Cipher Mining Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −6.15%.
Did CIFR Beat Earnings? Q4 2025 Results
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 <a href="https://247wallst.com/investing/2026/02/13/microsofts-9-7-billion-contract-hasnt-saved-this-struggling-miner-etf-yet/">the transition away from mining</a> 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.
- Strategic pivot from bitcoin mining to HPC data center development
- Execution of two landmark HPC leases totaling 600 MW with AWS and Fluidstack/Google
- Completion of $3.73 billion in high-yield bond offerings to fund construction
- Divestiture of non-core bitcoin mining joint venture sites to Canaan Inc.
“Building on a transformative 2025, the fourth quarter reflected continued momentum as we advanced our evolution into a leading HPC data center development company. During the quarter, we upsized our initial lease with Fluidstack and Google and signed our first HPC lease with Amazon. In addition, we successfully executed multiple high yield bond offerings to finance two of our existing HPC projects at Barber Lake and Black Pearl. In recognition of this successful shift in our business model and strategic priorities going forward, we are proud to now officially operate as Cipher Digital.”
Cipher Mining CEO, on the earnings call
Forward Guidance & Outlook
Cipher Digital positions 2026 as a year of execution, focused on completing construction at Barber Lake and Black Pearl data centers, both on schedule with lease start dates targeted for October 2026. The company expects contracted HPC capacity to generate approximately $669 million in average annualized NOI over the base lease terms. The development pipeline includes six additional sites totaling over 2,370 MW targeting energization from 2026 through 2030+. The company is exploring alternative sources of non-dilutive capital to support its corporate liquidity profile and plans to continue mining bitcoin at Odessa through the PPA expiration in July 2027 while evaluating a potential conversion to HPC.
CIFR YoY Financials
CIFR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.