CIFR · Cipher Mining Inc.

Cipher Digital Inc. announced Q1 2026 results showing revenue of $35 million from bitcoin mining, down from $49 million in Q1 2025, primarily driven by bitcoin mining operations as indicated in the income statement. Adjusted EBITDA was negative $48 million, reflecting high operating costs including $17.7 million cost of revenue, $35 million compensation and benefits, and $19 million depreciation, alongside a $28.2 million negative change in fair value of power purchase agreement. Operating loss reached $114.6 million, with additional interest expense of $59.2 million offset partially by $43.6 million positive change in warrant liability fair value. CEO Tyler Page emphasized 2026 as 'the year of execution,' highlighting development progress at Barber Lake (topped out, mechanical/electrical ongoing) and Black Pearl (Phase I retrofitting, Phase II layout started), both on schedule. Key strategic wins include the third AI data center campus lease with an investment-grade hyperscale tenant and a landmark $200 million revolving credit facility, providing committed liquidity. The company expects sufficient capital for the third campus equity and near-term needs. Balance sheet strengthened with cash and equivalents at $715 million (up from $628 million at year-end), total assets $6.4 billion, though liabilities rose to $5.7 billion with long-term borrowings at $4.4 billion. Bitcoin operations at Odessa mined ~346 BTC with improved 0.3 EH/s hashrate via S21 XP rig upgrades. Presentation details 700 MW contracted HPC capacity, ~$787 million average annualized NOI, and 3.3 GW pipeline, positioning Cipher as a leading HPC platform amid hyperscale demand.