Cipher Mining Provides Second Quarter 2025 Business Update
Cipher Mining (NASDAQ:CIFR) reported its Q2 2025 financial results, highlighting revenue of $44 million and non-GAAP Adjusted Earnings of $30 million, despite a net loss of $46 million ($0.12 per share). The company has successfully energized Black Pearl Phase I, achieving self-mining capacity of ~16.8 EH/s with projections to reach ~23.5 EH/s by Q3 2025.
Key developments include a $172.5 million convertible note offering and strategic plans for Black Pearl Phase II, designed to support both hydro-bitcoin mining and HPC compute applications. The company maintains a substantial pipeline of 2.6 GW site capacity and has executed fully funded orders for latest-generation miners with deliveries expected by Q3 end.
Cipher Mining (NASDAQ:CIFR) ha comunicato i risultati finanziari del secondo trimestre 2025, evidenziando un fatturato di 44 milioni di dollari e un utile rettificato non-GAAP di 30 milioni di dollari, nonostante una perdita netta di 46 milioni di dollari (0,12 dollari per azione). L'azienda ha avviato con successo la Fase I di Black Pearl, raggiungendo una capacit脿 di mining autonoma di circa 16,8 EH/s con previsioni di arrivare a circa 23,5 EH/s entro il terzo trimestre 2025.
Tra gli sviluppi principali si segnala un offerta di note convertibili da 172,5 milioni di dollari e piani strategici per la Fase II di Black Pearl, progettata per supportare sia il mining idroelettrico di bitcoin che applicazioni di calcolo HPC. L'azienda dispone di un consistente portafoglio di siti con capacit脿 di 2,6 GW e ha eseguito ordini completamente finanziati per miner di ultima generazione, con consegne previste entro la fine del terzo trimestre.
Cipher Mining (NASDAQ:CIFR) report贸 sus resultados financieros del segundo trimestre de 2025, destacando ingresos de 44 millones de d贸lares y ganancias ajustadas no-GAAP de 30 millones de d贸lares, a pesar de una p茅rdida neta de 46 millones de d贸lares (0,12 d贸lares por acci贸n). La compa帽铆a ha activado con 茅xito la Fase I de Black Pearl, alcanzando una capacidad de miner铆a propia de aproximadamente 16,8 EH/s con proyecciones de llegar a aproximadamente 23,5 EH/s para el tercer trimestre de 2025.
Entre los desarrollos clave se incluye una oferta de notas convertibles por 172,5 millones de d贸lares y planes estrat茅gicos para la Fase II de Black Pearl, dise帽ada para apoyar tanto la miner铆a hidroel茅ctrica de bitcoin como las aplicaciones de computaci贸n HPC. La empresa mantiene una importante cartera de sitios con capacidad de 2,6 GW y ha realizado pedidos totalmente financiados para mineros de 煤ltima generaci贸n, con entregas previstas para finales del tercer trimestre.
Cipher Mining (NASDAQ:CIFR)電� 2025雲� 2攵勱赴 鞛 鞁れ爜鞚� 氚滍憸頃橂┌ 4,400毵� 雼煬鞚� 毵れ稖瓿� 牍�-GAAP 臁办爼 靾滌澊鞚� 3,000毵� 雼煬毳� 旮半頄堨溂雮�, 靾滌啇鞁れ潃 4,600毵� 雼煬(欤茧嫻 0.12雼煬)毳� 旮半頄堨姷雼堧嫟. 須岇偓電� Black Pearl 1雼硠毳� 靹标车鞝侅溂搿� 臧�霃欗晿鞐� 鞎� 16.8 EH/s鞚� 鞛愳泊 毂勱荡 鞖╇焿鞚� 雼劚頄堨溂氅�, 2025雲� 3攵勱赴旯岇 鞎� 23.5 EH/s鞐� 霃勲嫭頃� 瓴冹溂搿� 鞓堨儊霅╇媹雼�.
