Cipher Mining (US:CIFR) Globenewswireยท2025-05-06 11:00Financial Performance - Cipher Mining Inc. reported first quarter 2025 revenue of $49 million, representing a 16% increase quarter over quarter [1] - The company experienced a GAAP net loss of $39 million, equating to a loss of $0.11 per diluted share, while non-GAAP adjusted earnings were $6 million, or $0.02 per diluted share [1][8] Operational Updates - The company signed a term sheet with Fortress Credit Advisors to act as the joint venture financing partner for the Barber Lake project [1][8] - Cipher is nearing completion of the 150 MW Phase I infrastructure at the Black Pearl Data Center, with energization expected in May [3][8] - Rig deployment at Black Pearl is anticipated to occur ahead of schedule, with a target of approximately 2.5 exahashes per second coming online one quarter earlier than planned [3][8] Strategic Initiatives - Cipher's CEO highlighted the partnership with Fortress as a significant step in developing a next-generation data center, leveraging Fortress's experience and relationships with hyperscalers [2] - The company aims to scale its mining capacity to approximately 16.0 EH/s by the end of the second quarter and to about 23.1 EH/s by the end of the third quarter [3][8] Market Position and Future Outlook - Cipher is focused on becoming a market leader in industrial-scale data centers for bitcoin mining and high-performance computing (HPC) hosting [7] - The company has a pipeline of 2.8 GW of site capacity and is experiencing continued momentum with HPC tenants at the Barber Lake site [8]