Cipher Mining Inc (MEX:CIFR)
MXN 121.7 +2.5 (+2.1%) Market Cap: 46.25 Bil Enterprise Value: 46.90 Bil PE Ratio: 0 PB Ratio: 3.28 GF Score: 14/100

Q1 2025 Cipher Mining Inc Earnings Call Transcript

May 06, 2025 / 12:00PM GMT
Release Date Price: MXN46.9

Key Points

Positve
  • Cipher Mining Inc (CIFR) reported a 16% increase in revenue for Q1 2025, reaching $49 million, driven by higher bitcoin production and prices.
  • The company achieved a 6.5% increase in bitcoin production at its Odessa data center, mining 524 bitcoins in Q1 2025.
  • Cipher Mining Inc (CIFR) maintains a highly competitive power cost of $0.027 per kilowatt hour, contributing to its strong unit economics.
  • The company has signed a term sheet with Fortress Credit Advisors, LLC for financing at Barber Lake, enhancing its data center development capabilities.
  • Cipher Mining Inc (CIFR) has a robust pipeline with expected capacity expansion of approximately 2.8 gigawatts, positioning it for future growth.
Negative
  • Cipher Mining Inc (CIFR) reported a GAAP net loss of $39 million for Q1 2025, impacted by a $20 million unrealized loss on bitcoin holdings.
  • The company experienced higher depreciation expenses due to the full depreciation of new machines installed at Odessa, affecting bottom-line results.
  • Despite revenue growth, Cipher Mining Inc (CIFR) faced a significant decrease in adjusted earnings year-over-year, from $63 million to $6 million.
  • The company is navigating uncertainties related to tariffs on mining rig deliveries, which could impact future operations and costs.
  • Cipher Mining Inc (CIFR) faces challenges in securing tenants for its data centers amid a competitive and evolving market landscape.
Operator

Good day and thank you for standing by. Welcome to the Cipher Mining first-quarter 2025 business update conference call. (Operator Instructions)

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Courtney Knight, Head of Investor Relations. Please go ahead.

Courtney Knight
Cipher Mining Inc - Head of Investor Relations

Good morning and thank you for joining us on this conference call to address Cipher Mining's business update for the first quarter of 2025.

Joining me on the call today are Tyler Page, Chief Executive Officer; and Edward Farrell, Chief Financial Officer.

Please note that our press release and presentation can be found on the Investor Relations section of the company's website, where this conference call will also be simultaneously webcast. Please also note that this conference call is the property of Cipher Mining, and any taping or other reproduction is expressly prohibited without prior consent.

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