欤检殧 靻岇嫕鞙茧電� 1鞏� 7,250毵� 雼煬 攴滊鞚� 鞝勴櫂靷眲 氚滍枆瓿� 靾橂牓 牍勴姼旖旍澑 毂勱荡 氚� HPC 旎错摠韺� 鞚戩毄鞚� 歆�鞗愴晿電� Black Pearl 2雼硠 鞝勲灥 瓿勴殟鞚� 韽暔霅橃柎 鞛堨姷雼堧嫟. 須岇偓電� 齑� 2.6GW 攴滊鞚� 靷澊韸� 鞖╇焿鞚� 頇曤炒頃橁碃 鞛堨溂氅�, 斓滌嫚 靹鸽寑 毂勱荡旮� 欤茧鞚� 鞕勳爠頌� 鞛愱笀 臁半嫭頃橃棳 3攵勱赴 毵愱箤歆� 雮╉拡頃� 鞓堨爼鞛呺媹雼�.
Cipher Mining (NASDAQ:CIFR) a annonc茅 ses r茅sultats financiers du deuxi猫me trimestre 2025, mettant en avant un chiffre d'affaires de 44 millions de dollars et un b茅n茅fice ajust茅 non-GAAP de 30 millions de dollars, malgr茅 une perte nette de 46 millions de dollars (0,12 dollar par action). La soci茅t茅 a r茅ussi 脿 mettre en service la Phase I de Black Pearl, atteignant une capacit茅 d'auto-minage d'environ 16,8 EH/s avec des projections pour atteindre environ 23,5 EH/s d'ici le troisi猫me trimestre 2025.
Les d茅veloppements cl茅s incluent une offre d'obligations convertibles de 172,5 millions de dollars et des plans strat茅giques pour la Phase II de Black Pearl, con莽ue pour soutenir 脿 la fois le minage hydro茅lectrique de bitcoins et les applications de calcul HPC. La soci茅t茅 dispose d'un important pipeline de capacit茅 de sites de 2,6 GW et a pass茅 des commandes enti猫rement financ茅es pour des mineurs de derni猫re g茅n茅ration, avec des livraisons pr茅vues d'ici la fin du troisi猫me trimestre.
Cipher Mining (NASDAQ:CIFR) ver枚ffentlichte seine Finanzergebnisse f眉r das zweite Quartal 2025 und hob dabei Ums盲tze von 44 Millionen US-Dollar sowie non-GAAP bereinigte Gewinne von 30 Millionen US-Dollar hervor, trotz eines Nettoverlusts von 46 Millionen US-Dollar (0,12 US-Dollar pro Aktie). Das Unternehmen hat die Black Pearl Phase I erfolgreich in Betrieb genommen und eine eigene Mining-Kapazit盲t von etwa 16,8 EH/s erreicht, mit Prognosen, bis zum dritten Quartal 2025 etwa 23,5 EH/s zu erreichen.
Wichtige Entwicklungen umfassen ein Convertible-Note-Angebot 眉ber 172,5 Millionen US-Dollar sowie strategische Pl盲ne f眉r Black Pearl Phase II, die sowohl hydroelektrisches Bitcoin-Mining als auch HPC-Computing-Anwendungen unterst眉tzen soll. Das Unternehmen verf眉gt 眉ber eine betr盲chtliche Pipeline mit 2,6 GW Standortkapazit盲t und hat vollst盲ndig finanzierte Bestellungen f眉r Miner der neuesten Generation ausgef眉hrt, mit erwarteten Lieferungen bis Ende des dritten Quartals.
- Revenue reached $44 million with non-GAAP Adjusted Earnings of $30 million in Q2 2025
- Successfully completed $172.5 million convertible note offering
- Self-mining capacity increased to 16.8 EH/s with projected growth to 23.5 EH/s by Q3 2025
- Substantial pipeline of 2.6 GW site capacity
- Black Pearl Phase I commenced operations ahead of schedule
- Net Loss of $46 million ($0.12 per share) in Q2 2025
Insights
Cipher Mining's strong Q2 results and aggressive expansion position it well despite mixed financial performance.
Cipher Mining delivered
The company's hashrate expansion has been impressive, with self-mining capacity growing to 16.8 EH/s and projected to reach 23.5 EH/s by Q3-end. This
Most intriguing is Cipher's strategic pivot with Black Pearl Phase II, designed for flexible conversion between bitcoin mining and high-performance computing (HPC) applications. This hybrid approach creates optionality in Cipher's business model, allowing it to pivot toward AI compute demands while maintaining bitcoin mining operations. The strategy leverages Cipher's core competency鈥攁ccess to substantial power capacity鈥攚hile potentially reducing exposure to bitcoin price volatility.
