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Cipher Mining

Cipher Mining (CIFR) Q2 2026 Earnings

Reported Aug 4, 2026 at 7:37 AM ET · SEC Source

Q2 26 EPS

$-0.65

MISS 381.48%

Est. $-0.14

Q2 26 Revenue

$24.8M

MISS 21.71%

Est. $31.7M

vs S&P Since Q2 26

-25.6%

TRAILING MARKET

CIFR -25.0% vs S&P +0.6%

Market Reaction

Did CIFR Beat Earnings? Q2 2026 Results

Cipher Digital Inc. Delivered a deeply disappointing second quarter for fiscal 2026, missing on both the top and bottom lines as its bitcoin-to-HPC transition weighed heavily on near-term financials. The company posted a loss of $0.65 per share, fall… Read more Cipher Digital Inc. Delivered a deeply disappointing second quarter for fiscal 2026, missing on both the top and bottom lines as its bitcoin-to-HPC transition weighed heavily on near-term financials. The company posted a loss of $0.65 per share, falling well short of the consensus estimate of $0.14 and representing a 381.48% miss, while revenue of $24.84 million trailed expectations by 21.71% and slid 43.00% from the $43.56 million recorded a year ago. The primary culprit was a $150.51 million non-cash charge tied to warrant liability fair-value adjustments, which ballooned the GAAP net loss to $267.53 million and pushed adjusted EBITDA to negative $29.99 million from positive $32.34 million in the prior-year period. Despite the headline weakness, the company's strategic pivot showed tangible progress, with its Black Pearl data center campus delivering initial capacity two months ahead of schedule and rental payments commencing in August. With Barber Lake rental payments expected in October and an $810.00 million bond offering fully funding the Stingray facility, Cipher's contracted portfolio, targeting roughly $793.00 million in average annualized NOI, positions the company for a materially different revenue profile in coming quarters, though institutional investors are closely watching execution against those projections.

Key Takeaways

  • • Bitcoin mining revenue declined year-over-year as company pivots to HPC data center development
  • • Large non-cash warrant liability fair value change of $150.5 million drove widened net loss
  • • Interest expense of $66.7 million reflecting scaled-up project-level debt financing
  • • Share-based compensation of $30.5 million, up from $10.5 million year-over-year
  • • Approximately 346 BTC mined at Odessa in Q2 2026 at ~2.8 cents/kWh power cost

CIFR Forward Guidance & Outlook

Cipher expects significant additional progress in Q3 2026, including continued construction at Black Pearl (remaining Phase I and Phase II), expected initial delivery at Barber Lake with rental payments commencing in October 2026, and advancement of Stingray construction with concrete foundations and steel erection beginning in Q3. The company projects contracted capacity to generate approximately $793 million of average annualized NOI over the base lease terms. The grid pipeline targets approximately 5.3 GW of total portfolio capacity by 2030+, with 270 MW expected to be energized in 2027, 2,000 MW in 2028-2029, and 2,100 MW in 2030+.

24/7 Wall St

CIFR YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

CIFR Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“We are proud to have delivered our first HPC data center capacity ahead of schedule and announce that rent has commenced at the site. This accelerated delivery proves we can execute at scale, with speed, and without compromise in a challenging environment. As we continue to acquire new sites and sign new deals, our foundation of disciplined execution is what truly sets us apart.”

— Tyler Page, Q2 2026 Earnings Press Release

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