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Side-by-side financial comparison of Riot Platforms, Inc. (RIOT) and Bio-Techne (TECH). Click either name above to swap in a different company.
Bio-Techne is the larger business by last-quarter revenue ($295.9M vs $152.8M, roughly 1.9× Riot Platforms, Inc.). Bio-Techne runs the higher net margin — 12.8% vs -452.0%, a 464.8% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -6.4%). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 4.2%).
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.
Bio-Techne Corporation is an American life sciences company that develops, manufactures and sells life science reagents, instruments and services for the research, diagnostic, and bioprocessing markets.
RIOT vs TECH — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $152.8M | $295.9M |
| Net Profit | $-690.7M | $38.0M |
| Gross Margin | — | 64.6% |
| Operating Margin | -447.9% | 18.4% |
| Net Margin | -452.0% | 12.8% |
| Revenue YoY | 7.2% | -6.4% |
| Net Profit YoY | -606.3% | 68.3% |
| EPS (diluted) | $-1.89 | $0.24 |
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 | $295.9M | ||
| Q3 25 | $180.2M | — | ||
| Q2 25 | $153.0M | $317.0M | ||
| Q1 25 | $161.4M | $316.2M | ||
| Q4 24 | $142.6M | $297.0M | ||
| Q3 24 | $84.8M | $289.5M | ||
| Q2 24 | $70.0M | $306.1M | ||
| Q1 24 | $79.3M | $303.4M |
| Q4 25 | $-690.7M | $38.0M | ||
| Q3 25 | $104.5M | — | ||
| Q2 25 | $219.5M | $-17.7M | ||
| Q1 25 | $-296.4M | $22.6M | ||
| Q4 24 | $136.4M | $34.9M | ||
| Q3 24 | $-154.4M | $33.6M | ||
| Q2 24 | $-84.4M | $40.6M | ||
| Q1 24 | $211.8M | $49.1M |
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 62.7% | ||
| Q1 25 | — | 67.9% | ||
| Q4 24 | — | 65.3% | ||
| Q3 24 | — | 63.2% | ||
| Q2 24 | — | 66.4% | ||
| Q1 24 | — | 67.4% |
| Q4 25 | -447.9% | 18.4% | ||
| Q3 25 | 44.4% | — | ||
| Q2 25 | — | -7.5% | ||
| Q1 25 | -144.9% | 12.2% | ||
| Q4 24 | — | 16.0% | ||
| Q3 24 | -143.3% | 13.8% | ||
| Q2 24 | -167.2% | 15.0% | ||
| Q1 24 | — | 22.1% |
| Q4 25 | -452.0% | 12.8% | ||
| Q3 25 | 58.0% | — | ||
| Q2 25 | 143.4% | -5.6% | ||
| Q1 25 | -183.6% | 7.1% | ||
| Q4 24 | 95.7% | 11.7% | ||
| Q3 24 | -182.1% | 11.6% | ||
| Q2 24 | -120.6% | 13.3% | ||
| Q1 24 | 267.1% | 16.2% |
| Q4 25 | $-1.89 | $0.24 | ||
| Q3 25 | $0.26 | — | ||
| Q2 25 | $0.58 | $-0.11 | ||
| Q1 25 | $-0.90 | $0.14 | ||
| Q4 24 | $0.39 | $0.22 | ||
| Q3 24 | $-0.54 | $0.21 | ||
| Q2 24 | $-0.32 | $0.26 | ||
| Q1 24 | $0.51 | $0.31 |
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 | $172.9M |
| Total DebtLower is stronger | $840.8M | $260.0M |
| Stockholders' EquityBook value | $2.9B | $2.0B |
| Total Assets | $3.9B | $2.5B |
| Debt / EquityLower = less leverage | 0.29× | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $233.5M | $172.9M | ||
