NEW YORK - Cipher Mining Inc. (NASDAQ: NASDAQ:CIFR) announced its first quarter results, reporting a significant increase in adjusted earnings while slightly missing revenue expectations.
For the quarter ended March 31, 2024, the company reported GAAP net income of $40 million and non-GAAP adjusted earnings of $63 million, marking a record in its earnings performance. CIFR shares were up 0.45% following the release.
Cipher's first quarter revenue reached $48 million, falling short of the analyst consensus estimate of $50 million. Despite this, the reported revenue represents a significant increase from the $21.9 million reported in the same quarter last year, indicating a strong year-over-year (YoY) growth.
CEO Tyler Page expressed satisfaction with the quarter's results and the company's operational progress, including the construction of the new Black Pearl data center. "We are delighted to announce results for the first quarter of 2024 in which we delivered another quarter of record net income on both a GAAP and non-GAAP basis," said Page.
He also highlighted the company's expansion plans, with the self-mining hash rate expected to reach approximately 9.3 EH/s by the end of the third quarter of 2024 and plans to grow to approximately 25.1 EH/s by the end of 2025.
Cipher's earnings per share (EPS) of $0.13 exceeded the analyst estimate, which predicted a breakeven quarter. The company's financial position remains strong, with cash and cash equivalents totaling $88.7 million, up from $86.1 million at the end of the previous quarter.
Cipher Mining's focus on developing and operating bitcoin mining data centers is part of its commitment to expanding the Bitcoin network's infrastructure. With its strategic partnerships and dedicated team, Cipher aims to be a leader in the bitcoin mining industry, especially in the post-halving environment that demands efficient and scalable operations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.