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Cipher Digital — Third Quarter 2026 Earnings Summary

  • Q3 2026 revenue totaled $27 million ($20.8M mining, $5.9M HPC), down from $164.2 million in the nine-month period of 2025; Adjusted EBITDA shifted from positive $40.8 million in Q3 2025 to negative $10 million in Q3 2026, while nine-month Adjusted EBITDA fell from positive $80.2 million to negative $88.2 million.
  • Balance sheet expansion saw total assets rise to $7.67 billion and long-term borrowings increase to $5.45 billion by September 30, 2026, offset by a $656.0 million cash position and the completion of an $850 million convertible note offering to fund Barber Lake equity investment.
  • Strategic progress includes the Barber Lake lease amendment to a 20-year term with ~$9.1 billion in contracted revenue, the acquisition of the 70 MW Horizon site in Texas, and the advancement of design for 270 MW of 2027 pipeline capacity alongside construction milestones at Black Pearl and Stingray.
  • Management aims to become a leading hyperscale HPC development platform, leveraging new capacity and early project investments while navigating risks related to capital availability, construction timelines, and regulatory conditions.
Company
CIPHER DIGITAL INC
Sector
Technology
Industry
Information Technology Services