Financial Data and Key Metrics Changes - In Q1 2025, Cipher Mining reported revenue of $49 million, a 16% increase from $42 million in Q4 2024, driven by higher Bitcoin production and prices [28][30] - The average Bitcoin price rose from approximately $83,000 in Q4 2024 to about $93,000 in Q1 2025, although the spot price declined from $93,000 to roughly $83,000 by the end of Q1 2025, resulting in a $20 million unrealized loss on Bitcoin holdings [29][30] - The company reported a GAAP net loss of $39 million or $0.11 per share, compared to a net income of $40 million or $0.13 per share in Q1 2024 [31][32] Business Line Data and Key Metrics Changes - The Odessa data center mined 5.24 Bitcoin in Q1 2025, generating $49 million in revenue, up from 4.92 Bitcoin and $42 million in Q4 2024, reflecting a 6.5% increase in production [27][32] - The cost of revenue decreased by 18% sequentially due to less frequent curtailment, while year-over-year costs remained flat [33] Market Data and Key Metrics Changes - The company’s operating capacity stands at 327 MW, with a pipeline expansion of approximately 2.8 GW planned for the coming years [9] - The average all-in electricity cost was approximately $23,379 per Bitcoin produced, showcasing competitive pricing [8] Company Strategy and Development Direction - Cipher Mining is transitioning from solely a Bitcoin miner to a developer of high-performance computing (HPC) data centers, with a focus on operational flexibility and strategic partnerships [11][12] - The company has signed a term sheet with Fortress Credit Advisors LLC for financing at the Barbara Lake site, indicating a shift towards joint ventures for capital-intensive projects [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s operational flexibility and ability to navigate market challenges, highlighting a disciplined treasury management strategy that outperformed simple holding strategies [15][16] - The management noted ongoing interest from potential tenants and financing partners, with a robust pipeline of data center developments expected to meet future demand [12][14] Other Important Information - The company’s treasury management strategy unlocked $90 million in liquidity, supporting growth without diluting shareholders [17] - The Odessa facility achieved a hash rate of 11.3 Exahashes per second, with a fleet efficiency of 17.6 Joules per Terahash [18] Q&A Session Summary Question: Can you provide more details on the Fortress announcement and the financing arrangement? - Management confirmed that Barbara Lake would enter a joint venture with Fortress, which will backstop the financing for the data center build, with Cipher retaining the right to own up to 49% of the JV [46][48] Question: Have conversations with potential tenants changed since the tariff announcements? - Management reported that the pace of conversations has increased, with more inquiries from large investors and tenants, indicating sustained interest despite tariff announcements [52][53] Question: How does the financing strategy at Barbara Lake differ from other Bitcoin miners? - Management emphasized the optionality in their strategy, focusing on acquiring sites and developing assets while leveraging partnerships to minimize capital expenditure [58][63] Question: How is the interconnection process evolving in Texas? - Management noted that new legislation is expected to streamline the interconnection process, which could make it more challenging but ultimately beneficial for the market [66][69] Question: What is the efficiency of the rigs being deployed? - Management indicated that the initial efficiency of the 2.5 Exahash from idle rigs would be around 20-21 Joules per Terahash, but this would improve with the arrival of new rigs [70][71]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported revenue of $49 million, a 16% increase from $42 million in Q4 2024, driven by higher Bitcoin production and prices [26][27] - The average Bitcoin price increased from approximately $83,000 in Q4 2024 to approximately $93,000 in Q1 2025, although the spot price declined to roughly $83,000 by the end of Q1 [26][27] - The company reported a GAAP net loss of $39 million or $0.11 per share, compared to a net income of $40 million or $0.13 per share in Q1 2024 [28][29] Business Line Data and Key Metrics Changes - The Odessa data center mined 5.24 Bitcoin in Q1 2025, generating $49 million in revenue, compared to 4.92 Bitcoin and $42 million in Q4 2024, reflecting a 6.5% increase in production [25][29] - The cost of revenue decreased by 18% sequentially due to less frequent curtailment, while year-over-year costs remained flat [30] Market Data and Key Metrics Changes - The company’s operating capacity stands at 327 MW, with an expected pipeline capacity expansion of approximately 2.8 GW in the coming years [7] - The average all-in electricity cost was approximately $23,379 per Bitcoin produced, reflecting competitive pricing [6] Company Strategy and Development Direction - The company is transitioning from solely a Bitcoin miner to a developer of high-performance computing (HPC) data centers, with a focus on operational flexibility and strategic partnerships [9][11] - A term sheet was signed with Fortress Credit Advisors LLC for financing at the Barbara Lake site, indicating a strategic move to leverage external capital for development [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s operational flexibility and ability to adapt to market cycles, despite turbulent macroeconomic conditions [5][12] - The treasury management strategy has been effective, unlocking $90 million in liquidity to support growth without diluting shareholders [14] Other Important Information - The company has engaged in discussions with potential tenants and financing partners, indicating strong interest in its data center developments [10][11] - The Odessa facility has received industry recognition for its operational excellence, setting benchmarks for efficiency [15] Q&A Session Summary Question: Can you provide more details on the Fortress announcement? - The Fortress partnership will be a joint venture, with Fortress backing the financing of a full data center build, allowing the company to retain up to 49% ownership without additional capital [43][44][45] Question: How have conversations progressed since the tariff announcements? - The pace of conversations has increased, with more inquiries from large investors and tenants, indicating sustained interest despite tariff changes [48][49] Question: What is the financing strategy for Barber Lake? - The financing strategy allows the company to develop data centers without the high cost of capital typically associated with Bitcoin mining, enabling better economics [54][56][59] Question: How is the company managing long lead time item purchases? - The company prioritizes getting substations ordered and built, which are critical for tenant due diligence and project timelines [74][75] Question: What is the relationship with SoftBank now that they have invested? - The company is focused on securing a high-quality tenant for Barbara Lake, with hopes that SoftBank could become a tenant, while also exploring other potential tenants [78][80]

