Cipher Digital Inc. Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Q4 and Full Year 2024 Summary – Cipher Mining Inc. (CIFR)

  • Revenue: $42 million in Q4 (▲75% QoQ from $24M in Q3). Full year revenue rose by $24 million YoY, driven by Bitcoin price appreciation and hashrate expansion.
  • GAAP Net Income: $18 million in Q4, compared to a net loss of $87 million in Q3. Full year GAAP net loss of $45 million in 2024, compared to a net loss of $26 million in 2023.
  • Adjusted Net Earnings: $51 million in Q4 (▲$54M QoQ). Full year adjusted earnings of $107 million versus $46 million in 2023 (▲133% YoY).
  • EPS: Q4 GAAP EPS: $0.05; Adjusted EPS: $0.14. FY 2024 GAAP loss per share: $0.14; Adjusted EPS: $0.33 (▲$0.16 YoY).
  • Bitcoin Production: 492 BTC mined at Odessa in Q4, with price per BTC averaging $84K (▲37.7% QoQ). Company held 994 BTC in treasury at year-end, up from 780 at year-end 2023.
  • Hashrate: Expanded from 9.3 EH/s in Q3 to 13.5 EH/s by end of 2024 (▲45% QoQ; ▲88% YoY from 7.2 EH/s EOY 2023). Expected to reach 23 EH/s by Q3 2025 with Phase 1 of Black Pearl.
  • Power Costs: Fixed all-in average power cost of $0.027/kWh, providing a major industry cost advantage. Electricity cost per Bitcoin at Odessa in January: $20,298. Joint venture sites averaged $34,542 per BTC in Q4 due to seasonal fluctuations.

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Operator: Good day and welcome to Cipher Mining Fourth Quarter and Full Year 2024 Business Update Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, this call may be recorded. I would like to turn the call over to Courtney Knight, Head of Investor Relations. Please go ahead. Courtney Knight: Good morning and thank you for joining us on this conference call to address Cipher Mining’s fourth quarter and full year 2024 business update. Joining me on the call today are Tyler Page, Chief Executive Officer, and Edward 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, and this conference call is the property of Cipher Mining. 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 our goals and str

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