Cipher Mining Inc. (NASDAQ: CIFR) saw its stock plummet 6.02% in pre-market trading on Tuesday, as investors reacted to the company's disappointing third-quarter earnings report. The Bitcoin mining company, which has been pivoting towards AI infrastructure, reported financial results that fell short of analyst expectations.

According to the earnings summary, Cipher Mining reported a quarterly adjusted loss of 9 cents per share, significantly higher than the 2 cents loss analysts had expected. Despite reporting a 197.5% year-over-year increase in revenue to $71.71 million, the company fell short of Wall Street's expectations of $77.28 million. The quarterly loss stood at $3.28 million, overshadowing recent positive developments.

The stock's decline comes after a strong performance year-to-date, with shares having gained 301.9% before this setback. While Cipher Mining recently announced a $5.5 billion, 15-year lease agreement with Amazon Web Services to provide 300 MW of turnkey space and power for AI workloads, investors seemed more focused on the immediate financial results. As the company continues its transition from Bitcoin mining to AI infrastructure provider, market watchers will be keen to see if Cipher can translate its strategic moves into improved financial performance in the coming quarters.