Cipher Mining reported its third‑quarter 2025 earnings, posting revenue of $72.0 million, which fell short of the consensus estimate of $79.1 million. Adjusted earnings per share were $0.10, beating the consensus adjusted loss of $0.02 per share.
The company’s Q3 revenue of $72.0 million was a 63% increase from the $44.0 million reported in Q2 2025 and a 199% jump from the $24.1 million earned in Q3 2024. Adjusted earnings rose from $0.08 per share in Q2 2025 to $0.10 per share in Q3 2025, while the prior‑year quarter saw a loss of $0.01 per share.
Bitcoin mining revenue for the quarter was $71.7 million, up 65% year over year. The increase was driven by a higher Bitcoin price and expanded production from the company’s Black Pearl facility.
Cipher secured a 15‑year, $5.5 billion lease with Amazon Web Services for 300 megawatts of AI compute capacity beginning in 2026. It also entered a 10‑year, $3 billion agreement with Fluidstack and Google for 168 megawatts of AI hosting capacity. The company is developing a 1‑gigawatt Colchis data center in West Texas, expected to be energized in 2028.
The company completed a $1.3 billion convertible note offering, raising cash to approximately $1.2 billion. The proceeds will fund the AI‑infrastructure expansion without additional equity dilution.
Management noted that the revenue miss was largely due to delayed capacity deployment and weaker Bitcoin mining economics, while the earnings beat reflected cost controls and the momentum of the company’s strategic pivot to high‑performance computing.
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