Cipher Mining Inc
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +7.22%.
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 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.
- 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
“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.”
Cipher Mining CEO, on the earnings call
Forward Guidance & Outlook
Cipher expects to scale its self-mining hashrate from ~13.5 EH/s currently to ~16.0 EH/s by end of Q2 2025 through early rig deployment at Black Pearl, and further to ~23.1 EH/s by end of Q3 2025 as new Bitmain option rigs arrive. Black Pearl Phase I energization is expected in May 2025, ahead of schedule. The company is evaluating BTC mining or HPC for 150 MW of Black Pearl Phase II capacity. At Barber Lake, the signed Fortress JV term sheet positions the site for next-generation data center development with hyperscaler tenant discussions ongoing. The pipeline includes the 100 MW Stingray site expected to energize in Q3 2026, and four additional sites (Reveille, Mikeska, Milsing, McLennan) targeted for 2027 growth. Management continues to monitor the tariff landscape and new rig delivery schedules.
CIFR YoY Financials
CIFR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.