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Side-by-side financial comparison of Riot Platforms, Inc. (RIOT) and ONE Group Hospitality, Inc. (STKS). Click either name above to swap in a different company.
ONE Group Hospitality, Inc. is the larger business by last-quarter revenue ($207.0M vs $152.8M, roughly 1.4× Riot Platforms, Inc.). ONE Group Hospitality, Inc. runs the higher net margin — -3.1% vs -452.0%, a 448.9% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -6.7%). ONE Group Hospitality, Inc. produced more free cash flow last quarter ($-329.0K vs $-774.3M). Over the past eight quarters, ONE Group Hospitality, Inc.'s revenue compounded faster (56.1% CAGR vs 38.8%).
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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
RIOT vs STKS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $152.8M | $207.0M |
| Net Profit | $-690.7M | $-6.4M |
| Gross Margin | — | — |
| Operating Margin | -447.9% | 2.2% |
| Net Margin | -452.0% | -3.1% |
| Revenue YoY | 7.2% | -6.7% |
| Net Profit YoY | -606.3% | -531.8% |
| EPS (diluted) | $-1.89 | $-0.50 |
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 | $207.0M | ||
| Q3 25 | $180.2M | $180.2M | ||
| Q2 25 | $153.0M | $207.4M | ||
| Q1 25 | $161.4M | $211.1M | ||
| Q4 24 | $142.6M | $221.9M | ||
| Q3 24 | $84.8M | $194.0M | ||
| Q2 24 | $70.0M | $172.5M | ||
| Q1 24 | $79.3M | $85.0M |
| Q4 25 | $-690.7M | $-6.4M | ||
| Q3 25 | $104.5M | $-76.7M | ||
| Q2 25 | $219.5M | $-10.1M | ||
| Q1 25 | $-296.4M | $975.0K | ||
| Q4 24 | $136.4M | $1.5M | ||
| Q3 24 | $-154.4M | $-9.3M | ||
| Q2 24 | $-84.4M | $-7.3M | ||
| Q1 24 | $211.8M | $-2.1M |
| Q4 25 | -447.9% | 2.2% | ||
| Q3 25 | 44.4% | -4.4% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | -144.9% | 5.1% | ||
| Q4 24 | — | 5.5% | ||
| Q3 24 | -143.3% | -1.9% | ||
| Q2 24 | -167.2% | 0.6% | ||
| Q1 24 | — | -0.7% |
| Q4 25 | -452.0% | -3.1% | ||
| Q3 25 | 58.0% | -42.6% | ||
| Q2 25 | 143.4% | -4.9% | ||
| Q1 25 | -183.6% | 0.5% | ||
| Q4 24 | 95.7% | 0.7% | ||
| Q3 24 | -182.1% | -4.8% | ||
| Q2 24 | -120.6% | -4.3% | ||
| Q1 24 | 267.1% | -2.4% |
| Q4 25 | $-1.89 | $-0.50 | ||
| Q3 25 | $0.26 | $-2.75 | ||
| Q2 25 | $0.58 | $-0.59 | ||
| Q1 25 | $-0.90 | $-0.21 | ||
| Q4 24 | $0.39 | $-0.18 | ||
| Q3 24 | $-0.54 | $-0.53 | ||
| Q2 24 | $-0.32 | $-0.38 | ||
| Q1 24 | $0.51 | $-0.07 |
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 | $4.2M |
| Total DebtLower is stronger | $840.8M | $354.2M |
| Stockholders' EquityBook value | $2.9B | $-75.8M |
| Total Assets | $3.9B | $884.2M |
| Debt / EquityLower = less leverage | 0.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $233.5M | $4.2M | ||
| Q3 25 | $330.7M | $5.5M | ||
| Q2 25 | $255.4M | $4.7M | ||
