Cipher Digital Inc. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • First Revenue-Generating Quarter: Cipher began Bitcoin mining operations at its Alborz site in February 2022, officially transitioning from a pre-revenue to a revenue-generating company.
  • Site Deployment Progress:
    • Alborz: Operational with initial shipments received and installed; powered 100% by wind.
    • Bear and Chief: Sites expected to be power and infrastructure-ready by end of Q1 2022.
    • Odessa: On track for Q3 2022 deployment; powered by natural gas via partner Luminant.
    • Future site with Standard Power pushed to 2023.
  • Major Power & JV Agreements:
    • 80MW JV with a private group in Texas (Cipher holds 51% of economics) expected operational later in 2022.
    • New 200MW power purchase agreement with Luminant (affiliated with Vistra), with 15-year term and solar/grid-powered mix.
  • Financial Highlights:
    • Cash as of Dec 31, 2021: $210 million.
    • Net GAAP loss for 11 months ended Dec 31, 2021: $72.1 million, largely due to stock-based compensation ($63.8 million).
    • Non-GAAP loss: $8.4 million after adjusting for stock comp and other non-cash items.

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Operator: Good morning. Thank you for standing by and welcome to the Cipher Mining, Inc. Fourth Quarter 2021 Business Update Conference Call. Please be advised today's conference is being recorded and a replay will be available on the company's website after the call. I would now like to hand the conference over to Lori Barker, Investor Relations. Lori Barker: Good morning, ladies and gentlemen. Thank you for joining us on this conference call to discuss Cipher Mining's fourth quarter 2021 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 website at investors.ciphermining.com Please note that this call will be simultaneously webcast on the Investor Relations section of the company's corporate website. This conference call is the property of Cipher Mining and any taping or other reproduction is expressly prohibited without prior written 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 in our goals and strategies. These forward-looking

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