Shares of Cipher Digital (CIFR) fell about 5% in premarket trading after the company reported fourth-quarter results that fell short of Wall Street expectations and highlighted its move away from bitcoin. mining and towards high performance computing (HPC) data centers.
The company, formerly known as Cipher Mining, reported fourth-quarter revenue of $60 million, below analysts’ estimates of $84.4 million. Adjusted earnings per share came in at a loss of $0.14, more than the expected loss of $0.06. Cipher reported an adjusted net loss of $55 million for the quarter.
Management emphasized that 2025 would be a transformational year, as it moves away from bitcoin mining and toward long-term HPC infrastructure. During the quarter, Cipher secured 600 megawatts of capacity under contract, including a 15-year 300 megawatt (MW) lease with Amazon Web Services and a 10-year 300 MW lease with Fluidstack and Google.
The company also raised $3.73 billion through three senior secured bond offerings to finance construction of its Barber Lake and Black Pearl data center projects, both of which are on schedule.
Cipher divested its 49% stakes in three mining joint ventures for about $40 million in stock, further simplifying its structure as it transitions to a data center-focused business model.
