Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
RIOT reported a 71.9% revenue surge to $647.4M in FY2025, but swung to a net loss of $663.2M (-$1.95 EPS) driven by a massive operating loss of $622.2M, reflecting soaring costs and impairments that overwhelmed top-line growth.
Revenue
$647.43M
+71.89% YoY
EPS (Diluted)
-$1.95
-673.53% YoY
Operating Income
-$622.17M
-505.08% YoY
Source: SEC XBRL
Riot Platforms (RIOT) reported FY2025 revenue of $647.43M, up 71.9% year over year. Operating margin was -96.1%, against 40.8% a year earlier. Operating cash flow was negative $572.93M.
Last 4 quarters: 2 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Mar 2026 | -1.44 | -0.60 | Miss -138.2% |
| Dec 2025This filing | -2.06 | -0.29 | Miss -607.4% |
| Sep 2025 | 0.26 | 0.07 | Beat +280.7% |
| Jun 2025 | 0.92 | 0.11 | Beat +760.6% |
Reported EPS of -$2.06 versus the -$0.29 analyst consensus — a -607.4% miss for Dec 2025.
Compiled by AI from this SEC filing
Revenue jumped 71.9% year-over-year from $376.7M to $647.4M, likely reflecting higher Bitcoin production volumes and/or elevated Bitcoin prices during the fiscal year. This top-line growth is a positive signal for operational scale.
Source: 10-K Income Statement
Operating income collapsed from a gain of $153.6M to a loss of $622.2M, a swing of over $775M. This dramatic deterioration suggests significant non-cash charges such as impairments, stock-based compensation, or write-downs that overwhelmed revenue gains.
Source: 10-K Income Statement
D&A rose 66.2% to $342.8M from $206.2M, reflecting the rapid build-out of mining infrastructure. This non-cash charge is a major drag on reported earnings and indicates substantial capital investment in prior periods.
Source: 10-K Cash Flow Statement
Operating cash flow worsened to -$572.9M from -$255.1M, a 124.6% deterioration, indicating that the core business is consuming significant cash. Positive investing cash flow of $76.1M (vs. -$1.51B prior year) suggests asset sales or reduced capex.
Source: 10-K Cash Flow Statement
Current liabilities surged 192.9% to $469.8M while current assets fell 25.1% to $448.7M, pushing the current ratio below 1.0 at 0.955. This means short-term obligations now exceed short-term assets, a potential liquidity concern.
Source: 10-K Balance Sheet
Compiled by AI from this SEC filing · 3 high, 2 medium, 0 low
RIOT burned $572.9M in operating cash flow in FY2025, nearly double the prior year's burn of $255.1M. With a current ratio of 0.955 and cash of only $233.5M, the company may need to raise additional capital through equity or debt to fund operations, risking shareholder dilution.
Source: 10-K Cash Flow Statement & Balance Sheet
As a Bitcoin miner, RIOT's revenue and asset valuations are highly sensitive to Bitcoin price fluctuations. A sustained decline in Bitcoin prices could further compress margins and trigger additional impairments on digital asset holdings.
Source: 10-K Income Statement
Long-term debt increased 43.8% to $840.8M, and total liabilities rose 36.2% to $1.08B. While the debt-to-equity ratio of 0.38 remains manageable, the rapid pace of debt accumulation alongside negative cash flows increases financial risk.
Source: 10-K Balance Sheet
The gap between revenue growth (+71.9%) and the operating loss (-$622.2M) implies substantial non-cash charges such as impairments or stock-based compensation. SG&A alone was $298.8M, representing 46% of revenue, suggesting high overhead relative to income generation.
Source: 10-K Income Statement
The Bitcoin network's periodic halving events reduce block rewards by 50%, directly cutting mining revenue per unit of hash power. If RIOT cannot offset this through efficiency gains or higher Bitcoin prices, profitability will remain under pressure.
Source: 10-K Income Statement (contextual inference from mining business model)
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $M | 647.44 $M | 376.66 $M | +71.89% |
Operating Income $M | -622.17 $M | 153.59 $M | -505.08% |
Net Income $M | -663.18 $M | 109.40 $M | -706.19% |
EPS (Basic) $ | -1.95 $ | 0.40 $ | -587.50% |
EPS (Diluted) $ | -1.95 $ | 0.34 $ | -673.53% |
SG&A Expense $M | 298.78 $M | 266.92 $M | +11.94% |
Answers draw on this SEC filing and the data on this page
RIOT Platforms' Q2 FY2026 results were defined by a sharp net loss driven by a $401 million fair-value hit on its bitcoin holdings, overshadowing a 14% revenue increase from expanded mining and early data center leasing.
RIOT reported a modest 3.6% revenue increase to $167.2M in Q1 FY2026, but operating losses deepened sharply to -$499.9M (down 113.7% YoY), driven by surging costs and impairments, resulting in a net loss of -$500.5M and EPS of -$1.44.