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Side-by-side financial comparison of MultiSensor AI Holdings, Inc. (MSAI) and Riot Platforms, Inc. (RIOT), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $1.4M, roughly 110.1× MultiSensor AI Holdings, Inc.). MultiSensor AI Holdings, Inc. runs the higher net margin — -164.1% vs -452.0%, a 287.8% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -0.9%). MultiSensor AI Holdings, Inc. produced more free cash flow last quarter ($-2.6M vs $-188.0M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs -21.9%).
Figure AI, Inc. is an American robotics company developing AI-powered humanoid robots. The company was founded in 2022 by Brett Adcock, also known for founding Archer Aviation and Vettery.
Meta Platforms, Inc. is an American multinational technology company headquartered in Menlo Park, California. Meta owns and operates several prominent social media platforms and communication services, including Facebook, Instagram, WhatsApp, Messenger, Threads and Manus. The company also operates an advertising network for its own sites and third parties; as of 2023, advertising accounted for 97.8 percent of its total revenue. Meta has been described as a part of Big Tech, which refers to th...
MSAI vs RIOT — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.4M | $152.8M |
| Net Profit | $-2.3M | $-690.7M |
| Gross Margin | — | — |
| Operating Margin | -171.6% | -447.9% |
| Net Margin | -164.1% | -452.0% |
| Revenue YoY | -0.9% | 7.2% |
| Net Profit YoY | 23.7% | -606.3% |
| EPS (diluted) | $-0.02 | $-1.89 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $1.4M | $152.8M | ||
| Q3 25 | $1.6M | $180.2M | ||
| Q2 25 | $1.4M | $153.0M | ||
| Q1 25 | $1.2M | $161.4M | ||
| Q4 24 | $1.4M | $142.6M | ||
| Q3 24 | $1.6M | $84.8M | ||
| Q2 24 | $2.1M | $70.0M | ||
| Q1 24 | $2.3M | $79.3M |
| Q4 25 | $-2.3M | $-690.7M | ||
| Q3 25 | $-1.7M | $104.5M | ||
| Q2 25 | $-3.3M | $219.5M | ||
| Q1 25 | $-4.4M | $-296.4M | ||
| Q4 24 | $-3.0M | $136.4M | ||
| Q3 24 | $-8.2M | $-154.4M | ||
| Q2 24 | $-6.4M | $-84.4M | ||
| Q1 24 | $-3.9M | $211.8M |
| Q4 25 | -171.6% | -447.9% | ||
| Q3 25 | -107.6% | 44.4% | ||
| Q2 25 | -233.8% | — | ||
| Q1 25 | -394.6% | -144.9% | ||
| Q4 24 | -199.6% | — | ||
| Q3 24 | -541.5% | -143.3% | ||
| Q2 24 | -228.1% | -167.2% | ||
| Q1 24 | -112.7% | — |
| Q4 25 | -164.1% | -452.0% | ||
| Q3 25 | -106.5% | 58.0% | ||
| Q2 25 | -234.1% | 143.4% | ||
| Q1 25 | -379.1% | -183.6% | ||
| Q4 24 | -213.2% | 95.7% | ||
| Q3 24 | -511.5% | -182.1% | ||
| Q2 24 | -300.8% | -120.6% | ||
| Q1 24 | -172.4% | 267.1% |
| Q4 25 | $-0.02 | $-1.89 | ||
| Q3 25 | $-0.05 | $0.26 | ||
| Q2 25 | $-0.10 | $0.58 | ||
| Q1 25 | $-0.14 | $-0.90 | ||
| Q4 24 | $0.07 | $0.39 | ||
| Q3 24 | $-0.34 | $-0.54 | ||
| Q2 24 | $-0.47 | $-0.32 | ||
| Q1 24 | $-0.33 | $0.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $24.4M | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $32.0M | $2.9B |
| Total Assets | $35.5M | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $24.4M | $233.5M | ||
| Q3 25 | $1.1M | $330.7M | ||
| Q2 25 | $3.2M | $255.4M | ||
| Q1 25 | $4.7M | $163.7M | ||
| Q4 24 | $4.4M | $277.9M | ||
| Q3 24 | $8.6M | $355.7M | ||
| Q2 24 | $234.0K | $481.2M | ||
| Q1 24 | $491.0K | $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 | $642.0K | — | ||
| Q1 24 | $2.8M | — |
| Q4 25 | $32.0M | $2.9B | ||
| Q3 25 | $8.3M | $3.5B | ||
| Q2 25 | $9.8M | $3.3B | ||
| Q1 25 | $12.9M | $2.9B | ||
| Q4 24 | $12.3M | $3.1B | ||
| Q3 24 | $15.6M | $2.7B | ||
| Q2 24 | $1.6M | $2.6B | ||
| Q1 24 | $1.4M | $2.5B |
| Q4 25 | $35.5M | $3.9B | ||
| Q3 25 | $11.9M | $4.5B | ||
| Q2 25 | $14.6M | $4.3B | ||
| Q1 25 | $16.4M | $3.7B | ||
| Q4 24 | $15.5M | $3.9B | ||
| Q3 24 | $18.9M | $2.9B | ||
| Q2 24 | $16.4M | $2.7B | ||
| Q1 24 | $14.1M | $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 | 0.41× | — | ||
| Q1 24 | 2.04× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-2.2M | $-105.5M |
| Free Cash FlowOCF − Capex | $-2.6M | $-188.0M |
| FCF MarginFCF / Revenue | -187.3% | -123.0% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 26.2% | 54.0% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-9.7M | $-774.3M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $-2.2M | $-105.5M | ||
| Q3 25 | $-1.8M | $-114.0M | ||
| Q2 25 | $-804.0K | $-231.3M | ||
| Q1 25 | $-3.2M | $-122.1M | ||
| Q4 24 | $-3.1M | $-98.4M | ||
| Q3 24 | $-12.7M | $-56.3M | ||
| Q2 24 | $-303.0K | $-42.5M | ||
| Q1 24 | $492.0K | $-57.9M |
| Q4 25 | $-2.6M | $-188.0M | ||
| Q3 25 | $-2.1M | $-139.7M | ||
| Q2 25 | $-1.3M | $-291.7M | ||
| Q1 25 | $-3.6M | $-154.9M | ||
| Q4 24 | $-4.1M | $-156.6M | ||
| Q3 24 | $-13.2M | $-127.6M | ||
| Q2 24 | $-844.0K | $-96.1M | ||
| Q1 24 | $-79.0K | $-115.2M |
| Q4 25 | -187.3% | -123.0% | ||
| Q3 25 | -136.1% | -77.5% | ||
| Q2 25 | -91.5% | -190.7% | ||
| Q1 25 | -308.6% | -96.0% | ||
| Q4 24 | -294.6% | -109.8% | ||
| Q3 24 | -823.2% | -150.5% | ||
| Q2 24 | -39.7% | -137.2% | ||
| Q1 24 | -3.5% | -145.2% |
| Q4 25 | 26.2% | 54.0% | ||
| Q3 25 | 21.5% | 14.3% | ||
| Q2 25 | 34.8% | 39.5% | ||
| Q1 25 | 37.2% | 20.4% | ||
| Q4 24 | 76.2% | 40.8% | ||
| Q3 24 | 30.5% | 84.1% | ||
| Q2 24 | 25.5% | 76.5% | ||
| Q1 24 | 25.1% | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -0.72× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.27× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
MSAI
Segment breakdown not available.
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
