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Cipher Q1 2025 Earnings Report
Cipher Mining reported its first quarter 2025 financial results, highlighting disciplined execution and progress in its expansion plans, including a new JV financing partnership and nearing completion of infrastructure at Black Pearl.
Key Takeaways
Cipher Mining reported first quarter 2025 revenue of $49 million, a 16% increase quarter over quarter. The company posted a GAAP net loss of $39 million, but achieved non-GAAP adjusted earnings of $6 million. Key achievements include signing a JV financing partner for Barber Lake and nearing completion of Phase I infrastructure at Black Pearl, with anticipated rig deployment ahead of schedule.
Revenue for Q1 2025 was $49 million, marking a 16% increase quarter over quarter.
The company reported a GAAP net loss of $39 million, or $0.11 per diluted share, and non-GAAP adjusted earnings of $6 million, or $0.02 per diluted share.
Cipher signed a term sheet with Fortress Credit Advisors LLC to serve as the JV financing partner at Barber Lake.
Infrastructure at Black Pearl Phase I is nearing completion, with energization expected ahead of schedule, leading to early deployment of rigs from inventory.
Cipher
Cipher
Forward Guidance
Cipher expects to reach approximately 16.0 EH/s by the end of the second quarter and scale to approximately 23.1 EH/s by the end of the third quarter, contingent on tariff landscape and new rig delivery schedules.
Positive Outlook
- Anticipated rig deployment at Black Pearl ahead of schedule, bringing approximately 2.5 exahashes per second online one quarter earlier.
- Expectation to reach ~16.0 EH/s by the end of the second quarter.
- Expectation to scale to ~23.1 EH/s by the end of the third quarter.
- Strong treasury management and disciplined approach to growth.
- Site flexibility to navigate a dynamic market environment.
Challenges Ahead
- Scaling expectations are dependent on monitoring the tariff landscape.
- Scaling expectations are dependent on new rig delivery schedules.
- The company's future results are subject to volatility in the price of its securities.
- Changes in laws and regulations could affect Cipher's business.
- Ability to implement business plans and realize additional opportunities is subject to various risks and uncertainties.