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Riot Platforms, Inc. (RIOT)

Nasdaq: RIOT · Finance Services · Castle Rock, CO · filing with the SEC since 2002
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Grade4.8
◀ Past 4.5● Present 6.1▶ Future 3.5
1 est.
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The grade of Riot Platforms, Inc.

Nine metrics read from its own filings, by tense
Headline grade
4.8/10
◀ Past4.540% of the headline
● Present6.135% of the headline
▶ Future3.525% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

4.5/1040% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed
3.3/10

Has it survived what it has been through?

17 warning events since 2017; the latest 2023-05-22.

weight 45% of this tense · 33rd percentile among 130 sector filers · read for itself

From the record

Riot Platforms, Inc.'s filings since 2017 show 17 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 2 times, the latest 2018-01-31); a warning not to rely on past financial statements (8-K item 4.02, the latest 2023-03-02); an auditor change (8-K item 4.01, 5 times, the latest 2023-05-22); a late-report notice (Form NT 10-K or NT 10-Q, 9 times, the latest 2023-03-02) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
6.7/10

What has it actually done, year after year?

+164.6% a year over 9 filed years; profitable in 1 of 9.

weight 22% of this tense · 67th percentile among 104 sector filers · read for its customers

From the record

Riot Platforms, Inc.'s 9 filed years say what it did: revenue went from $270 thousand in fiscal 2017 to $647 million in fiscal 2025, up 164.6% a year; it rose in 7 of 8 years; the deepest fall was 13% from fiscal 2018 to fiscal 2019; net income was positive in 1 of 9 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span164.6%top 4% of its family
  • the share of years revenue rosetop 26% of its family
  • the share of filed years with a profitbottom 29% of its family
  • the deepest fall from a revenue peak12.8%top 31% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate
4.6/10

How has it treated the people who own it?

SI estimate 4.6/10, confidence 35 of 100 (one part).

weight 33% of this tense · 46th percentile among 115 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the share count over the years, which ranks in the bottom 46% of 115 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: the share count over the years, the one part on file, ranked among 115 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Riot Platforms, Inc.'s shareholder treatment is put at 4.6 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 46% of 115 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

6.1/1035% of the headline grade · 3 of 3 filed

Financial health

as filed
6.1/10

Is it financially healthy right now?

ROE -23%: lost 23¢ per shareholder dollar. Leverage 27%: owes 27¢ per asset dollar.

weight 45% of this tense · 61st percentile among 117 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Riot Platforms, Inc. lost about 23 cents for every dollar of shareholders' money. Leverage: it owed about 27 cents per dollar of assets, and net share issuance: its share count grew 6.8% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetstop 29% of its family
  • return on equitybottom 45% of its family
  • the share count against the year beforetop 33% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
6.4/10

How strong is its position in its industry?

top 36% of 114 in its family; net margin -102.4%.

weight 33% of this tense · 64th percentile among 114 sector filers · read for its customers

From the record

Riot Platforms, Inc.'s standing among 114 graded names in its industry family: revenue of $647 million in fiscal 2025 ranks in the top 20% by size; a net margin of -102.4% ranks in the bottom 41%; revenue growth of 35.7% a year over the last 3 filed years ranks in the top 30% (its annual reports).

What it rests on

  • revenue against the family$647Mtop 20% of its family
  • net margin-102.4%bottom 41% of its family
  • three-year revenue growth35.7%top 30% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
5.5/10

What are the people in charge doing?

top 45% of 50 in its family for leadership; chief executive since 2021.

weight 22% of this tense · 55th percentile among 50 sector filers · read for its shareholders

From the record

Riot Platforms, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Les, Jason (CEO, as filed), filing under that title since 2021-02-10, 5.8 years (top 13% of its family); the 12 officers and directors filing in the last fifteen months have been on the record a median of 3.7 years (bottom 43%); 9 officer or director changes were reported on Form 8-K since 2023-11-13, against the 12 people in charge now (bottom 36%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge9 in three years among 12 peoplebottom 36% of its family
  • the median years the people in charge have filed3.7 yearsbottom 43% of its family
  • the chief executive's years on the record5.8 yearstop 13% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

3.5/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed
2.3/10

How much room does it have to grow?

bottom 23% of 108 in its family for room to expand.

weight 33% of this tense · 23rd percentile among 108 sector filers · read for itself

From the record

Riot Platforms, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $234 million against debt of $587 million leaves -9% of its assets as net cash, bottom 13% of its family; cash from operations less capital spending is -119.6% of revenue (bottom 33%) (its annual report).

What it rests on

  • cash less debt against assets-9.0%bottom 13% of its family
  • cash from operations less capital spending against revenue-119.6%bottom 33% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
3.4/10

What could actually drive growth from here?

bottom 34% of 100 in its family for growth drivers.

weight 33% of this tense · 34th percentile among 100 sector filers · read for its customers

From the record

Riot Platforms, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 35.7% a year over the last three filed years against 164.6% over all 9, slowing (bottom 2% of its family); the newest year grew 72% (top 18%); research spending grew -82.9% a year (bottom 1%); capital spending grew 10.7% a year (top 49%) (its annual reports). Riot Platforms, Inc. reported 2 lines of business in fiscal 2025: Bitcoin Mining at $576 million (90%), Engineering at $65 million (10%); 2 of 2 grew against the year before (its annual report).

What it rests on

  • three-year growth against the whole span-128.9 points a yearbottom 2% of its family
  • the newest year's revenue growth72.0%top 18% of its family
  • three-year growth of research spending-82.9%bottom 1% of its family
  • three-year growth of capital spending10.7%top 49% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
4.8/10

Did its newest year beat what its own record pointed to?

bottom 48% of 78 in its family for expectations against reality.

weight 33% of this tense · 48th percentile among 78 sector filers · read for its shareholders

From the record

Riot Platforms, Inc.'s newest year against its own record: revenue of $647 million in fiscal 2025 came in 42.6% above the $454 million its prior three years' pace pointed to (top 23% of its family); net income of $663 million against a prior three-year average of $150 million (bottom 28%); a net margin of a loss larger than its revenue against -61.7% before (bottom 39%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace42.6%top 23% of its family
  • net income against the prior three years' average-343%bottom 28% of its family
  • net margin against its prior average-40.7 pointsbottom 39% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton RIOT · research, not advice