Financial 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]

Company Overview - Mara Holdings (MARA) experienced a significant stock decline, dropping 8.6% as of 3:14 p.m. ET, with a peak decline of 12% earlier in the day, amid a broader market downturn where the S&P 500 and Nasdaq Composite fell by 0.3% and 0.4% respectively [1] Bitcoin Production Update - In April 2025, Mara reported a 15% month-over-month decrease in Bitcoin production, attributed to increased competition and a global hashrate growth, which led to an 8% rise in mining difficulty [2] - Despite expanding its Ohio data center and initiating operations in North Dakota and Texas, the company faced a notable setback in production [2][3] Mining Difficulty and Profitability - The increase in mining difficulty has resulted in Mara earning less for the same amount of computing power, thereby squeezing margins and reducing profits [3] - Although Mara increased its own hashrate by 5.5% with new facilities, the overall production still declined significantly [3] Market Sentiment and Investment Perspective - The uncertainty in the Bitcoin market poses risks for miners like Mara, leading to skepticism regarding the premium on Mara's stock [5] - It is suggested that direct investment in Bitcoin may be a more prudent choice for those seeking exposure to the cryptocurrency, especially if the global hashrate continues to rise [5]

| | | | | | | Comparison (%) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Metric | April 2025 1 | March 2025 1April 2024 | | | | Month/Month | | Year/Year | | Bitcoin Produced | 463 | 533 | 375 | -13 | | % | 23 | % | | Average Bitcoin Produced per Day | 15.4 | 17.2 | 12.5 | -10 | | % | 23 | % | | Bitcoin Held 2 | 19,2113 | 19,223 | 8,872 | 0 % | | | 117 | % | | Bitcoin Sold | 475 | - | - | N/A | | | N/A | | | Bitcoin Sales - Net Proceeds | $38.8 million | - | - | N/A | | | N/A | | | Avera ...

