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Investing.com -- Cipher Mining Inc. (NASDAQ:CIFR) reported first quarter 2025 results that missed analyst revenue expectations, sending shares down 2.7% in early trading. The cryptocurrency mining company posted revenue of $48.96 million, falling short of the $53.34 million consensus estimate, despite growing 16% quarter-over-quarter.
Cipher Mining reported adjusted earnings per share of $0.02, beating analyst expectations of a $0.07 loss per share. The company’s GAAP net loss for the quarter was $39 million, or $0.11 per diluted share.
CEO Tyler Page highlighted the company’s progress on expansion plans, stating, "The first quarter was marked by disciplined execution and steady progress as we advanced our 2025 expansion plans." Page noted the partnership with Fortress Credit Advisors to develop a data center at Barber Lake and accelerated progress at the Black Pearl site.
Cipher Mining expects to reach approximately 16.0 exahashes per second (EH/s) of mining capacity by the end of the second quarter, with plans to scale to about 23.1 EH/s by the end of the third quarter. The company completed its first full quarter of operations with the upgraded Odessa fleet, increasing total self-mining hashrate to approximately 13.5 EH/s.
"Cipher’s strong treasury management, disciplined approach to growth, and site flexibility continue to give me confidence in our ability to navigate a dynamic market environment and drive long-term success," Page added.
The company is nearing completion of its Black Pearl Data Center’s Phase I infrastructure, with energization expected ahead of schedule in May. Cipher Mining also reported continued momentum in securing high-performance computing tenants at its Barber Lake site.
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