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Side-by-side financial comparison of Riot Platforms, Inc. (RIOT) and Xometry, Inc. (XMTR). Click either name above to swap in a different company.
Xometry, Inc. is the larger business by last-quarter revenue ($192.4M vs $152.8M, roughly 1.3× Riot Platforms, Inc.). Xometry, Inc. runs the higher net margin — -4.5% vs -452.0%, a 447.5% gap on every dollar of revenue. On growth, Xometry, Inc. posted the faster year-over-year revenue change (29.5% vs 7.2%). Xometry, Inc. produced more free cash flow last quarter ($-5.9M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 25.2%).
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.
Xometry is an online marketplace for sourcing on-demand manufactured parts for prototyping and large-scale production.
RIOT vs XMTR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $152.8M | $192.4M |
| Net Profit | $-690.7M | $-8.6M |
| Gross Margin | — | 39.1% |
| Operating Margin | -447.9% | -4.6% |
| Net Margin | -452.0% | -4.5% |
| Revenue YoY | 7.2% | 29.5% |
| Net Profit YoY | -606.3% | 12.7% |
| 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.
| Q4 25 | $152.8M | $192.4M | ||
| Q3 25 | $180.2M | $180.7M | ||
| Q2 25 | $153.0M | $162.5M | ||
| Q1 25 | $161.4M | $151.0M | ||
| Q4 24 | $142.6M | $148.5M | ||
| Q3 24 | $84.8M | $141.7M | ||
| Q2 24 | $70.0M | $132.6M | ||
| Q1 24 | $79.3M | $122.7M |
| Q4 25 | $-690.7M | $-8.6M | ||
| Q3 25 | $104.5M | $-11.6M | ||
| Q2 25 | $219.5M | $-26.4M | ||
| Q1 25 | $-296.4M | $-15.1M | ||
| Q4 24 | $136.4M | $-9.9M | ||
| Q3 24 | $-154.4M | $-10.2M | ||
| Q2 24 | $-84.4M | $-13.7M | ||
| Q1 24 | $211.8M | $-16.6M |
| Q4 25 | — | 39.1% | ||
| Q3 25 | — | 39.9% | ||
| Q2 25 | — | 40.1% | ||
| Q1 25 | — | 37.3% | ||
| Q4 24 | — | 39.7% | ||
| Q3 24 | — | 39.4% | ||
| Q2 24 | — | 39.9% | ||
| Q1 24 | — | 39.0% |
| Q4 25 | -447.9% | -4.6% | ||
| Q3 25 | 44.4% | -6.1% | ||
| Q2 25 | — | -6.3% | ||
| Q1 25 | -144.9% | -10.2% | ||
| Q4 24 | — | -7.8% | ||
| Q3 24 | -143.3% | -8.1% | ||
| Q2 24 | -167.2% | -11.5% | ||
| Q1 24 | — | -14.6% |
| Q4 25 | -452.0% | -4.5% | ||
| Q3 25 | 58.0% | -6.4% | ||
| Q2 25 | 143.4% | -16.3% | ||
| Q1 25 | -183.6% | -10.0% | ||
| Q4 24 | 95.7% | -6.7% | ||
| Q3 24 | -182.1% | -7.2% | ||
| Q2 24 | -120.6% | -10.3% | ||
| Q1 24 | 267.1% | -13.5% |
| Q4 25 | $-1.89 | — | ||
| Q3 25 | $0.26 | — | ||
| Q2 25 | $0.58 | — | ||
| Q1 25 | $-0.90 | — | ||
| Q4 24 | $0.39 | — | ||
| Q3 24 | $-0.54 | — | ||
| Q2 24 | $-0.32 | — | ||
| Q1 24 | $0.51 | — |
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 | $219.1M |
| Total DebtLower is stronger | $840.8M | — |
| Stockholders' EquityBook value | $2.9B | $275.6M |
| Total Assets | $3.9B | $703.7M |
| Debt / EquityLower = less leverage | 0.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $233.5M | $219.1M | ||
| Q3 25 | $330.7M | $224.5M | ||
| Q2 25 | $255.4M | $225.8M | ||
| Q1 25 | $163.7M | $231.4M | ||
| Q4 24 | $277.9M | $239.8M | ||
| Q3 24 | $355.7M | $234.0M | ||
| Q2 24 | $481.2M | $240.9M | ||
| Q1 24 | $688.5M | $253.8M |
| 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 | $275.6M | ||
| Q3 25 | $3.5B | $272.0M | ||
| Q2 25 | $3.3B | $270.4M | ||
| Q1 25 | $2.9B | $309.9M | ||
| Q4 24 | $3.1B | $314.5M | ||
| Q3 24 | $2.7B | $315.2M | ||
| Q2 24 | $2.6B | $315.8M | ||
| Q1 24 | $2.5B | $320.4M |
| Q4 25 | $3.9B | $703.7M | ||
| Q3 25 | $4.5B | $698.9M | ||
| Q2 25 | $4.3B | $687.0M | ||
| Q1 25 | $3.7B | $690.1M | ||
| Q4 24 | $3.9B | $680.1M | ||
| Q3 24 | $2.9B | $678.2M | ||
| Q2 24 | $2.7B | $678.6M | ||
| Q1 24 | $2.6B | $692.5M |
| 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 | $4.4M |
| Free Cash FlowOCF − Capex | $-774.3M | $-5.9M |
| FCF MarginFCF / Revenue | -506.6% | -3.0% |
| Capex IntensityCapex / Revenue | 131.8% | 5.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | $-24.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-572.9M | $4.4M | ||
| Q3 25 | $-114.0M | $5.8M | ||
| Q2 25 | $-231.3M | $-427.0K | ||
| Q1 25 | $-122.1M | $-3.7M | ||
| Q4 24 | $-255.1M | $9.1M | ||
| Q3 24 | $-56.3M | $-3.6M | ||
| Q2 24 | $-42.5M | $-9.1M | ||
| Q1 24 | $-57.9M | $-11.7M |
| Q4 25 | $-774.3M | $-5.9M | ||
| Q3 25 | $-139.7M | $-1.7M | ||
| Q2 25 | $-291.7M | $-7.4M | ||
| Q1 25 | $-154.9M | $-9.2M | ||
| Q4 24 | $-495.4M | $4.5M | ||
| Q3 24 | $-127.6M | $-8.4M | ||
| Q2 24 | $-96.1M | $-13.5M | ||
| Q1 24 | $-115.2M | $-16.1M |
| Q4 25 | -506.6% | -3.0% | ||
| Q3 25 | -77.5% | -0.9% | ||
| Q2 25 | -190.7% | -4.5% | ||
| Q1 25 | -96.0% | -6.1% | ||
| Q4 24 | -347.5% | 3.1% | ||
| Q3 24 | -150.5% | -6.0% | ||
| Q2 24 | -137.2% | -10.2% | ||
| Q1 24 | -145.2% | -13.1% |
| Q4 25 | 131.8% | 5.3% | ||
| Q3 25 | 14.3% | 4.1% | ||
| Q2 25 | 39.5% | 4.3% | ||
| Q1 25 | 20.4% | 3.6% | ||
| Q4 24 | 168.6% | 3.1% | ||
| Q3 24 | 84.1% | 3.4% | ||
| Q2 24 | 76.5% | 3.3% | ||
| Q1 24 | 72.3% | 3.5% |
| 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% |
XMTR
| US | $159.1M | 83% |
| Non Us | $33.3M | 17% |
