Cipher Digital posted a net loss more than double what the bitcoin miner reported last year as the company continues to recast itself as an AI infrastructure provider.

The company registered a net loss of $114 million during the first quarter of this year, compared to a net loss of $39 million in the first quarter of 2025. Bitcoin mining revenue also fell to $35 million, down from $49 million during the same period the previous year.

Cipher Digital CEO Tyler Page struck an upbeat tone in the earnings statement, focusing on the company's goals in the data center space.

"On the business development front, we built on the strong momentum from last year by signing our third AI data center campus lease with an investment-grade Hyperscale tenant in the first quarter," said Page. "Looking forward, we will continue to build on this momentum and establish ourselves as the leading HPC development platform."

As with some of its bitcoin miner rivals, Cipher Digital (CIFR) has been pivoting from a pure-play mining model and toward leasing power and infrastructure to AI and cloud providers. The company's bitcoin holdings fell year-on-year to $76 million from $125 million.

Last month, the company also said it secured a revolving credit facility worth up to $200 million. Cipher Digital has two data center projects, Barber Lake and Black Pearl, both of which it says are proceeding on schedule.

Cipher Digital's shares rose 7% to $19.19 as of 10:04 a.m. ET, according to The Block Price Page.