Roth Capital Partners analyst Darren Aftahi is still raising the roof on US Bitcoin miner Riot Platforms (Riot Platforms Stock Quote, Charts, News, Analysts, Financials NYSE:RIOT). Aftahi reviewed Riot’s latest quarterly results in a Monday report and reiterated a “Buy” rating on the stock and 12-month price target of $12.00, good for a projected return of 11.6 per cent. Colorado-headquartered Riot Platforms is a Bitcoin mining and hosting company created in 2017, with currently two locations in the US, a Coinmint facility in New York for leasing rack space and a Rockdale, Texas, facility where Riot mines and hosts other third-party miners. The company released its first quarter 2023 financials on May 10, showing total revenue of $73.2 million compared to $79.8 million a year earlier. Riot said the drop was due to lower Bitcoin prices, which were down 44 per cent over the quarter compared to a year earlier. (All figures in US dollars.) At the same time, Riot managed to increase its Bitcoins produced by 51 per cent to 2,115 compared to 1,405 a year earlier, with more miners deployed. Data centre hosting revenue for the Q1 was $9.0 million, down from $9.7 million a year ago. “In spite of damage to our immersion Buildings F and G during severe winter storms in Texas in late 2022, we successfully reached new all-time highs for miner deployment, total hash rate capacity, and monthly Bitcoin production. Our teams are also nearing completion of the final buildout and deployment of miners at our Rockdale Facility and have been working to further enhance operating efficiency,” said Riot CEO Jason Les in a press release. Looking at the results, Aftahi said they were mostly in-line with the company’s monthly updates. The $73.2 million topline compared to the analyst’s estimate at $73.1 million, while adjusted EBTDA at $7.5 million was lower than Aftahi’s estimate at $9.4 million. Aftahi said Riot’s balance sheet is still best-in-class, and that should provide stability through to 2024. The analyst’s revised estimates have Riot generating full 2023 revenue and EBITDA of $313.0 million and $28.8 million, respectively. “With $490 in total liquidity and $96 million raised in 2Q (to date) via its ATM, RIOT's balance sheet remains strong. Minimal hash rate growth is expected until 4Q, as we await the powering of Corsicana, but the company is well-positioned to re-accelerate hash rate into 2024,” Aftahi wrote. “We make minimal changes to our model on the mining side and expect steady mining to continue, but with minimal hash rate growth, as outside of the slight addition from the remaining 800 miners staged for deployment, and building G repairs, we await for Corsicana to be powered sometime in 4Q,” he said.