Cipher Mining | 8-K: FY2025 Q2 Revenue Misses Estimate at USD 43.57 M

Revenue: As of FY2025 Q2, the actual value is USD 43.57 M, missing the estimate of USD 51.41 M.

EPS: As of FY2025 Q2, the actual value is USD -0.12, missing the estimate of USD -0.0778.

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

Financial Metrics by Segment

Segment Revenue

• Bitcoin Mining Revenue: $43.565 million for the three months ended June 30, 2025, compared to $36.808 million for the same period in 2024. For the six months ended June 30, 2025, revenue was $92.524 million, compared to $84.945 million in 2024.

Operational Metrics

• Net Loss: $46 million for Q2 2025, or $0.12 per share, compared to a net loss of $15.291 million for the same period in 2024.
• Adjusted Earnings: $30 million for Q2 2025, or $0.08 per diluted share.
• Operating Loss: $45.243 million for Q2 2025, compared to $16.171 million for the same period in 2024.
• Total Costs and Operating Expenses: $88.808 million for Q2 2025, compared to $52.979 million for the same period in 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: Achieved ~16.8 EH/s by the end of Q2 2025, with a target of ~23.5 EH/s by the end of Q3 2025.
• Convertible Note Offering: Successfully completed a $172.5 million offering.
• BTC Holdings: The company held 1,063 BTC in Q2 2025, up from 1,034 BTC in Q1 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 Inc. plans to continue expanding its self-mining capacity and expects to reach ~23.5 EH/s by the end of the third quarter of 2025. The company is also developing infrastructure at Black Pearl Phase II to support both hydro-bitcoin mining and HPC compute applications, aiming to monetize access to power quickly through HPC tenants or bitcoin mining.