Cipher Digital Reports Q2 Earnings, Delivers Data Center Capacity Ahead of Schedule
Cipher Digital achieved early delivery of data center capacity at Black Pearl and secured a 900 MW site, Apollo. Despite this progress, the company's Q2 net loss expanded significantly, raising concerns among investors.
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Cipher Digital (NASDAQ: CIFR) reported a net loss of $267.5 million in Q2, a 484% increase from $45.8 million a year prior. The company delivered initial capacity at the Black Pearl data center in early August, two months early, and began rent collection.
In addition, Cipher secured a 900 MW site named Apollo near San Antonio, Texas. The Public Utility Commission of Texas approved ERCOT’s large-load interconnection process, under which Apollo was filed.
Cipher's Q2 revenue was $25 million, with an adjusted EBITDA loss of $30 million, disappointing analysts who expected $218.65 million. The company’s shares fell over 9% in pre-market trading despite the bullish sentiment among retail investors. The financial outlook remains uncertain due to significant losses and high long-term borrowings of $5.45 billion.
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