Cipher Digital Reports Wider-Than-Expected Loss in Q4

Cipher Digital, a leading provider of high-performance computing (HPC) data center development services, has reported its fourth-quarter financial results for 2025. According to the company's earnings report, Cipher Digital incurred a significant net loss of $734.2 million in the quarter, which is much wider than the projected 12-cent loss.

The company's revenues also declined by 16.7% sequentially to $59.7 million, missing the Zacks Consensus Estimate by 23.31%. Cipher Digital attributed this decline primarily to reduced mining capacity following the decommissioning of Black Pearl and the divestiture of joint venture sites as part of its mining exit strategy.

However, Cipher Digital is making significant progress in transitioning from bitcoin mining to HPC data center development. The company has secured 600 MW of total contracted HPC capacity to date across two long-term leases, including a 15-year, 300 MW agreement with AWS and a 10-year, 300 MW lease with Fluidstack and Google.