RIOTRiot Platforms, Inc.

Finance Services

Revenue: $647M; 72% YoY
Operating margin: -96.1%; 336% YoY
EBITDA: −$279M; 178% YoY
Market cap: $4.8B
Employees: 816; $793K revenue each
Net debt / EBITDA: —; −$466M net debt
AI in 10-K: 3.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
19% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-2% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$793K · 52nd pct
Bottom quartile of its SIC industry
Quiet on AINo
3.4 per 10K words · 74th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$213M	$259M	$281M	$377M	$647M	72%
Operating income	−$30M	−$513M	−$63M	$154M	−$622M	505%
Net income	−$15M	−$510M	−$49M	$109M	−$663M	706%
Operating cash flow	−$86M	$530K	$33M	−$255M	−$573M	125%
Capex	$147M	$148M	$194M	$240M	$201M	16%
Stock-based comp	$68M	$25M	$32M	$125M	$126M	0.4%
Buybacks	$5M	$10M	$14M	$12M	$4M	63%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $9M · 9
Net: −$9M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	75	93
FY2024	—	—	912	384
FY2023	—	—	1381	147
FY2022	—	—	303	106
FY2021	—	—	1994	135