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Sep 30
Cipher Q3 2025 Earnings Report
Cipher reported Q3 2025 results with $72 million in revenue and an adjusted net income of $41 million despite a GAAP net loss.
Key Takeaways
Cipher Mining reported strong Q3 2025 revenue and adjusted earnings driven by its bitcoin mining business, while continuing its transition into AI hosting with major deals.
Reported $72 million in revenue from bitcoin mining during Q3 2025
Adjusted earnings reached $41 million, or $0.10 per diluted share
GAAP net loss of $3.3 million driven by depreciation and non-cash items
Announced $5.5 billion AI hosting lease with AWS and JV to develop 1-GW site
Cipher
Cipher
Cipher Revenue by Segment
Revenue by Segment
Bitcoin Mining Revenue
CapyFin.com Forward Guidance
Cipher expects substantial growth in AI infrastructure hosting with major lease agreements and new capacity under development.
Positive Outlook
- 15-year lease signed with AWS for 300 MW of AI hosting capacity
- AI hosting contracts represent ~$8.5 billion in lease payments
- Secured ~95% ownership in 1-GW Colchis joint venture site
- Convertible note offering raised $1.3 billion
- Significant strategic shift toward HPC and AI hosting underway
Challenges Ahead
- Continued GAAP net losses due to non-cash expenses
- High depreciation and amortization impacting profitability
- Large derivative and warrant liabilities on the balance sheet
- Potential execution risks in large-scale data center projects
- Market volatility and regulatory uncertainty may affect future earnings