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Cipher Mining
Cipher Mining (CIFR) investor relations material
Cipher Mining Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Completed a strategic transformation and rebrand to Cipher Digital, shifting from Bitcoin mining to a digital infrastructure and high-performance computing (HPC) data center company focused on long-term, stable leases with leading hyperscalers such as AWS, Google, and Fluidstack.
Secured major long-term leases at Barber Lake (10-year, 300 MW with Fluidstack/Google) and Black Pearl (15-year, 300 MW with AWS), totaling $9.3 billion in contracted revenue.
Fully funded major data center developments at Barber Lake and Black Pearl through $3.73 billion in high-yield bond offerings.
Sold non-core Bitcoin mining assets and joint ventures, including a 49% stake in Alborz, Bear, and Chief sites, and monetized remaining Bitcoin inventory, reallocating capital to HPC infrastructure.
Acquired the Ulysses site in Ohio, expanding the development pipeline to 3.4 GW and over 2,500 MW of potential capacity.
Financial highlights
Q4 2025 revenue was $60 million, with full year 2025 Bitcoin mining revenue at $223.9 million, up from $151.3 million in 2024.
Reported a GAAP net loss of $734 million for Q4 2025 and $822.2 million for the full year, primarily due to non-cash items and transition-related impacts.
Major non-cash charges included a $450 million mark-to-market loss on convertible notes, $96 million write-down on miners, $45 million impairment at Odessa, and $39 million unrealized loss on Bitcoin holdings.
Adjusted EBITDA for Q4 2025 was $(38.9) million; adjusted net loss for Q4 2025 was $55 million.
Ended 2025 with $754 million in unrestricted liquidity, including $628 million in cash and $125 million in Bitcoin.
Outlook and guidance
Contracted capacity is expected to generate $669 million average annualized net operating income (NOI) from October 2026 to September 2036, with total contracted revenue of $9.3 billion from long-term leases.
By 2035, anticipate approximately $754 million in annual NOI from contracted leases.
Development pipeline includes 3.4 GW prioritized for HPC, with multiple sites targeted for energization between 2026 and 2028.
Plan to fully exit Bitcoin holdings by end of 2026, reinvesting proceeds into HPC infrastructure.
Focused on executing construction and delivery of Barber Lake and Black Pearl data centers, both on schedule.
Detail 2025 non-recurring losses components
Explain the large restricted cash balance
Future strategy for remaining bitcoin mining assets
HPC tenant diversification strategy beyond hyperscalers?
How will ERCOT changes impact Texas site acquisition?
What factors drive Odessa's HPC conversion decision?
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Next Cipher Mining earnings date
Q1 20265 May, 2026
Cipher Mining
Next Cipher Mining earnings date
Q1 20265 May, 2026
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Frequently asked questions
Cipher Mining Inc operates as a Bitcoin mining company focused on developing and managing data centers that support cryptocurrency infrastructure. The company builds and operates facilities designed for high-efficiency, large-scale mining of digital assets. It targets domestic operations within the United States. The company is headquartered in New York, New York, and its shares are listed on the NASDAQ.
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