| Q1 25 | $163.7M | $21.4M | ||
| Q4 24 | $277.9M | $27.6M | ||
| Q3 24 | $355.7M | $28.2M | ||
| Q2 24 | $481.2M | $32.2M | ||
| Q1 24 | $688.5M | $15.4M |
| Q4 25 | $840.8M | $354.2M | ||
| Q3 25 | $5.3M | $355.0M | ||
| Q2 25 | $5.3M | $347.4M | ||
| Q1 25 | $5.3M | $348.3M | ||
| Q4 24 | $584.6M | $348.3M | ||
| Q3 24 | $5.7M | $349.1M | ||
| Q2 24 | — | $350.0M | ||
| Q1 24 | — | $73.5M |
| Q4 25 | $2.9B | $-75.8M | ||
| Q3 25 | $3.5B | $-61.5M | ||
| Q2 25 | $3.3B | $23.0M | ||
| Q1 25 | $2.9B | $40.5M | ||
| Q4 24 | $3.1B | $45.9M | ||
| Q3 24 | $2.7B | $51.4M | ||
| Q2 24 | $2.6B | $68.1M | ||
| Q1 24 | $2.5B | $68.3M |
| Q4 25 | $3.9B | $884.2M | ||
| Q3 25 | $4.5B | $879.5M | ||
| Q2 25 | $4.3B | $935.7M | ||
| Q1 25 | $3.7B | $956.0M | ||
| Q4 24 | $3.9B | $960.1M | ||
| Q3 24 | $2.9B | $953.5M | ||
| Q2 24 | $2.7B | $945.9M | ||
| Q1 24 | $2.6B | $309.3M |
| Q4 25 | 0.29× | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | 15.07× | ||
| Q1 25 | 0.00× | 8.61× | ||
| Q4 24 | 0.19× | 7.59× | ||
| Q3 24 | 0.00× | 6.79× | ||
| Q2 24 | — | 5.14× | ||
| Q1 24 | — | 1.08× |
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 | $13.1M |
| Free Cash FlowOCF − Capex | $-774.3M | $-329.0K |
| FCF MarginFCF / Revenue | -506.6% | -0.2% |
| Capex IntensityCapex / Revenue | 131.8% | 6.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | $-27.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-572.9M | $13.1M | ||
| Q3 25 | $-114.0M | $5.9M | ||
| Q2 25 | $-231.3M | $2.8M | ||
| Q1 25 | $-122.1M | $8.5M | ||
| Q4 24 | $-255.1M | $18.5M | ||
| Q3 24 | $-56.3M | $19.1M | ||
| Q2 24 | $-42.5M | $-3.8M | ||
| Q1 24 | $-57.9M | $10.4M |
| Q4 25 | $-774.3M | $-329.0K | ||
| Q3 25 | $-139.7M | $-6.1M | ||
| Q2 25 | $-291.7M | $-15.0M | ||
| Q1 25 | $-154.9M | $-5.8M | ||
| Q4 24 | $-495.4M | $733.0K | ||
| Q3 24 | $-127.6M | $287.0K | ||
| Q2 24 | $-96.1M | $-23.0M | ||
| Q1 24 | $-115.2M | $-5.4M |
| Q4 25 | -506.6% | -0.2% | ||
| Q3 25 | -77.5% | -3.4% | ||
| Q2 25 | -190.7% | -7.2% | ||
| Q1 25 | -96.0% | -2.7% | ||
| Q4 24 | -347.5% | 0.3% | ||
| Q3 24 | -150.5% | 0.1% | ||
| Q2 24 | -137.2% | -13.3% | ||
| Q1 24 | -145.2% | -6.4% |
| Q4 25 | 131.8% | 6.5% | ||
| Q3 25 | 14.3% | 6.7% | ||
| Q2 25 | 39.5% | 8.6% | ||
| Q1 25 | 20.4% | 6.8% | ||
| Q4 24 | 168.6% | 8.0% | ||
| Q3 24 | 84.1% | 9.7% | ||
| Q2 24 | 76.5% | 11.1% | ||
| Q1 24 | 72.3% | 18.6% |
| Q4 25 | — | — | ||
| Q3 25 | -1.09× | — | ||
| Q2 25 | -1.05× | — | ||
| Q1 25 | — | 8.76× | ||
| Q4 24 | -1.87× | 12.54× | ||
| 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
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
STKS
| Benihanas | $111.3M | 54% |
| Steakhouse Restaurant | $59.2M | 29% |
| Grill Concepts | $32.3M | 16% |
| Other | $4.2M | 2% |
