Revenue and Financial Performance - Revenue for the three months ended March 31, 2025, was $49.0 million, an increase of 1.8% from $48.1 million in the same period of 2024, driven by higher average bitcoin prices despite a decrease in bitcoin mined due to the halving [165]. - The net loss for the three months ended March 31, 2025, was $39.0 million, compared to a net income of $39.9 million in the same period of 2024, reflecting a decrease of $78.9 million [182]. - Adjusted earnings for the three months ended March 31, 2025, were $6.138 million, down from $63.030 million in 2024 [193]. Costs and Expenses - The cost of revenue for the same period was $14.9 million, slightly up from $14.8 million in 2024, primarily due to fixed power costs under the Power Purchase Agreement [166]. - Compensation and benefits increased to $14.3 million in Q1 2025, up $1.3 million from $13.0 million in Q1 2024, attributed to a rise in headcount [167]. - General and administrative expenses rose to $9.0 million, an increase of $2.9 million compared to $6.1 million in the prior year, mainly due to higher legal and professional fees [168]. - Depreciation and amortization expenses surged to $43.5 million, up $26.3 million from $17.2 million in Q1 2024, due to increased mining equipment and a change in estimated useful life of miners [169]. - Share-based compensation expense for the three months ended March 31, 2025, was $9.132 million, compared to $8.317 million in 2024 [193]. Cash Flow and Liquidity - Cash used in operations was $47.2 million for Q1 2025, an increase of $20.6 million from $26.6 million in Q1 2024 [182]. - Cash used in investing activities decreased by $13.7 million to $17.3 million for the three months ended March 31, 2025, compared to $31.0 million for the same period in 2024 [183]. - Cash flows from financing activities increased by $22.0 million to $82.1 million for the three months ended March 31, 2025, driven by a $50.0 million increase in proceeds from treasury stock reissued for PIPE investment [184]. - As of March 31, 2025, the company had cash and cash equivalents of $23.2 million and total stockholders' equity of $734.8 million [177]. - The company has a secured line of credit of up to $25.0 million under the Coinbase Overnight Credit Facility, with $25.0 million drawn as of March 31, 2025 [178]. Inventory and Assets - The ending balance of Bitcoin inventory as of March 31, 2025, was 630 BTC, valued at $52.0 million [162]. - The company held 630 bitcoin in inventory as of March 31, 2025, with a potential $3.9 million increase in net loss from a 10% decrease in bitcoin price [199]. Lease and Agreements - Monthly rent payments for the amended lease agreement for office space are approximately $0.2 million, with a term through May 2029 [185]. - The Combined Luminant Lease Agreement commenced on November 22, 2022, with an initial term of five years and an amended payment schedule totaling $19.7 million due over the remaining four-year period starting in July 2023 [189]. Other Financial Metrics - A 10% decrease in power prices would result in an estimated $17.1 million decrease in the estimated fair value of the derivative asset and an increase in net loss for the three months ended March 31, 2025 [200]. - The company had a $31.6 million decrease in proceeds from the issuance of common stock during the three months ended March 31, 2025 [184].

Cipher Mining (CIFR) Q1 2025 Earnings Call May 06, 2025 08:00 AM ET Company Participants Courtney Knight - Head of Investor RelationsTyler Page - Chief Executive OfficerEd Farrell - Chief Financial OfficerBrett Knoblauch - Managing DirectorJoseph Vafi - Managing Director, Equity ResearchGregory Lewis - Managing DirectorMike Grondahl - Head of Equities & Director of Research Conference Call Participants Paul Golding - Senior Analyst - Life Style and PaymentsChris Brendler - Senior Research Analyst Operator G ...

Presentation for Business Update MAY 6, 2025 Forward-Looking Statements This communication contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in ...

Cipher Mining (CIFR) Q1 2025 Earnings Call May 06, 2025 08:00 AM ET Speaker0 Good day and thank you for standing by. Welcome to the Cipher Mining First Quarter twenty twenty five Business Update Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Courtney Knight, Head of Investor ...

