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Side-by-side financial comparison of Riot Platforms, Inc. (RIOT) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $148.3M, roughly 1.0× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -452.0%, a 457.4% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 7.2%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 27.8%).
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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
RIOT vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $152.8M | $148.3M |
| Net Profit | $-690.7M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | -447.9% | 11.7% |
| Net Margin | -452.0% | 5.5% |
| Revenue YoY | 7.2% | 38.6% |
| Net Profit YoY | -606.3% | 3.9% |
| EPS (diluted) | $-1.89 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $180.2M | $135.8M | ||
| Q2 25 | $153.0M | $110.8M | ||
| Q1 25 | $161.4M | $80.4M | ||
| Q4 24 | $142.6M | $107.0M | ||
| Q3 24 | $84.8M | $102.2M | ||
| Q2 24 | $70.0M | $99.2M | ||
| Q1 24 | $79.3M | $90.8M |
| Q4 25 | $-690.7M | $8.1M | ||
| Q3 25 | $104.5M | $11.9M | ||
| Q2 25 | $219.5M | $13.9M | ||
| Q1 25 | $-296.4M | $-282.0K | ||
| Q4 24 | $136.4M | $7.8M | ||
| Q3 24 | $-154.4M | $-267.0K | ||
| Q2 24 | $-84.4M | $11.8M | ||
| Q1 24 | $211.8M | $4.8M |
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 40.3% | ||
| Q1 24 | — | 40.2% |
| Q4 25 | -447.9% | 11.7% | ||
| Q3 25 | 44.4% | 13.7% | ||
| Q2 25 | — | 14.4% | ||
| Q1 25 | -144.9% | 5.4% | ||
| Q4 24 | — | 15.4% | ||
| Q3 24 | -143.3% | 4.4% | ||
| Q2 24 | -167.2% | 18.7% | ||
| Q1 24 | — | 12.8% |
| Q4 25 | -452.0% | 5.5% | ||
| Q3 25 | 58.0% | 8.7% | ||
| Q2 25 | 143.4% | 12.5% | ||
| Q1 25 | -183.6% | -0.4% | ||
| Q4 24 | 95.7% | 7.3% | ||
| Q3 24 | -182.1% | -0.3% | ||
| Q2 24 | -120.6% | 11.9% | ||
| Q1 24 | 267.1% | 5.3% |
| Q4 25 | $-1.89 | $0.05 | ||
| Q3 25 | $0.26 | $0.07 | ||
| Q2 25 | $0.58 | $0.08 | ||
| Q1 25 | $-0.90 | $0.00 | ||
| Q4 24 | $0.39 | $0.04 | ||
| Q3 24 | $-0.54 | $0.00 | ||
| Q2 24 | $-0.32 | $0.07 | ||
| Q1 24 | $0.51 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | $840.8M | — |
| Stockholders' EquityBook value | $2.9B | $600.0M |
| Total Assets | $3.9B | $904.1M |
| Debt / EquityLower = less leverage | 0.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $233.5M | $7.3M | ||
| Q3 25 | $330.7M | $8.6M | ||
| Q2 25 | $255.4M | $4.7M | ||
| Q1 25 | $163.7M | $35.6M | ||
| Q4 24 | $277.9M | $23.5M | ||
| Q3 24 | $355.7M | $11.1M | ||
| Q2 24 | $481.2M | $3.2M | ||
| Q1 24 | $688.5M | $15.2M |
| Q4 25 | $840.8M | — | ||
| Q3 25 | $5.3M | — | ||
| Q2 25 | $5.3M | — | ||
| Q1 25 | $5.3M | $141.8M | ||
| Q4 24 | $584.6M | $141.8M | ||
| Q3 24 | $5.7M | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $2.9B | $600.0M | ||
| Q3 25 | $3.5B | $589.6M | ||
| Q2 25 | $3.3B | $575.4M | ||
| Q1 25 | $2.9B | $558.9M | ||
| Q4 24 | $3.1B | $556.8M | ||
| Q3 24 | $2.7B | $545.2M | ||
| Q2 24 | $2.6B | $544.6M | ||
| Q1 24 | $2.5B | $554.0M |
| Q4 25 | $3.9B | $904.1M | ||
| Q3 25 | $4.5B | $851.8M | ||
| Q2 25 | $4.3B | $795.0M | ||
| Q1 25 | $3.7B | $788.4M | ||
| Q4 24 | $3.9B | $793.1M | ||
| Q3 24 | $2.9B | $801.3M | ||
| Q2 24 | $2.7B | $788.4M | ||
| Q1 24 | $2.6B | $825.3M |
| Q4 25 | 0.29× | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.00× | 0.25× | ||
| Q4 24 | 0.19× | 0.25× | ||
| Q3 24 | 0.00× | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $-774.3M | $-11.3M |
| FCF MarginFCF / Revenue | -506.6% | -7.6% |
| Capex IntensityCapex / Revenue | 131.8% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-572.9M | $-4.1M | ||
| Q3 25 | $-114.0M | $19.4M | ||
| Q2 25 | $-231.3M | $-13.8M | ||
| Q1 25 | $-122.1M | $15.6M | ||
| Q4 24 | $-255.1M | $14.0M | ||
| Q3 24 | $-56.3M | $15.7M | ||
| Q2 24 | $-42.5M | $37.8M | ||
| Q1 24 | $-57.9M | $12.9M |
| Q4 25 | $-774.3M | $-11.3M | ||
| Q3 25 | $-139.7M | $9.0M | ||
| Q2 25 | $-291.7M | $-26.0M | ||
| Q1 25 | $-154.9M | $12.3M | ||
| Q4 24 | $-495.4M | $12.5M | ||
| Q3 24 | $-127.6M | $13.3M | ||
| Q2 24 | $-96.1M | $35.8M | ||
| Q1 24 | $-115.2M | $10.4M |
| Q4 25 | -506.6% | -7.6% | ||
| Q3 25 | -77.5% | 6.6% | ||
| Q2 25 | -190.7% | -23.5% | ||
| Q1 25 | -96.0% | 15.4% | ||
| Q4 24 | -347.5% | 11.6% | ||
| Q3 24 | -150.5% | 13.0% | ||
| Q2 24 | -137.2% | 36.1% | ||
| Q1 24 | -145.2% | 11.4% |
| Q4 25 | 131.8% | 4.8% | ||
| Q3 25 | 14.3% | 7.7% | ||
| Q2 25 | 39.5% | 11.0% | ||
| Q1 25 | 20.4% | 4.0% | ||
| Q4 24 | 168.6% | 1.4% | ||
| Q3 24 | 84.1% | 2.3% | ||
| Q2 24 | 76.5% | 2.0% | ||
| Q1 24 | 72.3% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | -1.09× | 1.63× | ||
| Q2 25 | -1.05× | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.87× | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | -0.27× | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
