Cipher Mining Reports $43.6 Million Revenue in Q2 2025, Faces $45.8 Million Net Loss

Cipher Mining Inc. reported its financial results for the second quarter of 2025, revealing a revenue of $43.6 million from bitcoin mining operations, an increase from $36.8 million in the same period last year. For the first half of 2025, the company generated $92.5 million in revenue, up from $84.9 million in the first half of 2024. Despite the revenue growth, Cipher Mining experienced a net loss of $45.8 million for the quarter, compared to a loss of $15.3 million in the prior year. The six-month net loss totaled $84.8 million, a significant decline from a net income of $24.6 million in the same period of 2024.

The company's operational metrics showed a notable increase in costs, particularly in depreciation and amortization, which rose to $44.1 million for the quarter, compared to $20.3 million a year earlier. This increase was attributed to the expansion of the Odessa and Black Pearl facilities and the upgrade of mining equipment. Additionally, the change in the fair value of the derivative asset related to the Luminant Power Agreement resulted in a loss of $15.5 million for the quarter. The company also reported unrealized gains on bitcoin of $17.1 million, contrasting with losses of $21.2 million in the previous year.

In terms of strategic developments, Cipher Mining energized and commenced operations at Phase I of the Black Pearl facility in June 2025, contributing approximately 6.9 EH/s of self-mining capacity. The company also amended its Future Sales and Purchase Agreement with Bitmain, which included a reduction in the total amount due and the introduction of call options to purchase bitcoin. Furthermore, on May 22, 2025, Cipher Mining issued $172.5 million in convertible senior notes due in 2030, which will help finance ongoing operations and expansions.

As of June 30, 2025, Cipher Mining held approximately 1,046 bitcoin valued at $112.1 million, reflecting an increase from the previous period. The company reported cash and cash equivalents of $62.7 million, with total stockholders' equity at $748.9 million. The accumulated deficit stood at $266.2 million. The company utilized $103.5 million in cash for operating activities during the first half of 2025, a significant increase from $52.0 million in the same period of 2024.

Looking ahead, Cipher Mining aims to continue expanding its operations in bitcoin mining and high-performance computing. The company plans to leverage its existing financial resources, projected cash inflows, and the ability to sell bitcoin and common stock to meet its operational and capital requirements for at least the next 12 months. However, management acknowledged the ongoing challenges posed by market volatility and operational costs, particularly in relation to energy consumption and regulatory changes affecting the bitcoin mining industry.