[First Quarter 2025 Highlights and Business Update](index=1&type=section&id=First%20Quarter%202025%20Highlights%20and%20Business%20Update) Cipher reported increased Q1 2025 revenue and Non-GAAP Adjusted Earnings, alongside a GAAP Net Loss, while advancing strategic data center developments and accelerating hashrate deployment plans Q1 2025 Financial Highlights | Metric | Value | Note | | :--- | :--- | :--- | | Revenue | $49 million | Up 16% quarter over quarter | | GAAP Net Loss | $39 million | - | | Non-GAAP Adjusted Earnings | $6 million | - | - Signed a term sheet with Fortress Credit Advisors LLC to serve as the joint venture financing partner for the development of a next-generation data center at Barber Lake[2](index=2&type=chunk)[3](index=3&type=chunk)[6](index=6&type=chunk) - Nearing completion of the Black Pearl Data Center's Phase I, with energization expected in May, enabling deployment of existing rigs to bring **~2.5 EH/s** online one quarter earlier than planned[2](index=2&type=chunk)[4](index=4&type=chunk) Hashrate Expansion Plan | Timeline | Expected Hashrate | Note | | :--- | :--- | :--- | | Current (post-Odessa upgrade) | ~13.5 EH/s | First full quarter of operations with upgraded fleet | | End of Q2 2025 | ~16.0 EH/s | Achieved through early deployment at Black Pearl | | End of Q3 2025 | ~23.1 EH/s | Subject to new rig delivery schedules | [Financial Statements](index=5&type=section&id=Financial%20Statements) The company's financial statements for Q1 2025 show increased total assets but a net loss, primarily due to higher non-cash expenses and unrealized bitcoin losses [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$913.8 million** by March 31, 2025, driven by higher deposits on equipment, while bitcoin holdings decreased Balance Sheet Comparison (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $23,173 | $5,585 | | Bitcoin | $52,024 | $92,651 | | Deposits on equipment | $122,502 | $38,872 | | Total assets | $913,792 | $855,446 | | Total liabilities | $178,997 | $173,493 | | Total stockholders' equity | $734,795 | $681,953 | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 bitcoin mining revenue slightly increased, but the company reported a **$39.0 million** net loss, primarily due to higher depreciation and unrealized bitcoin losses Statement of Operations Highlights (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue - bitcoin mining | $48,959 | $48,137 | | Depreciation and amortization | ($43,467) | ($17,244) | | Unrealized (losses) gains on bitcoin | ($20,178) | $40,556 | | Operating (loss) income | ($38,088) | $46,786 | | Net (loss) income | ($38,975) | $39,900 | | (Loss) income per share - diluted | ($0.11) | $0.13 | [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) Cipher uses non-GAAP measures like Adjusted Earnings to provide a clearer view of operating performance by excluding non-cash and non-recurring items, reporting **$6.1 million** in Q1 2025 Adjusted Earnings - The company uses non-GAAP measures like Adjusted Earnings to help evaluate business performance by excluding items such as non-cash change in fair value of derivative assets, share-based compensation, depreciation and amortization, and deferred income tax[14](index=14&type=chunk) Reconciliation of GAAP Net (Loss) Income to Non-GAAP Adjusted Earnings (in thousands) | Description | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net (loss) income (GAAP)** | **($38,975)** | **$39,900** | | Change in fair value of derivative asset | (7,330) | (7,359) | | Share-based compensation expense | 9,132 | 8,317 | | Depreciation and amortization | 43,467 | 17,244 | | Deferred income tax (benefit) expense | (635) | 5,178 | | **Adjusted (loss) earnings (Non-GAAP)** | **$6,138** | **$63,030** | Reconciliation of GAAP EPS to Non-GAAP Adjusted EPS (diluted) | Description | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net (loss) income per share (GAAP)** | **($0.11)** | **$0.13** | | **Adjusted (loss) earnings per share (Non-GAAP)** | **$0.02** | **$0.21** | [Disclosures and Other Information](index=2&type=section&id=Disclosures%20and%20Other%20Information) This section provides standard corporate information, including Cipher's business focus, forward-looking statement disclaimers, and investor relations contact details [About Cipher](index=2&type=section&id=About%20Cipher) Cipher focuses on developing and operating industrial-scale data centers for bitcoin mining and High-Performance Computing (HPC) hosting services - Cipher's business is centered on developing and operating industrial-scale data centers for two main purposes: bitcoin mining and HPC hosting[8](index=8&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward%20Looking%20Statements) This report contains forward-looking statements regarding future plans and financial performance, subject to risks and uncertainties, and protected under safe harbor provisions - The report includes forward-looking statements about business strategy, data center development, and financial results, which are subject to risks and uncertainties[9](index=9&type=chunk)[10](index=10&type=chunk) - Investors are advised to consider the 'Risk Factors' section of the company's Annual Report on Form 10-K for a more detailed understanding of potential risks[10](index=10&type=chunk)[12](index=12&type=chunk)

