Shares of Cipher Digital (CIFR) fell about 5% in pre-market buying and selling after the corporate reported fourth-quarter outcomes that fell in need of Wall Avenue expectations and highlighted its transition away from Bitcoin. BTC$62,946.08 In direction of mining and excessive efficiency computing (HPC) knowledge facilities.
The corporate, previously often known as Cipher Mining, had fourth-quarter gross sales of $60 million, beneath analysts’ expectations of $84.4 million. Adjusted earnings per share got here in at a lack of $0.14, exceeding the anticipated lack of $0.06. Cipher posted an adjusted web lack of $55 million within the quarter.
Administration famous that 2025 will likely be a transformational 12 months because it pivots from Bitcoin mining to long-term HPC infrastructure. Throughout the quarter, Cipher secured 600 MW of contracted capability, together with a 15-year, 300-megawatt (MW) lease with Amazon Internet Companies and a 10-year, 300-MW lease with Fluidstack and Google.
The corporate additionally raised $3.73 billion to fund development of its Barber Lake and Black Pearl knowledge middle tasks by way of three senior secured debt choices, each of that are on schedule.
Cipher bought a 49% stake in three mining joint ventures for about $40 million in inventory, additional simplifying its construction because it strikes to an information center-centric enterprise mannequin.
