RIOTHIGH SIGNALFINANCIAL10-K

RIOT substantially expanded revenue while experiencing severe operational margin compression, with gross profit margins collapsing from already thin levels despite the revenue growth.

The dramatic deterioration in profitability metrics alongside revenue expansion suggests RIOT is experiencing significant operational challenges or cost inflation that is overwhelming revenue gains. The substantial decline in current assets and deposits, combined with increased total liabilities, indicates potential liquidity pressures that warrant close monitoring by investors.

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

RIOT delivered substantial revenue growth but suffered severe margin compression, with gross profit falling dramatically despite higher sales volumes. The balance sheet shows concerning trends with current assets declining meaningfully, total deposits falling substantially, and total liabilities increasing notably. The combination of deteriorating profitability, reduced liquidity position, and higher leverage creates a challenging financial profile that requires careful investor scrutiny.

FINANCIAL STATEMENT CHANGES
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.

Share Buybacks
Cash Flow
-62.9%
$11.6M→$4.3M

Buyback activity reduced 62.9% — capital being redeployed elsewhere or cash conservation underway.

Total Liabilities
Balance Sheet
+36.2%
$791.6M→$1.1B

Liabilities grew 36.2% — significant increase in debt or obligations, assess impact on financial flexibility.

Current Assets
Balance Sheet
-25.1%
$599.5M→$448.7M

Current assets declined 25.1% — monitor working capital adequacy and short-term liquidity.

Cash & Equivalents
Balance Sheet
-16%
$277.9M→$233.5M

Cash decreased 16% — monitor burn rate and upcoming capital needs.

SG&A Expense
P&L
+11.9%
$266.9M→$298.8M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

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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