Core Insights - Cipher Mining Inc. reported a solid production performance in April 2025, despite a planned three-day shutdown for maintenance at its Odessa site [3][4] - The company mined approximately 174 BTC in April and sold around 350 BTC, ending the month with a total of approximately 855 BTC held [2][4] - Cipher's operational metrics included 75,000 deployed mining rigs and a month-end operating hashrate of 13.5 EH/s, with fleet efficiency at 18.9 J/TH [2] Production and Sales Metrics - BTC Mined: 174 BTC [2] - BTC Sold: 350 BTC [2] - BTC Held: 855 BTC [2] - Deployed Mining Rigs: 75,000 [2] - Month End Operating Hashrate: 13.5 EH/s [2] - Month End Fleet Efficiency: 18.9 J/TH [2] Financial Highlights - Estimated power sales in April were equivalent to approximately 3 BTC, based on a month-end bitcoin price of $94,808 [10] - Approximately 24 BTC were mined at joint venture data centers representing Cipher's ownership [10] - Approximately 379 BTC were pledged as collateral [10] Management Commentary - The company plans to provide a business update during its earnings call scheduled for May 6, 2025 [3] - The power provider is entitled to 5% curtailment hours per annum under the power purchase agreement [3] Company Overview - Cipher focuses on developing and operating industrial-scale data centers for bitcoin mining and high-performance computing (HPC) hosting [5] - The company aims to be a market leader in innovation within the bitcoin mining sector and data center construction [5]

Company Overview - Riot Platforms, a Bitcoin mining company, reported its first quarter earnings, but the stock's reaction has been muted, indicating a potential disconnect from Bitcoin's price movements [2]. Market Reaction - The stock of Riot Platforms has somewhat decoupled from Bitcoin's price, which is unusual given the company's direct involvement in Bitcoin mining [2]. Analyst Insights - The analysis emphasizes the importance of combining technical and fundamental analysis to identify potential growth stocks early in their cycles, which is a focus area for the investment group Timely Trader [3].

LAS VEGAS, May 2, 2025 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), America's Bitcoin Miner®, will discuss its fiscal second quarter 2025 financial results via a live webcast beginning at 4:30 p.m. EST / 1:30 p.m. PST on Thursday, May 8, 2025.Webcast Information: To view the webcast, please click here.Downloadable files, including a transcript, will be available on the company website 48 hours after the event.About CleanSpark CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a mark ...

Financial Data and Key Metrics Changes - Riot reported total revenue of $161.4 million for Q1 2025, a 13% increase from $142.6 million in the previous quarter [14] - Gross profit for Q1 2025 was $73.6 million, up from $55.7 million in the prior quarter, resulting in a gross margin of 46%, compared to 39% previously [14] - Net loss for Q1 2025 was $296.4 million, or $0.90 per share, compared to a net income of $136.4 million, or $0.43 per share in the prior quarter [16] - Non-GAAP adjusted EBITDA for Q1 2025 was negative $176.3 million, compared to positive $296.3 million in the previous quarter [15] Business Line Data and Key Metrics Changes - Riot increased its self-mining hash rate from 31.5 exahash to 33.7 exahash, a 7% increase, while global hash rate rose by 10% [12] - Bitcoin mining revenue totaled $142.9 million in Q1 2025, a 13% increase from $126.3 million in the prior quarter [16] - Engineering revenue increased by 20% to $13.9 million in Q1 2025, compared to $11.6 million in the previous quarter [18] Market Data and Key Metrics Changes - Riot ended Q1 2025 holding 19,223 Bitcoin, an 8% increase from 17,722 Bitcoin at the end of 2024 [13] - The price of Bitcoin at the end of Q1 2025 was $82,534, down from $93,354 at the end of Q4 2024, leading to a mark-to-market adjustment of $271.2 million [16] Company Strategy and Development Direction - The acquisition of Rhodium's assets aims to enhance Riot's hashrate capacity and reduce operating losses and litigation costs [9][20] - The company is focusing on developing its AI HPC data center business, with significant progress made in land acquisitions and infrastructure development [11][24] - Riot's strategy includes maintaining a strong balance sheet while exploring various financing options to fund growth [10][61] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for data center capacity, particularly for AI applications, with a projected need for 30 gigawatts by 2030 [42] - The company aims to maximize the value of its assets and is actively pursuing partnerships with hyperscalers [30][82] - Management highlighted the importance of prudent financial management and operational efficiency in navigating market challenges [10][30] Other Important Information - Riot's cash SG&A expenses for Q1 2025 were $41.9 million, including one-time litigation expenses [16] - The company is actively working on securing additional fiber capacity and water supply for its Corsicana facility [28] Q&A Session Summary Question: Insights on the large flexible load task force - Management clarified that Riot was not behind the inception of the task force but is involved in public policy efforts [33] Question: Economics of capital projects - Management indicated it is too early to determine specific capital expenditure targets but is focused on maximizing shareholder value [36] Question: Demand for AI HPC opportunities - Management noted robust demand for data center capacity and positive feedback from hyperscalers [42] Question: Financing options for projects - Management stated they are exploring various financing options to maximize capital efficiency [61] Question: Backup generation and power infrastructure - Management emphasized the importance of backup generation and their engineering division's expertise in this area [50] Question: Cash OpEx trends post-Rhodium settlement - Management confirmed guidance for cash SG&A remains at $30 to $33 million per quarter, excluding one-time expenses [87] Question: Milestones for HPC development - Management highlighted the importance of building internal expertise and securing leases as key milestones [81]

