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 mining and towards high-performance computing (HPC) information facilities.
The corporate, previously referred to 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 internet 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. In the course of the quarter, Cipher secured 600 megawatts of contracted capability, together with a 15-year, 300 megawatt (MW) lease with Amazon Net Providers and a 10-year, 300 MW lease with Fluidstack and Google.
The corporate additionally raised $3.73 billion via three senior secured bond choices to finance development at its Barber Lake and Black Pearl information 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.