On August 4, Cipher Mining Inc. declined 10.97% in regular trading, trading at $21.555/share, with turnover of $287 million. The sharp sell-off was triggered by the company's second-quarter earnings report released pre-market, which significantly missed analyst expectations on both top and bottom lines.

Cipher Mining reported a Q2 loss of $0.65 per diluted share, far exceeding the analyst consensus estimate of approximately $0.22-$0.24 loss, and widening dramatically from a loss of $0.12 per share in the year-ago period. Revenue came in at $24.8 million, down 43% year-over-year from $43.6 million, and well below the Street estimate of roughly $31.9-$32.5 million. The mining core business revenue remained under significant pressure as the company undergoes a strategic transformation toward AI data center operations.

On a positive note, the company disclosed that it began delivering data center capacity at its Black Pearl campus two months ahead of schedule and secured development options for a new Texas site called Apollo. Cash and equivalents stood at $831.8 million as of June 30. However, the magnitude of the quarterly loss dominated market sentiment, overshadowing transition progress.

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