Cipher Mining (CIFR) investor relations material

Executive summary

• Achieved transformational growth in Q3 2025 with a strategic pivot into high-performance computing (HPC), highlighted by landmark transactions with Amazon Web Services and Fluidstack/Google, and the acquisition of a 1-GW Colchis site in Texas, establishing credibility as a leading HPC data center developer.

• Secured a 15-year, 300 MW lease with AWS at Black Pearl for $5.5 billion in contract revenue, and a 10-year, 168 MW AI hosting agreement with Fluidstack/Google at Barber Lake, representing $3 billion in contracted revenue, with construction underway.

• Completed a $1.3 billion convertible note offering, the largest digital infrastructure convertible issuance to date, significantly strengthening the balance sheet and boosting cash reserves.

• Gained majority (95%) ownership in the Colchis joint venture, with targeted energization in 2028 and dual interconnection, further expanding the development pipeline to 3.2 GW.

Financial highlights

• Q3 2025 revenue reached $72 million, up 65% from the prior quarter and nearly tripling year-over-year, driven by higher Bitcoin prices and increased production from Black Pearl.

• Reported a GAAP net loss of $3.3 million, or $0.01 per share, a substantial improvement from a $46 million loss in the previous quarter and $86.8 million loss a year ago.

• Adjusted earnings were $41 million, or $0.10 per diluted share, up 34% from last quarter and a turnaround from a loss a year ago.

• Cash and cash equivalents rose to $1.2 billion–$1.4 billion, primarily from the convertible offering, with 1,500 Bitcoin held in treasury.

• Depreciation and amortization expense totaled about $60 million, reflecting new asset deployments.

Outlook and guidance

• Full delivery of the Fluidstack/Google deal expected by September 2026, with rent commencing in October 2026; AWS lease rent begins August 2026, with phased delivery through year-end.

• Colchis site in West Texas expected to be energized in 2028, supporting future HPC leases and expanding the pipeline to 3.2 GW.

• AI/HPC expected to comprise about 67% of total pro-forma MW mix, with bitcoin mining at 33%; no further investment anticipated in bitcoin mining as focus shifts to HPC.

• Management expects existing financial resources, combined with projected cash and bitcoin inflows, to be sufficient for at least 12 months.