26.5M | $-115.2M |
| Q4 25 | 4.0% | -506.6% | ||
| Q3 25 | 5.8% | -77.5% | ||
| Q2 25 | -7.0% | -190.7% | ||
| Q1 25 | -5.0% | -96.0% | ||
| Q4 24 | 21.6% | -347.5% | ||
| Q3 24 | 18.4% | -150.5% | ||
| Q2 24 | 11.3% | -137.2% | ||
| Q1 24 | 10.5% | -145.2% |
| Q4 25 | 6.5% | 131.8% | ||
| Q3 25 | 8.3% | 14.3% | ||
| Q2 25 | 6.1% | 39.5% | ||
| Q1 25 | 10.9% | 20.4% | ||
| Q4 24 | 9.9% | 168.6% | ||
| Q3 24 | 9.9% | 84.1% | ||
| Q2 24 | 9.4% | 76.5% | ||
| Q1 24 | 11.1% | 72.3% |
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | -1.09× | ||
| Q2 25 | -0.34× | -1.05× | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.65× | — | ||
| Q1 24 | 2.27× | -0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
