Cipher Digital Q3 revenue drops as bitcoin mining declines
CIFR•Cipher Digital's Q3 revenue fell year over year as bitcoin mining revenue declined to $20.85 million. The company recognized its first high-performance computing lease revenue, reported $31.6 million in net income driven by non-operating gains and expanded its Barber Lake lease to 20 years, lifting contracted revenue to $9.1 billion.
1. Q3 results
Cipher Digital's Q3 revenue fell year over year as bitcoin mining revenue declined to $20.85 million. The company reported $31.6 million in net income, driven by non-operating gains, while adjusted EBITDA was negative; its operating loss was $71.92 million.
2. Data center expansion
The company recognized its first high-performance computing lease revenue after rent commenced at Black Pearl. It expanded the Barber Lake lease to 20 years, raising contracted revenue to $9.1 billion, and said additional capacity at Black Pearl and other campuses is expected to come online by year-end.
