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Cipher Mining Q3 Earnings Beat Estimates, Revenues Up Y/Y, Shares Fall
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Key Takeaways
Cipher Mining posted a GAAP loss of 1 cent, beating estimates and narrowing year-over-year losses.
Q3 revenue rose 197.5% to $71.7M, driven by higher Bitcoin prices and full Black Pearl output.
CIFR signed a 15-year, $5.5B AWS lease for AI data centers, boosting hosting contracts to $8.5B.
Cipher Mining (CIFR - Free Report) reported a GAAP loss per share of 1 cent, which was narrower than the loss of 26 cents reported in the year-ago quarter. The figure beat the Zacks Consensus Estimate by 87.50%. In the third quarter, adjusted earnings rose to $41 million or 10 cents per share from $30 million, up 34% sequentially.
The company reported revenues of $71.7 million for the third quarter of 2025, marking a significant increase of 197.5% from $24.1 million in the prior-year quarter. However, the figure missed the Zacks Consensus Estimate by 5%. The year-over-year increase was primarily driven by a rise in Bitcoin price and production from the first full quarter of Black Pearl production.
The company mined 629 bitcoins in the third quarter of 2025, generating $72 million in revenues at an average price of $114,400 per bitcoin.
CIFR shares have lost 6.50% in pre-market trading
Cipher Mining Inc. Price, Consensus and EPS Surprise
Cipher Mining self-mined 689 BTC in the third quarter of 2025, a 35% increase from 509 BTC in the second quarter of 2025.
Black Pearl was fully brought online in the third quarter of 2025, increasing operational mining capacity from 423 megawatts to 477 megawatts.
In the third quarter of 2025, the end-of-period self-mining hash rate was 23.6 exahash per second, a 40% increase from 16.8 exahash per second in the second quarter of 2025, driven by the completion of Black Pearl Phase I (150 MW).
The All-In Electricity Cost per BTC increased 25% sequentially to $34,189, due to higher network hashrate and the energization of Black Pearl Phase.
In the reported quarter, CIFR signed a 15-year Data Center Campus Lease with Amazon Web Services to support AI workloads, valued at approximately $5.5 billion.
AI hosting contracts represent approximately $8.5 billion in lease payments.
CIFR's Q3 Operating Details
In the reported quarter, operating expenses declined 5% year over year to $109.3 million. General & administrative expenses decreased 8.4% year over year to $8.2 million
Cipher Mining reported an operating loss of $37.6 million in the third quarter of 2025 compared with $91.4 million reported in the year-ago quarter.
CIFR's Balance Sheet Details
As of Sept. 30, 2025, Cipher Mining had cash and cash equivalents of $1.2 billion compared with $62.7 million as of June 30, 2025.
CIFR's Earnings Estimates Show Mixed Trend
For the fourth quarter of 2025, the Zacks Consensus Estimate for loss is pegged at 6 cents per share, unchanged over the past 30 days. CIFR reported earnings of 6 cents per share in the year-ago quarter.
The Zacks Consensus Estimate for fourth-quarter 2025 revenues is pegged at $96.46 million, indicating a year-over-year increase of 128.47%.
For 2025, the Zacks Consensus Estimate for loss is pegged at 36 cents per share, unchanged over the past 30 days. CIFR reported a loss of 14 cents per share in the year-ago quarter.
The Zacks Consensus Estimate for 2025 revenues is pegged at $264.16 million, indicating a year-over-year increase of 74.63%.
Zacks Rank & Stocks to Consider
Cipher Mining currently carries a Zacks Rank #4 (Sell).
Image: Bigstock
Cipher Mining Q3 Earnings Beat Estimates, Revenues Up Y/Y, Shares Fall
Key Takeaways
Cipher Mining (CIFR - Free Report) reported a GAAP loss per share of 1 cent, which was narrower than the loss of 26 cents reported in the year-ago quarter. The figure beat the Zacks Consensus Estimate by 87.50%. In the third quarter, adjusted earnings rose to $41 million or 10 cents per share from $30 million, up 34% sequentially.
The company reported revenues of $71.7 million for the third quarter of 2025, marking a significant increase of 197.5% from $24.1 million in the prior-year quarter. However, the figure missed the Zacks Consensus Estimate by 5%. The year-over-year increase was primarily driven by a rise in Bitcoin price and production from the first full quarter of Black Pearl production.
The company mined 629 bitcoins in the third quarter of 2025, generating $72 million in revenues at an average price of $114,400 per bitcoin.
CIFR shares have lost 6.50% in pre-market trading
Cipher Mining Inc. Price, Consensus and EPS Surprise
Cipher Mining Inc. price-consensus-eps-surprise-chart | Cipher Mining Inc. Quote
CIFR's Third Quarter in Details
Cipher Mining self-mined 689 BTC in the third quarter of 2025, a 35% increase from 509 BTC in the second quarter of 2025.
Black Pearl was fully brought online in the third quarter of 2025, increasing operational mining capacity from 423 megawatts to 477 megawatts.
In the third quarter of 2025, the end-of-period self-mining hash rate was 23.6 exahash per second, a 40% increase from 16.8 exahash per second in the second quarter of 2025, driven by the completion of Black Pearl Phase I (150 MW).
The All-In Electricity Cost per BTC increased 25% sequentially to $34,189, due to higher network hashrate and the energization of Black Pearl Phase.
In the reported quarter, CIFR signed a 15-year Data Center Campus Lease with Amazon Web Services to support AI workloads, valued at approximately $5.5 billion.
AI hosting contracts represent approximately $8.5 billion in lease payments.
CIFR's Q3 Operating Details
In the reported quarter, operating expenses declined 5% year over year to $109.3 million. General & administrative expenses decreased 8.4% year over year to $8.2 million
Cipher Mining reported an operating loss of $37.6 million in the third quarter of 2025 compared with $91.4 million reported in the year-ago quarter.
CIFR's Balance Sheet Details
As of Sept. 30, 2025, Cipher Mining had cash and cash equivalents of $1.2 billion compared with $62.7 million as of June 30, 2025.
CIFR's Earnings Estimates Show Mixed Trend
For the fourth quarter of 2025, the Zacks Consensus Estimate for loss is pegged at 6 cents per share, unchanged over the past 30 days. CIFR reported earnings of 6 cents per share in the year-ago quarter.
The Zacks Consensus Estimate for fourth-quarter 2025 revenues is pegged at $96.46 million, indicating a year-over-year increase of 128.47%.
For 2025, the Zacks Consensus Estimate for loss is pegged at 36 cents per share, unchanged over the past 30 days. CIFR reported a loss of 14 cents per share in the year-ago quarter.
The Zacks Consensus Estimate for 2025 revenues is pegged at $264.16 million, indicating a year-over-year increase of 74.63%.
Zacks Rank & Stocks to Consider
Cipher Mining currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader Zacks Business Services sector are ACV Auctions (ACVA - Free Report) , Clear Channel Outdoor (CCO - Free Report) , and Duolingo (DUOL - Free Report) . Each stock carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ACV Auctions is set to report third-quarter 2025 results on Nov. 5. ACV Auctions shares have lost 56.5% year to date.
Clear Channel Outdoor is slated to report third-quarter 2025 results on Nov. 6. Clear Channel Outdoor shares have gained 31.4% year to date.
Duolingo is set to report third-quarter 2025 results on Nov. 5. Duolingo shares have lost 18.3% year to date.