The successful
Second Quarter 2025 Revenue of
Black Pearl Phase I exceeds growth targets, bringing Cipher鈥檚 total self-mining capacity to ~16.8 EH/s and on track to deliver ~23.5 EH/s by the end of the third quarter 2025
NEW YORK, Aug. 07, 2025 (GLOBE NEWSWIRE) -- 听 (NASDAQ: CIFR) (鈥淐ipher鈥� or the 鈥淐ompany鈥�) today announced its second quarter 2025 financial results, as well as an update on its operations and business strategy.
鈥淭he second quarter was marked by consistent execution and thoughtful investment to best position the company for the future,鈥� said Tyler Page, CEO of Cipher Mining. 鈥淣otably, we鈥檙e thrilled to have commenced hashing at Black Pearl Phase I ahead of schedule. The site is a best-in-class facility and will soon be fully equipped with latest-generation rigs from our two fully funded rig orders.鈥�
Cipher also made the decision to proceed with a new strategic plan at Black Pearl Phase II that bridges the needs of both AI compute and hydro-bitcoin mining. Through upfront design and infrastructure pre-positioning, Cipher will be able to efficiently convert segments of the site to Tier 1, 2, or 3 design specifications in response to tenant leasing preferences.
Mr. Page added, 鈥淚n the long run, we expect this site to be fully leased by HPC tenants. By taking this approach to building infrastructure today, we will be prepared to sign tenants when they are ready, while also preserving our flexibility to use the space for bitcoin mining in the near term, if preferred. In short, Black Pearl Phase II infrastructure will enable us to monetize access to power quickly, whether via HPC tenants or bitcoin mining.鈥�
鈥淲ith our 2.6-gigawatt pipeline, a strong track record of proven execution, and a focused strategy to position the company for the future, we鈥檙e well equipped to become a leading developer of HPC data centers, while continuing to set the standard in bitcoin mining,鈥� said Mr. Page.
Finance and Operations Highlights
- Energized and commenced hashing at Black Pearl Phase I, the first 150 MW of the 300 MW site
- Full fleet delivered ~16.8 EH/s of self-mining capacity at the end of the second quarter and on track to deliver ~23.5 EH/s by the end of the third quarter
- Executed two fully funded orders to purchase latest-generation miners for Black Pearl, with deliveries expected by the end of the third quarter
- Successfully completed
$172.5 million convertible note offering - Continuing HPC tenant interest at Barber Lake site
- Developing design and construction plans for Black Pearl Phase II, which envisions 150 MW of infrastructure designed to support both hydro-bitcoin mining and HPC compute applications
- Pipeline of 2.6 GW of site capacity
- Q2 2025 Net Loss of
$46 million , or$0.12 per share, and Adjusted Earnings of$30 million , or$0.08 per diluted share
Business Update Call and Webcast
The live webcast and a webcast replay of the conference call can be accessed from the investor relations section of Cipher鈥檚 website at . To access this conference call by telephone, register to receive dial-in numbers and a unique PIN to join the call.
About Cipher
Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to the world's largest HPC companies. To learn more about Cipher, please visit .
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, such as, statements about the Company鈥檚 beliefs and expectations regarding its future results of operations and financial position, its planned business model and strategy, its bitcoin mining and HPC data center development, timing and likelihood of success, capacity, functionality and timing of operation of data centers, expectations regarding the operations of data centers, such as projected hashrate, potential strategic initiatives, such as joint ventures and partnerships, and management plans and objectives, are forward-looking statements and should be evaluated as such. These forward-looking statements generally are identified by the words 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渟hould,鈥� 鈥渆xpects,鈥� 鈥減lans,鈥� 鈥渁nticipates,鈥� 鈥渃ould,鈥� 鈥渟eeks,鈥� 鈥渋ntends,鈥� 鈥渢argets,鈥� 鈥減rojects,鈥� 鈥渃ontemplates,鈥� 鈥渂elieves,鈥� 鈥渆stimates,鈥� 鈥渟trategy,鈥� 鈥渇uture,鈥� 鈥渇orecasts,鈥� 鈥渙pportunity,鈥� 鈥減redicts,鈥� 鈥減otential,鈥� 鈥渨ould,鈥� 鈥渨ill likely result,鈥� 鈥渃ontinue,鈥� and similar expressions (including the negative versions of such words or expressions).
