Cipher Mining Q1 revenue $49M (+16% QoQ); signs JV term sheet with Fortress for Barber Lake

Cipher Digital Inc.

2025-Q1 EPS reported -$0.11 revenue$48,959,000

Revenue $49M, up 16% QoQ; GAAP net loss $39M ($0.11/sh); non-GAAP adj. earnings $6M ($0.02/sh).
Signed term sheet with Fortress Credit Advisors to finance Barber Lake JV; multiple HPC tenants under NDA.
Black Pearl Phase I nearing completion; redeploying idle rigs to bring ~2.5 EH/s online one quarter early.
Target hashrate ~16.0 EH/s by end of Q2 and ~23.1 EH/s by end of Q3 2025.
Holds 2.8 GW site capacity pipeline; accelerated rig deployment at no additional capex.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.