Cipher Mining Reports Strong First Quarter 2025 Results
Cipher Mining Announces First Quarter 2025 Business Update
Revenue reaches $49 million, marking a 16% increase compared to previous quarter.
New partnership formed with Fortress Credit Advisors to support Barber Lake development.
Black Pearl's Phase I infrastructure nearing completion.
GAAP net loss of $39 million in Q1 2025, with adjusted earnings of $6 million.
NEW YORK — Cipher Mining Inc. (NASDAQ: CIFR) is thrilled to share its Q1 2025 financial results along with key operational updates. CEO Tyler Page expressed pride in their disciplined approach to execution and significant advancements in their expansion strategy for 2025.
Throughout the quarter, Cipher Mining focused on growth and stability. A pivotal moment was achieved as the company partnered with Fortress Credit Advisors, who is recognized for their expertise in financing and data center development. This collaboration is aimed at driving forward the much-anticipated Barber Lake project, tapping into Fortress's extensive network to benefit the company.
In terms of operations, Cipher Mining has made noticeable progress. Completion of the Black Pearl Data Center's Phase I is expected soon, and substantial deployments of mining rigs are anticipated ahead of schedule. At the same time, four substation transformers have been delivered to the site, boosting capacity and enabling an earlier roll-out of mining rigs from their existing inventory. This strategic move is set to increase Cipher's operational capacity to approximately 16.0 exahashes per second by the end of the second quarter, with projections to reach about 23.1 EH/s by the end of Q3.
Mr. Page stated, "With our solid treasury management and adaptable site strategy, I have complete confidence in our ability to navigate the fluctuating market while promoting long-term success. We're excited about the path we are on and the opportunities that lie ahead."
Financial and Operational Highlights
- Cipher completed its first full quarter of operations with the upgraded Odessa fleet, increasing the total self-mining hashrate to around 13.5 EH/s.
- A term sheet was signed with Fortress Credit Advisors to facilitate financing for the Barber Lake joint venture.
- Infrastructure development at Black Pearl Phase I is advancing quickly, with energization expected before the deadline.
- Increased tenant activity is observed at Barber Lake, with several parties currently under NDA and due diligence.
- A robust pipeline boasting 2.8 GW of available site capacity.
- In Q1 2025, Cipher reported a net loss of $39 million, equating to $0.11 per diluted share, alongside adjusted earnings of $6 million, or $0.02 per diluted share.
Upcoming Business Events
Cipher Mining will host a live webcast to discuss these results and future strategies. Investors are encouraged to visit the Cipher investor relations section on their website for access to the live stream and the replay.
About Cipher Mining
Cipher Mining is dedicated to establishing and operating large-scale data centers primarily intended for Bitcoin mining and high-performance computing hosting. Striving to be a leader in innovation, Cipher aims to significantly influence Bitcoin mining expansion and data center architecture while serving the largest HPC companies globally.
Frequently Asked Questions
What were Cipher Mining's financial results for Q1 2025?
Cipher Mining reported a revenue of $49 million in Q1 2025, with a GAAP net loss of $39 million and adjusted earnings of $6 million.
Who has Cipher Mining partnered with for financing?
Cipher Mining has formed a partnership with Fortress Credit Advisors to provide financing for the Barber Lake project.
What is the current self-mining hashrate of Cipher Mining?
The total self-mining hashrate currently stands at approximately 13.5 EH/s.
How does Cipher plan to enhance their operational capacity?
Through strategic rig deployments and partnerships, Cipher aims to scale its capacity to ~16.0 EH/s by the end of Q2 and ~23.1 EH/s by the end of Q3.
What is Cipher Mining's long-term vision?
Cipher aims to lead in Bitcoin mining and HPC hosting while effectively managing operations to navigate the evolving market landscape.
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