vs
Side-by-side financial comparison of Riot Platforms, Inc. (RIOT) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
VARONIS SYSTEMS INC is the larger business by last-quarter revenue ($173.1M vs $152.8M, roughly 1.1× Riot Platforms, Inc.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 7.2%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 15.2%).
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.
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
RIOT vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $152.8M | $173.1M |
| Net Profit | $-690.7M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | -447.9% | -1.7% |
| Net Margin | -452.0% | — |
| Revenue YoY | 7.2% | 26.9% |
| Net Profit YoY | -606.3% | — |
| EPS (diluted) | $-1.89 | — |
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 | — | $173.1M | ||
| Q4 25 | $152.8M | $173.4M | ||
| Q3 25 | $180.2M | $161.6M | ||
| Q2 25 | $153.0M | $152.2M | ||
| Q1 25 | $161.4M | $136.4M | ||
| Q4 24 | $142.6M | $158.5M | ||
| Q3 24 | $84.8M | $148.1M | ||
| Q2 24 | $70.0M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-690.7M | $-27.8M | ||
| Q3 25 | $104.5M | $-29.9M | ||
| Q2 25 | $219.5M | $-35.8M | ||
| Q1 25 | $-296.4M | $-35.8M | ||
| Q4 24 | $136.4M | $-13.0M | ||
| Q3 24 | $-154.4M | $-18.3M | ||
| Q2 24 | $-84.4M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | — | 78.9% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 78.7% | ||
| Q4 24 | — | 83.6% | ||
| Q3 24 | — | 83.8% | ||
| Q2 24 | — | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | -447.9% | -17.5% | ||
| Q3 25 | 44.4% | -22.2% | ||
| Q2 25 | — | -24.0% | ||
| Q1 25 | -144.9% | -32.1% | ||
| Q4 24 | — | -11.1% | ||
| Q3 24 | -143.3% | -16.0% | ||
| Q2 24 | -167.2% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -452.0% | -16.0% | ||
| Q3 25 | 58.0% | -18.5% | ||
| Q2 25 | 143.4% | -23.5% | ||
| Q1 25 | -183.6% | -26.2% | ||
| Q4 24 | 95.7% | -8.2% | ||
| Q3 24 | -182.1% | -12.4% | ||
| Q2 24 | -120.6% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-1.89 | $-0.23 | ||
| Q3 25 | $0.26 | $-0.26 | ||
| Q2 25 | $0.58 | $-0.32 | ||
| Q1 25 | $-0.90 | $-0.32 | ||
| Q4 24 | $0.39 | $-0.12 | ||
| Q3 24 | $-0.54 | $-0.16 | ||
| Q2 24 | $-0.32 | $-0.21 |
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 | $179.3M |
| Total DebtLower is stronger | $840.8M | — |
| Stockholders' EquityBook value | $2.9B | $453.5M |
| Total Assets | $3.9B | $1.6B |
| Debt / EquityLower = less leverage | 0.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $233.5M | $883.7M | ||
| Q3 25 | $330.7M | $671.3M | ||
| Q2 25 | $255.4M | $770.9M | ||
| Q1 25 | $163.7M | $567.6M | ||
| Q4 24 | $277.9M | $529.0M | ||
| Q3 24 | $355.7M | $844.8M | ||
| Q2 24 | $481.2M | $582.5M |
| 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 | — | $453.5M | ||
| Q4 25 | $2.9B | $598.7M | ||
| Q3 25 | $3.5B | $604.8M | ||
| Q2 25 | $3.3B | $341.5M | ||
| Q1 25 | $2.9B | $367.7M | ||
| Q4 24 | $3.1B | $455.7M | ||
| Q3 24 | $2.7B | $428.6M | ||
| Q2 24 | $2.6B | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $3.9B | $1.8B | ||
| Q3 25 | $4.5B | $1.7B | ||
| Q2 25 | $4.3B | $1.6B | ||
| Q1 25 | $3.7B | $1.6B | ||
| Q4 24 | $3.9B | $1.7B | ||
| Q3 24 | $2.9B | $1.5B | ||
| Q2 24 | $2.7B | $1.1B |
| 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 | $55.0M |
| Free Cash FlowOCF − Capex | $-774.3M | $49.0M |
| FCF MarginFCF / Revenue | -506.6% | 28.3% |
| Capex IntensityCapex / Revenue | 131.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $-572.9M | $24.7M | ||
| Q3 25 | $-114.0M | $33.4M | ||
| Q2 25 | $-231.3M | $21.3M | ||
| Q1 25 | $-122.1M | $68.0M | ||
| Q4 24 | $-255.1M | $24.3M | ||
| Q3 24 | $-56.3M | $22.5M | ||
| Q2 24 | $-42.5M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-774.3M | $20.7M | ||
| Q3 25 | $-139.7M | $30.4M | ||
| Q2 25 | $-291.7M | $18.0M | ||
| Q1 25 | $-154.9M | $65.7M | ||
| Q4 24 | $-495.4M | $19.9M | ||
| Q3 24 | $-127.6M | $21.3M | ||
| Q2 24 | $-96.1M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -506.6% | 12.0% | ||
| Q3 25 | -77.5% | 18.8% | ||
| Q2 25 | -190.7% | 11.8% | ||
| Q1 25 | -96.0% | 48.1% | ||
| Q4 24 | -347.5% | 12.6% | ||
| Q3 24 | -150.5% | 14.4% | ||
| Q2 24 | -137.2% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 131.8% | 2.3% | ||
| Q3 25 | 14.3% | 1.8% | ||
| Q2 25 | 39.5% | 2.2% | ||
| Q1 25 | 20.4% | 1.7% | ||
| Q4 24 | 168.6% | 2.7% | ||
| Q3 24 | 84.1% | 0.8% | ||
| Q2 24 | 76.5% | 0.6% |
| 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% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