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and its management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher鈥檚 securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, Cipher鈥檚 evolving business model and strategy and efforts it may make to modify aspects of its business model or engage in various strategic initiatives, variations in performance across competitors, changes in laws and regulations affecting Cipher鈥檚 business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the 鈥淩isk Factors鈥� section of Cipher鈥檚 Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (鈥淪EC鈥�) on February 25, 2025, Cipher鈥檚 Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 to be filed with the SEC, and in Cipher鈥檚 subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Website Disclosure
The company maintains a dedicated investor website at (鈥淚nvestors鈥� Website鈥�). Financial and other important information regarding the Company is routinely posted on and accessible through the Investors鈥� Website. Cipher uses its Investors鈥� Website as a distribution channel of material information about the Company, including through press releases, investor presentations, reports and notices of upcoming events. Cipher intends to utilize its Investors鈥� Website as a channel of distribution to reach public investors and as a means of disclosing material non-public information for complying with disclosure obligations under Regulation FD. In addition, you may sign up to automatically receive email alerts and other information about the Company by visiting the 鈥淓mail Alerts鈥� option under the Investors Resources section of Cipher鈥檚 Investors鈥� Website and submitting your email address.
Non-GAAP Financial Measures
This press release includes supplemental financial measures for Adjusted Earnings (Loss) and Adjusted Earnings (Loss) per share - diluted, in each case that exclude the impact of (i) the non-cash change in fair value of derivative asset, (ii) share-based compensation expense, (iii) depreciation and amortization, (iv) deferred income tax expense, (v) nonrecurring gains and losses and (vi) the non-cash change in fair value of warrant liability. These supplemental financial measures are not measurements of financial performance under accounting principles generally accepted in the United States (鈥淕AAP鈥�) and, as a result, these supplemental financial measures may not be comparable to similarly titled measures of other companies. Management uses these non-GAAP financial measures internally to help understand, manage, and evaluate our business performance and to help make operating decisions. We believe the use of these non-GAAP financial measures can also facilitate comparison of our operating results to those of our competitors by excluding certain items that vary in our industry based on company policy.
Non-GAAP financial measures are subject to material limitations as they are not in accordance with, or a substitute for, measurements prepared in accordance with GAAP. For example, we expect that share-based compensation expense, which is excluded from the non-GAAP financial measure, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers and directors. Similarly, we expect that depreciation and amortization will continue to be a recurring expense over the term of the useful life of the related assets. Our non-GAAP financial measures are not meant to be considered in isolation and should be read only in conjunction with our condensed consolidated financial statements included elsewhere in this press release, which have been prepared in accordance with GAAP. We rely primarily on such condensed consolidated financial statements to understand, manage and evaluate our business performance and use the non-GAAP financial measures only supplementally.
