Financial Data and Key Metrics Changes - In Q3 2025, the company reported revenue of $72 million, a 65% increase from $44 million in the previous quarter, driven by higher Bitcoin prices and increased production from the Black Pearl facility [28] - The company achieved a GAAP net loss of $3 million, or $0.01 per share, compared to a net loss of $46 million, or $0.12 per share in the prior quarter, reflecting substantial quarter-over-quarter improvement [29][30] - Adjusted earnings for the quarter were $41 million, or $0.10 per share, up roughly 34% from $30 million in the previous quarter [31] Business Line Data and Key Metrics Changes - The company increased its operational mining capacity from 423 megawatts to 477 megawatts, achieving a total self-mining hash rate of approximately 23.6 exahash per second [15] - The Bitcoin mining operations generated a total of 629 Bitcoin mined across wholly owned sites, compared to 434 Bitcoin in Q2 2025 [32] - The company grew its contracted AI hosting capacity from zero to 544 gross megawatts this quarter across two transactions with partners [16] Market Data and Key Metrics Changes - The company secured a 15-year lease with Amazon Web Services for 300 megawatts of gross capacity, representing approximately $5.5 billion in contract revenue over the initial term [7] - The first HPC deal with FluidStack and Google established a 10-year, 168 critical IT megawatt AI hosting agreement, generating approximately $3 billion in contracted revenue [12] - The company reported a robust pipeline of 3.2 gigawatts of future capacity spanning from 2025 to 2029 and beyond [16] Company Strategy and Development Direction - The company is pivoting into the high-performance computing (HPC) space, establishing itself as a leader in next-generation compute infrastructure [5][6] - The strategic focus includes securing long-term leases with major technology companies and expanding its development pipeline for HPC data centers [14] - The company aims to leverage its energy assets and operational excellence to meet the surging demand for HPC workloads [8][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning to capture near-term opportunities created by the growing power shortfall in the HPC market [24] - The management highlighted the importance of partnerships with major players like Google and AWS in enhancing credibility and facilitating future approvals [63] - The company anticipates continued strong demand for its services, with multiple parties interested in its available capacity [53] Other Important Information - The company completed a $1.3 billion convertible offering, which was oversubscribed and reflects strong investor confidence in its strategy [13][27] - The operational efficiency of the mining fleet stands at an impressive 16.8 joules per terahash, making it one of the most efficient miners in the industry [15] - The company maintains a disciplined approach to capital allocation, ensuring sustainable long-term growth and value for shareholders [25] Q&A Session Summary Question: Distribution of power and pricing across liquid and air-cooled systems - Management indicated that the specifics of the AWS deal are still being finalized, with expectations for competitive pricing similar to previous agreements [40] Question: Financing plans for ongoing projects - Management confirmed that they are exploring various financing options for both the FluidStack and AWS deals, with a focus on leveraging existing cash reserves and favorable market conditions [42][44] Question: Update on power availability from the growth pipeline - Management provided insights on the timelines for ERCOT approvals and the expected energization of various sites, emphasizing confidence in meeting these timelines [48] Question: Optionality of the 56 megawatts of capacity - Management noted ongoing discussions regarding the use of the 56 megawatts for either operating their own GPUs or leasing on a co-location basis, with strong market interest [52] Question: Design and capex for the Colcas site - Management discussed the expected capex for Colcas and the benefits of recent leases in enhancing credibility for future approvals [57][63]

Core Insights - Cipher Mining (CIFR) experienced a 19% stock increase following a $5.5 billion lease agreement with Amazon Web Services (AWS), indicating a strategic move into AI infrastructure [1] - The 15-year agreement will enable Cipher to provide 300 megawatts (MW) of power capacity to AWS by late 2026, with the initial phase commencing in July [2] - Cipher has gained majority control of a joint venture to construct a 1 gigawatt site in West Texas, named "Colchis," with construction expected to finish by 2028 [3] - The evolving role of crypto mining companies is highlighted, as they are increasingly supplying power and infrastructure to major tech firms pursuing AI initiatives [4] - IREN, another bitcoin miner, announced a $9.7 billion cloud computing deal with Microsoft, resulting in a stock increase of over 20% [5] - Cipher reported $72 million in Q3 revenue and adjusted earnings of $41 million, with total AI-hosting contracts amounting to approximately $8.5 billion [6] - CEO Tyler Page expressed confidence in Cipher's positioning to capitalize on opportunities arising from the growing power shortfall in the industry [7]

