Cipher Mining (CIFR) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue rose to $42M from $24M in Q3, with adjusted earnings of $51M and net earnings of $18M; full-year 2024 revenue reached $151M, up from $127M in 2023, and adjusted earnings rose to $107M from $46M in 2023.

• Full-year 2024 GAAP net loss was $45M, compared to $26M in 2023; Q4 2024 GAAP net loss was $87M.

• Major operational milestones included Odessa fleet upgrade, Black Pearl construction, Barber Lake and Stingray site acquisitions, and expansion of self-mining hashrate to ~13.5 EH/s.

• Business model expanded from Bitcoin mining to include development of HPC data centers, leveraging a 2.8 GW pipeline.

• Operating capacity reached ~327 MW by year-end 2024, with fleet efficiency of ~18.9 J/TH.

Financial highlights

• Q4 revenue grew 75% sequentially from $24M to $42M, driven by Odessa upgrade and Bitcoin price appreciation.

• Q4 GAAP net income was $18M, or $0.05 per share; adjusted earnings were $51M, or $0.14 per share.

• Full-year GAAP net loss of $45M, mainly due to higher depreciation and amortization; adjusted earnings per share increased to $0.33.

• Cash and cash equivalents at year-end 2024 were $5.6M, with $92M in Bitcoin holdings; total assets reached $855M.

• SoftBank invested $50M in Q1 2025, purchasing 10.4M shares to support data center expansion.

Outlook and guidance

• Hashrate expected to reach at least 23 EH/s in Q3 2025, driven by Black Pearl Phase I completion (150 MW, >9.5 EH/s) in Q2 2025.

• Evaluating Black Pearl Phase II for either HPC hosting or Bitcoin mining, with a decision expected by next earnings call.

• Barber Lake expansion could add 500 MW, bringing total potential capacity to 800 MW by 2029.

• 2026–2027 pipeline includes multiple sites with up to 2.8 GW of new capacity.