Cipher Mining (CIFR) Q4 2025

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025

Earnings

Cipher Digital, the company formerly known as Cipher Mining, delivered a sharply disappointing Q4 2025, missing on both top and bottom lines as its dramatic pivot away from bitcoin mining weighed heavily on reported results. Revenue came in at $59.71… Read more Cipher Digital, the company formerly known as Cipher Mining, delivered a sharply disappointing Q4 2025, missing on both top and bottom lines as its dramatic pivot away from bitcoin mining weighed heavily on reported results. Revenue came in at $59.71 million, falling 30.13% short of the $85.46 million consensus despite a 41.4% year-over-year gain, while the adjusted loss of $0.14 per share missed the $0.09 estimate by 55.56%, driven largely by the wind-down of mining operations and $96.06 million in losses on miners held for sale. The quarter's GAAP net loss ballooned to $734.20 million, swollen by non-cash charges including a $410.27 million swing in warrant liability fair value, underscoring why the transition away from mining can punish near-term financials even as long-term strategy takes shape. The company's rebranding to Cipher Digital reflects its full commitment to high-performance computing infrastructure, anchored by roughly $9.30 billion in contracted HPC revenue across two landmark leases with Fluidstack and Amazon Web Services, with both data centers targeting October 2026 energization and an expected $669 million in average annualized NOI over their base lease terms.