# Riot Platforms, Inc. (RIOT)

> Source: Nexqual · https://nexqual.com/RIOT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Riot Platforms, Inc. (RIOT), nexqual.com/RIOT" · informational, not investment advice.

**Price:** USD 12.89 (-8.06% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 14.02 · day 12.67–13.74 · 52w 11.5–30.32 · market cap $4.84B · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $675M, net income -$1.32B (-196.3% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $9.5M; 0 not under a Rule 10b5-1 plan ($0K); 6 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.73 on a 1–5 scale) (22 analysts), mean target USD 30.38 (range 19–42).
- Total return with dividends: 1Y -37.1% vs S&P 500 +14.9%; 5Y -54.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD -0.3, revenue estimate $160M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $213M | $259M | $281M | $377M | $647M | $675M |
| Operating income | -$29.9M | -$513M | -$63.0M | $154M | -$622M | -$1.34B |
| Net income | -$15.4M | -$510M | -$49.5M | $109M | -$663M | -$1.32B |
| EPS (diluted) | -$0.17 | -$3.65 | -$0.28 | $0.34 | -$1.95 | — |
| Free cash flow | -$233M | -$148M | -$161M | -$495M | -$774M | -$777M |
| Operating margin | -14.0% | -197.8% | -22.5% | 40.8% | -96.1% | -199.2% |
| Net margin | -7.2% | -196.6% | -17.6% | 29.0% | -102.4% | -196.3% |
| Revenue growth | +1665.1% | +21.5% | +8.3% | +34.2% | +71.9% | — |
| Cash + short-term investments | $323M | — | — | $278M | $234M | — |
| Total debt | — | — | $783K | $585M | $841M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 7.2x · P/B 2.2x · FCF yield -16.06% · Earnings yield -27.37% · Buyback yield (TTM) 0.13%
P/E at fiscal year-ends: Dec 2024 29.8x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
6 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-05 | Werner Ryan D. | SVP, CAO | 47,733 | $1.1M | 6.4% | Yes (adopted December 2, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-07 | Werner Ryan D. | SVP, CAO | 17,828 | $384K | 2% | Yes (adopted December 2, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-22 | Les Jason | CEO | 62,703 | $1.9M | 0.7% | Yes (adopted August 25, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-22 | Werner Ryan D. | SVP, CAO | 25,375 | $761K | 2.7% | Yes (adopted December 2, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-27 | Werner Ryan D. | SVP, CAO | 37,616 | $997K | 3.8% | Yes (adopted December 2, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-11 | Les Jason | CEO | 175,000 | $4.4M | 1.9% | Yes (adopted August 25, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.73 on a 1–5 scale), 22 analysts; mean target USD 30.38 (low 19, high 42).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Piper Sandler | Target lowered | Overweight | $25 → $19 |
| 2026-10-16 | Cantor Fitzgerald | Target lowered | Overweight | $30 → $24 |
| 2026-10-12 | Morgan Stanley | Target lowered | Overweight | $43 → $35.5 |
| 2026-09-29 | B. Riley Securities | Target raised | Buy | $28 → $33 |
| 2026-08-17 | JP Morgan | Target raised | Overweight | $20 → $22 |
| 2026-08-13 | Morgan Stanley | Target raised | Overweight | $36 → $43 |
| 2026-08-11 | Macquarie | Target raised | Outperform | $30 → $35 |
| 2026-08-11 | Bernstein | Target raised | Outperform | $30 → $35 |
| 2026-08-11 | Piper Sandler | Target raised | Overweight | $23 → $25 |
| 2026-08-11 | HC Wainwright & Co. | Target raised | Buy | $25 → $40 |
| 2026-08-11 | Cantor Fitzgerald | Target raised | Overweight | $23 → $30 |
| 2026-08-11 | Needham | Target raised | Buy | $28.5 → $30 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -37.1% | -54.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -37.2% | -14.5% |
| Volatility (annualized) | 87.1% | 94.4% |
| Max drawdown | -55.1% (Jun 2026→Oct 2026) | -92.3% (Nov 2021→Dec 2022) |

