Shares of Cipher Digital (CIFR) fell about 5% in pre-market trading after the company reported fourth-quarter results that fell short of Wall Street expectations and highlighted its transition away from Bitcoin. BTC$62,946.08 Towards mining and high performance computing (HPC) data centers.
The company, formerly known as Cipher Mining, had fourth-quarter sales of $60 million, below analysts’ expectations of $84.4 million. Adjusted earnings per share came in at a loss of $0.14, exceeding the expected loss of $0.06. Cipher posted an adjusted net loss of $55 million in the quarter.
Management noted that 2025 will be a transformational year as it pivots from Bitcoin mining to long-term HPC infrastructure. During the quarter, Cipher secured 600 MW of contracted capacity, including a 15-year, 300-megawatt (MW) lease with Amazon Web Services and a 10-year, 300-MW lease with Fluidstack and Google.
The company also raised $3.73 billion to fund construction of its Barber Lake and Black Pearl data center projects through three senior secured debt offerings, both of which are on schedule.
Cipher sold a 49% stake in three mining joint ventures for approximately $40 million in stock, further simplifying its structure as it moves to a data center-centric business model.
