Cipher Mining Inc. Q4 FY2025 earnings call

Cipher rebranded as Cipher Mining Inc., focusing on high-performance computing. Completed long-term leases, project financings, advanced data center projects. Sold Bitcoin mining JVs. Updated progress on Barber Lake, Black Pearl, Odessa projects. Strengthened regulatory expertise by hiring Lee Bratcher.

Cipher has transitioned from a Bitcoin miner to a digital infrastructure company. Bitcoin mining revenue decreased due to a difficult environment and price decline. Data center business has secured long-term leases with 600 megawatts of gross capacity and approximately $9,300,000,000 in contracted revenue, with average annualized NOI of ~$669,000,000 from Oct 2026 to Sep 2036 and projected ~$754,000,000 by 2035.

Expect stable cash flows from leases, continue executing more leases, expand development pipeline, maintain financial flexibility.

Risks include ERCOT interconnect approval uncertainty, Bitcoin price volatility affecting remaining Bitcoin disposal.

Q: About Stingray, Reveille, Ulysses lease discussions; A: Stingray is advanced, Reveille has interest but different tenant range, Ulysses in advanced discussions.

Q: New hires; A: Hired Lee Bratcher for regulatory, added depth to construction, engineering, ops teams.

Q: ERCOT impact; A: Advancing scene in Texas is good, more confident in interconnect approvals.

Q: Odessa future; A: Options to shift to HPC after PPA expires in 2027.

Q: Customer diversity; A: Talking to all hyperscalers and neo clouds, prioritize counterparty quality initially but now consider diversification.