{ "ok": true, "cik": "1167419", "ticker": "RIOT", "name": "RIOT PLATFORMS, INC.", "filings": [ { "form": "8-K", "filed": "2026-09-25", "items": [ "1.02 Termination of a Material Definitive Agreement" ], "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926111003/0001104659-26-111003-index.htm" }, { "form": "8-K", "filed": "2026-08-14", "items": [ "1.01 Entry into a Material Definitive Agreement", "2.03 Creation of a Direct Financial Obligation" ], "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926097330/0001104659-26-097330-index.htm" }, { "form": "10-Q", "filed": "2026-08-10", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926093448/0001104659-26-093448-index.htm" }, { "form": "8-K", "filed": "2026-08-10", "items": [ "2.02 Results of Operations and Financial Condition", "8.01 Other Events", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926093406/0001104659-26-093406-index.htm" }, { "form": "8-K", "filed": "2026-06-15", "items": [ "5.02 Departure or Election of Directors; Appointment of Officers", "5.07 Submission of Matters to a Vote of Security Holders", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926074070/0001104659-26-074070-index.htm" }, { "form": "10-Q", "filed": "2026-04-30", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926053120/0001104659-26-053120-index.htm" } ], "events12m": 12, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 2, "latest": { "filed": "2026-06-15", "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926074070/0001104659-26-074070-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001167419.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1167419" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up RIOT PLATFORMS, INC. ($RIOT). Last filing: 8-K (1.02 Termination of a Material Definitive Agreement), 2026-09-25. 12 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 647435000, "revenueGrowth1y": 0.7188935320635697, "revenueGrowthPerYear": 0.3200195016691332, "yearsOfData": 5, "operatingMargin": -0.9609705993651873, "operatingMarginPrior": 0.407770444275709, "netMargin": -1.0245522716566142, "operatingCashFlow": -572928000, "capitalSpending": 201382000, "freeCashFlow": -774310000, "researchAndDevelopment": null, "researchShareOfRevenue": null, "cash": 233517000, "longTermDebt": 840796000, "longTermDebtChange": 0.4381800299337182, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 213243000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 259171000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 280678000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 376658000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 647435000 } ], "totalEquity": 2858406000, "totalAssets": 3936767000, "equityRatio": 0.7260795469988445, "returnOnEquity": -0.23206325483503742, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": -1.95, "sharesOutstanding": 340719298, "bookValuePerShare": 8.389328155988395, "revenuePerShare": 1.900200557468864, "range80": { "low": 756505272.7837906, "high": 1264264068.9860373, "baseline": 995676811.6057587, "n": 4309, "band": "b01", "bandLabel": "$100M–1B", "method": "v4.1", "credibility": 0.5, "growthYears": 4, "ownVolatility": 0.19662309178492948, "classVolatility": 0.1022985825903761, "volatility": 0.1567253014402346 }, "ifPaceHeld": { "low": 756505272.7837906, "high": 1264264068.9860373 } }, "edgarette": "🔖 Exposure: revenue $647.4M (FY2025), total debt $840.8M. Experience: revenue up 71.9% on the year, up 32.0% a year over 4 years; operating margin -96.1%, down from 40.8%. Soundness: equity 72.6% of assets, return on equity -23.2%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $756.5M and $1.3B next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $664.3M to $1.4B. A statistical range, not company guidance. Against peers (36 filers, $50M+ revenue, finance services): operating margin -96.1% against a -6.4% median; growth 71.9% against 16.8%.", "peers": { "sic": 6199, "sicDescription": "Finance Services", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "6199", "growth": [ 0.1678, 51 ], "opMargin": [ -0.0639, 36 ], "equityRatio": [ 0.4195, 46 ], "returnOnEquity": [ -0.0512, 41 ] }, "summary": "Riot Platforms (RIOT) grew revenue 71.9% in FY2025 to $647 million, operating margin -96.1% against a -6.4% median for finance services, equity 72.6% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
RIOT PLATFORMS, INC. against its own record and its peers
Operating marginPeer median -6.4%-96.1%Revenue, on the yearPeer median 16.8%71.9%Equity of assetsPeer median 41.9%72.6%Return on equityPeer median -5.1%-23.2%Gold tick: the median of 41–46 peers with $50M+ revenue in finance services
