Cipher Digital Reports Q2 Earnings Miss
Cipher Digital (NASDAQ: CIFR) reported a second-quarter earnings per share of -$0.65, missing analyst estimates by $0.42, and revenue of $24.84 million, below the expected $32.52 million. The declines are attributed to the winding down of its crypto mining business, while future growth is anticipated in artificial intelligence revenue.
Notably, Cipher Digital has secured a 15-year deal with Amazon, potentially yielding $367 million annually from its Black Pearl AI data center, which began generating revenue in August, two months ahead of schedule. Additionally, the company has acquired an option for a 900-megawatt site near San Antonio, which could generate over $1 billion in annual recurring revenues once operational. The Stingray facility is also fully funded and will enhance revenue streams, further reducing reliance on debt financing.
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