Overview

* Cipher Mining ( CIFR ) Q2 revenue of $44 mln, adjusted earnings $30 mln

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

* Cipher Mining's ( CIFR ) 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

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 $43.56

Revenue mln

Bitcoin

Mining

Q2 EPS -$0.12

Q2 Net -$45.78

Income mln

Q2 -$45.24

Operatin mln

g Income

Q2 -$44.86

Pretax mln

Profit

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 ( CIFR ) is $7.25, about 28.1% above its August 6 closing price of $5.21

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)