Contacts:
Investor Contact:
Courtney Knight
Head of Investor Relations at Cipher Mining
Media Contact:
Ryan Dicovitsky
Dukas Linden Public Relations
听
| 听 | |||||||
| CIPHER MINING INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except for share and per share amounts) (unaudited) | |||||||
| 听 | |||||||
| 听 | June 30, 2025 | 听 | December 31, 2024 | ||||
| ASSETS | 听 | 听 | 听 | ||||
| Current assets | 听 | 听 | 听 | ||||
| Cash and cash equivalents | $ | 62,704 | 听 | 听 | $ | 5,585 | 听 |
| Accounts receivable | 听 | 1,575 | 听 | 听 | 听 | 596 | 听 |
| Receivables, related party | 听 | 249 | 听 | 听 | 听 | 2,090 | 听 |
| Prepaid expenses and other current assets | 听 | 7,417 | 听 | 听 | 听 | 3,387 | 听 |
| Bitcoin | 听 | 112,089 | 听 | 听 | 听 | 92,651 | 听 |
| Receivable for bitcoin collateral | 听 | - | 听 | 听 | 听 | 32,248 | 听 |
| Derivative asset | 听 | 35,629 | 听 | 听 | 听 | 31,648 | 听 |
| Total current assets | 听 | 219,663 | 听 | 听 | 听 | 168,205 | 听 |
| Restricted cash | 听 | 14,392 | 听 | 听 | 听 | 14,392 | 听 |
| Property and equipment, net | 听 | 473,887 | 听 | 听 | 听 | 480,865 | 听 |
| Deposits on equipment | 听 | 183,028 | 听 | 听 | 听 | 38,872 | 听 |
| Intangible assets, net | 听 | 9,229 | 听 | 听 | 听 | 8,881 | 听 |
| Investment in equity investees | 听 | 45,901 | 听 | 听 | 听 | 53,908 | 听 |
| Derivative asset | 听 | 41,891 | 听 | 听 | 听 | 54,022 | 听 |
| Operating lease right-of-use asset | 听 | 12,288 | 听 | 听 | 听 | 12,561 | 听 |
| Security deposits | 听 | 13,794 | 听 | 听 | 听 | 19,782 | 听 |
| Other noncurrent assets | 听 | 4,686 | 听 | 听 | 听 | 3,958 | 听 |
| Total assets | $ | 1,018,759 | 听 | 听 | $ | 855,446 | 听 |
| LIABILITIES AND STOCKHOLDERS鈥� EQUITY | 听 | 听 | 听 | ||||
| Current liabilities | 听 | 听 | 听 | ||||
| Accounts payable | $ | 14,871 | 听 | 听 | $ | 22,699 | 听 |
| Accrued expenses and other current liabilities | 听 | 30,180 | 听 | 听 | 听 | 69,824 | 听 |
| Finance lease liability, current portion | 听 | 4,011 | 听 | 听 | 听 | 3,798 | 听 |
| Operating lease liability, current portion | 听 | 3,444 | 听 | 听 | 听 | 3,127 | 听 |
| Short-term borrowings | 听 | - | 听 | 听 | 听 | 32,330 | 听 |
| Total current liabilities | 听 | 52,506 | 听 | 听 | 听 | 131,778 | 听 |
| Long-term borrowings, net | 听 | 167,113 | 听 | 听 | 听 | - | 听 |
| Asset retirement obligations | 听 | 32,110 | 听 | 听 | 听 | 20,282 | 听 |
| Finance lease liability | 听 | 5,270 | 听 | 听 | 听 | 7,331 | 听 |
| Operating lease liability | 听 | 9,450 | 听 | 听 | 听 | 9,833 | 听 |
| Deferred tax liability | 听 | 3,406 | 听 | 听 | 听 | 4,269 | 听 |
| Total liabilities | 听 | 269,855 | 听 | 听 | 听 | 173,493 | 听 |
| Commitments and contingencies (Note 13) | 听 | 听 | 听 | ||||
| Stockholders鈥� equity | 听 | 听 | 听 | ||||
| Preferred stock, | 听 | - | 听 | 听 | 听 | - | 听 |
| Common stock, | 听 | 388 | 听 | 听 | 听 | 361 | 听 |
| Additional paid-in capital | 听 | 1,014,686 | 听 | 听 | 听 | 863,015 | 听 |
| Accumulated deficit | 听 | (266,168 | ) | 听 | 听 | (181,412 | ) |
| Treasury stock, at par, 1,365,042 and 10,648,632 shares at June听30, 2025 and December听31, 2024, respectively | 听 | (2 | ) | 听 | 听 | (11 | ) |
| Total stockholders鈥� equity | 听 | 748,904 | 听 | 听 | 听 | 681,953 | 听 |
