Cipher Mining (CIFR) - 2024 Q4 - Annual Results

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].