Shares of Cipher Digital (CIFR) fell about 5% in premarket trading after the company reported fourth-quarter results that missed 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, missing analyst estimates of $84.4 million. Adjusted earnings per share posted a loss of $0.14, wider than the expected loss of $0.06. Cipher posted an adjusted net loss of $55 million for the quarter.
Management pointed to 2025 as a transformative year as it moves away from bitcoin mining and toward long-term HPC infrastructure. During the quarter, Cipher secured 600 megawatts of contracted capacity, 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 note offerings to finance construction of its Barber Lake and Black Pearl data center projects, which remain on schedule.
Cipher divested its 49% stake in three mining joint ventures for around $40 million in shares, further simplifying its structure as it transitions to a data center-focused business model.
