Cipher Mining (NASDAQ:CIFR) Posts Earnings Results, Misses Estimates By $0.01 EPS

Cipher Mining (NASDAQ:CIFR) announced its quarterly earnings data on Tuesday. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01), Briefing.com reports. Cipher Mining had a negative net margin of 367.17% and a negative return on equity of 107.05%. The business had revenue of $34.84 million during the quarter, compared to analyst estimates of $36.01 million. The business’s revenue for the quarter was down 28.8% on a year-over-year basis.

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

• Cipher signed a third 15‑year data center campus lease with an investment‑grade hyperscaler, bringing operating and contracted capacity to 907 MW and roughly $11.4 billion of contracted revenue over base terms.
• The company completed a $2.0 billion project bond (fully funding Black Pearl) and closed a $200 million corporate revolver, leaving Cipher with ~$715 million cash plus ~$3.5 billion of restricted construction cash to support near‑term builds.
• Execution and procurement remain strong — Barber Lake topped out with ~99% of equipment secured, Black Pearl phases are progressing (phase‑1 ~93%/phase‑2 ~80% equipment secured), Stingray mobilized toward Q4‑2026 energization, and Odessa continues to mine Bitcoin at an industry‑low ~ $0.028/kWh.
• Q1 revenue declined to $35 million (from $60M) due to the planned wind‑down of mining at Black Pearl, resulting in a GAAP net loss of $114 million and higher interest expense (~$59M), with a $28M non‑cash decrease in PPA fair value also weighing on results.
• Cipher highlights a deep pipeline (~3.3 GW pipeline; ~4.2 GW portfolio) with Reveille (70 MW) and Ulysses (200 MW) in advanced stages, while McLennan, Mikeska and Colchis (~2.5 GW) remain contingent on ERCOT’s batch process outcome expected in the near term.

Cipher Mining Price Performance

NASDAQ:CIFR traded up $1.32 during mid-day trading on Tuesday, reaching $19.21. 10,376,380 shares of the company were exchanged, compared to its average volume of 27,443,447. Cipher Mining has a 12 month low of $2.88 and a 12 month high of $25.52. The company has a fifty day moving average of $15.64 and a 200 day moving average of $16.79. The company has a quick ratio of 3.79, a current ratio of 3.79 and a debt-to-equity ratio of 3.37. The stock has a market cap of $7.80 billion, a PE ratio of -8.91 and a beta of 3.13.

Analyst Upgrades and Downgrades

CIFR has been the subject of several analyst reports. HC Wainwright cut their price target on shares of Cipher Mining to $25.00 and set a “buy” rating for the company in a report on Wednesday, February 25th. Wall Street Zen lowered shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a research report on Sunday, March 1st. Needham & Company LLC restated a “buy” rating and issued a $22.00 price target on shares of Cipher Mining in a research report on Wednesday, March 25th. Keefe, Bruyette & Woods reduced their price target on shares of Cipher Mining from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 11th. Finally, Zacks Research upgraded shares of Cipher Mining from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 25th. Fourteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Insider Activity at Cipher Mining

In other Cipher Mining news, Director James E. Newsome sold 45,161 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $15.74, for a total transaction of $710,834.14. Following the sale, the director owned 127,331 shares of the company’s stock, valued at $2,004,189.94. This represents a 26.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Tyler Page sold 37,500 shares of the stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of $16.11, for a total transaction of $604,125.00. Following the sale, the chief executive officer directly owned 8,263,862 shares in the company, valued at approximately $133,130,816.82. This represents a 0.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 148,229 shares of company stock worth $2,283,968 in the last quarter. Insiders own 2.63% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Hedge funds have recently added to or reduced their stakes in the stock. Los Angeles Capital Management LLC bought a new stake in Cipher Mining during the 4th quarter worth about $25,000. Arax Advisory Partners grew its holdings in Cipher Mining by 274.2% during the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after acquiring an additional 1,338 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in Cipher Mining during the 4th quarter worth about $28,000. Parallel Advisors LLC grew its holdings in Cipher Mining by 663.0% during the 3rd quarter. Parallel Advisors LLC now owns 4,166 shares of the company’s stock worth $52,000 after acquiring an additional 3,620 shares during the last quarter. Finally, Macquarie Group Ltd. bought a new stake in Cipher Mining during the 4th quarter worth about $96,000. Institutional investors own 12.26% of the company’s stock.

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.