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Side-by-side financial comparison of Riot Platforms, Inc. (RIOT) and VICOR CORP (VICR). Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $113.0M, roughly 1.4× VICOR CORP). VICOR CORP runs the higher net margin — 18.3% vs -452.0%, a 470.3% gap on every dollar of revenue. On growth, VICOR CORP posted the faster year-over-year revenue change (20.2% vs 7.2%). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 14.7%).
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.
Vicor Corporation is a manufacturer of power modules headquartered in Andover, Massachusetts.
RIOT vs VICR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $152.8M | $113.0M |
| Net Profit | $-690.7M | $20.7M |
| Gross Margin | — | — |
| Operating Margin | -447.9% | 59.7% |
| Net Margin | -452.0% | 18.3% |
| Revenue YoY | 7.2% | 20.2% |
| Net Profit YoY | -606.3% | 713.9% |
| EPS (diluted) | $-1.89 | $0.44 |
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 | — | $113.0M | ||
| Q4 25 | $152.8M | $107.3M | ||
| Q3 25 | $180.2M | $110.4M | ||
| Q2 25 | $153.0M | $96.0M | ||
| Q1 25 | $161.4M | $94.0M | ||
| Q4 24 | $142.6M | $96.2M | ||
| Q3 24 | $84.8M | $93.2M | ||
| Q2 24 | $70.0M | $85.9M |
| Q1 26 | — | $20.7M | ||
| Q4 25 | $-690.7M | $46.5M | ||
| Q3 25 | $104.5M | $28.3M | ||
| Q2 25 | $219.5M | $41.2M | ||
| Q1 25 | $-296.4M | $2.5M | ||
| Q4 24 | $136.4M | $10.2M | ||
| Q3 24 | $-154.4M | $11.6M | ||
| Q2 24 | $-84.4M | $-1.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 55.4% | ||
| Q3 25 | — | 57.5% | ||
| Q2 25 | — | 95.9% | ||
| Q1 25 | — | 47.2% | ||
| Q4 24 | — | 52.4% | ||
| Q3 24 | — | 49.1% | ||
| Q2 24 | — | 49.8% |
| Q1 26 | — | 59.7% | ||
| Q4 25 | -447.9% | 14.6% | ||
| Q3 25 | 44.4% | 18.9% | ||
| Q2 25 | — | 47.3% | ||
| Q1 25 | -144.9% | -0.2% | ||
| Q4 24 | — | 9.6% | ||
| Q3 24 | -143.3% | 5.8% | ||
| Q2 24 | -167.2% | 0.2% |
| Q1 26 | — | 18.3% | ||
| Q4 25 | -452.0% | 43.4% | ||
| Q3 25 | 58.0% | 25.6% | ||
| Q2 25 | 143.4% | 42.9% | ||
| Q1 25 | -183.6% | 2.7% | ||
| Q4 24 | 95.7% | 10.7% | ||
| Q3 24 | -182.1% | 12.4% | ||
| Q2 24 | -120.6% | -1.4% |
| Q1 26 | — | $0.44 | ||
| Q4 25 | $-1.89 | $1.01 | ||
| Q3 25 | $0.26 | $0.63 | ||
| Q2 25 | $0.58 | $0.91 | ||
| Q1 25 | $-0.90 | $0.06 | ||
| Q4 24 | $0.39 | $0.24 | ||
| Q3 24 | $-0.54 | $0.26 | ||
| Q2 24 | $-0.32 | $-0.03 |
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 | $404.2M |
| Total DebtLower is stronger | $840.8M | — |
| Stockholders' EquityBook value | $2.9B | $754.1M |
| Total Assets | $3.9B | $804.9M |
| Debt / EquityLower = less leverage | 0.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $404.2M | ||
| Q4 25 | $233.5M | $402.8M | ||
| Q3 25 | $330.7M | $362.4M | ||
| Q2 25 | $255.4M | $338.5M | ||
| Q1 25 | $163.7M | $296.1M | ||
| Q4 24 | $277.9M | $277.3M | ||
| Q3 24 | $355.7M | $267.6M | ||
| Q2 24 | $481.2M | $251.9M |
| Q1 26 | — | — | ||
| 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 | — | $754.1M | ||
| Q4 25 | $2.9B | $711.6M | ||
| Q3 25 | $3.5B | $630.1M | ||
| Q2 25 | $3.3B | $608.6M | ||
| Q1 25 | $2.9B | $580.3M | ||
| Q4 24 | $3.1B | $570.1M | ||
| Q3 24 | $2.7B | $554.6M | ||
| Q2 24 | $2.6B | $537.2M |
| Q1 26 | — | $804.9M | ||
| Q4 25 | $3.9B | $785.8M | ||
| Q3 25 | $4.5B | $710.2M | ||
| Q2 25 | $4.3B | $693.5M | ||
| Q1 25 | $3.7B | $665.0M | ||
| Q4 24 | $3.9B | $641.1M | ||
| Q3 24 | $2.9B | $632.8M | ||
| Q2 24 | $2.7B | $613.2M |
| Q1 26 | — | — | ||
| 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 | — |
| 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 | — | — | ||
| Q4 25 | $-572.9M | $15.7M | ||
| Q3 25 | $-114.0M | $38.5M | ||
| Q2 25 | $-231.3M | $65.2M | ||
| Q1 25 | $-122.1M | $20.1M | ||
| Q4 24 | $-255.1M | $10.1M | ||
| Q3 24 | $-56.3M | $22.6M | ||
| Q2 24 | $-42.5M | $15.6M |
| Q1 26 | — | — | ||
| Q4 25 | $-774.3M | $10.2M | ||
| Q3 25 | $-139.7M | $34.5M | ||
| Q2 25 | $-291.7M | $59.0M | ||
| Q1 25 | $-154.9M | $15.6M | ||
| Q4 24 | $-495.4M | $8.4M | ||
| Q3 24 | $-127.6M | $14.1M | ||
| Q2 24 | $-96.1M | $9.4M |
| Q1 26 | — | — | ||
| Q4 25 | -506.6% | 9.5% | ||
| Q3 25 | -77.5% | 31.2% | ||
| Q2 25 | -190.7% | 61.5% | ||
| Q1 25 | -96.0% | 16.6% | ||
| Q4 24 | -347.5% | 8.7% | ||
| Q3 24 | -150.5% | 15.2% | ||
| Q2 24 | -137.2% | 11.0% |
| Q1 26 | — | — | ||
| Q4 25 | 131.8% | 5.2% | ||
| Q3 25 | 14.3% | 3.6% | ||
| Q2 25 | 39.5% | 6.5% | ||
| Q1 25 | 20.4% | 4.8% | ||
| Q4 24 | 168.6% | 1.8% | ||
| Q3 24 | 84.1% | 9.1% | ||
| Q2 24 | 76.5% | 7.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.34× | ||
| Q3 25 | -1.09× | 1.36× | ||
| Q2 25 | -1.05× | 1.58× | ||
| Q1 25 | — | 7.93× | ||
| Q4 24 | -1.87× | 0.99× | ||
| Q3 24 | — | 1.95× | ||
| 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% |
VICR
| Product revenue | $98.0M | 87% |
| Royalty revenue | $15.0M | 13% |
