A company still losing money with growing sales, with elevated risk. Institutions are adding.
Going well
Sales up 14% in the latest quarter vs a year ago
Sales up 72% last year
Sales growth speeding up
Watch out for
About 10 months of cash left at its current burn
Losing money, losses are large next to sales
Money moves
No insider buying or selling in the last 30 days
Institutions added 12% to their holdings in the quarter ending June 2026 (251 bought, 186 sold)
Held by Stanley Druckenmiller (Duquesne), Leopold Aschenbrenner (Situational Awareness)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$12.61+0.6% that day
Company value
$4.7B
Share price times all shares
Price vs sales
7.0x
No profit over the last year, so this compares value with sales instead
Cash vs value
10%
Cash as a share of company value
Debt vs value
18%
Debt as a share of company value
From RIOT's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 12 quarters, from SEC filings
Sales, Jun '26
$174.2M+14% vs a year earlier
Sep '23Tap a barJun '26
Last 12 months: $674.5M, up 25% from the 12 months before.
What the price assumes
Your guesses, our math
Move the sliders to your own view of RIOT. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).
Sales in 5 years$2.1B
Profit in 5 years$206M
Price these guesses point to$8.23-35% vs $12.61 todayAbout -8.2% a year, before dividends
What today's price needs: with a 10% margin and a 15x P/E, sales would have to grow about 36% a year for 5 years just to match today's price.
Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.
The checklist Warren Buffett-style investors use. Annual numbers for 2025.
1/6Weak
MissReturn on equity 15%+Earns a lot on the money owners have in the business.-22.1%
PassDebt under half of equityNot relying on borrowed money.0.29x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-102.4%
MissProfitable every yearSteady profits, not one good year.1 of 10 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$774.3M
MissShare count not growingNot diluting owners. Falling means buybacks.+1.2% in 3 years
Revenue
$647.4M
+71.9% vs prior year
5-year growth
+121.7%/yr
revenue, per year
Total debt
$840.8M
0.29x equity
Free cash flow
-$774.3M
-119.6% of revenue
From annual reports filed with the SEC. Gross margin doesn't apply to banks and insurers, so it isn't scored. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 10
Revenue
$174.2M
+13.9% YoY
EPS
-$0.68
vs $0.58
Op. margin
-137.4%
-278.7 pts
Free cash flow
-$150.9M
Share count
-9.1%
vs a year ago
Insider rating
Last 90 days
No open-market insider buys or sells in the last 90 days.
Weekly insider trend
No trades to chart yet.
Filing buzz
Last 7 days vs normal
0/ 100
This week
0
Normal week
0.9
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+12.0%
Institutions added 12.0% to their holdings. 251 bought, 186 sold. 7 quarters of net buying in a row.
Shares held by institutions315.7M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+0.4%
Cash runwayAt last year's cash burn
10 months
Debt to equityLatest balance sheet: debt compared with what owners have
0.0x · $5.0M debt
Shares outstandingLatest reported
375M
Why elevated risk
Losing money, losses are large next to sales
About 10 months of cash left at its current burn
Earnings reports
Last 12
Next reportIn 2 days (est.)Estimated from the same quarter last year
Results filedAug 10
Results filedApr 30
Results filedMar 2
Results filedOct 30, 2025
Results filedJul 31, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days