Cipher Mining (NASDAQ:CIFR) Releases Earnings Results, Misses Expectations By $0.01 EPS

Key Points

• Cipher Mining reported Q1 EPS of ($0.28), missing estimates by $0.01, with revenue of $34.84 million (down 28.8% YoY) and a GAAP net loss of $114 million, producing deeply negative margins and ROE.
• The company signed a third 15‑year data‑center campus lease with an investment‑grade hyperscaler, taking operating and contracted capacity to 907 MW and about $11.4 billion of contracted revenue over base terms, while maintaining a ~3.3 GW development pipeline.
• Cipher bolstered liquidity and execution—completing a $2.0 billion project bond and a $200 million revolver (leaving ~$715 million cash plus ~$3.5 billion restricted construction cash), with equipment largely secured at key sites and Odessa mining at an industry‑low ~$0.028/kWh.

Cipher Mining (NASDAQ:CIFR - Get Free Report) issued its quarterly earnings data on Tuesday. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.27) by ($0.01), Briefing.com reports. Cipher Mining had a negative return on equity of 107.05% and a negative net margin of 367.17%.The firm had revenue of $34.84 million during the quarter, compared to analyst estimates of $36.01 million. The business's revenue for the quarter was down 28.8% compared to the same quarter last year.

Here are the key takeaways from Cipher Mining's conference call:

• Cipher signed a third 15‑year data center campus lease with an investment‑grade hyperscaler, bringing operating and contracted capacity to 907 MW and roughly $11.4 billion of contracted revenue over base terms.
• The company completed a $2.0 billion project bond (fully funding Black Pearl) and closed a $200 million corporate revolver, leaving Cipher with ~$715 million cash plus ~$3.5 billion of restricted construction cash to support near‑term builds.
• Execution and procurement remain strong — Barber Lake topped out with ~99% of equipment secured, Black Pearl phases are progressing (phase‑1 ~93%/phase‑2 ~80% equipment secured), Stingray mobilized toward Q4‑2026 energization, and Odessa continues to mine Bitcoin at an industry‑low ~ $0.028/kWh.
• Q1 revenue declined to $35 million (from $60M) due to the planned wind‑down of mining at Black Pearl, resulting in a GAAP net loss of $114 million and higher interest expense (~$59M), with a $28M non‑cash decrease in PPA fair value also weighing on results.
• Cipher highlights a deep pipeline (~3.3 GW pipeline; ~4.2 GW portfolio) with Reveille (70 MW) and Ulysses (200 MW) in advanced stages, while McLennan, Mikeska and Colchis (~2.5 GW) remain contingent on ERCOT's batch process outcome expected in the near term.

Cipher Mining Stock Performance

NASDAQ:CIFR traded up $1.32 during trading hours on Tuesday, hitting $19.21. 10,376,380 shares of the company traded hands, compared to its average volume of 27,443,447. The stock has a market capitalization of $7.80 billion, a price-to-earnings ratio of -8.91 and a beta of 3.13. Cipher Mining has a twelve month low of $2.88 and a twelve month high of $25.52. The firm has a 50-day moving average of $15.64 and a 200 day moving average of $16.79. The company has a current ratio of 3.79, a quick ratio of 3.79 and a debt-to-equity ratio of 3.37.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Needham & Company LLC reiterated a "buy" rating and set a $22.00 price target on shares of Cipher Mining in a report on Wednesday, March 25th. HC Wainwright cut their target price on shares of Cipher Mining to $25.00 and set a "buy" rating for the company in a research note on Wednesday, February 25th. Zacks Research upgraded shares of Cipher Mining from a "strong sell" rating to a "hold" rating in a research note on Wednesday, March 25th. Wall Street Zen cut shares of Cipher Mining from a "hold" rating to a "strong sell" rating in a research note on Sunday, March 1st. Finally, Morgan Stanley reiterated an "overweight" rating and set a $40.50 target price on shares of Cipher Mining in a research note on Monday, April 27th. Fourteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $25.00.

Insider Activity at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 35,568 shares of the stock in a transaction on Monday, March 16th. The shares were sold at an average price of $14.98, for a total value of $532,808.64. Following the completion of the transaction, the chief operating officer owned 1,441,508 shares in the company, valued at approximately $21,593,789.84. This represents a 2.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James E. Newsome sold 45,161 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $15.74, for a total transaction of $710,834.14. Following the completion of the transaction, the director owned 127,331 shares of the company's stock, valued at approximately $2,004,189.94. This represents a 26.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 148,229 shares of company stock valued at $2,283,968 in the last 90 days. 2.63% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently made changes to their positions in the business. Mercer Global Advisors Inc. ADV raised its stake in shares of Cipher Mining by 26.9% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 14,479 shares of the company's stock valued at $214,000 after buying an additional 3,070 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of Cipher Mining by 28.3% in the 3rd quarter. Mackenzie Financial Corp now owns 16,803 shares of the company's stock valued at $212,000 after buying an additional 3,708 shares in the last quarter. GM Advisory Group LLC acquired a new position in shares of Cipher Mining in the 4th quarter valued at $195,000. FourThought Financial Partners LLC acquired a new position in shares of Cipher Mining in the 3rd quarter valued at $173,000. Finally, Fieldview Capital Management LLC acquired a new position in shares of Cipher Mining in the 4th quarter valued at $171,000. Institutional investors and hedge funds own 12.26% of the company's stock.

Cipher Mining Company Profile

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.

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