Cipher Digital Inc. (NASDAQ:CIFR) on Tuesday reported fourth-quarter and full-year 2025 results and unveiled a rebrand from Cipher Mining, signaling a strategic pivot toward high-performance computing and next-generation data center development.

The stock surged more than 10% following the release, with elevated short interest likely amplifying the move.

Fourth-Quarter And Full-Year Results

In the fourth quarter, adjusted EPS was a loss of 14 cents, compared to the analyst estimate of a 10-cent loss. Revenue was $59.711 million, below the consensus estimate of $86.847 million.

“Building on a transformative 2025, the fourth quarter reflected continued momentum as we advanced our evolution into a leading HPC data center development company,” CEO Tyler Page said.

“During the quarter, we upsized our initial lease with Fluidstack and Google and signed our first HPC lease with Amazon. In addition, we successfully executed multiple high yield bond offerings to finance two of our existing HPC projects at Barber Lake and Black Pearl. In recognition of this successful shift in our business model and strategic priorities going forward, we are proud to now officially operate as Cipher Digital.”

For the year ended December 31, 2025, bitcoin mining revenue was $223.942 million, up from $151.270 million in 2024. GAAP net loss was $822.244 million, or $2.15 per share, compared to a $44.635 million loss in 2024.

Adjusted earnings were $22.236 million, with adjusted earnings per diluted share of 6 cents, down from 33 cents in 2024. The operating loss was $421.563 million.

Major HPC Leases And Development Milestones

Cipher secured 600 MW of contracted HPC capacity through a 15-year, 300 MW lease with Amazon Web Services (AWS), the cloud computing arm of Amazon.com Inc. (NASDAQ:AMZN), and a 10-year, 300 MW lease with Fluidstack and Google, a subsidiary of Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL). At Barber Lake, approximately 95% of long-lead equipment is secured, and all design milestones have been met.

Black Pearl is progressing as scheduled, with engineering, procurement, and construction in progress.

Capital Raising And Balance Sheet Update

The company completed three high-yield offerings totaling $3.73 billion to finance Barber Lake and Black Pearl. This includes $1.4 billion and $333 million in senior secured notes at 7.125% for Barber Lake, and $2.0 billion in senior secured notes at 6.125%. As of December 31, 2025, long-term borrowings were $2.711 billion, with a warrant liability of $525.160 million.

Cipher sold its 49% interest in the 40 MW joint venture sites Alborz, Bear, and Chief, along with select bitcoin mining machines from Black Pearl, to Canaan Inc. for approximately $40 million in an all-stock transaction.

At year-end, Cipher reported total assets of $4.292 billion, including $628.263 million in cash and cash equivalents, $1.761 billion in current restricted cash, and $275.076 million in noncurrent restricted cash.

Bitcoin (CRYPTO: BTC/USD) holdings totaled $125.400 million, and miners held for sale were valued at $94.879 million. Total liabilities were $3.456 billion, with an accumulated deficit of $1.004 billion.

2026 Strategic Priorities

“2026 is a year of execution for Cipher as we fully transition the business into a leading infrastructure platform. With construction on track at our existing projects, a deep and expanding development pipeline, and heightened demand from both capital providers and tenants, we are firmly focused on establishing Cipher Digital as the premier developer and operator of data centers powering the next generation of compute,” Page said.

Elevated Short Interest

The company has 60.863 million shares sold short, representing 20.38% of its publicly traded float, indicating a relatively high level of short interest among investors betting against the stock.

CIFR Price Action: Cipher Mining shares were up 10.09% at $16.75 at the time of publication on Tuesday, according to Benzinga Pro data.

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