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Side-by-side financial comparison of NOODLES & Co (NDLS) 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 $122.1M, roughly 1.3× NOODLES & Co). NOODLES & Co runs the higher net margin — -7.5% vs -452.0%, a 444.5% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -4.1%). NOODLES & Co produced more free cash flow last quarter ($-2.8M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs -1.2%).
Noodles & Company is an American fast-casual restaurant that offers international and American noodle dishes in addition to soups and salads. Noodles & Company was founded in 1995 by Aaron Kennedy and is headquartered in Broomfield, Colorado. The company went public in 2013 and recorded a $457 million revenue in 2017. In mid-2022, there were 458 Noodles & Company locations across 31 states.
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.
NDLS vs RIOT — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $152.8M |
| Net Profit | $-9.2M | $-690.7M |
| Gross Margin | — | — |
| Operating Margin | -5.2% | -447.9% |
| Net Margin | -7.5% | -452.0% |
| Revenue YoY | -4.1% | 7.2% |
| Net Profit YoY | 32.8% | -606.3% |
| EPS (diluted) | $-0.20 | $-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 | — | $152.8M | ||
| Q3 25 | $122.1M | $180.2M | ||
| Q2 25 | $123.8M | $153.0M | ||
| Q1 25 | — | $161.4M | ||
| Q4 24 | $122.8M | $142.6M | ||
| Q3 24 | $127.4M | $84.8M | ||
| Q2 24 | $121.4M | $70.0M | ||
| Q1 24 | $124.3M | $79.3M |
| Q4 25 | — | $-690.7M | ||
| Q3 25 | $-9.2M | $104.5M | ||
| Q2 25 | $-9.1M | $219.5M | ||
| Q1 25 | — | $-296.4M | ||
| Q4 24 | $-6.8M | $136.4M | ||
| Q3 24 | $-13.6M | $-154.4M | ||
| Q2 24 | $-6.1M | $-84.4M | ||
| Q1 24 | $-6.1M | $211.8M |
| Q4 25 | — | -447.9% | ||
| Q3 25 | -5.2% | 44.4% | ||
| Q2 25 | -5.2% | — | ||
| Q1 25 | — | -144.9% | ||
| Q4 24 | -3.9% | — | ||
| Q3 24 | -9.0% | -143.3% | ||
| Q2 24 | -3.4% | -167.2% | ||
| Q1 24 | -3.7% | — |
| Q4 25 | — | -452.0% | ||
| Q3 25 | -7.5% | 58.0% | ||
| Q2 25 | -7.3% | 143.4% | ||
| Q1 25 | — | -183.6% | ||
| Q4 24 | -5.5% | 95.7% | ||
| Q3 24 | -10.7% | -182.1% | ||
| Q2 24 | -5.1% | -120.6% | ||
| Q1 24 | -4.9% | 267.1% |
| Q4 25 | — | $-1.89 | ||
| Q3 25 | $-0.20 | $0.26 | ||
| Q2 25 | $-0.20 | $0.58 | ||
| Q1 25 | — | $-0.90 | ||
| Q4 24 | $-0.15 | $0.39 | ||
| Q3 24 | $-0.30 | $-0.54 | ||
| Q2 24 | $-0.14 | $-0.32 | ||
| Q1 24 | $-1.64 | $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 | $4.7M | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $-38.9M | $2.9B |
| Total Assets | $280.6M | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $233.5M | ||
| Q3 25 | $4.7M | $330.7M | ||
| Q2 25 | $1.4M | $255.4M | ||
| Q1 25 | — | $163.7M | ||
| Q4 24 | $3.3M | $277.9M | ||
| Q3 24 | $1.8M | $355.7M | ||
| Q2 24 | $1.3M | $481.2M | ||
| Q1 24 | $3.0M | $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 | — | $2.9B | ||
| Q3 25 | $-38.9M | $3.5B | ||
| Q2 25 | $-13.9M | $3.3B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | $3.7M | $3.1B | ||
| Q3 24 | $9.6M | $2.7B | ||
| Q2 24 | $21.9M | $2.6B | ||
| Q1 24 | $27.2M | $2.5B |
| Q4 25 | — | $3.9B | ||
| Q3 25 | $280.6M | $4.5B | ||
| Q2 25 | $319.4M | $4.3B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | $340.5M | $3.9B | ||
| Q3 24 | $346.3M | $2.9B | ||
| Q2 24 | $360.4M | $2.7B | ||
| Q1 24 | $368.1M | $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 | $4.3M | $-572.9M |
| Free Cash FlowOCF − Capex | $-2.8M | $-774.3M |
| FCF MarginFCF / Revenue | -2.3% | -506.6% |
| Capex IntensityCapex / Revenue | 5.8% | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-572.9M | ||
| Q3 25 | $4.3M | $-114.0M | ||
| Q2 25 | $4.0M | $-231.3M | ||
| Q1 25 | — | $-122.1M | ||
| Q4 24 | $5.8M | $-255.1M | ||
| Q3 24 | $4.7M | $-56.3M | ||
| Q2 24 | $7.0M | $-42.5M | ||
| Q1 24 | $164.0K | $-57.9M |
| Q4 25 | — | $-774.3M | ||
| Q3 25 | $-2.8M | $-139.7M | ||
| Q2 25 | $1.1M | $-291.7M | ||
| Q1 25 | — | $-154.9M | ||
| Q4 24 | $-1.3M | $-495.4M | ||
| Q3 24 | $-4.5M | $-127.6M | ||
| Q2 24 | $-1.6M | $-96.1M | ||
| Q1 24 | $-15.2M | $-115.2M |
| Q4 25 | — | -506.6% | ||
| Q3 25 | -2.3% | -77.5% | ||
| Q2 25 | 0.9% | -190.7% | ||
| Q1 25 | — | -96.0% | ||
| Q4 24 | -1.1% | -347.5% | ||
| Q3 24 | -3.5% | -150.5% | ||
| Q2 24 | -1.4% | -137.2% | ||
| Q1 24 | -12.2% | -145.2% |
| Q4 25 | — | 131.8% | ||
| Q3 25 | 5.8% | 14.3% | ||
| Q2 25 | 2.4% | 39.5% | ||
| Q1 25 | — | 20.4% | ||
| Q4 24 | 5.8% | 168.6% | ||
| Q3 24 | 7.2% | 84.1% | ||
| Q2 24 | 7.1% | 76.5% | ||
| Q1 24 | 12.3% | 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
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
