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Side-by-side financial comparison of Riot Platforms, Inc. (RIOT) and ThredUp Inc. (TDUP). Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $81.7M, roughly 1.9× ThredUp Inc.). ThredUp Inc. runs the higher net margin — -7.9% vs -452.0%, a 444.0% gap on every dollar of revenue. On growth, ThredUp Inc. posted the faster year-over-year revenue change (14.6% vs 7.2%). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 10.6%).
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.
ThredUp Inc. is an American company that operates an online resale platform specializing in the sale of second-hand clothing, footwear, and accessories. Founded in 2009 and headquartered in Oakland, California, it has established itself as one of the leading resale fashion marketplaces.
RIOT vs TDUP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $152.8M | $81.7M |
| Net Profit | $-690.7M | $-6.5M |
| Gross Margin | — | 79.2% |
| Operating Margin | -447.9% | 12.8% |
| Net Margin | -452.0% | -7.9% |
| Revenue YoY | 7.2% | 14.6% |
| Net Profit YoY | -606.3% | -24.1% |
| 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.
| Q1 26 | — | $81.7M | ||
| Q4 25 | $152.8M | $79.7M | ||
| Q3 25 | $180.2M | $82.2M | ||
| Q2 25 | $153.0M | $77.7M | ||
| Q1 25 | $161.4M | $71.3M | ||
| Q4 24 | $142.6M | $67.3M | ||
| Q3 24 | $84.8M | $61.5M | ||
| Q2 24 | $70.0M | $66.7M |
| Q1 26 | — | $-6.5M | ||
| Q4 25 | $-690.7M | $-5.6M | ||
| Q3 25 | $104.5M | $-4.2M | ||
| Q2 25 | $219.5M | $-5.2M | ||
| Q1 25 | $-296.4M | $-5.2M | ||
| Q4 24 | $136.4M | $-21.7M | ||
| Q3 24 | $-154.4M | $-24.8M | ||
| Q2 24 | $-84.4M | $-14.0M |
| Q1 26 | — | 79.2% | ||
| Q4 25 | — | 79.6% | ||
| Q3 25 | — | 79.4% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 79.1% | ||
| Q4 24 | — | 80.4% | ||
| Q3 24 | — | 79.3% | ||
| Q2 24 | — | 78.8% |
| Q1 26 | — | 12.8% | ||
| Q4 25 | -447.9% | -8.4% | ||
| Q3 25 | 44.4% | -5.3% | ||
| Q2 25 | — | -6.8% | ||
| Q1 25 | -144.9% | -7.6% | ||
| Q4 24 | — | -12.1% | ||
| Q3 24 | -143.3% | -17.0% | ||
| Q2 24 | -167.2% | -14.4% |
| Q1 26 | — | -7.9% | ||
| Q4 25 | -452.0% | -7.0% | ||
| Q3 25 | 58.0% | -5.2% | ||
| Q2 25 | 143.4% | -6.7% | ||
| Q1 25 | -183.6% | -7.3% | ||
| Q4 24 | 95.7% | -32.3% | ||
| Q3 24 | -182.1% | -40.3% | ||
| Q2 24 | -120.6% | -20.9% |
| Q1 26 | — | $-0.05 | ||
| Q4 25 | $-1.89 | $-0.06 | ||
| Q3 25 | $0.26 | $-0.03 | ||
| Q2 25 | $0.58 | $-0.04 | ||
| Q1 25 | $-0.90 | $-0.04 | ||
| Q4 24 | $0.39 | $-0.19 | ||
| Q3 24 | $-0.54 | $-0.22 | ||
| Q2 24 | $-0.32 | $-0.13 |
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 | $39.0M |
| Total DebtLower is stronger | $840.8M | $17.7M |
| Stockholders' EquityBook value | $2.9B | $59.4M |
| Total Assets | $3.9B | $172.4M |
| Debt / EquityLower = less leverage | 0.29× | 0.30× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $39.0M | ||
| Q4 25 | $233.5M | $38.6M | ||
| Q3 25 | $330.7M | $46.2M | ||
| Q2 25 | $255.4M | $41.0M | ||
| Q1 25 | $163.7M | $41.1M | ||
| Q4 24 | $277.9M | $31.9M | ||
| Q3 24 | $355.7M | $43.7M | ||
| Q2 24 | $481.2M | $44.8M |
| Q1 26 | — | $17.7M | ||
| 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 26 | — | $59.4M | ||
| Q4 25 | $2.9B | $59.2M | ||
| Q3 25 | $3.5B | $59.1M | ||
| Q2 25 | $3.3B | $60.2M | ||
| Q1 25 | $2.9B | $56.1M | ||
| Q4 24 | $3.1B | $56.3M | ||
| Q3 24 | $2.7B | $69.3M | ||
| Q2 24 | $2.6B | $86.5M |
| Q1 26 | — | $172.4M | ||
| Q4 25 | $3.9B | $167.2M | ||
| Q3 25 | $4.5B | $172.5M | ||
| Q2 25 | $4.3B | $173.6M | ||
| Q1 25 | $3.7B | $172.5M | ||
| Q4 24 | $3.9B | $171.2M | ||
| Q3 24 | $2.9B | $214.9M | ||
| Q2 24 | $2.7B | $231.2M |
| Q1 26 | — | 0.30× | ||
| 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 | — | — |
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 | $4.8M |
| Free Cash FlowOCF − Capex | $-774.3M | — |
| FCF MarginFCF / Revenue | -506.6% | — |
| Capex IntensityCapex / Revenue | 131.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.8M | ||
| Q4 25 | $-572.9M | $-1.5M | ||
| Q3 25 | $-114.0M | $6.0M | ||
| Q2 25 | $-231.3M | $344.0K | ||
| Q1 25 | $-122.1M | $5.7M | ||
| Q4 24 | $-255.1M | $663.0K | ||
| Q3 24 | $-56.3M | $3.3M | ||
| Q2 24 | $-42.5M | $-5.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-774.3M | $-3.2M | ||
| Q3 25 | $-139.7M | $2.4M | ||
| Q2 25 | $-291.7M | $-2.9M | ||
| Q1 25 | $-154.9M | $3.9M | ||
| Q4 24 | $-495.4M | $-1.8M | ||
| Q3 24 | $-127.6M | $1.2M | ||
| Q2 24 | $-96.1M | $-5.8M |
| Q1 26 | — | — | ||
| Q4 25 | -506.6% | -4.0% | ||
| Q3 25 | -77.5% | 2.9% | ||
| Q2 25 | -190.7% | -3.8% | ||
| Q1 25 | -96.0% | 5.5% | ||
| Q4 24 | -347.5% | -2.7% | ||
| Q3 24 | -150.5% | 2.0% | ||
| Q2 24 | -137.2% | -8.7% |
| Q1 26 | — | — | ||
| Q4 25 | 131.8% | 2.2% | ||
| Q3 25 | 14.3% | 4.4% | ||
| Q2 25 | 39.5% | 4.2% | ||
| Q1 25 | 20.4% | 2.5% | ||
| Q4 24 | 168.6% | 3.7% | ||
| Q3 24 | 84.1% | 3.5% | ||
| Q2 24 | 76.5% | 1.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | -1.09× | — | ||
| Q2 25 | -1.05× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.87× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
TDUP
Segment breakdown not available.
