Cipher Digital (CIFR) Q3 2026 Earnings
GAAP results include a $127,180 thousand non-cash gain on change in fair value of warrant liability, a $13,910 thousand loss on change in fair value of power purchase agreement, and $12,394 thousand of unrealized gains on fair value of bitcoin; basic EPS was $0.08 while diluted EPS was $(0.22)
How Did CIFR Stock React to Q3 2026 Earnings?
Did CIFR Beat Earnings? Q3 2026 Results
No. Cipher Digital reported Q3 2026 earnings of $-0.22 a share on Nov 2, 2026, missing the $-0.16 consensus estimate by 37.5%. Revenue was $26.7M against a $37.5M estimate.
Cipher Digital (NASDAQ: CIFR) delivered a sharply disappointing third quarter of fiscal 2026, missing on both the top and bottom lines as its ongoing pivot away from bitcoin mining left a wide revenue gap that nascent high-performance computing lease income could not yet fill. The company posted GAAP diluted EPS of negative $0.22, missing the consensus estimate of negative $0.16 by 37.50%, though the result included a $127.18 million non-cash gain on the change in fair value of warrant liability, a $13.91 million loss on the change in fair value of its power purchase agreement, and $12.39 million of unrealized gains on the fair value of bitcoin; basic EPS was $0.08. Revenue fell 62.80% year over year to $26.70 million, well short of the $37.49 million consensus, as bitcoin mining revenue collapsed to $20.85 million from $71.71 million a year earlier. Cipher did recognize its first HPC lease revenue of $5.85 million from Black Pearl, and with Barber Lake's amended lease adding roughly $5.20 billion of incremental contracted rent and data hall deliveries scheduled from Q4 2026 through Q1 2027, management is betting that scale will ultimately vindicate a strategy that has so far left investors bruised.
- First HPC lease revenue of $5.852 million following rent commencement at Black Pearl
- Bitcoin mining revenue declined to $20.849 million from $71.707 million a year ago
- $127.18 million non-cash gain on change in fair value of warrant liability drove GAAP net income
- Higher compensation and benefits ($38.555 million) and G&A ($26.359 million) expenses
- Interest expense of $58.994 million on expanded secured debt, partly offset by $32.684 million of interest income
- About 296 BTC mined at Odessa in Q3 2026 at a power cost of about 2.8 cents/kWh
“Cipher was built for this market, and this quarter we took important steps to strengthen our position for the long term.”
Cipher Digital CEO, on the earnings call
What Is Cipher Digital's Outlook?
Construction and delivery: - Multiple data halls at Black Pearl and Barber Lake are scheduled to come online through year-end 2026. - Additional capacity across all three campuses is expected in phases over the coming months. - Barber Lake is expected to deliver its first HPC capacity in Q4 2026, with data halls phased from Q4 2026 through Q1 2027. Construction is on track for the amended milestones. - Stingray shell construction is expected to be completed in Q4 2026. Power and pipeline: - Final ERCOT Batch Zero classifications are expected in December 2026. - Lateral pipelines target gas availability in 2027, with potential for power generation soon after. - Reveille (70 MW) targets energization in Q3 2027 and Ulysses (200 MW) in Q4 2027; both are in HPC lease discussions. - Colchis (1 GW) targets energization in 2028 and Horizon (70 MW) in 2029. - The company is actively discussing up to 1,000 MW of capacity powered by on-site generation, targeted for 2027-2028. The company expects to keep investing earlier in projects and to advance design work before committing to new leases.
CIFR YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $26.7M | $71.7M | −62.8% |
| Operating Income | −$71.9M | −$815.4M | −91.2% |
| Net Income | $31.6M | $2.7M | +1,062.4% |
CIFR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.