Cipher Mining (CIFR) Q4 2025 earnings summary

Executive summary

• Completed a strategic transformation and rebrand to Cipher Digital, shifting from bitcoin mining to a digital infrastructure and 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), expanding the development pipeline to 3.4 GW.

• Fully funded Barber Lake and Black Pearl data center projects through $3.73 billion in high-yield bond offerings.

• Sold non-core bitcoin mining assets and joint ventures, reallocating capital to HPC infrastructure and retaining some capital-light exposure to bitcoin mining through Canaan Inc. stock.

• Acquired the Ulysses site in Ohio, adding 200 MW for future data center development.

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 full year 2025, 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 Black Pearl 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 from October 2026 to September 2036, with total contracted revenue of $9.3 billion over 10–15 year base lease terms.

• By 2035, annual net operating income is projected to reach $754 million, with growth driven by additional leases and capacity coming online.

• Focused on executing construction and delivery of Barber Lake and Black Pearl data centers, both on schedule, and expanding the development pipeline beyond 2,500 MW.