NEW YORK, May 02, 2025 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”) today released its unaudited production and operations update for April 2025. Key Highlights Key MetricsApril 2025BTC Mined1174BTC Sold350BTC Held2855Deployed Mining Rigs75 ...

NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) today announced it will provide a business update and release its first quarter 2025 financial results before U.S. markets open on Tuesday, May 6, 2025. Cipher will host a conference call and webcast that day at 8:00 a.m. Eastern Time. The live webcast and a webcast replay of the conference call can be accessed from the investor relations section of Cipher’s website at https://investors.ciphermining.co ...

The latest trading session saw Cipher Mining Inc. (CIFR) ending at $3.06, denoting a -0.65% adjustment from its last day's close. This change lagged the S&P 500's daily gain of 0.06%. Elsewhere, the Dow gained 0.28%, while the tech-heavy Nasdaq lost 0.1%.The the stock of company has risen by 32.76% in the past month, leading the Business Services sector's loss of 4.91% and the S&P 500's loss of 4.29%.Investors will be eagerly watching for the performance of Cipher Mining Inc. in its upcoming earnings disclo ...

Company Performance - Cipher Mining Inc. (CIFR) closed at $2.44, reflecting a +0.83% change from the previous day's closing price, outperforming the S&P 500's daily gain of 0.79% [1] - Over the past month, shares of Cipher Mining Inc. have decreased by 20.4%, which is significantly worse than the Business Services sector's loss of 2.73% and the S&P 500's loss of 3.56% [1] Earnings Projections - The upcoming earnings per share (EPS) for Cipher Mining Inc. is projected at -$0.11, indicating a 184.62% decline compared to the same quarter last year [2] - The consensus estimate for quarterly revenue is $49.65 million, representing a 3.13% increase from the previous year [2] Annual Forecast - For the entire year, the Zacks Consensus Estimates predict an EPS of -$0.38 and revenue of $276.02 million, reflecting changes of -171.43% and +82.47% respectively compared to the previous year [3] Analyst Estimates - Recent modifications to analyst estimates for Cipher Mining Inc. are crucial as they indicate changing near-term business trends, with positive revisions suggesting analyst optimism about the company's profitability [4] - The Zacks Rank system, which incorporates these estimate changes, provides a rating system that can help investors make informed decisions [5] Zacks Rank and Industry Performance - Cipher Mining Inc. currently holds a Zacks Rank of 3 (Hold), with the consensus EPS estimate having decreased by 127.27% over the past month [6] - The Technology Services industry, part of the Business Services sector, has a Zacks Industry Rank of 65, placing it in the top 27% of all industries, indicating strong performance potential [7]

NEW YORK, April 04, 2025 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”) today released its unaudited production and operations update for March 2025. Key Highlights Key MetricsMarch 2025BTC Mined1210BTC Sold206BTC Held21,034Deployed Mining Rigs75,000Month End Operating Hashrate (EH/s)<td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: sol ...