Riot Platforms Inc

Riot Platforms, Inc. (NASDAQ: RIOT) is a Bitcoin mining and digital infrastructure company. The Company has Bitcoin mining operations in central Texas and Kentucky, and electrical engineering and fabrication operations in Denver, Colorado, and Houston, Texas. It operates a Bitcoin-driven infrastructure platform. Its segments include Bitcoin Mining and Engineering. 

Key Business and Financial Updates:

• Strong Momentum in October 2025 Bitcoin Production: Riot produced 437 Bitcoin in October 2025, experiencing a modest decline both month-over-month and year-over-year due to elevated global network difficulty. Average daily production remained stable at 14.1 BTC, and the Company’s Bitcoin holdings increased slightly to 19,324 BTC, reinforcing its liquidity position despite softer production metrics and continued sales activity.
• Resilient Hash Rate Performance and Improved Power Economics: Operational efficiency remained robust, with a 36.6 EH/s deployed hash rate and a 46% year-over-year increase in average operating hash rate to 33.2 EH/s. Riot further strengthened its cost profile by generating USD 2.1 million in total power credits, supported by enhanced participation in power-market programs and achieving a competitive all-in power cost of 4.0c/kWh, reflecting efficient energy management.
• Record Q3 FY2025 Revenue and Strong Profitability Rebound: The Company delivered record quarterly revenue of USD 180.2 million, driven primarily by a significant rise in Bitcoin Mining revenue attributed to improved pricing and increased operational hash rate. Profitability improved markedly, with net income of USD 104.5 million and Adjusted EBITDA of USD 197.2 million, supported by a sizeable unrealized gain on Bitcoin holdings, highlighting the combined benefit of scaling operations and favourable market pricing.
• Strategic Expansion of Data Center Infrastructure: Riot advanced its strategic transition into a large-scale data center operator through the launch of 112 MW of core and shell development for the initial Corsicana campus buildings. This progress was supported by the acquisition of an additional 67-acre parcel, completion of the full Campus Design and standardized build architecture, and continued enhancement of in-house data center development capabilities—positioning Riot for multi-phase, long-horizon infrastructure growth.
• Enhanced Balance Sheet Strength and Multi-Segment Contribution: Riot exited the quarter with a robust liquidity position, including USD 170 million in working capital, USD 330.7 million in unrestricted cash, and 19,287 BTC valued at USD 2.2 billion. Engineering-segment revenue of USD 19.1 million further demonstrated diversified operational contributions and ongoing capex efficiencies stemming from the ESS Metron acquisition. Collectively, these factors provide meaningful financial flexibility to support Riot’s continued expansion in both mining and data center operations.

Technical Observation (on the daily chart):

• Price Trend and Moving Averages: RIOT has shifted from a strong mid-year uptrend into a clear corrective phase, with the share price now trading well below the declining 21-day and 50-day moving averages. This positioning confirms weakening short-term structure and persistent downside pressure.
• Momentum and Market Sentiment: The RSI has fallen to approximately 28.7, indicating oversold conditions and reflecting a sustained loss of bullish momentum. While this level suggests potential for a short-term rebound, overall sentiment remains firmly cautious.
• Support, Resistance, and Outlook: Immediate resistance aligns with the USD 17–19 moving-average cluster, while the price near USD 12.78 is approaching deeper support levels seen earlier in the year. Unless RIOT regains key resistance zones, its technical outlook remains decisively bearish in the near term.

Riot Platforms, Inc. (NASDAQ: RIOT), a Bitcoin mining and digital infrastructure company with operations across Texas, Kentucky, Colorado, and Texas, reported stable October 2025 production with 437 BTC mined and modest month-over-month and year-over-year declines due to higher network difficulty, while maintaining strong liquidity with 19,324 BTC held. Operational efficiency remained resilient, supported by a 36.6 EH/s deployed hash rate, a 46% year-over-year increase in average operating hash rate, and USD 2.1 million in power credits that reinforced a competitive all-in power cost of 4.0c/kWh. Financial performance in Q3 FY2025 was notably strong, with record revenue of USD 180.2 million, net income of USD 104.5 million, and Adjusted EBITDA of USD 197.2 million, aided by higher Bitcoin pricing and scaling mining output. The Company also advanced its transition toward becoming a broader data center operator through the initiation of 112 MW of development at its Corsicana campus and continued infrastructure investments backed by a strengthened balance sheet, including USD 330.7 million in cash and 19,287 BTC valued at USD 2.2 billion. From a technical perspective, RIOT’s share price has entered a corrective phase, trading below declining short-term moving averages with an oversold RSI reading near 28.7, indicating weak near-term momentum and a need to reclaim the USD 17–19 resistance zone to improve its technical outlook.

As per the above-mentioned price action, important support near USD 11.50-USD 12.00, momentum in the stock over the last month, and technical indicators analysis, a ‘WATCH’ rating has been given for Riot Platforms, Inc. (NASDAQ: RIOT) at the closing price of USD 12.78, as of November 20, 2025. 

Individuals can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario. 

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Related Risk: This report may be looked at from a high-risk perspective, and a recommendation is provided for a short duration. This report is solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc. 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is November 20, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.