Cipher Mining - CW25 | 8-K: FY2025 Q2 Revenue: USD 43.57 M

Revenue: As of FY2025 Q2, the actual value is USD 43.57 M.

EPS: As of FY2025 Q2, the actual value is USD -0.12.

EBIT: As of FY2025 Q2, the actual value is USD -44.86 M.

Segment Revenue

• Total Revenue for Q2 2025: $44 million.
• Revenue from Bitcoin Mining: $43.565 million for Q2 2025, compared to $36.808 million in Q2 2024.

Operational Metrics

• Net Loss: $46 million for Q2 2025, or $0.12 per share.
• Adjusted Earnings: $30 million, or $0.08 per diluted share for Q2 2025.
• Cost of Revenue: $15.330 million for Q2 2025, compared to $14.281 million in Q2 2024.
• Total Costs and Operating Expenses: $88.808 million for Q2 2025, compared to $52.979 million in Q2 2024.
• Operating Loss: $45.243 million for Q2 2025, compared to $16.171 million in Q2 2024.

Cash Flow

• Cash and Cash Equivalents: $62.704 million as of June 30, 2025, compared to $5.585 million as of December 31, 2024.

Unique Metrics

• Self-Mining Capacity: ~16.8 EH/s at the end of Q2 2025, on track to deliver ~23.5 EH/s by the end of Q3 2025.
• Convertible Note Offering: Successfully completed $172.5 million.
• Bitcoin Held: 1,063 BTC in Q2 2025.
• Self-Mining Fleet Efficiency: Improved from ~20.8 J/TH in Q2 2025 to ~16.8 J/TH in Q3 2025.

Outlook / Guidance

Cipher Mining plans to proceed with a strategic plan at Black Pearl Phase II to support both AI compute and hydro-bitcoin mining, aiming to monetize access to power quickly through HPC tenants or bitcoin mining. The company is positioned to become a leading developer of HPC data centers while continuing to set the standard in bitcoin mining. The company expects to invest approximately $85 billion in CapEx in 2025, up from a previous estimate of $75 billion, with further increases anticipated in 2026 due to customer demand.