Cipher Mining (US:CIFR)2025-05-06 12:06Operational Performance - Revenues increased from $42 million in Q4 2024 to $49 million in Q1 2025[13, 57] - Cipher mined 602 BTC in Q1 2025, up from 585 BTC in Q4 2024[13] - The all-in electricity cost per BTC was $23,379 in Q1 2025[13] - Odessa site accounted for approximately 86% of Cipher's April 2025 BTC production[22, 27] - Alborz, Bear & Chief JV sites accounted for approximately 14% of Cipher's April 2025 BTC production[28, 34] Expansion and Growth - Cipher's self-mining hashrate is expected to reach approximately 23.1 EH/s by Q3 2025[17] - Black Pearl Phase I is on track for early deployment of approximately 2.5 EH/s in Q2 2025 and ramping up to approximately 9.6 EH/s in Q3 2025[18, 42] - Barber Lake site has approved power capacity of 300 MW and signed a joint venture term sheet with Fortress to secure financing[44, 47] - Stingray site has approved power capacity of 100 MW with energization expected in Q3 2026[48, 51] Financial Results - GAAP net loss was $39 million in Q1 2025, compared to net earnings of $18 million in Q4 2024[58] and net earnings of $40 million in Q1 2024[61] - Adjusted earnings were $6 million in Q1 2025, down from $51 million in Q4 2024 and $63 million in Q1 2024[58, 61] - Adjusted earnings per share was $0.02 in Q1 2025, compared to $0.14 in Q4 2024 and $0.21 in Q1 2024[58, 64]