| Total liabilities and stockholders鈥� equity | $ | 1,018,759 | 听 | 听 | $ | 855,446 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| CIPHER MINING INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except for share and per share amounts) (unaudited) | |||||||||||||||
| 听 | 听 | 听 | 听 | ||||||||||||
| 听 | Three Months Ended June 30, | 听 | Six Months Ended June 30, | ||||||||||||
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Revenue - bitcoin mining | $ | 43,565 | 听 | 听 | $ | 36,808 | 听 | 听 | $ | 92,524 | 听 | 听 | $ | 84,945 | 听 |
| Costs and operating (expenses) income | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Cost of revenue | 听 | (15,330 | ) | 听 | 听 | (14,281 | ) | 听 | 听 | (30,224 | ) | 听 | 听 | (29,101 | ) |
| Compensation and benefits | 听 | (15,659 | ) | 听 | 听 | (16,285 | ) | 听 | 听 | (29,962 | ) | 听 | 听 | (29,321 | ) |
| General and administrative | 听 | (9,078 | ) | 听 | 听 | (8,365 | ) | 听 | 听 | (18,029 | ) | 听 | 听 | (14,442 | ) |
| Depreciation and amortization | 听 | (44,086 | ) | 听 | 听 | (20,251 | ) | 听 | 听 | (87,553 | ) | 听 | 听 | (37,495 | ) |
| Change in fair value of derivative asset | 听 | (15,480 | ) | 听 | 听 | 21,980 | 听 | 听 | 听 | (8,150 | ) | 听 | 听 | 29,339 | 听 |
| Power sales | 听 | 1,376 | 听 | 听 | 听 | 1,109 | 听 | 听 | 听 | 2,367 | 听 | 听 | 听 | 2,282 | 听 |
| Equity in (losses) income of equity investees | 听 | (1,701 | ) | 听 | 听 | (577 | ) | 听 | 听 | (6,993 | ) | 听 | 听 | 161 | 听 |
| Unrealized gains (losses) on fair value of bitcoin | 听 | 17,143 | 听 | 听 | 听 | (21,178 | ) | 听 | 听 | (3,035 | ) | 听 | 听 | 19,378 | 听 |
| AG真人官方ized (losses) gains on sale of bitcoin | 听 | (3,639 | ) | 听 | 听 | 4,869 | 听 | 听 | 听 | 8,557 | 听 | 听 | 听 | 4,869 | 听 |
| Other operating losses | 听 | (2,354 | ) | 听 | 听 | - | 听 | 听 | 听 | (2,833 | ) | 听 | 听 | - | 听 |
| Total costs and operating expenses | 听 | (88,808 | ) | 听 | 听 | (52,979 | ) | 听 | 听 | (175,855 | ) | 听 | 听 | (54,330 | ) |
| Operating (loss) income | 听 | (45,243 | ) | 听 | 听 | (16,171 | ) | 听 | 听 | (83,331 | ) | 听 | 听 | 30,615 | 听 |
| Other income (expense) | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Interest income | 听 | 296 | 听 | 听 | 听 | 1,053 | 听 | 听 | 听 | 486 | 听 | 听 | 听 | 1,839 | 听 |
| Interest expense | 听 | (1,137 | ) | 听 | 听 | (372 | ) | 听 | 听 | (1,914 | ) | 听 | 听 | (772 | ) |
| Change in fair value of warrant liability | 听 | - | 听 | 听 | 听 | - | 听 | 听 | 听 | - | 听 | 听 | 听 | 250 | 听 |
| Other income (expense) | 听 | 1,220 | 听 | 听 | 听 | 727 | 听 | 听 | 听 | 1,064 | 听 | 听 | 听 | (1,231 | ) |
| Total other income (expense) | 听 | 379 | 听 | 听 | 听 | 1,408 | 听 | 听 | 听 | (364 | ) | 听 | 听 | 86 | 听 |
| (Loss) income before taxes | 听 | (44,864 | ) | 听 | 听 | (14,763 | ) | 听 | 听 | (83,695 | ) | 听 | 听 | 30,701 | 听 |
| Current income tax expense | 听 | (1,145 | ) | 听 | 听 | (335 | ) | 听 | 听 | (1,924 | ) | 听 | 听 | (721 | ) |
| Deferred income tax benefit (expense) | 听 | 228 | 听 | 听 | 听 | (193 | ) | 听 | 听 | 863 | 听 | 听 | 听 | (5,371 | ) |
| Total income tax expense | 听 | (917 | ) | 听 | 听 | (528 | ) | 听 | 听 | (1,061 | ) | 听 | 听 | (6,092 | ) |
| Net (loss) income | $ | (45,781 | ) | 听 | $ | (15,291 | ) | 听 | $ | (84,756 | ) | 听 | $ | 24,609 | 听 |
| (Loss) income per share - basic and diluted | $ | (0.12 | ) | 听 | $ | (0.05 | ) | 听 | $ | (0.23 | ) | 听 | $ | 0.08 | 听 |
| Weighted average shares outstanding - basic | 听 | 375,052,248 | 听 | 听 | 听 | 314,353,742 | 听 | 听 | 听 | 367,823,593 | 听 | 听 | 听 | 305,497,621 | 听 |
