Cipher Digital Inc. (CIFR)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$191.1M

Revenue growth

20.3%

Net income, last twelve months

-$1.1B

Earnings per share

-$2.85

Gross margin

56.2%

Operating margin

-278.1%

Net margin

-585.8%

Free cash flow

-$1.7B

Return on equity

-199.1%

Market value

$3.7B

Cash

$831.8M

Debt

$5.4B

Debt to equity

9.69

Shares outstanding

414.3M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 4 August 2026.

• Revenue fell from prior periods. Bitcoin mining revenue was $24.8 million, against $34.8 million in Q1 2026 and $43.6 million in Q2 2025. Six-month revenue was $59.7 million, against $92.5 million.
• Adjusted EBITDA was negative $30 million. Adjusted EBITDA was negative $30.0 million, against negative $48.2 million in Q1 2026 and positive $32.3 million in Q2 2025.
• Net loss widened to $267.5 million. Net loss was $267.5 million, or $0.65 per share basic and diluted, against $114.3 million, or $0.28 per share, in Q1 2026 and $45.8 million, or $0.12, in Q2 2025.
• Warrant liability revaluation added loss. The non-cash change in fair value of the warrant liability was a $150.5 million charge in Q2 2026, against a $43.6 million gain in Q1 2026.
• Black Pearl capacity delivered in August. The first Black Pearl data center capacity was delivered in August, and rent has commenced at the site.
• Black Pearl build still under way. Remaining Phase I data halls are in MEP fit-out. Phase II concrete foundations, building steel and underground electrical work are in progress.
• Barber Lake in tenant use. The tenant has begun beneficial use of Barber Lake, including partial occupancy of the building and deployment of network racks, while completion work continues.
• Stingray construction on schedule. Stingray construction is progressing on schedule, with earthwork, grading, pad preparation and underground electrical work underway.
• Apollo site option secured. The Apollo site, about 288 acres, has been submitted as a studied load in ERCOT's updated Batch Zero process.
• Site terrain and fiber position. Management described the site's flat, buildable terrain as well-suited to large-scale development, and its San Antonio location as supporting fiber connectivity.
• Bond offering funded Stingray. A bond offering completed in the quarter fully funds Stingray through substantial completion and reimbursed $56.7 million of previously funded project expenditures.
• Cash rose and restricted cash grew. Cash and cash equivalents were $831.8 million at June 30, 2026, up from $715.2 million at March 31, 2026. Current restricted cash was $3.19 billion.
• Long-term borrowings rose to $5.4 billion. Long-term borrowings, net, were $5.45 billion, against $4.38 billion at March 31, 2026. Short-term borrowings fell to $94.5 million from $355.3 million.
• Interest expense rose in Q2. Interest expense was $66.7 million in Q2 2026, against $59.2 million in Q1 2026. Interest income was $35.9 million, against $31.6 million.

Company events

The newest 8-K filings of 92 held.

Every filing

The newest filings with the SEC of 207 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

504 funds held it at 30 Jun 2026: 284 added and 125 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• American Express Co. (AXP): revenue $77.6B, market value $213.5B
• Nu Holdings Ltd. (NU): revenue $15.8B, market value $58.1B
• Strategy Inc. (MSTR): revenue $498.3M, market value $51.2B
• Coinbase Global, Inc. (COIN): revenue $6.3B, market value $42.8B
• Synchrony Financial (SYF): revenue $15.0B, market value $23.4B
• SoFi Technologies, Inc. (SOFI): revenue $4.3B, market value $22.1B
• Circle Internet Group, Inc. (CRCL): revenue $2.9B, market value $22.0B
• Chime Financial, Inc. (CHYM): revenue $2.5B, market value $11.3B
• Iren Ltd. (IREN): revenue $707.0M, market value $10.3B
• Hut 8 Corp. (HUT): revenue $318.0M, market value $8.6B

What the company does

Cipher Digital Inc. develops and operates industrial-scale data centers for high-performance computing (HPC) tenants, and it also mines bitcoin. The company describes how it has evolved from a pure-play bitcoin miner into a vertically integrated data center development and operations platform. Its data center portfolio is 4.2 gigawatts of capacity across 10 sites at various stages of interconnection.

