Bitcoin miner Cipher's Q2 net loss at $46 mln
Overview
Cipher Mining Q2 revenue of $44 mln, adjusted earnings $30 mln
Company reports net loss of $46 mln, or $0.12 per share
Cipher Mining's Black Pearl Phase I exceeds growth targets, boosting capacity
Outlook
Cipher expects self-mining capacity to reach ~23.5 EH/s by Q3 end
Company plans to monetize Black Pearl Phase II via HPC tenants or mining
Cipher aims to become a leading developer of HPC data centers
Company has a 2.6-gigawatt pipeline for future development
Result Drivers
BLACK PEARL PHASE I - Exceeded growth targets, boosting self-mining capacity to 16.8 EH/s
NET LOSS - Co reported a loss of $46 million, or $0.12 per share, and Adjusted Earnings of $30 million, or $0.08 per diluted share
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue Bitcoin Mining | $43.56 mln | ||
Q2 EPS | -$0.12 | ||
Q2 Net Income | -$45.78 mln | ||
Q2 Operating Income | -$45.24 mln | ||
Q2 Pretax Profit | -$44.86 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"
Wall Street's median 12-month price target for Cipher Mining Inc is $7.25, about 28.1% above its August 6 closing price of $5.21
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