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Side-by-side financial comparison of Riot Platforms, Inc. (RIOT) and T1 Energy Inc. (TE). Click either name above to swap in a different company.
T1 Energy Inc. is the larger business by last-quarter revenue ($210.5M vs $152.8M, roughly 1.4× Riot Platforms, Inc.). T1 Energy Inc. runs the higher net margin — -62.0% vs -452.0%, a 390.0% gap on every dollar of revenue. T1 Energy Inc. produced more free cash flow last quarter ($55.0M vs $-774.3M).
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.
Sony Energy Devices Corporation , is a Japanese multinational company specializing in a variety of areas in the energy industry, and is a wholly owned subsidiary and part of the Devices Group of Sony. The company was established in February 1975 in Fukushima, Japan.
RIOT vs TE — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $152.8M | $210.5M |
| Net Profit | $-690.7M | $-130.6M |
| Gross Margin | — | 10.0% |
| Operating Margin | -447.9% | -45.0% |
| Net Margin | -452.0% | -62.0% |
| Revenue YoY | 7.2% | — |
| Net Profit YoY | -606.3% | -375.2% |
| EPS (diluted) | $-1.89 | $-0.87 |
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 | — | ||
| Q3 25 | $180.2M | $210.5M | ||
| Q2 25 | $153.0M | $132.8M | ||
| Q1 25 | $161.4M | $53.5M | ||
| Q4 24 | $142.6M | — | ||
| Q3 24 | $84.8M | $0 | ||
| Q2 24 | $70.0M | $0 | ||
| Q1 24 | $79.3M | $0 |
| Q4 25 | $-690.7M | — | ||
| Q3 25 | $104.5M | $-130.6M | ||
| Q2 25 | $219.5M | $-31.9M | ||
| Q1 25 | $-296.4M | $-16.2M | ||
| Q4 24 | $136.4M | — | ||
| Q3 24 | $-154.4M | $-27.5M | ||
| Q2 24 | $-84.4M | $-27.0M | ||
| Q1 24 | $211.8M | $-28.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 10.0% | ||
| Q2 25 | — | 24.7% | ||
| Q1 25 | — | 33.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -447.9% | — | ||
| Q3 25 | 44.4% | -45.0% | ||
| Q2 25 | — | -22.0% | ||
| Q1 25 | -144.9% | -44.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | -143.3% | — | ||
| Q2 24 | -167.2% | — | ||
| Q1 24 | — | — |
| Q4 25 | -452.0% | — | ||
| Q3 25 | 58.0% | -62.0% | ||
| Q2 25 | 143.4% | -24.0% | ||
| Q1 25 | -183.6% | -30.4% | ||
| Q4 24 | 95.7% | — | ||
| Q3 24 | -182.1% | — | ||
| Q2 24 | -120.6% | — | ||
| Q1 24 | 267.1% | — |
| Q4 25 | $-1.89 | — | ||
| Q3 25 | $0.26 | $-0.87 | ||
| Q2 25 | $0.58 | $-0.21 | ||
| Q1 25 | $-0.90 | $-0.11 | ||
| Q4 24 | $0.39 | — | ||
| Q3 24 | $-0.54 | $-0.20 | ||
| Q2 24 | $-0.32 | $-0.19 | ||
| Q1 24 | $0.51 | $-0.20 |
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 | $34.1M |
| Total DebtLower is stronger | $840.8M | $547.3M |
| Stockholders' EquityBook value | $2.9B | $96.9M |
| Total Assets | $3.9B | $1.4B |
| Debt / EquityLower = less leverage | 0.29× | 5.65× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $233.5M | — | ||
| Q3 25 | $330.7M | $34.1M | ||
| Q2 25 | $255.4M | $8.5M | ||
| Q1 25 | $163.7M | $48.9M | ||
| Q4 24 | $277.9M | — | ||
| Q3 24 | $355.7M | $181.9M | ||
| Q2 24 | $481.2M | $219.6M | ||
| Q1 24 | $688.5M | $249.9M |
| Q4 25 | $840.8M | — | ||
| Q3 25 | $5.3M | $547.3M | ||
| Q2 25 | $5.3M | $591.2M | ||
| Q1 25 | $5.3M | $603.2M | ||
| Q4 24 | $584.6M | — | ||
| Q3 24 | $5.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $602.3M |
| Q4 25 | $2.9B | — | ||
| Q3 25 | $3.5B | $96.9M | ||
| Q2 25 | $3.3B | $183.9M | ||
| Q1 25 | $2.9B | $201.9M | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $2.7B | $538.7M | ||
| Q2 24 | $2.6B | $561.6M | ||
| Q1 24 | $2.5B | $582.3M |
| Q4 25 | $3.9B | — | ||
| Q3 25 | $4.5B | $1.4B | ||
| Q2 25 | $4.3B | $1.4B | ||
| Q1 25 | $3.7B | $1.4B | ||
| Q4 24 | $3.9B | — | ||
| Q3 24 | $2.9B | $615.0M | ||
| Q2 24 | $2.7B | $644.4M | ||
| Q1 24 | $2.6B | $670.3M |
| Q4 25 | 0.29× | — | ||
| Q3 25 | 0.00× | 5.65× | ||
| Q2 25 | 0.00× | 3.21× | ||
| Q1 25 | 0.00× | 2.99× | ||
| Q4 24 | 0.19× | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.03× |
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 | $63.9M |
| Free Cash FlowOCF − Capex | $-774.3M | $55.0M |
| FCF MarginFCF / Revenue | -506.6% | 26.1% |
| Capex IntensityCapex / Revenue | 131.8% | 4.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | $-42.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-572.9M | — | ||
| Q3 25 | $-114.0M | $63.9M | ||
| Q2 25 | $-231.3M | $33.4M | ||
| Q1 25 | $-122.1M | $-44.8M | ||
| Q4 24 | $-255.1M | — | ||
| Q3 24 | $-56.3M | $-28.4M | ||
| Q2 24 | $-42.5M | $-28.0M | ||
| Q1 24 | $-57.9M | $-16.2M |
| Q4 25 | $-774.3M | — | ||
| Q3 25 | $-139.7M | $55.0M | ||
| Q2 25 | $-291.7M | $10.6M | ||
| Q1 25 | $-154.9M | $-74.0M | ||
| Q4 24 | $-495.4M | — | ||
| Q3 24 | $-127.6M | $-34.0M | ||
| Q2 24 | $-96.1M | $-35.6M | ||
| Q1 24 | $-115.2M | $-37.7M |
| Q4 25 | -506.6% | — | ||
| Q3 25 | -77.5% | 26.1% | ||
| Q2 25 | -190.7% | 8.0% | ||
| Q1 25 | -96.0% | -138.4% | ||
| Q4 24 | -347.5% | — | ||
| Q3 24 | -150.5% | — | ||
| Q2 24 | -137.2% | — | ||
| Q1 24 | -145.2% | — |
| Q4 25 | 131.8% | — | ||
| Q3 25 | 14.3% | 4.2% | ||
| Q2 25 | 39.5% | 17.2% | ||
| Q1 25 | 20.4% | 54.5% | ||
| Q4 24 | 168.6% | — | ||
| Q3 24 | 84.1% | — | ||
| Q2 24 | 76.5% | — | ||
| Q1 24 | 72.3% | — |
| Q4 25 | — | — | ||
| Q3 25 | -1.09× | — | ||
| Q2 25 | -1.05× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.87× | — | ||
| 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% |
TE
| Related Party | $120.1M | 57% |
| Nonrelated Party | $90.4M | 43% |