Group 1 - Cipher Mining announced a 15-year agreement worth $5.5 billion with Amazon Web Services (AWS) to support AI workloads, leading to a 16% pre-market stock price increase [1] - The lease agreement includes a delivery of 300 MW of power capacity in two phases starting in July 2026, with rent commencing in August 2026 [1] - Cipher Mining is developing a 1 GW "Colchis" project in West Texas, holding approximately 95% equity, with a direct connection agreement with American Electric Power (AEP) for full execution [1] Group 2 - Cipher Mining's Q3 2025 financial performance showed adjusted earnings per share of $0.10 and revenue of $71.71 million, a year-over-year increase of 197.6%, but slightly below Wall Street expectations [2] - The data center industry is rapidly expanding capacity to meet the surging demand driven by AI, while cryptocurrency mining profitability is declining due to increasing mining difficulty and costs [2] - Companies like Cipher Mining are leveraging high-performance computing demand for AI to monetize their data center infrastructure, providing a pathway for steady growth beyond the limited economic benefits of cryptocurrency mining [2]

Cipher Mining (NASDAQ: CIFR) has signed a second hyperscaler tenant, now with Amazon Web Services (AWS), further entrenching itself as a leader in the Bitcoin mining-to-AI factory pivot. Listed at $5.5 billion for a 15-year lease, AWS will host dedicated artificial intelligence workloads at Cipher’s Barber Lake facility. The lease covers 300 megawatts and will go live starting July 2026, with rent effective August 2026. Cipher will provide both air and liquid cooling to AWS. “There will be no need for fu ...

Business Expansion & Contracts - Signed a 15-year data center campus lease with Amazon Web Services for AI workloads, estimated contract value of ~$5.5 billion[11, 23] - Secured a 1 GW site in Colchis expected to energize in 2028, supported by a signed Direct Connect Agreement with AEP[14, 18] - Signed a 10-year lease with Fluidstack, including a $1.4 billion backstop from Google, for 244 MW gross capacity[23, 25, 33] Bitcoin Mining Performance - Exceeded Q3 2025 hashrate projections, achieving a total self-mining hashrate of ~23.6 EH/s[20, 25] - Bitcoin self-mined in Q3 2025 was ~689 BTC, a ~35% increase compared to ~509 BTC in Q2 2025[49] - All-in electricity cost per BTC in Q3 2025 was $34,189, a ~25% increase from $27,324 in Q2 2025[25, 49] Financial Highlights - Revenue increased to ~$72 million in Q3 2025, a ~65% increase from ~$44 million in Q2 2025[49] - Non-GAAP Adjusted Earnings were ~$41 million in Q3 2025, a ~34% increase from ~$30 million in Q2 2025[49] - Cash and cash equivalents increased to ~$1.2 billion in Q3 2025, a ~1,826% increase from ~$63 million in Q2 2025, primarily from net proceeds of 2031 Notes[49]

Exhibit 99.1 Cipher Mining Provides Third Quarter 2025 Business Update Third Quarter 2025 Revenue of $72m and Non-GAAP Adjusted Earnings of $41m Executed 15-Year data center campus lease with Amazon Web Services to support AI workloads Secured Majority Ownership in Joint Venture to Develop 1-Gigawatt Site in West Texas NEW YORK— November 3, 2025 —Cipher Mining Inc. (NASDAQ: CIFR) ("Cipher" or the "Company") today announced its third quarter 2025 financial results, as well as an update on its operations and ...

