RIOTHIGH SIGNALFINANCIAL10-K

RIOT experienced a catastrophic financial deterioration with a massive debt increase of over 15,000% and a swing from $109M profit to $663M loss despite 72% revenue growth.

This represents a fundamental breakdown in RIOT's financial health, with the company taking on extraordinary debt levels ($840M vs $5M previously) while burning through cash at an accelerated rate. The dramatic shift from profitability to massive losses, combined with deteriorating operating cash flows, suggests severe operational challenges that revenue growth alone cannot overcome.

Comparing 2026-03-02 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

RIOT's financials show a company in severe distress despite strong revenue growth of 72% to $647M. The company's debt exploded from $5M to $841M while swinging from a $109M profit to a $663M loss, indicating fundamental operational problems that far outweigh revenue improvements. Operating cash flow deteriorated significantly to negative $573M, current liabilities nearly tripled, and deposits declined by 84%, painting a picture of a company struggling with massive financial obligations and cash management issues that threaten its viability.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+15695.5%
$5.3M→$840.8M

Debt increased 15695.5% — substantial leverage increase; assess whether deployed for growth or covering losses.

Net Income
P&L
-706.2%
$109.4M→-$663.2M

Net income declined 706.2% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-505.1%
$153.6M→-$622.2M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Current Liabilities
Balance Sheet
+192.9%
$160.4M→$469.8M

Current liabilities surged 192.9% — significant near-term obligations; verify ability to meet short-term debt.

Interest Expense
P&L
+142.6%
$122K→$296K

Interest expense surged 142.6% — significant debt increase or rising rates materially impacting earnings.

Operating Cash Flow
Cash Flow
-124.6%
-$255.1M→-$572.9M

Operating cash flow fell 124.6% — earnings quality concerns; investigate working capital changes and non-cash items.

R&D Expense
P&L
-97.7%
$863K→$20K

R&D spending cut 97.7% — could signal cost discipline or concerning reduction in innovation investment.

Gross Profit
P&L
-91%
$71K→$6K

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Total Deposits
Balance Sheet
-84.1%
$266.2M→$42.4M

Deposits declined 84.1% — significant outflows warrant immediate investigation into funding stability.

Revenue
P&L
+71.9%
$376.7M→$647.4M

Strong top-line growth of 71.9% — accelerating demand or successful expansion into new markets.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-02-28
ADDED
As of February 26, 2026, the registrant had 379,125,849 shares of its common stock, no par value per share, outstanding, which was the only class of its registered securities outstanding as of that date.
Forward-looking statements reflect our management s current opinions, expectations, beliefs, and assumptions regarding future events based on information available as of the date made.
These statements are subject to risks and uncertainties, both identified and unidentified by management, that may prevent anticipated results from materializing or prove inaccurate.
Management cannot predict all risks, their potential impact on our business, or the extent to which any factor or combination of factors may cause our actual results to differ from any forward-looking statements we may make.
You should not place undue reliance on these forward-looking statements, which represent management s views only as of the date the statements are made and do not guarantee future performance or results.
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REMOVED
As of February 20, 2025, the registrant had 350,207,536 shares of its common stock, no par value per share, outstanding, which was the only class of its registered securities outstanding as of that date.
You should not place undue reliance on these forward-looking statements, which reflect our management s opinions only as of the date the statements are made and are not guarantees of future performance or actual results.
Should any risks or uncertainties develop into actual events, these developments could have a material adverse effect on our business, financial condition, results of operations, stockholder s equity, and cash flows, and the market price of our securities may decline, as a result.
BUSINESS General We are a vertically-integrated Bitcoin mining company principally engaged in enhancing our power infrastructure to mine Bitcoin in support of the Bitcoin blockchain.
We are also exploring the feasibility of developing a portion of our power capacity for AI/HPC uses.
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