Cipher Digital (CIFR) shares fell about 5% in premarket buying and selling after the corporate reported fourth-quarter outcomes that missed Wall Road expectations and highlighted its shift away from bitcoin BTC$62,946.08 mining and towards high-performance computing (HPC) knowledge facilities.
The corporate, previously often known as Cipher Mining, reported fourth-quarter income of $60 million, under analyst estimates of $84.4 million. Adjusted earnings per share got here in at a lack of $0.14, wider than the forecast lack of $0.06. Cipher posted an adjusted web lack of $55 million for the quarter.
Administration pointed to 2025 as a transformative yr because it pivots away from bitcoin mining and towards long-term HPC infrastructure. Throughout the quarter, Cipher secured 600 megawatts of contracted capability, together with a 15-year, 300 megawatt (MW) lease with Amazon Internet Providers and a 10-year, 300 MW lease with Fluidstack and Google.
The corporate additionally raised $3.73 billion by way of three senior secured bond choices to finance building at its Barber Lake and Black Pearl knowledge middle tasks, each of which stay on schedule.
Cipher divested its 49% stakes in three mining joint ventures for about $40 million in inventory, additional simplifying its construction because it transitions to a knowledge center-focused enterprise mannequin.