How the business is organised

The company covers the stages of the data center value chain in-house: land and power origination and interconnection, site development, design and construction, and ongoing facility operations. It takes what it calls a power-first approach to sourcing sites. It buys options on property, purchases land or leases it, and then moves sites through the grid interconnection queue to energization. It also looks at generation behind the meter where appropriate.

For construction it works with Quanta Services, which it names as an engineering, construction and procurement partner for the Black Pearl and Barber Lake sites. Its development model uses project-level financing, non-recourse where possible, together with long-term leases.

What it has leased

The company signed two HPC leases in 2025, covering 600 MW across two sites.

At Barber Lake, near Colorado City, Texas, it is building a data center on 250 acres with a gross capacity of 300 MW. The tenant is Fluidstack, and Google has agreed to backstop certain Fluidstack obligations under the leases. 244 MW is allocated to Phase I and 56 MW to Phase II.

At Black Pearl, near Wink, Texas, it has a 15-year lease with Amazon Web Services for approximately 300 gross MW of turnkey data center capacity on approximately 75 acres. Both sites have approvals for 300 MW of interconnection and agreements to participate in the Electric Reliability Council of Texas (ERCOT) market.

Site pipeline

Beyond the two leased sites, the company has a pipeline of approximately 3.4 GW across seven sites in Texas and one in Ohio. The sites are:

- Colchis: a West Texas site of 1-GW, held through a joint venture in which the company bought a majority interest, with an interconnection agreement with American Electric Power. - Ulysses: a 200 MW site in Ohio, its first outside Texas, with capacity secured from AEP Ohio and access to PJM Interconnection once energized. - Stingray: West Texas, with conditional ERCOT approval of up to 100 MW. - Reveille: Cotulla, Texas, with ERCOT approval of up to 70 MW. - McLennan, Mikeska and Milsing: targeted capacity of up to 500 MW each, in central, West and East Texas.

Bitcoin mining

Through the end of 2025, the company's revenue came from mining bitcoin. It runs miners on purchased power and contributes the computing power to mining pools, receiving a proportionate share of block rewards and transaction fees in bitcoin. The block reward was reduced from 6.25 to 3.125 bitcoin in April 2024.

The Odessa Facility in Texas is wholly owned, with 207 MW on approximately 52 acres next to a natural gas power production facility. Luminant supplies its power under an agreement giving access until at least July 2027 to electricity at approximately 2.7 c/kWh, which rose to 2.8 c/kWh in October 2025. The agreement is take or pay for at least 66.7% of the 207 MW each year. Power not used for mining is sold back to the wholesale market.

At Black Pearl, mining began in June 2025 and ceased in February 2026 after the Amazon lease. On 19 February 2026 the company sold its 49% interests in three 40 MW mining data centers held with WindHQ LLC.

How it competes

The company names CoreWeave, Digital Realty, Equinix, Vantage Data Centers and Aligned Data Centers as competitors in HPC services. It also names bitcoin miners that have moved into HPC: Hut 8 Corp., IREN Limited, TeraWulf Inc., Core Scientific, Inc. and Applied Digital Corporation. It also competes for scarce power, and most of its data centers and pipeline sites are in Texas.

In 2024 the Odessa Facility received the Management and Operations Stamp of Approval from the Uptime Institute. The company holds four granted United States patents and one issued patent in Taiwan, and it has developed proprietary software for data center management.

Regulation

The state rules that matter most are in Texas. In 2025 the legislature enacted Senate Bill 6, which requires the Public Utility Commission of Texas and ERCOT to create new processes for interconnecting loads of at least 75 MWs. It also requires security payments with the initial interconnection request. In 2024 the Public Utility Commission of Texas required operators of large virtual currency mining operations to register their facilities.

Its people

The 66 full-time employees include officers. The company has hired for data center construction and operations, power procurement, asset management, real estate, finance, capital markets, data science and logistics. Compensation for senior management and employees is partly in the form of common stock.

*From Cipher Digital's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1819989/000181998926000009/cifr-20251231.htm)*

From the company's 10-K.