Cipher Digital Stock Drops 10% as Q2 Crypto Mining Revenue Falls

Cipher Digital's stock price plummeted by 10.2% to $21.69 in early U.S. trading, following a decline in Q2 crypto mining revenue of 29%. The company reported an adjusted EBITDA loss of $30 million and a net loss of $267.5 million, which included a non-cash warrant remeasurement charge of $150.5 million.

The drop was not linked to a widespread Bitcoin selloff, as the cryptocurrency advanced 0.4% with IREN Ltd. up 4.2% and TeraWulf Inc. climbing 1.4%. Black Pearl rental commenced two months ahead of schedule, but its expected net operating income is still concentrated in 2027.

Cipher's second-quarter income statement showed figures from legacy operations, as revenue was generated only through Bitcoin mining. The company forecasted net operating income (NOI) at $97 million for this year and expects it to climb to $686 million in 2027 and $727 million in 2028.