Cipher Digital Provides Fourth Quarter and Full Year 2025 Business Update

Core Insights - Cipher Digital Inc. has rebranded from Cipher Mining to reflect its strategic shift towards high-performance computing (HPC) data center development [2][7] - The company has divested its 49% stake in three bitcoin mining sites for approximately $40 million, allowing for a streamlined business structure [3] - Cipher has successfully secured $3.73 billion through high-yield bond offerings to finance its data center projects at Barber Lake and Black Pearl [4][7] Financial Performance - For Q4 2025, Cipher reported revenue of $60 million and an adjusted net loss of $55 million [8] - The total revenue from bitcoin mining for the year ended December 31, 2025, was $223.94 million, an increase from $151.27 million in 2024 [22] - The company experienced a net loss of $822.24 million for the year 2025, compared to a net loss of $44.64 million in 2024 [22] Operational Updates - Cipher has secured 600 MW of total contracted HPC capacity through long-term leases with AWS and Fluidstack/Google [7] - The development of the Barber Lake data center is on track, with approximately 95% of long lead equipment secured [7] - Construction activities at the Black Pearl data center are also underway and on schedule [5][7] Strategic Direction - The rebranding to Cipher Digital signifies a focus on stable, long-duration cash flows and long-term leases with leading hyperscale customers [2] - The company aims to become a premier developer and operator of data centers that support next-generation computing [6]