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Side-by-side financial comparison of Riot Platforms, Inc. (RIOT) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $92.9M, roughly 1.6× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -452.0%, a 477.0% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 7.2%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 34.6%).
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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
RIOT vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $152.8M | $92.9M |
| Net Profit | $-690.7M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | -447.9% | 24.1% |
| Net Margin | -452.0% | 25.0% |
| Revenue YoY | 7.2% | 23.3% |
| Net Profit YoY | -606.3% | 17.3% |
| EPS (diluted) | $-1.89 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $180.2M | $67.5M | ||
| Q2 25 | $153.0M | $63.2M | ||
| Q1 25 | $161.4M | $52.6M | ||
| Q4 24 | $142.6M | $75.4M | ||
| Q3 24 | $84.8M | $57.9M | ||
| Q2 24 | $70.0M | $52.7M | ||
| Q1 24 | $79.3M | $51.3M |
| Q4 25 | $-690.7M | $23.2M | ||
| Q3 25 | $104.5M | $5.1M | ||
| Q2 25 | $219.5M | $-553.0K | ||
| Q1 25 | $-296.4M | $-11.2M | ||
| Q4 24 | $136.4M | $19.8M | ||
| Q3 24 | $-154.4M | $-901.0K | ||
| Q2 24 | $-84.4M | $-4.7M | ||
| Q1 24 | $211.8M | $-3.9M |
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | -447.9% | 24.1% | ||
| Q3 25 | 44.4% | 5.1% | ||
| Q2 25 | — | -3.2% | ||
| Q1 25 | -144.9% | -24.3% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | -143.3% | -4.3% | ||
| Q2 24 | -167.2% | -11.5% | ||
| Q1 24 | — | -10.7% |
| Q4 25 | -452.0% | 25.0% | ||
| Q3 25 | 58.0% | 7.5% | ||
| Q2 25 | 143.4% | -0.9% | ||
| Q1 25 | -183.6% | -21.4% | ||
| Q4 24 | 95.7% | 26.3% | ||
| Q3 24 | -182.1% | -1.6% | ||
| Q2 24 | -120.6% | -8.9% | ||
| Q1 24 | 267.1% | -7.5% |
| Q4 25 | $-1.89 | $0.46 | ||
| Q3 25 | $0.26 | $0.10 | ||
| Q2 25 | $0.58 | $-0.01 | ||
| Q1 25 | $-0.90 | $-0.23 | ||
| Q4 24 | $0.39 | $0.40 | ||
| Q3 24 | $-0.54 | $-0.02 | ||
| Q2 24 | $-0.32 | $-0.10 | ||
| Q1 24 | $0.51 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | $840.8M | — |
| Stockholders' EquityBook value | $2.9B | $354.6M |
| Total Assets | $3.9B | $488.0M |
| Debt / EquityLower = less leverage | 0.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $233.5M | $137.5M | ||
| Q3 25 | $330.7M | $135.4M | ||
| Q2 25 | $255.4M | $116.9M | ||
| Q1 25 | $163.7M | $112.9M | ||
| Q4 24 | $277.9M | $116.2M | ||
| Q3 24 | $355.7M | $101.7M | ||
| Q2 24 | $481.2M | $102.5M | ||
| Q1 24 | $688.5M | $110.6M |
| 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 24 | — | — |
| Q4 25 | $2.9B | $354.6M | ||
| Q3 25 | $3.5B | $321.9M | ||
| Q2 25 | $3.3B | $306.8M | ||
| Q1 25 | $2.9B | $295.5M | ||
| Q4 24 | $3.1B | $292.0M | ||
| Q3 24 | $2.7B | $257.5M | ||
| Q2 24 | $2.6B | $243.0M | ||
| Q1 24 | $2.5B | $233.9M |
| Q4 25 | $3.9B | $488.0M | ||
| Q3 25 | $4.5B | $453.3M | ||
| Q2 25 | $4.3B | $435.6M | ||
| Q1 25 | $3.7B | $424.6M | ||
| Q4 24 | $3.9B | $432.7M | ||
| Q3 24 | $2.9B | $390.4M | ||
| Q2 24 | $2.7B | $376.8M | ||
| Q1 24 | $2.6B | $356.7M |
| 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 | — | — | ||
| Q1 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 | $15.0M |
| Free Cash FlowOCF − Capex | $-774.3M | $12.8M |
| FCF MarginFCF / Revenue | -506.6% | 13.8% |
| Capex IntensityCapex / Revenue | 131.8% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-572.9M | $15.0M | ||
| Q3 25 | $-114.0M | $22.1M | ||
| Q2 25 | $-231.3M | $8.2M | ||
| Q1 25 | $-122.1M | $6.6M | ||
| Q4 24 | $-255.1M | $22.2M | ||
| Q3 24 | $-56.3M | $10.2M | ||
| Q2 24 | $-42.5M | $18.5M | ||
| Q1 24 | $-57.9M | $7.2M |
| Q4 25 | $-774.3M | $12.8M | ||
| Q3 25 | $-139.7M | $19.5M | ||
| Q2 25 | $-291.7M | $81.0K | ||
| Q1 25 | $-154.9M | $-7.6M | ||
| Q4 24 | $-495.4M | $8.5M | ||
| Q3 24 | $-127.6M | $-9.2M | ||
| Q2 24 | $-96.1M | $1.8M | ||
| Q1 24 | $-115.2M | $-6.8M |
| Q4 25 | -506.6% | 13.8% | ||
| Q3 25 | -77.5% | 28.8% | ||
| Q2 25 | -190.7% | 0.1% | ||
| Q1 25 | -96.0% | -14.5% | ||
| Q4 24 | -347.5% | 11.2% | ||
| Q3 24 | -150.5% | -15.9% | ||
| Q2 24 | -137.2% | 3.4% | ||
| Q1 24 | -145.2% | -13.3% |
| Q4 25 | 131.8% | 2.4% | ||
| Q3 25 | 14.3% | 3.9% | ||
| Q2 25 | 39.5% | 12.9% | ||
| Q1 25 | 20.4% | 27.0% | ||
| Q4 24 | 168.6% | 18.3% | ||
| Q3 24 | 84.1% | 33.5% | ||
| Q2 24 | 76.5% | 31.8% | ||
| Q1 24 | 72.3% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | -1.09× | 4.35× | ||
| Q2 25 | -1.05× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.87× | 1.12× | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
