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Side-by-side financial comparison of Iridium Communications Inc. (IRDM) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $152.8M, roughly 1.4× Riot Platforms, Inc.). Iridium Communications Inc. runs the higher net margin — 9.9% vs -452.0%, a 461.8% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs 1.9%). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 4.4%).
Iridium Communications Inc. is a publicly traded American company headquartered in McLean, Virginia, United States. Iridium operates the Iridium satellite constellation, a system of 80 satellites: 66 are active satellites and the remaining fourteen function as in-orbit spares. Iridium Satellites are used for worldwide voice and data communication from handheld satellite phones, satellite messenger communication devices and integrated transceivers, as well as for two-way satellite messaging se...
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.
IRDM vs RIOT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $219.1M | $152.8M |
| Net Profit | $21.6M | $-690.7M |
| Gross Margin | — | — |
| Operating Margin | 23.2% | -447.9% |
| Net Margin | 9.9% | -452.0% |
| Revenue YoY | 1.9% | 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 | $219.1M | — | ||
| Q4 25 | $212.9M | $152.8M | ||
| Q3 25 | $226.9M | $180.2M | ||
| Q2 25 | $216.9M | $153.0M | ||
| Q1 25 | $214.9M | $161.4M | ||
| Q4 24 | $213.0M | $142.6M | ||
| Q3 24 | $212.8M | $84.8M | ||
| Q2 24 | $201.1M | $70.0M |
| Q1 26 | $21.6M | — | ||
| Q4 25 | $24.9M | $-690.7M | ||
| Q3 25 | $37.1M | $104.5M | ||
| Q2 25 | $22.0M | $219.5M | ||
| Q1 25 | $30.4M | $-296.4M | ||
| Q4 24 | $36.3M | $136.4M | ||
| Q3 24 | $24.4M | $-154.4M | ||
| Q2 24 | $32.3M | $-84.4M |
| Q1 26 | 23.2% | — | ||
| Q4 25 | 25.9% | -447.9% | ||
| Q3 25 | 30.9% | 44.4% | ||
| Q2 25 | 23.2% | — | ||
| Q1 25 | 28.1% | -144.9% | ||
| Q4 24 | 24.5% | — | ||
| Q3 24 | 25.8% | -143.3% | ||
| Q2 24 | 21.7% | -167.2% |
| Q1 26 | 9.9% | — | ||
| Q4 25 | 11.7% | -452.0% | ||
| Q3 25 | 16.4% | 58.0% | ||
| Q2 25 | 10.1% | 143.4% | ||
| Q1 25 | 14.2% | -183.6% | ||
| Q4 24 | 17.1% | 95.7% | ||
| Q3 24 | 11.5% | -182.1% | ||
| Q2 24 | 16.1% | -120.6% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $-1.89 | ||
| Q3 25 | $0.35 | $0.26 | ||
| Q2 25 | $0.20 | $0.58 | ||
| Q1 25 | $0.27 | $-0.90 | ||
| Q4 24 | $0.30 | $0.39 | ||
| Q3 24 | $0.21 | $-0.54 | ||
| Q2 24 | $0.27 | $-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 | — | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | — | $2.9B |
| Total Assets | — | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $96.5M | $233.5M | ||
| Q3 25 | $88.5M | $330.7M | ||
| Q2 25 | $79.3M | $255.4M | ||
| Q1 25 | $50.9M | $163.7M | ||
| Q4 24 | $93.5M | $277.9M | ||
| Q3 24 | $159.6M | $355.7M | ||
| Q2 24 | $63.5M | $481.2M |
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | $1.8B | $584.6M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $462.6M | $2.9B | ||
| Q3 25 | $450.5M | $3.5B | ||
| Q2 25 | $473.6M | $3.3B | ||
| Q1 25 | $518.4M | $2.9B | ||
| Q4 24 | $576.6M | $3.1B | ||
| Q3 24 | $663.8M | $2.7B | ||
| Q2 24 | $786.7M | $2.6B |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $3.9B | ||
| Q3 25 | $2.6B | $4.5B | ||
| Q2 25 | $2.6B | $4.3B | ||
| Q1 25 | $2.6B | $3.7B | ||
| Q4 24 | $2.7B | $3.9B | ||
| Q3 24 | $2.8B | $2.9B | ||
| Q2 24 | $2.7B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 3.80× | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | 3.05× | 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 | 13.7% | 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 | $108.6M | $-572.9M | ||
| Q3 25 | $100.8M | $-114.0M | ||
| Q2 25 | $129.6M | $-231.3M | ||
| Q1 25 | $61.1M | $-122.1M | ||
| Q4 24 | $104.8M | $-255.1M | ||
| Q3 24 | $118.6M | $-56.3M | ||
| Q2 24 | $81.1M | $-42.5M |
| Q1 26 | — | — | ||
| Q4 25 | $75.1M | $-774.3M | ||
| Q3 25 | $79.2M | $-139.7M | ||
| Q2 25 | $108.9M | $-291.7M | ||
| Q1 25 | $36.5M | $-154.9M | ||
| Q4 24 | $80.5M | $-495.4M | ||
| Q3 24 | $100.0M | $-127.6M | ||
| Q2 24 | $68.7M | $-96.1M |
| Q1 26 | — | — | ||
| Q4 25 | 35.3% | -506.6% | ||
| Q3 25 | 34.9% | -77.5% | ||
| Q2 25 | 50.2% | -190.7% | ||
| Q1 25 | 17.0% | -96.0% | ||
| Q4 24 | 37.8% | -347.5% | ||
| Q3 24 | 47.0% | -150.5% | ||
| Q2 24 | 34.2% | -137.2% |
| Q1 26 | 13.7% | — | ||
| Q4 25 | 15.7% | 131.8% | ||
| Q3 25 | 9.5% | 14.3% | ||
| Q2 25 | 9.5% | 39.5% | ||
| Q1 25 | 11.4% | 20.4% | ||
| Q4 24 | 11.4% | 168.6% | ||
| Q3 24 | 8.7% | 84.1% | ||
| Q2 24 | 6.2% | 76.5% |
| Q1 26 | — | — | ||
| Q4 25 | 4.37× | — | ||
| Q3 25 | 2.71× | -1.09× | ||
| Q2 25 | 5.90× | -1.05× | ||
| Q1 25 | 2.01× | — | ||
| Q4 24 | 2.88× | -1.87× | ||
| Q3 24 | 4.85× | — | ||
| Q2 24 | 2.51× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
