Cipher Mining Inc. SEC 10-Q Report

Cipher Mining Inc., a leading bitcoin mining company, has released its Form 10-Q report for the second quarter of 2025. The report highlights significant financial and operational developments, reflecting the company's ongoing efforts to expand its bitcoin mining capabilities and improve its financial performance.

Financial Highlights

Revenue - Bitcoin Mining: Cipher Mining reported revenue of $43.6 million for the three months ended June 30, 2025, an increase from $36.8 million for the same period in 2024. This growth is attributed to increased bitcoin mining activities.

Operating (Loss) Income: The company recorded an operating loss of $(45.2) million for the three months ended June 30, 2025, compared to an operating loss of $(16.2) million for the same period in 2024. The increased loss is primarily due to higher depreciation and amortization expenses.

Net (Loss) Income: Cipher Mining's net loss for the three months ended June 30, 2025, was $(45.8) million, compared to a net loss of $(15.3) million for the same period in 2024. The larger net loss was driven by higher operating expenses and changes in the fair value of derivative assets.

Net (Loss) Income Per Share - Basic and Diluted: The net loss per share was $(0.12) for the three months ended June 30, 2025, compared to $(0.05) for the same period in 2024, reflecting the increased net loss.

Business Highlights

Bitcoin Mining Operations: Cipher Mining operates two wholly-owned bitcoin mining data centers: the Odessa Facility with a capacity of 207 MW and the Black Pearl Facility with a capacity of 300 MW, of which 150 MW is operational. The company also has equity investments in three partially-owned 40 MW bitcoin mining data centers.

Hashrate Capacity: As of July 31, 2025, the Odessa Facility has a hashrate capacity of approximately 11.3 EH/s, and the Black Pearl Facility has a hashrate capacity of approximately 6.9 EH/s. The joint ventures have a combined hashrate capacity of approximately 4.4 EH/s.

New Production Launches: In June 2025, Cipher Mining energized and commenced bitcoin mining operations at Phase I of the Black Pearl Facility, which is now delivering approximately 6.9 EH/s of self-mining capacity.

Future Outlook: The company plans to continue expanding its business by developing and operating industrial-scale data centers for bitcoin mining and high-performance computing (HPC). This includes expanding capacity at current data centers and entering into strategic arrangements such as joint ventures and data center hosting agreements.

Operational Strategy: Cipher Mining aims to be a market leader in innovation, focusing on bitcoin mining growth, data center construction, and serving as a hosting partner to HPC companies.

Recent Developments: On May 16, 2025, Cipher Mining amended its Future Sales and Purchase Agreement with Bitmain to reduce the total amount due, accelerate payments, and secure call options to purchase bitcoin, which helped reduce costs and offset expected tariffs.

Termination of Board Observer Agreement: On July 22, 2025, Cipher Mining terminated the Board Observer Agreement with Bitfury Top HoldCo B.V. and Bitfury Holding B.V., indicating a shift in governance or strategic partnerships.

SEC Filing: Cipher Mining Inc. [ CIFR ] - 10-Q - Aug. 07, 2025