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Cipher Mining (CIFR) investor relations material
Cipher Mining Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Nov, 2025
Executive summary
Achieved transformational growth in Q3 2025 with a strategic pivot into high-performance computing (HPC), highlighted by landmark transactions with Amazon Web Services and Fluidstack/Google, and the acquisition of a 1-GW Colchis site in Texas, establishing credibility as a leading HPC data center developer.
Secured a 15-year, 300 MW lease with AWS at Black Pearl for $5.5 billion in contract revenue, and a 10-year, 168 MW AI hosting agreement with Fluidstack/Google at Barber Lake, representing $3 billion in contracted revenue, with construction underway.
Completed a $1.3 billion convertible note offering, the largest digital infrastructure convertible issuance to date, significantly strengthening the balance sheet and boosting cash reserves.
Gained majority (95%) ownership in the Colchis joint venture, with targeted energization in 2028 and dual interconnection, further expanding the development pipeline to 3.2 GW.
Financial highlights
Q3 2025 revenue reached $72 million, up 65% from the prior quarter and nearly tripling year-over-year, driven by higher Bitcoin prices and increased production from Black Pearl.
Reported a GAAP net loss of $3.3 million, or $0.01 per share, a substantial improvement from a $46 million loss in the previous quarter and $86.8 million loss a year ago.
Adjusted earnings were $41 million, or $0.10 per diluted share, up 34% from last quarter and a turnaround from a loss a year ago.
Cash and cash equivalents rose to $1.2 billion–$1.4 billion, primarily from the convertible offering, with 1,500 Bitcoin held in treasury.
Depreciation and amortization expense totaled about $60 million, reflecting new asset deployments.
Outlook and guidance
Full delivery of the Fluidstack/Google deal expected by September 2026, with rent commencing in October 2026; AWS lease rent begins August 2026, with phased delivery through year-end.
Colchis site in West Texas expected to be energized in 2028, supporting future HPC leases and expanding the pipeline to 3.2 GW.
AI/HPC expected to comprise about 67% of total pro-forma MW mix, with bitcoin mining at 33%; no further investment anticipated in bitcoin mining as focus shifts to HPC.
Management expects existing financial resources, combined with projected cash and bitcoin inflows, to be sufficient for at least 12 months.
AWS lease revenue start and ramp-up?
Cipher's financing plan for Colchis ownership?
How do recent HPC deals shift Cipher's focus?
Impact of hyperscalers moving to remote sites
HPC pipeline financing strategy beyond current deals
Odessa site's long-term plan after PPA expiry?
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Next Cipher Mining earnings date
Q4 202524 Feb, 2026
Next Cipher Mining earnings date
Q4 202524 Feb, 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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