NEW YORK - Cipher Mining Inc. (NASDAQ: NASDAQ:CIFR) announced its first-quarter results, reporting a significant increase in adjusted earnings while slightly missing revenue expectations.

The company set a record in earnings performance by reporting GAAP net income of $40 million and non-GAAP adjusted earnings of $63 million for the quarter ending March 31, 2024. CIFR shares rose 0.45% following the announcement.

Cipher's first-quarter revenue came in at $48 million, falling short of analysts' consensus estimate of $50 million. Despite this, reported revenue represents a significant increase over the $21.9 million reported in the same quarter last year, indicating strong year-over-year (YoY) growth.

CEO Tyler Page expressed satisfaction with the quarter's results and the company's operational progress, including construction of the new Black Pearl data center. “We are pleased to announce results for the first quarter of 2024, where we achieved record net income on both a GAAP and non-GAAP basis,” Page said.

Page also highlighted the company's expansion plans, stating that the self-mining hash rate is expected to reach approximately 9.3 EH/s by the end of the third quarter of 2024, and is planned to rise to approximately 25.1 EH/s by the end of 2025.

Cipher's earnings per share (EPS) of $0.13 beat analyst forecasts for a breakeven quarter. The company's financial position remains strong, with cash and cash equivalents totaling $88.7 million, compared to $86.1 million at the end of the previous quarter.

Cipher Mining's focus on developing and operating bitcoin mining data centers is part of its commitment to expanding the infrastructure of the Bitcoin network. With its strategic partnerships and dedicated team, Cipher aims to be a leader in the bitcoin mining industry, especially in the post-halving environment that requires efficient and scalable operations.

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