Cipher Digital Inc. Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter: Q4 and Full Year 2022
  • CEO: Tyler Page
  • CFO: Ed Farrell
  • Revenue: $3 million for FY22 (entirely from Bitcoin mining). Driven by 180 BTC mined between Nov 22 and Dec 31, 2022 at ~$17,000/BTC.
  • Net Loss (GAAP): $39.1 million or $0.16 loss per share
  • Net Loss (Non-GAAP): $64 million or $0.26 loss per share, adjusting for depreciation, stock-based compensation and fair value change in power contract derivative.
  • Cash & Bitcoin as of February 2023: $16.4 million
  • ATM Equity Shelf: $250 million shelf in place, not drawn to date

Key Operational Highlights

  • Total self-mining hash rate of 5.2 EH/s as of February 2023, heading toward 6.0 EH/s target
  • 59,000 machines purchased and paid for; 48,000 energized with 11,000 more pending activation
  • Bitcoin produced: Over 15.5 BTC/day capacity as of February 2023
  • Bitcoin reserve: 465 BTC
  • Unit power costs:
    • Alborz: ~$5,143 per BTC
    • Bear & Chief: ~$6,293 per BTC
    • Odessa power pricing not yet reported, but supported by long-term fixed low rates with market-rate resale option

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Operator: Good morning and welcome to Cipher Mining Inc.'s Fourth Quarter and Full Year 2022 Business Update. All participants are in a listen-only mode. After the speakers' presentation, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the call over to Josh Kane with Investor Relations. Thank you. Please, go ahead. Josh Kane: Good morning. Thank you for joining us on this conference call to discuss Cipher Mining's fourth quarter and full year 2022 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 market potential of our business operations, potential competition and our goals and strategi

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