Cipher Digital (CIFR) Q1 2026 earnings summary

Executive summary

• Signed a third long-term data center campus lease with an investment-grade hyperscale tenant, expanding the contracted portfolio to three leases within eight months and supporting the strategic shift to HPC and AI infrastructure.

• Fully financed the Black Pearl project with a $2 billion high-yield bond offering and established a $200 million revolving credit facility, enhancing liquidity and supporting near-term capital needs.

• Construction advanced at Barber Lake, Black Pearl, and Stingray data centers, with Barber Lake topping out and Black Pearl transitioning from Bitcoin mining to data center development.

• Operating and contracted capacity reached 907 MW, with a pipeline of 3.3 GW expected to be energized through 2030+, targeting a total portfolio capacity of 4.2 GW.

• Rebranded as Cipher Digital Inc. in February 2026 to reflect the transition from bitcoin mining to a vertically integrated HPC data center developer and operator.

Financial highlights

• Q1 2026 revenue was $34.8 million, down from $60 million in Q4 and $49 million in Q1 2025, primarily due to the planned wind down of mining at Black Pearl and lower bitcoin prices.

• GAAP net loss for Q1 2026 was $114.3 million ($0.28 per diluted share), improved from a $734 million loss in Q4, but wider than the $39 million loss in Q1 2025.

• Adjusted EBITDA for Q1 2026 was $(48.2) million, compared to $(39.9) million in Q4 2025 and $7.5 million in Q1 2025.

• Cash and cash equivalents at March 31, 2026 were $715 million, with total assets of $6.4 billion and total liabilities of $5.65 billion.

• Operating cash flow was $91.5 million for Q1 2026; investing activities used $474.2 million, mainly for facility build-outs; financing activities provided $1,964.4 million, driven by new debt issuances.

Outlook and guidance

• Three executed data center leases are expected to generate $787 million average annualized NOI from October 2026 to September 2036, rising to $892 million in 2035.

• Pipeline sites Reveille and Ulysses targeted for energization in 2027, with McLennan, Mikeska, and Colchis expected in 2028; aim to operate over 4 GW of HPC capacity under long-term leases by 2030.

• No further capital investment planned for Bitcoin mining; focus is entirely on HPC and data center operations.

• Management expects existing financial resources, projected cash and bitcoin inflows, and the ability to sell bitcoin and stock to be sufficient for at least the next 12 months.