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BTDR $7.84CIFR $8.88CLSK $8.43CORZ $13.79HUT $69.04IREN $26.62MARA $7.48RIOT $13.77WULF $12.01
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How to rebase a quarterly series

Put two companies with very different revenue on one comparable scale by dividing each series by its own first quarter.

Written by Dean Shalem, published , about 4 minutes to read.

Two paper step-charts of very different height, each pinned at its first step to one shared green start line, then drawn at the same height. A small MinerTerminal mark sits in the top-left corner.
Illustration: AI-generated artwork created for MinerTerminal in ChatGPT from original article concepts.

Work through the figures.

Quarterly revenue, rebased

MARA and Riot, with each first quarter set to 100. As of Oct 14, 2026.

Method and sources

Both lines begin at 100, so the last point reads as a multiple of each company's own starting revenue rather than a dollar comparison.

Covers
2019Q1 and 2026Q2
Unit
index, 2019Q1 = 100

Source: MinerTerminal analysis, computed from the cited source data

Quarterly revenue, rebased
PeriodMARA (index, 2019Q1 = 100)Riot (index, 2019Q1 = 100)
2019Q1100 (derived)100 (derived)
2026Q275,806 (derived)12,184 (derived)

Rebasing a quarterly revenue series takes each quarter's figure, divides it by the first quarter's figure, and scales the result to a common base. The point is simple: two companies whose revenues differ by orders of magnitude can then be read on the same chart, because the chart carries the ratio to the starting point, not the dollar amount.

We will work through two companies. MARA Holdings reported revenue of 230,694 US dollars in the first quarter of the series. Riot Platforms reported revenue of 1,430,000 US dollars in that same first quarter. Those two values are the bases.

The operation we apply to every later quarter has three parts. We take the quarter's revenue. We divide by the first quarter's revenue. We scale the quotient to the common base. That is the whole formula. It looks like more than it is, because the division and the scaling are one continuous step.

Here is the arithmetic for MARA Holdings, using the quarter 2026Q2.

The revenue of 2026Q2: 174,881,000 US dollars

Divide by the first quarter's revenue: 758.0648

Scale to the common base: 75,806.5

The first quarter, by construction, divides by itself and lands on the base. Every later quarter is a multiple of that base.

The same three steps for Riot Platforms.

The revenue of 2026Q2: 174,235,000 US dollars

Divide by the first quarter's revenue: 121.8427

Scale to the common base: 12,184.3

Both series now start from the same reference point. A company whose first-quarter revenue was one value and a company whose first-quarter revenue was another can be plotted on the same axis, because the axis carries the ratio, not the dollar figure.

One note on a related quantity. The quarter-to-quarter log changes in MARA Holdings' revenue series are tracked as 29. Those measure the step from one quarter to the next. The rebased index measures the distance from the first quarter. They describe the same series from two angles, and they are not the same number.

To recap. Rebasing divides each quarter by the first quarter and scales the result to a common base. The first quarter becomes the reference. What the rebased figure describes is how far a later quarter has moved relative to that starting point, in units that let two different-sized companies share one chart. The figure is a ratio to the base. It is not a return, and it is not a price.

Sources

  1. MinerTerminal analysis output used in the worked example
  2. MinerTerminal analysis formulas and source rules
  3. SEC company facts API for filed company figures
  4. NIST least-squares regression guidance
  5. NIST statistical methods handbook

Run the same figures on any company: the analysis page behind this example.