Bitcoin mining company Cipher Mining Inc. (CIFR.US) released its latest financial report on Tuesday. The data shows the company's fiscal year 2025 revenue reached $223.94 million, a 48% increase year-over-year, but still fell $2.57 million short of expectations. Full-year non-GAAP net profit was $22.236 million, or $0.06 per share, which was $0.28 below market forecasts. Notably, the company has officially changed its name from Cipher Mining to Cipher Digital, highlighting a major strategic shift in its focus from Bitcoin mining to the development of high-performance computing (HPC) data centers.
In terms of business development, the company has successfully secured a total contracted capacity of 600 megawatts for HPC data centers, covering two significant leases: one is a 15-year, 300-megawatt lease with Amazon Web Services (AMZN.US), and the other is a 10-year, 300-megawatt cooperation agreement involving Fluidstack and Google (GOOGL.US). To support the construction of these HPC data centers, the company has completed three bond issuances, raising a cumulative total of $3.73 billion.
Cipher stated that its data center projects are currently progressing smoothly. The Barber Lake data center project is advancing according to plan, with approximately 95% of long-lead equipment secured and all established design milestones achieved. The Black Pearl data center project is also on schedule, with engineering, procurement, and construction activities proceeding in an orderly manner.
Furthermore, to align with this new strategic direction, Cipher has sold its 49% equity stake in three separate 40-megawatt joint ventures—Alborz LLC, Bear LLC, and Chief Mountain LLC—as well as some Bitcoin mining machines previously deployed at the Black Pearl project. These non-core assets were acquired by Canaan Inc. (CAN.US), a manufacturer of Bitcoin mining machines and an operator of cryptocurrency mining infrastructure, in an all-stock transaction valued at approximately $40 million. This transaction allows Cipher to simplify its business structure, maintain a modest involvement in the Bitcoin mining industry with a lighter asset base, and accelerate its strategic transformation.
The company's CEO, Mr. Page, stated, "2026 will be a year of strategic execution for Cipher, as we fully advance our business transformation to build a leading digital infrastructure platform. With the steady progress of current project construction, the deepening and expansion of our development project pipeline, and the continued strong interest from capital providers and tenants, we are focused on establishing Cipher Digital as a top-tier data center developer and operator empowering the next generation of computing power."