---
schema_version: "secwatch.filing_event.v1"
accession: "0001819989-25-000034"
form_type: "8-K"
ticker: "CIFR"
cik: "0001819989"
company_name: "Cipher Digital Inc."
filed_at: "2025-05-06T23:59:59+00:00"
generated_at: "2026-05-22T13:34:16.936139+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001819989-25-000034
- form_type: 8-K
- ticker: CIFR
- cik: 0001819989
- company_name: Cipher Digital Inc.
- filed_at: 2025-05-06T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1819989/000181998925000034/0001819989-25-000034-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1819989/000181998925000034/cifr-20250506.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001819989-25-000034
- JSON: https://secwatch.observer/filing/0001819989-25-000034.json
- Plain text: https://secwatch.observer/filing/0001819989-25-000034.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.