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Stock Market Live July 7, 2026: S&P 500 (SPY) Drops on Tech Concerns
Cipher Mining

Cipher Mining (CIFR) Q3 2025 Earnings

Reported Nov 3, 2025 at 7:12 AM ET · SEC Source

Q3 25 EPS

$0.10

MISS 6.28%

Est. $0.11

Q3 25 Revenue

$71.7M

MISS 6.29%

Est. $76.5M

vs S&P Since Q3 25

-14.3%

TRAILING MARKET

CIFR -3.4% vs S&P +10.9%

Market Reaction

Did CIFR Beat Earnings? Q3 2025 Results

Cipher Mining posted a mixed but strategically pivotal third quarter, with both earnings and revenue falling just short of Wall Street's expectations even as the company's transformation into an AI and high-performance computing host accelerated dram… Read more Cipher Mining posted a mixed but strategically pivotal third quarter, with both earnings and revenue falling just short of Wall Street's expectations even as the company's transformation into an AI and high-performance computing host accelerated dramatically. The bitcoin miner turned data center developer reported non-GAAP EPS of $0.10, missing the $0.11 consensus by 6.28%, while revenue of $71.71 million trailed the $76.52 million estimate by 6.29%, despite surging 197.5% year over year. The headline story, however, was structural rather than quarterly: Cipher announced an approximately $5.50 billion, 15-year lease with Amazon Web Services for 300 MW of AI workload capacity, complementing its earlier $1.40 billion Google-backstopped Fluidstack deal, bringing total contracted AI hosting lease value to roughly $8.50 billion. Bitcoin mining output also rose 35% quarter over quarter to 689 BTC as the company's hashrate climbed 40% to 23.6 EH/s. With a 3.2 GW development pipeline and AWS rent commencing August 2026, Cipher's revenue trajectory looks fundamentally different heading into 2026, though shares fell sharply following the report as investors digested the modest near-term misses.

Key Takeaways

  • • Completion of Black Pearl Phase I 150 MW capacity driving 40% QoQ increase in self-mining hashrate to ~23.6 EH/s
  • • First full quarter of Black Pearl production driving 35% QoQ increase in BTC self-mined to ~689 BTC
  • • Higher bitcoin prices contributing to 65% QoQ revenue increase
  • • Mark-to-market gain of $31.9 million on warrant liability reducing GAAP net loss
  • • Net proceeds of approximately $1.2 billion from 2031 convertible notes offering
24/7 Wall St

CIFR YoY Financials

Q3 2025 vs Q3 2024, source: SEC Filings

24/7 Wall St

CIFR Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“The third quarter was truly transformative for Cipher. We executed a pivotal transaction with Fluidstack and Google, which firmly established our credibility in the HPC space. We are now following that transaction with another major step forward by signing our first direct lease with a Tier 1 hyperscaler.”

— Tyler Page, Q3 2025 Earnings Press Release

Back to CIFR Stock Page