Riot Platforms, Inc.

Worth knowing

• Shareholders being diluted. Shares outstanding up 124% from December 2022 to August 2026.

  Riot Platforms had 124% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Riot Platforms had 124% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

• Stock pay outran buybacks. Stock-based pay expense $283M vs $30M spent repurchasing shares over the 3 fiscal years to 2025.

  Over three fiscal years Riot Platforms recorded $283M of stock-based pay expense and spent $30M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Riot Platforms recorded $283M of stock-based pay expense and spent $30M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Stock-based pay is a large cost. Stock pay was 19% of revenue in 2025.

  Riot Platforms paid employees $126M in stock in 2025, 19% of its $647M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

• Growing fast, still losing money. Revenue grew faster than 82% of peers, at an operating loss.

  Revenue grew faster than 82% of peers, but the business runs at an operating loss (margin -199%).