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Side-by-side financial comparison of Riot Platforms, Inc. (RIOT) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $91.6M, roughly 1.7× SHENANDOAH TELECOMMUNICATIONS CO). SHENANDOAH TELECOMMUNICATIONS CO runs the higher net margin — -5.9% vs -452.0%, a 446.1% gap on every dollar of revenue. On growth, SHENANDOAH TELECOMMUNICATIONS CO posted the faster year-over-year revenue change (7.2% vs 7.2%). SHENANDOAH TELECOMMUNICATIONS CO produced more free cash flow last quarter ($-78.6M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 15.0%).
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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
RIOT vs SHEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $152.8M | $91.6M |
| Net Profit | $-690.7M | $-5.4M |
| Gross Margin | — | — |
| Operating Margin | -447.9% | -1.0% |
| Net Margin | -452.0% | -5.9% |
| Revenue YoY | 7.2% | 7.2% |
| Net Profit YoY | -606.3% | -95.8% |
| EPS (diluted) | $-1.89 | $-0.13 |
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 | $91.6M | ||
| Q3 25 | $180.2M | $89.8M | ||
| Q2 25 | $153.0M | $88.6M | ||
| Q1 25 | $161.4M | $87.9M | ||
| Q4 24 | $142.6M | $85.4M | ||
| Q3 24 | $84.8M | $87.6M | ||
| Q2 24 | $70.0M | $85.8M | ||
| Q1 24 | $79.3M | $69.2M |
| Q4 25 | $-690.7M | $-5.4M | ||
| Q3 25 | $104.5M | $-9.4M | ||
| Q2 25 | $219.5M | $-9.0M | ||
| Q1 25 | $-296.4M | $-9.1M | ||
| Q4 24 | $136.4M | $-2.7M | ||
| Q3 24 | $-154.4M | $-5.3M | ||
| Q2 24 | $-84.4M | $-12.9M | ||
| Q1 24 | $211.8M | $214.7M |
| Q4 25 | -447.9% | -1.0% | ||
| Q3 25 | 44.4% | -8.0% | ||
| Q2 25 | — | -10.3% | ||
| Q1 25 | -144.9% | -6.9% | ||
| Q4 24 | — | -6.7% | ||
| Q3 24 | -143.3% | -4.8% | ||
| Q2 24 | -167.2% | -18.5% | ||
| Q1 24 | — | -4.0% |
| Q4 25 | -452.0% | -5.9% | ||
| Q3 25 | 58.0% | -10.5% | ||
| Q2 25 | 143.4% | -10.2% | ||
| Q1 25 | -183.6% | -10.4% | ||
| Q4 24 | 95.7% | -3.2% | ||
| Q3 24 | -182.1% | -6.0% | ||
| Q2 24 | -120.6% | -15.0% | ||
| Q1 24 | 267.1% | 310.0% |
| Q4 25 | $-1.89 | $-0.13 | ||
| Q3 25 | $0.26 | $-0.20 | ||
| Q2 25 | $0.58 | $-0.19 | ||
| Q1 25 | $-0.90 | $-0.19 | ||
| Q4 24 | $0.39 | $-0.34 | ||
| Q3 24 | $-0.54 | $-0.13 | ||
| Q2 24 | $-0.32 | $-0.24 | ||
| Q1 24 | $0.51 | $4.25 |
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 | $27.3M |
| Total DebtLower is stronger | $840.8M | $642.4M |
| Stockholders' EquityBook value | $2.9B | $880.8M |
| Total Assets | $3.9B | $1.9B |
| Debt / EquityLower = less leverage | 0.29× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $233.5M | $27.3M | ||
| Q3 25 | $330.7M | $22.6M | ||
