Is RIOT diluting shareholders?

Read three numbers together: shares outstanding over time (378.2M as of 2026-04-29), warrants that can convert into new shares (63,000 reported), and how much cash runway remains (~4.30768264075067 months). A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

Dilution profile // every instrument, one screen, from SEC filings

Riot Platforms, Inc. (RIOT)

CIK 1167419 · all EDGAR filings →

Overall dilution risk

HIGHworst of 4 computed signals (offering ability)

= the worst band among the computed sub-ratings, no hidden weighting

Offering ability

HIGH$750M registered

= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)

registered capacity, not remaining: amounts already taken down are not subtracted yet

Overhead supply

LOWwarrants = 0% of O/S

= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)

warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this

Historical dilution

HIGH+116% O/S in 3y

= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative

a reverse-split-sized cliff is in this window; read the chart

Cash need

HIGH~4.3 months of runway

= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

the company itself flagged going-concern doubt

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Latest: 378.2M shares as of Apr 29, 2026 (10-Q). Share count fell from 31.0M to 3.9M between Mar 23, 2016 and May 11, 2016, a pattern consistent with a reverse split (roughly 1-for-8); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Going-concern warning

auditor flagged substantial doubt

The company itself flagged going-concern doubt in a filing.

Full breakdown: cash runway tool · source filing →

Warrants

Warrants outstanding: 63,000 underlying shares, as reported Sep 30, 2022 (10-Q).

Reported exercise price: $48.37 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $5.3M as of Mar 31, 2019.

Rough fully diluted estimate: 378.2M = 378.2M O/S + 63,000 warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Registrations and offerings

Registered offering capacity on live registrations: $750.0Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3ASRAug 9, 2024$750.0M registeredfiling →

Last 12 months: 1 executed · 0 registered.

EXECUTEDDec 31, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

UPDATEApr 24, 2025Resale prospectus — existing holders registering to sell424B7 →

UPDATEDec 20, 2024Resale prospectus — existing holders registering to sell424B7 →

EXECUTEDDec 11, 2024Unregistered share sale disclosed (8-K item 3.02)8-K →

REGISTEREDAug 9, 2024Automatic shelf registration — effective immediately (large filers)S-3ASR →

EXECUTEDJul 23, 2024Unregistered share sale disclosed (8-K item 3.02)8-K →

EXECUTEDFeb 26, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDAug 9, 2023Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

UPDATEJun 1, 2023Resale prospectus — existing holders registering to sell424B7 →

EXECUTEDMar 31, 2022Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDDec 1, 2021Unregistered share sale disclosed (8-K item 3.02)8-K →

UPDATEDec 1, 2021Resale prospectus — existing holders registering to sell424B7 →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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