Cipher Mining (NASDAQ:CIFR) Issues Quarterly Earnings Results, Misses Estimates By $1.80 EPS

Cipher Mining (NASDAQ:CIFR) issued its earnings results on Tuesday. The company reported ($1.92) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($1.80), Zacks reports. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. The firm had revenue of $59.71 million during the quarter, compared to analyst estimates of $85.98 million.

Here are the key takeaways from Cipher Mining’s conference call:

• Cipher formally rebranded to Cipher Digital and is pivoting from Bitcoin mining to a pure-play digital infrastructure company, selling 49% JV interests to Canaan and planning to exit most Bitcoin holdings by end-2026 to redeploy capital into HPC hosting.
• Management has signed two data center campus leases totaling 600 MW and roughly $9.3 billion of contracted revenue, which they say equates to about $669 million of average annualized NOI from Oct 2026–Sep 2036, providing highly visible long-duration cash flows.
• Cipher completed project-level financings that fully fund construction through substantial completion — including a $1.73 billion package for Barber Lake and a $2.0 billion bond for Black Pearl priced at improved yields and including a $233 million CapEx reimbursement.
• Q4 results showed revenue of $60 million and a GAAP net loss of $734 million, driven largely by non-cash mark-to-market on convertible features (~$450M) and impairments/Bitcoin valuation hits, though unrestricted liquidity was reported at $754 million (cash + Bitcoin).
• Cipher says it has a ~3.4 GW development pipeline with several sites already interconnection-approved or near approval (Stingray, Revale, Ulysses, McLean, etc.), and expects ERCOT queue reforms to favor serious developers — but timing and regulatory details remain a source of execution uncertainty.

Cipher Mining Stock Up 7.9%

Shares of Cipher Mining stock traded up $1.21 on Tuesday, reaching $16.43. 21,438,652 shares of the company were exchanged, compared to its average volume of 31,142,920. The company has a market capitalization of $6.49 billion, a price-to-earnings ratio of -91.33 and a beta of 2.95. Cipher Mining has a one year low of $1.86 and a one year high of $25.52. The company has a 50-day moving average of $16.36 and a 200 day moving average of $15.00. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 1.31.

Insider Activity

In other Cipher Mining news, Director James E. Newsome sold 21,821 shares of the company’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $16.03, for a total value of $349,790.63. Following the transaction, the director directly owned 172,492 shares of the company’s stock, valued at $2,765,046.76. This represents a 11.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Cary M. Grossman sold 25,000 shares of the stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $19.00, for a total value of $475,000.00. Following the transaction, the director owned 200,530 shares in the company, valued at $3,810,070. The trade was a 11.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 182,825 shares of company stock valued at $3,075,820. 2.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CIFR. Steward Partners Investment Advisory LLC raised its stake in shares of Cipher Mining by 28.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 10,636 shares of the company’s stock valued at $157,000 after acquiring an additional 2,336 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in Cipher Mining by 41.4% in the second quarter. Tower Research Capital LLC TRC now owns 31,770 shares of the company’s stock valued at $152,000 after purchasing an additional 9,295 shares during the period. Prudential Financial Inc. raised its position in Cipher Mining by 113.7% during the 2nd quarter. Prudential Financial Inc. now owns 31,595 shares of the company’s stock worth $151,000 after purchasing an additional 16,810 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in Cipher Mining by 71.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 31,671 shares of the company’s stock worth $151,000 after buying an additional 13,188 shares during the period. Finally, Envestnet Asset Management Inc. bought a new stake in shares of Cipher Mining in the 3rd quarter valued at about $144,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Morgan Stanley assumed coverage on Cipher Mining in a research note on Monday, February 9th. They issued an “overweight” rating and a $38.00 target price for the company. Citizens Jmp set a $30.00 price objective on Cipher Mining in a report on Wednesday, November 19th. Wall Street Zen upgraded shares of Cipher Mining from a “sell” rating to a “hold” rating in a research report on Saturday. Canaccord Genuity Group reiterated a “buy” rating and set a $27.00 price target on shares of Cipher Mining in a research report on Monday, December 15th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a research note on Monday, December 29th. Fourteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Cipher Mining has a consensus rating of “Moderate Buy” and an average price target of $25.11.

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.