| Q2 25 | $255.4M | $29.1M | ||
| Q1 25 | $163.7M | $87.5M | ||
| Q4 24 | $277.9M | $46.3M | ||
| Q3 24 | $355.7M | $43.1M | ||
| Q2 24 | $481.2M | $43.8M | ||
| Q1 24 | $688.5M | $389.7M |
| Q4 25 | $840.8M | $642.4M | ||
| Q3 25 | $5.3M | $535.4M | ||
| Q2 25 | $5.3M | $513.1M | ||
| Q1 25 | $5.3M | $515.8M | ||
| Q4 24 | $584.6M | $418.0M | ||
| Q3 24 | $5.7M | $345.2M | ||
| Q2 24 | — | $297.4M | ||
| Q1 24 | — | $298.7M |
| Q4 25 | $2.9B | $880.8M | ||
| Q3 25 | $3.5B | $892.7M | ||
| Q2 25 | $3.3B | $902.0M | ||
| Q1 25 | $2.9B | $910.5M | ||
| Q4 24 | $3.1B | $918.6M | ||
| Q3 24 | $2.7B | $925.4M | ||
| Q2 24 | $2.6B | $933.1M | ||
| Q1 24 | $2.5B | $871.6M |
| Q4 25 | $3.9B | $1.9B | ||
| Q3 25 | $4.5B | $1.9B | ||
| Q2 25 | $4.3B | $1.8B | ||
| Q1 25 | $3.7B | $1.8B | ||
| Q4 24 | $3.9B | $1.7B | ||
| Q3 24 | $2.9B | $1.7B | ||
| Q2 24 | $2.7B | $1.7B | ||
| Q1 24 | $2.6B | $1.4B |
| Q4 25 | 0.29× | 0.73× | ||
| Q3 25 | 0.00× | 0.60× | ||
| Q2 25 | 0.00× | 0.57× | ||
| Q1 25 | 0.00× | 0.57× | ||
| Q4 24 | 0.19× | 0.46× | ||
| Q3 24 | 0.00× | 0.37× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.34× |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $-774.3M | $-78.6M |
| FCF MarginFCF / Revenue | -506.6% | -85.8% |
| Capex IntensityCapex / Revenue | 131.8% | 117.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-572.9M | $28.8M | ||
| Q3 25 | $-114.0M | $30.7M | ||
| Q2 25 | $-231.3M | $20.9M | ||
| Q1 25 | $-122.1M | $20.5M | ||
| Q4 24 | $-255.1M | $20.6M | ||
| Q3 24 | $-56.3M | $24.3M | ||
| Q2 24 | $-42.5M | $2.5M | ||
| Q1 24 | $-57.9M | $15.2M |
| Q4 25 | $-774.3M | $-78.6M | ||
| Q3 25 | $-139.7M | $-51.4M | ||
| Q2 25 | $-291.7M | $-65.3M | ||
| Q1 25 | $-154.9M | $-62.7M | ||
| Q4 24 | $-495.4M | $-72.0M | ||
| Q3 24 | $-127.6M | $-51.3M | ||
| Q2 24 | $-96.1M | $-78.3M | ||
| Q1 24 | $-115.2M | $-54.9M |
| Q4 25 | -506.6% | -85.8% | ||
| Q3 25 | -77.5% | -57.2% | ||
| Q2 25 | -190.7% | -73.7% | ||
| Q1 25 | -96.0% | -71.3% | ||
| Q4 24 | -347.5% | -84.3% | ||
| Q3 24 | -150.5% | -58.5% | ||
| Q2 24 | -137.2% | -91.3% | ||
| Q1 24 | -145.2% | -79.3% |
| Q4 25 | 131.8% | 117.2% | ||
| Q3 25 | 14.3% | 91.4% | ||
| Q2 25 | 39.5% | 97.3% | ||
| Q1 25 | 20.4% | 94.7% | ||
| Q4 24 | 168.6% | 108.4% | ||
| Q3 24 | 84.1% | 86.2% | ||
| Q2 24 | 76.5% | 94.2% | ||
| Q1 24 | 72.3% | 101.2% |
| Q4 25 | — | — | ||
| Q3 25 | -1.09× | — | ||
| Q2 25 | -1.05× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.87× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.27× | 0.07× |
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% |
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
