Cipher Mining Stock Earnings Reports

Cipher Digital reported strong execution in Q1 2026, highlighted by signing a third 15‑year hyperscaler campus lease, completing a $2.0 billion project bond for Black Pearl, and closing a $200 million corporate revolving credit facility. The company now has 907 MW of operating and contracted capacity and approximately $11.4 billion of contracted revenue across 10–15 year lease terms, plus a ~3.3 GW pipeline of grid capacity (total portfolio ~4.2 GW). Construction is advancing: Barber Lake topped out and is ~99% equipment procured, Black Pearl Phase I/II are progressing (93% and 80% equipment secured respectively), Stingray mobilized for Q4 2026 energization, and Reveille/Ulysses are the most advanced near‑term pipeline sites targeting 2027 energization. Odessa continues as a low‑cost, cash‑generating Bitcoin mining site (207 MW operating; ~11.6 EH/s; mined ~346 BTC in Q1) but Cipher expects mining to phase out as HPC leases ramp. Q1 revenue was $35 million and GAAP net loss was $114 million; the company ended the quarter with ~$715 million cash, ~$76 million in Bitcoin, ~$3.5 billion restricted cash at project entities, and total principal debt of ~ $5.2 billion. Management emphasized a vertically integrated “Built for Hyperscale” execution model, focus on nonrecourse project financing to isolate construction risk, and selective consideration of owning compute or behind‑the‑meter generation where risk‑adjusted returns and credit support make sense. Key near‑term catalysts: construction milestones, early access/rack‑ready dates, and conversion of the pipeline into contracted leases (notably outcomes from ERCOT’s batch process expected in June).