| Weighted average shares outstanding - diluted | 听 | 375,052,248 | 听 | 听 | 听 | 314,353,742 | 听 | 听 | 听 | 367,823,593 | 听 | 听 | 听 | 316,652,300 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
Non-GAAP Financial Measures
The following are reconciliations of our Adjusted Earnings (Loss) and Adjusted Earnings (Loss) per share - diluted, in each case excluding the impact of (i) the non-cash change in fair value of derivative asset, (ii) share-based compensation expense, (iii) depreciation and amortization, (iv) deferred income tax expense, (v) nonrecurring gains and losses and (vi) the non-cash change in fair value of warrant liability, to the most directly comparable GAAP measures for the periods indicated (in thousands, except for per share amounts):
| 听 | Three Months Ended June 30, | 听 | Six Months Ended June 30, | ||||||||||||
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Reconciliation of Adjusted Earnings: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Net (loss) income | $ | (45,781 | ) | 听 | $ | (15,291 | ) | 听 | $ | (84,756 | ) | 听 | $ | 24,609 | 听 |
| Change in fair value of derivative asset | 听 | 15,480 | 听 | 听 | 听 | (21,980 | ) | 听 | 听 | 8,150 | 听 | 听 | 听 | (29,339 | ) |
| Share-based compensation expense | 听 | 10,493 | 听 | 听 | 听 | 13,337 | 听 | 听 | 听 | 19,625 | 听 | 听 | 听 | 21,654 | 听 |
| Depreciation and amortization | 听 | 44,086 | 听 | 听 | 听 | 20,251 | 听 | 听 | 听 | 87,553 | 听 | 听 | 听 | 37,495 | 听 |
| Deferred income tax (benefit) expense | 听 | (228 | ) | 听 | 听 | 193 | 听 | 听 | 听 | (863 | ) | 听 | 听 | 5,371 | 听 |
| Other losses - nonrecurring | 听 | 6,299 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 6,778 | 听 | 听 | 听 | 鈥� | 听 |
| Change in fair value of warrant liability | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (250 | ) |
| Adjusted earnings (loss) | $ | 30,349 | 听 | 听 | $ | (3,490 | ) | 听 | $ | 36,487 | 听 | 听 | $ | 59,540 | 听 |
| 听 | Three Months Ended June 30, | 听 | Six Months Ended June 30, | ||||||||||||
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Reconciliation of Adjusted Earnings per share - diluted: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Net loss per share - diluted | $ | (0.12 | ) | 听 | $ | (0.05 | ) | 听 | $ | (0.23 | ) | 听 | $ | 0.08 | 听 |
| Change in fair value of derivative asset per diluted share | 听 | 0.03 | 听 | 听 | 听 | (0.06 | ) | 听 | 听 | 0.02 | 听 | 听 | 听 | (0.10 | ) |
| Share-based compensation expense per diluted share | 听 | 0.03 | 听 | 听 | 听 | 0.04 | 听 | 听 | 听 | 0.05 | 听 | 听 | 听 | 0.07 | 听 |
| Depreciation and amortization per diluted share | 听 | 0.12 | 听 | 听 | 听 | 0.06 | 听 | 听 | 听 | 0.24 | 听 | 听 | 听 | 0.12 | 听 |
| Deferred income tax (benefit) expense per diluted share | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 0.02 | 听 |
| Other losses - nonrecurring per diluted share | 听 | 0.02 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 0.02 | 听 | 听 | 听 | 鈥� | 听 |
| Change in fair value of warrant liability per diluted share | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| Adjusted earnings (loss) per diluted share | $ | 0.08 | 听 | 听 | $ | (0.01 | ) | 听 | $ | 0.10 | 听 | 听 | $ | 0.19 | 听 |
FAQ
What were Cipher Mining's (CIFR) Q2 2025 financial results?
What is Cipher Mining's (CIFR) current mining capacity and future target?
How much funding did Cipher Mining (CIFR) secure in Q2 2025?
What are Cipher Mining's (CIFR) plans for Black Pearl Phase II?
What is the total pipeline capacity of Cipher Mining (CIFR)?
