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Jun 30, 2025
Cipher Q2 2025 Earnings Report
Cipher Mining reported a net loss in Q2 2025, but achieved strong non-GAAP adjusted earnings and significantly increased its self-mining capacity with the commencement of Black Pearl Phase I operations.
Key Takeaways
Cipher Mining reported a net loss of $46 million in the second quarter of 2025, or $0.12 per share, but achieved non-GAAP adjusted earnings of $30 million, or $0.08 per diluted share. The company successfully commenced hashing at Black Pearl Phase I ahead of schedule, increasing its total self-mining capacity to approximately 16.8 EH/s, and is on track to reach 23.5 EH/s by the end of Q3 2025. The company is also strategically developing Black Pearl Phase II to support both AI compute and hydro-bitcoin mining.
Cipher Mining reported a net loss of $45.781 million for Q2 2025, compared to a net loss of $15.291 million in Q2 2024.
Non-GAAP Adjusted Earnings were $30.349 million, or $0.08 per diluted share, a significant improvement from a loss of $3.490 million in Q2 2024.
Self-mining capacity reached approximately 16.8 EH/s by the end of Q2 2025, with plans to expand to 23.5 EH/s by the end of Q3 2025.
The company successfully commenced operations at Black Pearl Phase I ahead of schedule and is developing Black Pearl Phase II for a hybrid AI compute and bitcoin mining model.
Revenue by Segment
Forward Guidance
Cipher Mining anticipates continued growth in self-mining capacity, with a target of 23.5 EH/s by the end of Q3 2025, driven by fully funded rig orders and the strategic development of Black Pearl Phase II to support both AI compute and hydro-bitcoin mining.
Positive Outlook
- On track to deliver ~23.5 EH/s of self-mining capacity by the end of the third quarter 2025.
- Executed two fully funded orders to purchase latest-generation miners for Black Pearl, with deliveries expected by the end of the third quarter.
- Strategic plan for Black Pearl Phase II bridges the needs of both AI compute and hydro-bitcoin mining, allowing for efficient conversion to different design specifications.
- Expects Black Pearl Phase II to be fully leased by HPC tenants in the long run, enabling monetization of power access quickly.
- Pipeline of 2.6 GW of site capacity positions the company to become a leading developer of HPC data centers while continuing bitcoin mining.
Challenges Ahead
- No specific negative forward guidance points were explicitly stated in the provided text.
- Potential volatility in the price of Cipher’s securities due to competitive and regulated industry changes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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