Stock Market Live July 7, 2026: S&P 500 (SPY) Drops on Tech Concerns
Q1 25 EPS
$0.02
MISS 46.67%
Est. $0.04
Q1 25 Revenue
$49.0M
MISS 4.96%
Est. $51.5M
vs S&P Since Q1 25
+569.8%
BEATING MARKET
CIFR +603.9% vs S&P +34.1%
Market Reaction
Did CIFR Beat Earnings? Q1 2025 Results
Cipher Mining delivered a mixed first quarter for 2025, missing on both the top and bottom lines as post-halving economics and non-cash accounting charges weighed heavily on reported results. The bitcoin miner posted non-GAAP EPS of $0.02, falling sh… Read more Cipher Mining delivered a mixed first quarter for 2025, missing on both the top and bottom lines as post-halving economics and non-cash accounting charges weighed heavily on reported results. The bitcoin miner posted non-GAAP EPS of $0.02, falling short of the $0.04 consensus estimate by 46.67%, while revenue of $48.96 million trailed expectations by 4.96% and grew just 1.7% year over year. The single biggest drag was $20.18 million in unrealized losses on bitcoin fair value, a stark reversal from $40.56 million in unrealized gains a year earlier, which contributed to a GAAP net loss of $38.98 million on the quarter. Against that backdrop, the operational story offered more encouragement: Cipher ran its upgraded Odessa fleet at approximately 13.5 EH/s and is energizing its Black Pearl site ahead of schedule in May, with early rig deployment set to push self-mining hashrate to roughly 16.0 EH/s by the end of Q2 and 23.1 EH/s by Q3, as the company builds toward its 2.8 GW development pipeline.
Key Takeaways
- • First full quarter of operations with upgraded Odessa fleet at ~13.5 EH/s
- • 602 BTC mined in Q1 2025, up from 585 BTC in Q4 2024
- • Revenue up 16% quarter over quarter to $49 million
- • Active treasury management unlocked ~$90 million in liquidity in Q1
- • Weighted average power price of 2.7 cents per kWh
- • All-in electricity cost per BTC of $23,379 in Q1 2025
- • Operating fleet efficiency of 18.9 J/TH
CIFR YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
CIFR Revenue by Segment
With YoY comparisons, source: SEC Filings
“The first quarter was marked by disciplined execution and steady progress as we advanced our 2025 expansion plans. Notably, we're thrilled to have partnered with Fortress, a best-in-class financing partner, to develop a next-generation data center at Barber Lake. Fortress will not only bring extensive experience in data center development, but also a strong network of relationships with hyperscalers that complements our active discussions.”
— Tyler Page, Q1 2025 Earnings Press Release
CIFR Earnings Trends
CIFR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CIFR EPS Trend
Earnings per share: estimate vs actual
CIFR Revenue Trend
Quarterly revenue: estimate vs actual
CIFR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $-0.04 | $-0.28 | -700.00% | $34.8M | -4.54% |
| Q4 25 MISS FY | $0.13 | $-0.14 | -207.69% | $59.7M | -30.30% |
| FY Full Year | $0.34 | $-2.15 | -732.35% | $223.9M | -10.31% |
| Q3 25 MISS | $0.11 | $0.10 | -6.28% | $71.7M | -6.29% |
| Q2 25 BEAT | $0.06 | $0.08 | +33.33% | $43.6M | -15.26% |
| Q1 25 MISS | $0.04 | $0.02 | -46.67% | $49.0M | -4.96% |