Shares of Cipher Mining Inc. (CIFR) tumbled 7.53% in pre-market trading on Tuesday, as investors reacted to the company's disappointing second-quarter financial results released before the open.

The company reported a quarterly loss of $0.65 per share, significantly wider than the analyst consensus estimate of a $0.22 loss per share. Revenue for the quarter came in at $24.837 million, missing the $32.515 million estimate and marking a 43% decline from the same period last year. The results extended a weak performance from the prior quarter, when Cipher Mining posted a loss of $0.28 per share and revenue of $34.8 million, both below expectations.

Selling pressure was also fueled by recent insider activity, as CEO Tyler Page sold 225,000 shares in mid-July, raising concerns among investors ahead of the earnings release. Despite several analysts maintaining buy or outperform ratings on the stock, the sharp earnings miss and negative revenue trend overshadowed the bullish calls.