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 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.