Cipher Digital's sales fell 62.8% to $26.7 million, but its first computing lease earned $5.85 million and expanded contracts reached about $9.1 billion, with a 5.9-gigawatt project pipeline. Analysts cut price forecasts but kept positive ratings, leaving the sales slump and growth plans pointing in different directions.
The new computing work gives Cipher another way to earn sales, and its expanded leases cover substantial future revenue. But the sharp drop in total sales is a serious warning. Analysts also lowered price forecasts even as they kept positive ratings, reinforcing the mixed picture.
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