Cipher Digital Inc. Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Cipher Mining Q2 2023 Earnings Summary

  • Revenue: $31.2 million for Q2 2023, up from $0 in Q2 2022 due to increased Bitcoin production.
  • Bitcoin Mined: 1,257 BTC in Q2 (1,114 from Odessa, 143 from JVs), an increase from 0 in Q2 2022 as Odessa was not yet operational.
  • Hash Rate: 6.8 EH/s as of Q2 end, targeting 7.2 EH/s by end of Q3 2023 and 8.7 EH/s with near-term expansions.
  • Net Loss (GAAP): $12.7 million or $0.05 per share in Q2 2023 vs. $29.2 million or $0.12 per share in Q2 2022.
  • Non-GAAP Net Income: $7.3 million or $0.04 per share, compared to a loss of $19.1 million or $0.08 per share in Q2 2022.
  • Operating Costs: $15.9 million in cost of revenue, primarily power and maintenance expenses. All-in electricity cost across portfolio ~ $8,034/BTC.
  • Power Market Advantage: Odessa includes a fixed-price power purchase agreement (PPA), enabling Cipher to sell back power during peak pricing. Odessa PPA valued at $75.3 million as of June 30, 2023.
  • Liquidity: $15.9 million (cash: $1.1 million; Bitcoin: $14.8 million).
  • CapEx and Strategy: Capital expenditures winding down at Odessa allows for Bitcoin reserve build-up and measured expansion. No corporate debt.

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Operator: Good day and thank you for standing by. Welcome to the Cipher Mining’s Second Quarter 2023 Business Update. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Joshua Kane, Head of Investor Relations. Joshua Kane: Good morning. Thank you for joining us on this conference call to discuss Cipher Mining’s second quarter 2023 business update. Joining me on the call today are Tyler Page, Chief Executive Officer; and Ed Farrell, Chief Financial Officer. Please note that you may also review our press release and presentation, which can be found on the Investor Relations section of the company’s website. Please note that this call will also be simultaneously webcast on the Investor Relations section of the company’s website. This conference call is the property of Cipher Mining and any taping or other reproduction is expressly prohibited without prior consent. Before we start, I’d like to remind you that the following discussion, as well as our press release and presentation, contain forward-looking statements, including, but not limited to, Cipher’s financial outlook, business plans and objectives, and other future events and developments, including statements about the market potential of our business operations, potential competition and

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