Q4 2024 Cipher Mining Inc Earnings Call Transcript
Key Points
- Cipher Mining Inc (CIFR) reported strong fourth-quarter revenues of $42 million and GAAP net earnings of $18 million, with adjusted earnings reaching $51 million.
- The company successfully upgraded its Odessa fleet, increasing its self-mining hash rate to 13.5 exahashes per second, with projections to reach 23 exahashes per second by Q3 2025.
- Cipher Mining Inc (CIFR) maintains a competitive all-in weighted average power price of $2.07 per kilowatt-hour, which is a key driver of its strong unit economics.
- The company has expanded its development pipeline to 2.8 gigawatts, positioning itself as a market leader in HPC data centers and Bitcoin mining.
- Cipher Mining Inc (CIFR) secured a $50 million investment from SoftBank, strengthening its ability to expand its data center development business.
- Cipher Mining Inc (CIFR) reported a GAAP net loss of $45 million for the full year 2024, despite strong quarterly performance.
- Operating expenses increased by $48 million in 2024, primarily driven by depreciation and amortization expenses.
- The company's cost of revenues increased by 21% sequentially due to strategic power purchases during curtailment periods.
- Cipher Mining Inc (CIFR) faces potential challenges in securing long-term power contracts post-2027, as current fixed-price contracts expire.
- The company has significant capital expenditures planned for 2025, including $200 million for Phase 1 of Black Pearl, which may require additional financing.
Good day, and welcome to Cipher Mining's fourth quarter and full-year 2024 business update call. (Operator Instructions) As a reminder, this call may be recorded.
I would like to turn the call over to Courtney Knight, Head of Investor Relations. Please go ahead.
Good morning, and thank you for joining us on this conference call to address Cipher Mining's fourth quarter and full-year 2024 business update.
Joining me on the call today are Tyler Page, Chief Executive Officer; and Edward Ferrell, Chief Financial Officer. Please note that you may also review our press release and presentation which can be found on the Investor Relations section of the company's website.
This call will also be simultaneously webcast on the Investor Relations section of the company's website, and this conference call is the property of Cipher Mining. Any taping or other reproduction is expressly prohibited without prior consent.
Before we start, I'd like to remind you that the
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