The company’s financial headwinds were compounded by a notable contraction in core operations, as revenue from bitcoin mining dropped to $24.8 million from $43.6 million a year ago. This performance marks a stark downturn from the previous year’s second quarter, when Cipher reported a loss of $45.8 million, or 12 cents a share.
In section Market Quotes
Cipher Digital Shares Tumble on Sharply Wider Quarterly Loss
Shares of Cipher Digital slid 11% to $21.51 after the bitcoin miner and data-center developer reported a second-quarter loss of $267.5 million. The result significantly missed Wall Street expectations, which had projected a loss of only 24 cents per share against the company’s actual 65-cent deficit.
Despite the fiscal shortfall, the developer is pushing forward with infrastructure expansion. Cipher accelerated delivery timelines at its Black Pearl data center campus following a lease amendment with a hyperscale tenant, allowing rent collection to begin two months ahead of schedule in August. Furthermore, the company secured an option on a 900-megawatt site near San Antonio, Texas, and finalized project-level financing to ensure the completion of its Stingray data center.
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