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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