Riot Platforms, Inc.
RIOT · Finance Services · 378.2M shares · +73%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$18M (gross $14M, SBC $32M)
Reference price $30.00 · est. market cap ~$11.3B — last insider sale, 2026-06-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D48Riot Platforms — bitcoin miner expanding into AI/HPC, heavy losses and cash burn.
Strengths
- Large cash balance (72nd pct); revenue +72%; HPC/AI optionality
Risks
- Deep losses; massive negative free cash flow (6th pct)
- Short cash runway (~1.2q); crypto-price and power-cost dependence
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -102.4%)
- Cash burnNegative free cash flow (-774.3M)
- Weak liquidityCurrent ratio 0.96 (<1)
- Chronic dilutionShare count +73%/yr over 4y (dilution, book value/share -76%)
- Insider sellingInsider selling — 4 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$8M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-96.1%
Net margin
-102.4%
Return on equity
-23.2%
Return on assets
-16.8%
ROIC
-14.3%
Revenue growth (QoQ)
9.4%
Net-income growth
-706.2%
Debt / equity
0.2×
Current ratio
1.0×
Free cash flow
-$774M
EBITDA
-$279M
Tangible book value
$2.7B
Cash & investments
$234M
Cash runway
1q
Stock comp / revenue
19.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Les Jason | Sell | 63K | $30.09 |
| 2026-06-22 | Werner Ryan D. | Sell | 25K | $30.00 |
| 2026-05-27 | Werner Ryan D. | Sell | 38K | $26.50 |
| 2026-05-11 | Les Jason | Sell | 175K | $25.19 |
| 2026-04-12 | Gibbs Jonathan | Disposition | 1.1M | — |
| 2026-01-01 | Howell Stephen Mitchell Jr. | Grant | 395K | — |
| 2026-01-01 | Chung Jason | Grant | 237K | — |
| 2026-01-01 | Chung Jason | Grant | 474K | — |
| 2026-01-01 | Werner Ryan D. | Grant | 59K | — |
| 2026-01-01 | Werner Ryan D. | Grant | 118K | — |
| 2026-01-01 | Jackman William Richard | Grant | 197K | — |
| 2026-01-01 | Jackman William Richard | Grant | 395K | — |
| 2026-01-01 | Yi Soo il Benjamin | Grant | 474K | — |
| 2026-01-01 | Yi Soo il Benjamin | Grant | 947K | — |
| 2026-01-01 | Les Jason | Grant | 474K | — |
| 2026-01-01 | Les Jason | Grant | 947K | — |
| 2026-01-01 | Werner Ryan D. | Tax withheld | 9.9K | $12.67 |
| 2026-01-01 | Gibbs Jonathan | Grant | 237K | — |
| 2026-01-01 | Gibbs Jonathan | Grant | 474K | — |
| 2026-01-01 | Howell Stephen Mitchell Jr. | Tax withheld | 29K | $12.67 |
| 2026-01-01 | Howell Stephen Mitchell Jr. | Grant | 197K | — |
| 2025-12-01 | Gibbs Jonathan | Tax withheld | 61K | $15.48 |
| 2025-10-10 | Werner Ryan D. | Sell | 15K | $23.00 |
| 2025-10-03 | Les Jason | Sell | 114K | $20.04 |
| 2025-09-29 | Les Jason | Sell | 13K | $20.00 |
| 2025-09-24 | Les Jason | Sell | 23K | $20.04 |
| 2025-09-10 | Jackman William Richard | Sell | 248K | $15.78 |
| 2025-09-10 | Jackman William Richard | Sell | 248K | $15.78 |
| 2025-07-21 | Les Jason | Sell | 100K | $15.12 |
| 2025-07-11 | Turner Michael John | Grant | 16K | — |
| 2025-07-11 | D'Ambrosio Lance Varro | Grant | 16K | — |
| 2025-07-11 | D'Ambrosio Lance Varro | Grant | 16K | — |
| 2025-07-11 | Leverton Jaime | Grant | 16K | — |
| 2025-07-11 | Mouton Douglas | Grant | 16K | — |
| 2025-07-07 | Werner Ryan D. | Sell | 3.7K | $11.88 |
| 2025-07-07 | Werner Ryan D. | Sell | 3.7K | $11.88 |
| 2025-07-01 | Werner Ryan D. | Tax withheld | 13K | $11.27 |
| 2025-07-01 | Werner Ryan D. | Grant | 67K | — |
| 2025-07-01 | Werner Ryan D. | Grant | 133K | — |
| 2025-07-01 | Howell Stephen Mitchell Jr. | Tax withheld | 20K | $11.27 |
| 2025-07-01 | Howell Stephen Mitchell Jr. | Grant | 222K | — |
| 2025-07-01 | Howell Stephen Mitchell Jr. | Grant | 444K | — |
| 2025-07-01 | Les Jason | Tax withheld | 102K | $11.27 |
| 2025-07-01 | Yee Colin M. | Option exercise | 125K | — |
| 2025-07-01 | Werner Ryan D. | Tax withheld | 13K | $11.27 |
| 2025-07-01 | Howell Stephen Mitchell Jr. | Tax withheld | 20K | $11.27 |
| 2025-06-30 | Leverton Jaime | Option exercise | 12K | — |
| 2025-06-10 | Gibbs Jonathan | Grant | 583K | — |
| 2025-03-17 | Mouton Douglas | Buy | 8.4K | $7.74 |
| 2025-03-14 | Cho Hannah | Sell | 12K | $7.70 |
| 2025-03-03 | Marleau Hubert | Sell | 61K | $9.58 |
| 2025-02-21 | Turner Michael John | Grant | 12K | — |
| 2025-02-21 | Mouton Douglas | Grant | 12K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
Suppliers (3)
- Coinbase
- MicroBT
- NYDIG
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-15 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-04-30 | ResultsExhibits | filing ↗ |
| 2026-04-27 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-04-01 | 5.03Exhibits | filing ↗ |
| 2026-03-02 | ResultsExhibits | filing ↗ |
| 2026-01-16 | OtherExhibits | filing ↗ |
| 2026-01-05 | Exec/director change | filing ↗ |
| 2026-01-02 | Exec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-15 | 2026-06-09 | 0001104659-26-074070 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0001104659-26-053120 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001104659-26-052943 ↗ |
| 8-K | 2026-04-27 | 2026-04-21 | 0001104659-26-049432 ↗ |
| 8-K | 2026-04-01 | 2026-03-26 | 0001104659-26-038545 ↗ |
| 10-K | 2026-03-02 | 2025-12-31 | 0001104659-26-022322 ↗ |
| 8-K | 2026-03-02 | 2026-03-02 | 0001104659-26-022288 ↗ |
| 8-K | 2026-01-16 | 2026-01-16 | 0001104659-26-004551 ↗ |
| 8-K/A | 2026-01-05 | 2025-12-31 | 0001104659-26-000720 ↗ |
| 8-K | 2026-01-02 | 2025-12-31 | 0001104659-26-000248 ↗ |
| 8-K | 2025-12-31 | 2025-12-30 | 0001104659-25-125324 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0001104659-25-104466 ↗ |