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Side-by-side financial comparison of Riot Platforms, Inc. (RIOT) and Repay Holdings Corp (RPAY). Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $78.6M, roughly 1.9× Repay Holdings Corp). Repay Holdings Corp runs the higher net margin — -178.3% vs -452.0%, a 273.7% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs 0.4%). Repay Holdings Corp produced more free cash flow last quarter ($23.2M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs -1.3%).
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.
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
RIOT vs RPAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $152.8M | $78.6M |
| Net Profit | $-690.7M | $-140.1M |
| Gross Margin | — | 74.2% |
| Operating Margin | -447.9% | -182.2% |
| Net Margin | -452.0% | -178.3% |
| Revenue YoY | 7.2% | 0.4% |
| Net Profit YoY | -606.3% | -3304.1% |
| EPS (diluted) | $-1.89 | $-1.68 |
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 | $78.6M | ||
| Q3 25 | $180.2M | $77.7M | ||
| Q2 25 | $153.0M | $75.6M | ||
| Q1 25 | $161.4M | $77.3M | ||
| Q4 24 | $142.6M | $78.3M | ||
| Q3 24 | $84.8M | $79.1M | ||
| Q2 24 | $70.0M | $74.9M | ||
| Q1 24 | $79.3M | $80.7M |
| Q4 25 | $-690.7M | $-140.1M | ||
| Q3 25 | $104.5M | $-6.4M | ||
| Q2 25 | $219.5M | $-102.3M | ||
| Q1 25 | $-296.4M | $-7.9M | ||
| Q4 24 | $136.4M | $-4.1M | ||
| Q3 24 | $-154.4M | $3.2M | ||
| Q2 24 | $-84.4M | $-4.1M | ||
| Q1 24 | $211.8M | $-5.2M |
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 78.2% | ||
| Q1 24 | — | 76.2% |
| Q4 25 | -447.9% | -182.2% | ||
| Q3 25 | 44.4% | -3.9% | ||
| Q2 25 | — | -138.7% | ||
| Q1 25 | -144.9% | -4.7% | ||
| Q4 24 | — | -1.5% | ||
| Q3 24 | -143.3% | -0.9% | ||
| Q2 24 | -167.2% | -4.6% | ||
| Q1 24 | — | -3.1% |
| Q4 25 | -452.0% | -178.3% | ||
| Q3 25 | 58.0% | -8.3% | ||
| Q2 25 | 143.4% | -135.2% | ||
| Q1 25 | -183.6% | -10.3% | ||
| Q4 24 | 95.7% | -5.3% | ||
| Q3 24 | -182.1% | 4.1% | ||
| Q2 24 | -120.6% | -5.4% | ||
| Q1 24 | 267.1% | -6.5% |
| Q4 25 | $-1.89 | $-1.68 | ||
| Q3 25 | $0.26 | $-0.08 | ||
| Q2 25 | $0.58 | $-1.15 | ||
| Q1 25 | $-0.90 | $-0.09 | ||
| Q4 24 | $0.39 | $-0.04 | ||
| Q3 24 | $-0.54 | $0.03 | ||
| Q2 24 | $-0.32 | $-0.04 | ||
| Q1 24 | $0.51 | $-0.06 |
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 | $115.7M |
| Total DebtLower is stronger | $840.8M | $280.1M |
| Stockholders' EquityBook value | $2.9B | $484.4M |
| Total Assets | $3.9B | $1.2B |
| Debt / EquityLower = less leverage | 0.29× | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $233.5M | $115.7M | ||
| Q3 25 | $330.7M | $95.7M | ||
| Q2 25 | $255.4M | $162.6M | ||
| Q1 25 | $163.7M | $165.5M | ||
| Q4 24 | $277.9M | $189.5M | ||
| Q3 24 | $355.7M | $168.7M | ||
| Q2 24 | $481.2M | $147.1M | ||
| Q1 24 | $688.5M | $128.3M |
| Q4 25 | $840.8M | $280.1M | ||
| Q3 25 | $5.3M | $279.5M | ||
| Q2 25 | $5.3M | $279.0M | ||
| Q1 25 | $5.3M | $497.6M | ||
| Q4 24 | $584.6M | $496.8M | ||
| Q3 24 | $5.7M | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
| Q4 25 | $2.9B | $484.4M | ||
| Q3 25 | $3.5B | $616.9M | ||
| Q2 25 | $3.3B | $633.7M | ||
| Q1 25 | $2.9B | $755.7M | ||
| Q4 24 | $3.1B | $761.3M | ||
| Q3 24 | $2.7B | $754.7M | ||
| Q2 24 | $2.6B | $815.4M | ||
| Q1 24 | $2.5B | $813.8M |
| Q4 25 | $3.9B | $1.2B | ||
| Q3 25 | $4.5B | $1.3B | ||
| Q2 25 | $4.3B | $1.4B | ||
| Q1 25 | $3.7B | $1.5B | ||
| Q4 24 | $3.9B | $1.6B | ||
| Q3 24 | $2.9B | $1.6B | ||
| Q2 24 | $2.7B | $1.5B | ||
| Q1 24 | $2.6B | $1.5B |
| Q4 25 | 0.29× | 0.58× | ||
| Q3 25 | 0.00× | 0.45× | ||
| Q2 25 | 0.00× | 0.44× | ||
| Q1 25 | 0.00× | 0.66× | ||
| Q4 24 | 0.19× | 0.65× | ||
| Q3 24 | 0.00× | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-774.3M | $23.2M |
| FCF MarginFCF / Revenue | -506.6% | 29.6% |
| Capex IntensityCapex / Revenue | 131.8% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | $90.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-572.9M | $23.3M | ||
| Q3 25 | $-114.0M | $32.2M | ||
| Q2 25 | $-231.3M | $33.1M | ||
| Q1 25 | $-122.1M | $2.5M | ||
| Q4 24 | $-255.1M | $34.3M | ||
| Q3 24 | $-56.3M | $60.1M | ||
| Q2 24 | $-42.5M | $31.0M | ||
| Q1 24 | $-57.9M | $24.8M |
| Q4 25 | $-774.3M | $23.2M | ||
| Q3 25 | $-139.7M | $32.1M | ||
| Q2 25 | $-291.7M | $33.0M | ||
| Q1 25 | $-154.9M | $2.4M | ||
| Q4 24 | $-495.4M | $34.0M | ||
| Q3 24 | $-127.6M | $59.8M | ||
| Q2 24 | $-96.1M | $30.5M | ||
| Q1 24 | $-115.2M | $24.7M |
| Q4 25 | -506.6% | 29.6% | ||
| Q3 25 | -77.5% | 41.3% | ||
| Q2 25 | -190.7% | 43.6% | ||
| Q1 25 | -96.0% | 3.0% | ||
| Q4 24 | -347.5% | 43.5% | ||
| Q3 24 | -150.5% | 75.6% | ||
| Q2 24 | -137.2% | 40.7% | ||
| Q1 24 | -145.2% | 30.6% |
| Q4 25 | 131.8% | 0.1% | ||
| Q3 25 | 14.3% | 0.2% | ||
| Q2 25 | 39.5% | 0.1% | ||
| Q1 25 | 20.4% | 0.2% | ||
| Q4 24 | 168.6% | 0.3% | ||
| Q3 24 | 84.1% | 0.3% | ||
| Q2 24 | 76.5% | 0.6% | ||
| Q1 24 | 72.3% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | -1.09× | — | ||
| Q2 25 | -1.05× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.87× | — | ||
| Q3 24 | — | 18.52× | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.27× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
