Financial Performance - Fourth quarter 2024 net earnings were $18 million, or $0.05 per diluted share, with adjusted earnings of $51 million, or $0.14 per diluted share[7]. - Revenue from bitcoin mining for the year ended December 31, 2024, was $151.27 million, up from $126.84 million in 2023[19]. - The company reported a net loss of $44.64 million for the year ended December 31, 2024, compared to a net loss of $25.78 million in 2023[19]. - The net loss for 2024 was $44,635,000, compared to a net loss of $25,777,000 in 2023, indicating a significant increase in losses[20]. - Adjusted earnings for 2024 were $106,679,000, up from $46,204,000 in 2023, reflecting a strong improvement in operational performance[20]. - Adjusted loss earnings per diluted share improved to $0.33 in 2024 from $0.17 in 2023, indicating a positive trend in earnings performance[20]. Asset and Investment Growth - Total assets increased to $855.45 million as of December 31, 2024, compared to $566.14 million in 2023[17]. - The company completed the acquisition of a 100 MW Stingray data center site in West Texas[7]. - An additional 337 acres of land adjacent to the Barber Lake site were acquired, with a 60-day exclusivity agreement to negotiate a 500 MW HPC data center[7]. - The pipeline grew to 2.8 GW of site capacity, allowing for both HPC and bitcoin mining data centers[7]. - Phase I of the Black Pearl project, featuring 150 MW of capacity, is on track to energize in the second quarter of 2025, expected to generate over 9.5 EH/s[7]. Operational Expenses - The share-based compensation expense increased to $42,132,000 in 2024 from $38,470,000 in 2023, showing a rise of approximately 4.3%[20]. - Depreciation and amortization expenses rose to $102,448,000 in 2024, compared to $59,093,000 in 2023, representing an increase of about 73.4%[20]. Tax and Liability Changes - The deferred income tax expense for 2024 was $(937,000), a decrease from $3,366,000 in 2023, reflecting a favorable tax position[20]. - The change in fair value of derivative assets contributed $7,921,000 in 2024, compared to a loss of $26,836,000 in 2023, marking a significant turnaround[20]. - The change in fair value of warrant liability was $(250,000) in 2024, compared to $243,000 in 2023, indicating a shift in liability valuation[20]. - The per diluted share impact of share-based compensation expense was $0.13 in 2024, slightly down from $0.15 in 2023[20]. - Other nonrecurring gains were not reported in 2024, while a loss of $(2,355,000) was recorded in 2023, highlighting a shift in nonrecurring items[20]. Strategic Goals - The company aims to become a leading data center developer for HPC infrastructure while maintaining excellence in bitcoin mining[4]. Mining Operations - Total self-mining hashrate increased to approximately 13.5 EH/s following the upgrade of the Odessa fleet[7].

Fourth Quarter 2024 Net Earnings of $18m, and Adjusted Earnings of $51m Completed upgrade of Odessa fleet, increasing total self-mining hashrate to ~13.5 EH/s Completed acquisition of Stingray data center site, featuring 100 MW of front-of-the-meter capacity, all necessary regulatory approvals, and 250 acres of land adjacent to transmission assets Completed acquisition of additional 337 acres of land adjacent to Barber Lake site and entered into 60-day exclusivity for negotiations to build an additional 500 ...

Group 1 - Cipher Mining Inc. (CIFR) has gained approximately 22.8% year-to-date, outperforming the average return of 10.5% for the Business Services sector [4] - The Zacks Consensus Estimate for CIFR's full-year earnings has increased by 2.5% over the past 90 days, indicating improving analyst sentiment [4] - Cipher Mining Inc. holds a Zacks Rank of 2 (Buy), suggesting a favorable outlook for the stock [3] Group 2 - Cipher Mining Inc. is part of the Technology Services industry, which consists of 152 individual stocks and currently ranks 82 in the Zacks Industry Rank [6] - The Technology Services industry has an average year-to-date gain of 20.6%, indicating that CIFR is performing well within its industry [6] - In contrast, Gambling.com Group Limited, another stock in the Business Services sector, has returned 12.6% year-to-date and belongs to the Advertising and Marketing industry, which is ranked 165 and has declined by 4.3% this year [5][7]

Core Viewpoint - Cipher Mining Inc. (CIFR) has shown a significant price increase of 23.9% over the past four weeks, with a mean price target of $8.33 indicating a potential upside of 39.8% from the current trading price of $5.96 [1] Price Target Analysis - The average price target consists of 10 estimates ranging from a low of $7 to a high of $10, with a standard deviation of $1.16, suggesting a moderate agreement among analysts [2] - The lowest estimate indicates a potential increase of 17.5%, while the highest suggests a 67.8% upside [2] - A low standard deviation indicates a high degree of agreement among analysts regarding the stock's price movement direction [7] Earnings Estimates and Analyst Sentiment - Analysts are optimistic about CIFR's earnings prospects, as indicated by a positive trend in earnings estimate revisions, which has historically correlated with stock price movements [4][9] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 2.5%, with one estimate moving higher and no negative revisions [10] - CIFR holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, suggesting strong potential for upside [11] Caution on Price Targets - While price targets are commonly referenced, they can mislead investors, as empirical research shows they rarely indicate actual stock price movements [5][6] - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [6] - Investors should approach price targets with skepticism and not rely solely on them for investment decisions [8]

Core Viewpoint - Cipher Mining Inc. is set to provide a business update and release its fourth quarter and full year 2024 financial results on February 25, 2025, before U.S. markets open [1]. Company Overview - Cipher Mining focuses on the development and operation of industrial-scale data centers for bitcoin mining and high-performance computing (HPC) hosting [3]. - The company aims to be a market leader in innovation, particularly in bitcoin mining growth, data center construction, and as a hosting partner for major HPC companies [3].