Financial Data and Key Metrics Changes - Riot reported total revenue of $161.4 million for Q1 2025, a 13% increase from $142.6 million in the previous quarter [13] - Gross profit for Q1 2025 was $73.6 million, up from $55.7 million in the prior quarter, resulting in a gross margin increase from 39% to 46% [13] - Net loss for Q1 2025 was $296.4 million, or $0.90 per share, compared to a net income of $136.4 million, or $0.43 per share in the prior quarter [14] - Non-GAAP adjusted EBITDA for Q1 2025 was negative $176.3 million, a significant decrease from positive $296.3 million in the previous quarter [13][14] Business Line Data and Key Metrics Changes - Riot increased its self-mining hash rate from 31.5 exahash to 33.7 exahash, a 7% increase, while global hash rate rose by 10% [11] - Bitcoin mining revenue totaled $142.9 million in Q1 2025, a 13% increase from $126.3 million in the prior quarter [14] - Engineering revenue increased by 20% to $13.9 million in Q1 2025, compared to $11.6 million in the previous quarter [16] Market Data and Key Metrics Changes - Riot ended Q1 2025 holding 19,223 Bitcoin, an 8% increase from 17,722 Bitcoin at the end of 2024 [12] - The price of Bitcoin at the end of Q1 2025 was $82,534, down from $93,354 at the end of Q4 2024, leading to a mark-to-market adjustment of $271.2 million [14] Company Strategy and Development Direction - The acquisition of Rhodium's assets aims to enhance Riot's hashrate capacity and reduce operating losses and litigation costs [7][19] - The company is focusing on developing its AI HPC data center business, with significant progress in land acquisitions and infrastructure development [10][20] - Riot's strategy includes maintaining a strong balance sheet while exploring various financing options to fund growth [8][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a Bitcoin yield of 7% year-to-date and emphasized the importance of operational efficiency [12][30] - The company is optimistic about the demand for data center capacity, particularly in the AI sector, and is actively engaging with potential tenants [42][43] - Management highlighted the importance of securing financing partners to support the development of the AI HPC data center [46][91] Other Important Information - Riot's capital expenditures in Q1 2025 totaled $48.9 million, primarily for the expansion of its Corsicana facility [20] - The company is actively pursuing additional land acquisitions to enhance its data center development capabilities [26][70] Q&A Session Summary Question: Insights on the large flexible load task force - Management clarified that Riot was not behind the inception of the task force but is involved in public policy efforts to support regulatory success [33][34] Question: Economics of capital projects - Management indicated it is too early to determine specific capital expenditure targets but is focused on maximizing shareholder value [36] Question: Demand for AI HPC opportunities - Management noted robust demand for data center capacity and positive feedback from hyperscalers regarding power delivery [42][43] Question: Financing options for AI HPC projects - Management stated they are exploring various financing structures to maximize value and are well-positioned with potential financing partners [46][91] Question: Impact of tariffs on power infrastructure - Management acknowledged that tariffs could impact costs for certain components but emphasized domestic production for critical switchgear [78] Question: Milestones for AI HPC development - Management highlighted the importance of building internal expertise and completing a basis of design for potential data centers as key milestones [81][82]