Cipher Digital reported second quarter revenue of $25 million and a loss per share of $0.65, missing analyst expectations. The company highlighted significant progress in its transition to a high-performance computing (HPC) data center developer, including accelerated project timelines and new site acquisition.
Key Highlights
- Announced accelerated delivery of its Black Pearl data center, with initial capacity delivered in August, two months ahead of the original schedule, and rent payments commenced.
- Acquired an option on a new site called Apollo with up to 900 MW of potential capacity near San Antonio, Texas.
- Completed a bond offering to fully fund the development of its Stingray data center, reimbursing the company for $56.7 million in previously funded expenditures.
- Reported a second quarter Adjusted EBITDA loss of $30 million.