Core Insights - Cipher Mining Inc. reported its unaudited production and operations update for January 2025, highlighting its ongoing efforts in bitcoin mining and data center development [1] Production and Operations Summary - The company mined approximately 219 BTC in January 2025 and sold around 471 BTC, ending the month with a total of approximately 1,091 BTC held [2][4] - Cipher deployed 75,000 mining rigs, achieving a month-end operating hashrate of 13.5 EH/s and a fleet efficiency of 18.9 J/TH [2] - The estimated power sales for January were equivalent to 1 BTC, based on a month-end bitcoin price of $102,297, along with 29 BTC mined at joint venture data centers [2][11] Management Commentary - Cipher is making progress at its Black Pearl site, nearing completion of Phase 1 buildings that cover over 100,000 square feet, and is in discussions with potential tenants and financing partners [3] Company Overview - Cipher focuses on developing and operating industrial-scale data centers for bitcoin mining and high-performance computing (HPC) hosting, aiming to be a market leader in innovation and growth within the sector [5]

Investment Announcement - SoftBank Group Corp. is set to invest $50 million in Cipher Mining Inc. through a PIPE investment, acquiring approximately 10.4 million shares of Cipher common stock [1] - This investment will bolster Cipher's HPC data center development business and position SoftBank as a significant primary investor in the company [1] Company Growth and Strategy - Cipher's CEO, Tyler Page, expressed enthusiasm about SoftBank's investment, highlighting its importance during a pivotal growth phase for the company [2] - Cipher is focused on developing and operating industrial-scale data centers for bitcoin mining and HPC hosting, aiming to lead in innovation within these sectors [4] Advisory and Legal Support - Keefe, Bruyette, & Woods Inc. served as the financial advisor for Cipher, while Latham & Watkins LLP provided legal counsel [3]

Company Performance - Cipher Mining Inc. closed at $4.49, down 0.44% from the previous trading session, underperforming the S&P 500 which gained 0.92% [1] - The company's shares have decreased by 3.22% over the past month, lagging behind the Business Services sector's gain of 2.44% and the S&P 500's gain of 0.81% [1] Earnings Projections - The upcoming earnings disclosure for Cipher Mining Inc. is anticipated, with projected earnings per share (EPS) at -$0.10, indicating a 300% decrease from the same quarter last year [2] - Quarterly revenue is estimated to be $37.52 million, reflecting a decline of 13.6% compared to the year-ago period [2] Analyst Estimates - Recent adjustments to analyst estimates for Cipher Mining Inc. are noteworthy, as they often reflect changes in short-term business dynamics [3] - Positive revisions in estimates are interpreted as favorable indicators for the company's business outlook [3] Zacks Rank and Industry Performance - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently places Cipher Mining Inc. at a 5 (Strong Sell) rating, with no changes in the consensus EPS estimate over the last 30 days [5] - The Technology Services industry, part of the Business Services sector, holds a Zacks Industry Rank of 87, placing it in the top 35% of over 250 industries [6] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [6]

Core Insights - Cipher Mining Inc. reported its unaudited production and operations update for December 2024, highlighting significant metrics in bitcoin mining and operational efficiency [1][2]. Production Metrics - The company mined approximately 234 BTC in December 2024 and sold around 271 BTC, ending the month with a total of approximately 1,344 BTC held [2][5]. - The total number of deployed mining rigs reached 75,000, contributing to a month-end operating hashrate of 13.5 EH/s and a fleet efficiency of 18.9 J/TH [2][3]. Operational Developments - Cipher completed the upgrade of its mining fleet at Odessa, enhancing its self-mining hashrate to approximately 13.5 EH/s [3]. - The company made substantial progress on the development of the new Black Pearl data center, indicating ongoing expansion efforts in its infrastructure [3][9]. Power Management - Cipher utilized advanced data center operations technologies to maintain power supply during periods of curtailment by its power provider, managing to continue hashing for about 80 hours despite the provider using 20% of its annual curtailment hours in December [4]. Financial Overview - The estimated power sales for December were equivalent to 2 BTC, based on the month-end bitcoin price of $93,349, and included approximately 345 BTC pledged as collateral [2][11].

Core Viewpoint - The article discusses the reliability of brokerage recommendations, particularly focusing on Cipher Mining Inc. (CIFR), and highlights the disparity between brokerage ratings and actual stock performance [1][4]. Group 1: Brokerage Recommendations - Cipher Mining has an average brokerage recommendation (ABR) of 1.20, indicating a consensus between Strong Buy and Buy, with 80% of recommendations being Strong Buy and 20% being Buy [2]. - Despite the positive ABR, relying solely on this information for investment decisions may not be advisable, as studies show brokerage recommendations often fail to guide investors effectively [4][9]. Group 2: Analyst Bias and Zacks Rank - Brokerage analysts tend to exhibit a positive bias due to their firms' vested interests, leading to a higher number of favorable ratings compared to negative ones [5][9]. - The Zacks Rank, a proprietary stock rating tool, categorizes stocks based on earnings estimate revisions and has a strong track record in predicting stock price movements, contrasting with the ABR [7][10]. Group 3: Earnings Estimates and Investment Outlook - The Zacks Consensus Estimate for Cipher Mining has declined by 72.2% over the past month to -$0.31, indicating growing pessimism among analysts regarding the company's earnings prospects [12]. - This significant decline in earnings estimates has resulted in a Zacks Rank of 5 (Strong Sell) for Cipher Mining, suggesting caution despite the favorable ABR [13].