Bitcoin miner Cipher's Q2 net loss at $46 mln

Overview

• Cipher Mining Q2 revenue of $44 mln, adjusted earnings $30 mln

• Company reports net loss of $46 mln, or $0.12 per share

• Cipher Mining's Black Pearl Phase I exceeds growth targets, boosting capacity

Outlook

• Cipher expects self-mining capacity to reach ~23.5 EH/s by Q3 end

• Company plans to monetize Black Pearl Phase II via HPC tenants or mining

• Cipher aims to become a leading developer of HPC data centers

• Company has a 2.6-gigawatt pipeline for future development

Result Drivers

• BLACK PEARL PHASE I - Exceeded growth targets, boosting self-mining capacity to 16.8 EH/s

• NET LOSS - Co reported a loss of $46 million, or $0.12 per share, and Adjusted Earnings of $30 million, or $0.08 per diluted share

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

• Wall Street's median 12-month price target for Cipher Mining Inc is $7.25, about 28.1% above its August 6 closing price of $5.21

Press Release: ID:nGNX6BPZ1L