## Peers (Capital Markets)
VIRT (Virtu Financial, Inc.) USD 56.25 -1.52% · PIPR (Piper Sandler Companies) USD 65.54 +1.77% · FIGR (Figure Technology Solutions, In) USD 24.04 -5.21% · BGC (BGC Group, Inc.) USD 11.89 +0.51% · WULF (TeraWulf Inc.) USD 11.32 -11.29% · MC (Moelis & Company) USD 55.06 +3.77%

## More
Full page: https://nexqual.com/RIOT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in RIOT's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1167419/000110465926022322/riot-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | NYDIG Trust Company | "We rely on our Custodians, NYDIG and Coinbase, to safeguard our bitcoin using cold storage." |
| Supplier | Bitmain Technologies | "If defects, vulnerabilities, or failures in miners supplied by Bitmain, MicroBT, or other third-party manufacturers adversely affect our mining fleet, our business, financial condition, results of operations, and the mar…" |
| Supplier | Midas Immersion Cooling | "While we rely on the representations and warranties of third-party vendors, such as Midas Immersion Cooling, LLC, it is not possible to avoid all potential claims of infringement of third-party intellectual property righ…" |
| Supplier | Coinbase | "We rely on our Custodians, NYDIG and Coinbase, to safeguard our bitcoin using cold storage." |
| Supplier | Federal Deposit Insurance | "While we rely on well-known U.S.-based third-party digital asset-focused custodians to safeguard our bitcoin, our bitcoin is not insured by us, including not being subject to Federal Deposit Insurance Corporation or Secu…" |
| Supplier | Securities Investor Protection | "While we rely on well-known U.S.-based third-party digital asset-focused custodians to safeguard our bitcoin, our bitcoin is not insured by us, including not being subject to Federal Deposit Insurance Corporation or Secu…" |
| Customer | NYDIG Execution | "While our bitcoin may temporarily be processed through a NYDIG Execution customer account, NYDIG has covenanted that our assets will not be commingled with the assets of NYDIG Execution." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Reportable Segment Aggregation Before Other Operating | $174.2M | 100.0% | +15.0% |
| — Bitcoin Mining (part of Reportable Segment Aggregation Before Other Operating) | $113.7M | 65.3% | -19.3% |
| — Engineering (part of Reportable Segment Aggregation Before Other Operating) | $37.3M | 21.4% | +252.6% |
| — Data Centers (part of Reportable Segment Aggregation Before Other Operating) | $23.2M | 13.3% | — |
| Total revenue | $174.2M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Mining | $113.7M | 65.3% | -19.3% |
| Engineering | $37.3M | 21.4% | +252.6% |
| Data Centers Operations | $23.2M | 13.3% | — |
| Total revenue | $174.2M | 100% | — |

## Company outlook (8-K filed 2026-08-10)

- "The Data Center Lease carries an initial term of 20 years, running through June 2048, and is expected to generate approximately $9.1 billion in total initial contract revenue."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.30 | $-0.23 | +33.5% | $160.2M | 3 |
| Next quarter (ends 2026-12-31) | $-0.29 | $-0.23 | +26.1% | $176.0M | 3 |
| Current fiscal year (ends 2026-12-31) | $-1.68 | $-1.25 | +34.3% | $680.1M | 4 |
| Next fiscal year (ends 2027-12-31) | $-0.88 | $-0.70 | +26.4% | $796.8M | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-04): ±17.4%; earnings reaction alone ±8.0%; last 8 reports averaged ±11.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 100.1% | ±11.7% |
| 2026-11-06 | 14 | 108.7% | ±17.4% |
| 2026-11-13 | 21 | 104.7% | ±20.2% |
| 2026-11-20 | 28 | 108.1% | ±23.9% |
| 2026-11-27 | 35 | 97.7% | ±24.0% |
| 2026-12-04 | 42 | 88.8% | ±23.9% |
| 2026-12-18 | 56 | 93.0% | ±28.8% |
| 2027-01-15 | 84 | 91.4% | ±34.4% |