| Q3 25 | $330.7M | — | ||
| Q2 25 | $255.4M | $162.2M | ||
| Q1 25 | $163.7M | $140.7M | ||
| Q4 24 | $277.9M | $177.5M | ||
| Q3 24 | $355.7M | $187.5M | ||
| Q2 24 | $481.2M | $152.9M | ||
| Q1 24 | $688.5M | $145.3M |
| Q4 25 | $840.8M | $260.0M | ||
| Q3 25 | $5.3M | — | ||
| Q2 25 | $5.3M | $346.0M | ||
| Q1 25 | $5.3M | $330.0M | ||
| Q4 24 | $584.6M | $300.0M | ||
| Q3 24 | $5.7M | $300.0M | ||
| Q2 24 | — | $319.0M | ||
| Q1 24 | — | $389.0M |
| Q4 25 | $2.9B | $2.0B | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $3.3B | $1.9B | ||
| Q1 25 | $2.9B | $2.0B | ||
| Q4 24 | $3.1B | $2.1B | ||
| Q3 24 | $2.7B | $2.1B | ||
| Q2 24 | $2.6B | $2.1B | ||
| Q1 24 | $2.5B | $2.0B |
| Q4 25 | $3.9B | $2.5B | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $4.3B | $2.6B | ||
| Q1 25 | $3.7B | $2.6B | ||
| Q4 24 | $3.9B | $2.7B | ||
| Q3 24 | $2.9B | $2.7B | ||
| Q2 24 | $2.7B | $2.7B | ||
| Q1 24 | $2.6B | $2.7B |
| Q4 25 | 0.29× | 0.13× | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | 0.18× | ||
| Q1 25 | 0.00× | 0.16× | ||
| Q4 24 | 0.19× | 0.14× | ||
| Q3 24 | 0.00× | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.19× |
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 | — |
| 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.
| Q4 25 | $-572.9M | — | ||
| Q3 25 | $-114.0M | — | ||
| Q2 25 | $-231.3M | $98.2M | ||
| Q1 25 | $-122.1M | $41.1M | ||
| Q4 24 | $-255.1M | $84.3M | ||
| Q3 24 | $-56.3M | $63.9M | ||
| Q2 24 | $-42.5M | $75.5M | ||
| Q1 24 | $-57.9M | $81.0M |
| Q4 25 | $-774.3M | — | ||
| Q3 25 | $-139.7M | — | ||
| Q2 25 | $-291.7M | $93.3M | ||
| Q1 25 | $-154.9M | $31.0M | ||
| Q4 24 | $-495.4M | $77.5M | ||
| Q3 24 | $-127.6M | $54.7M | ||
| Q2 24 | $-96.1M | $57.5M | ||
| Q1 24 | $-115.2M | $64.5M |
| Q4 25 | -506.6% | — | ||
| Q3 25 | -77.5% | — | ||
| Q2 25 | -190.7% | 29.4% | ||
| Q1 25 | -96.0% | 9.8% | ||
| Q4 24 | -347.5% | 26.1% | ||
| Q3 24 | -150.5% | 18.9% | ||
| Q2 24 | -137.2% | 18.8% | ||
| Q1 24 | -145.2% | 21.3% |
| Q4 25 | 131.8% | — | ||
| Q3 25 | 14.3% | — | ||
| Q2 25 | 39.5% | 1.5% | ||
| Q1 25 | 20.4% | 3.2% | ||
| Q4 24 | 168.6% | 2.3% | ||
| Q3 24 | 84.1% | 3.2% | ||
| Q2 24 | 76.5% | 5.9% | ||
| Q1 24 | 72.3% | 5.4% |
| Q4 25 | — | — | ||
| Q3 25 | -1.09× | — | ||
| Q2 25 | -1.05× | — | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | -1.87× | 2.42× | ||
| Q3 24 | — | 1.90× | ||
| Q2 24 | — | 1.86× | ||
| Q1 24 | -0.27× | 1.65× |
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% |
TECH
| Diagnostics And Spatial Biology | $81.2M | 27% |
| EMEA Excluding UK | $75.4M | 25% |
| Other | $42.4M | 14% |
| Instruments | $29.6M | 10% |
| APAC Excluding Greater China | $22.7M | 8% |
| Services | $22.3M | 8% |
| GB | $13.7M | 5% |
| Royalty | $8.5M | 3% |