", "chartHorizon": null, "backtest": { "tests": 5, "hits": 0, "rate": 0, "method": "v4", "byYear": { "2021": [ 0, 1 ], "2022": [ 0, 1 ], "2023": [ 0, 1 ], "2024": [ 0, 1 ], "2025": [ 0, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T15:57:20.387Z", "hash": "c4f4be496ca40a93", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Riot Platforms (RIOT) grew revenue 71.9% in FY2025 to $647 million, operating margin -96.1% against a -6.4% median for finance services, equity 72.6% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 647435000, "totalDebt": 840796000, "cash": 233517000 }, "experience": { "revenueGrowth1y": 0.7188935320635697, "revenueGrowthPerYear": 0.3200195016691332, "operatingMargin": -0.9609705993651873, "operatingMarginPrior": 0.407770444275709, "netMargin": -1.0245522716566142, "freeCashFlow": -774310000 }, "soundness": { "equityRatio": 0.7260795469988445, "returnOnEquity": -0.23206325483503742, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 6199, "sicDescription": "Finance Services", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "6199", "growth": [ 0.1678, 51 ], "opMargin": [ -0.0639, 36 ], "equityRatio": [ 0.4195, 46 ], "returnOnEquity": [ -0.0512, 41 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 2, "latest": { "filed": "2026-06-15", "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926074070/0001104659-26-074070-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 756505272.7837906, "high": 1264264068.9860373, "baseline": 995676811.6057587, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 4309, "sizeBand": "$100M–1B", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341 }, "credibility": { "weightOnOwnRecord": 0.5, "growthYears": 4, "ownVolatility": 0.19662309178492948, "classVolatility": 0.1022985825903761, "pricedVolatility": 0.1567253014402346, "k": 3 }, "stress": { "low": 664339294.65847, "high": 1447191109.2060144, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 5, "hits": 0, "rate": 0, "method": "v4", "byYear": { "2021": [ 0, 1 ], "2022": [ 0, 1 ], "2023": [ 0, 1 ], "2024": [ 0, 1 ], "2025": [ 0, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T15:57:20.387Z", "hash": "c4f4be496ca40a93", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001167419.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1167419" }, "speedCash": { "fiscalYear": 2025, "cashConversion": -0.8849, "growth3y": 0.3569, "volatility": 0.1966, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.7261, "quadrant": { "code": "fj", "label": "Fast and jumpy", "plain": "growing faster than its size class, with revenue that swings more" }, "compass": { "code": "notyet", "inside": "Turns -88.5% of revenue into operating cash; revenue growing 35.7% a year over three years; no common dividend.", "outside": "Among $100M-1B companies: 2nd percentile for cash, 89th for growth.", "emoji": "⚡", "label": "Fast, cash not yet", "plain": "growing fast, but little cash arriving so far" }, "band": "$100M-1B", "cashPctInClass": 2, "growthPctInClass": 89, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "cash", "text": "operating cash flow was negative" }, { "key": "range", "text": "revenue is hard to predict: its 80% range is ±25%" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 2, "name": "Weathered boat", "plain": "two warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": -572928000, "investing": 76127000, "financing": 455289000, "capitalSpending": 201382000, "free": -774310000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": -86082000, "free": -233198000 }, { "fiscalYearEnd": "2022-12-31", "operating": 530000, "free": -147882000 }, { "fiscalYearEnd": "2023-12-31", "operating": 33085000, "free": -160619000 }, { "fiscalYearEnd": "2024-12-31", "operating": -255052000, "free": -495392000 }, { "fiscalYearEnd": "2025-12-31", "operating": -572928000, "free": -774310000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 233517000, "shortTerm": null, "longTerm": null, "equityHoldings": 0, "totalAssets": 3936767000, "ladder": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2025, "cashConversion": -0.8849, "growth3y": 0.3569, "volatility": 0.1966, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.7261, "quadrant": { "code": "fj", "label": "Fast and jumpy", "plain": "growing faster than its size class, with revenue that swings more" }, "compass": { "code": "notyet", "inside": "Turns -88.5% of revenue into operating cash; revenue growing 35.7% a year over three years; no common dividend.", "outside": "Among $100M-1B companies: 2nd percentile for cash, 89th for growth.", "emoji": "⚡", "label": "Fast, cash not yet", "plain": "growing fast, but little cash arriving so far" }, "band": "$100M-1B", "cashPctInClass": 2, "growthPctInClass": 89, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "cash", "text": "operating cash flow was negative" }, { "key": "range", "text": "revenue is hard to predict: its 80% range is ±25%" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 2, "name": "Weathered boat", "plain": "two warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": -572928000, "investing": 76127000, "financing": 455289000, "capitalSpending": 201382000, "free": -774310000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": -86082000, "free": -233198000 }, { "fiscalYearEnd": "2022-12-31", "operating": 530000, "free": -147882000 }, { "fiscalYearEnd": "2023-12-31", "operating": 33085000, "free": -160619000 }, { "fiscalYearEnd": "2024-12-31", "operating": -255052000, "free": -495392000 }, { "fiscalYearEnd": "2025-12-31", "operating": -572928000, "free": -774310000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 233517000, "shortTerm": null, "longTerm": null, "equityHoldings": 0, "totalAssets": 3936767000, "ladder": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }