Cipher Digital misses Q4 targets, pivots to HPC
4.3 Investments Cipher Digital missed Q4 2025 revenue targets, posting a $55M net loss. The firm rebranded and pivoted from bitcoin mining to HPC data centers, securing major contracts and new financing.
Cipher Digital, formerly known as Cipher Mining, reported disappointing fourth-quarter 2025 results. Revenue reached $60 million, falling short of analyst expectations of $84.4 million, while the adjusted net loss widened to $55 million. The company posted a loss per share of $0.14, compared to the forecasted $0.06. Amid ongoing transition costs, Cipher Digital rebranded and shifted its business model from bitcoin mining to high-performance computing (HPC) data centers. The company secured 600 megawatts of contracted capacity through long-term agreements with Amazon Web Services, Fluidstack, and Google. To finance new data center projects at Barber Lake and Black Pearl, Cipher raised $3.73 billion via bond offerings. Additionally, Cipher divested its 49% stakes in three mining joint ventures for about $40 million in stock, streamlining operations. Shares initially dropped 5% in premarket trading but later recovered. Management described 2025 as a transformative year, focusing on advanced data centers and leasing capacity to AI sector clients.