Core Insights - Cipher Mining Inc. reported third quarter 2025 revenue of $72 million and non-GAAP adjusted earnings of $41 million, indicating a significant operational performance [1][9] - The company executed a transformative 15-year lease agreement with Amazon Web Services valued at approximately $5.5 billion to support AI workloads, which includes delivering 300 MW of capacity by 2026 [2][9] - Cipher secured majority ownership in a joint venture to develop a 1-gigawatt site in West Texas, named "Colchis," which is expected to enhance its position in the high-performance computing (HPC) sector [3][4] Financial Performance - For Q3 2025, Cipher reported a net loss of $3 million, or $0.01 per share, while adjusted earnings were $41 million, or $0.10 per diluted share [9][21] - The company’s revenue from bitcoin mining reached $71.7 million, a significant increase from $24.1 million in the same quarter of the previous year [21] - Total assets as of September 30, 2025, were approximately $2.84 billion, compared to $855.4 million at the end of 2024, reflecting substantial growth [18] Strategic Developments - The lease with Amazon Web Services is a key step in establishing Cipher's credibility in the HPC space, following a previous agreement with Fluidstack and Google [2][5] - The Colchis site will include a Direct Connect Agreement with American Electric Power, targeting energization in 2028, which aligns with the company's strategic goals in the HPC market [4] - Cipher's management expressed confidence in the company's positioning to capitalize on the growing demand for power in the industry, particularly from Tier 1 hyperscalers [5]

Core Insights - Cipher Mining (CIFR) is expected to report third-quarter 2025 earnings on November 3, with revenue estimates at $75.48 million, indicating a growth of 213.20% year-over-year [1][8] - The consensus estimate for loss is 8 cents per share, unchanged over the past 30 days, compared to a loss of 26 cents per share in the same quarter last year [1] Financial Performance - Cipher Mining has beaten the Zacks Consensus Estimate in one of the last four quarters, matched it twice, and missed it once, with an average negative surprise of 16.25% [2] - The anticipated revenue growth is driven by the full-scale production at the Black Pearl Phase 1 data center, which became operational in late Q2 2025 and contributed approximately 24% of the company's production in July [3][8] Operational Developments - The company aims to achieve a hash rate of 23.5 exahash per second by the end of Q3 2025, surpassing previous guidance of 23.1 exahash per second, indicating strong growth potential [4] - The deployment of new Bitmain rigs is crucial for reaching this hash rate milestone, with these rigs expected to be fully operational by the end of the third quarter [4] Efficiency Improvements - Fleet efficiency is projected to improve from 20.8 joules per terahash at the end of Q2 2025 to 16.8 joules per terahash in the upcoming quarter, positioning Cipher as one of the most efficient Bitcoin miners in the industry [5] Market Considerations - Potential fluctuations in Bitcoin prices and tariff-related uncertainties may impact production and financial performance in the upcoming quarter [6] - According to the Zacks model, Cipher Mining has an Earnings ESP of 0.00% and a Zacks Rank of 4 (Sell), indicating lower odds of an earnings beat [7]

Group 1 - Cipher Mining Inc (NASDAQ:CIFR) is experiencing increased interest due to the AI boom and operates industrial-scale data centers in the U.S. [1] - The infrastructure boom is driving investments into energy companies like Cipher Mining Inc, with expectations that built capacity will be sold [2] - There is a need for enterprise software companies to grow faster due to AI, as current revenue growth is not meeting expectations [2] Group 2 - While Cipher Mining Inc is seen as a potential investment, there are AI stocks considered to have greater promise for higher returns and limited downside risk [3]

Core Viewpoint - Cipher Mining (NASDAQ: CIFR) is recognized as one of the best-managed Bitcoin mining companies, indicating strong operational performance and strategic positioning in the cryptocurrency sector [1]. Company Analysis - Cipher Mining has garnered a high level of conviction from analysts, suggesting confidence in its business model and future prospects within the Bitcoin mining industry [1]. - The company is involved in cryptocurrency mining, which is a critical component of the blockchain ecosystem, highlighting its relevance in the growing digital asset market [1]. Industry Context - The cryptocurrency market, particularly Bitcoin mining, continues to attract attention from investors, with companies like Cipher Mining leading the way in operational excellence [1].