10-Q · August 4, 2026
Cipher's Q2 revenue was $24.837 million, down 43.0% year over year and 28.7% sequentially, while gross margin compressed to 39.4% and GAAP diluted EPS was negative $0.65. The operating loss widened to $78.536 million,…
Earnings analysis · 10-Q
CIFR earnings analysis
Filed November 2, 2026 · Our reading of the company's report
The latest report
Q3 revenue was $26.701 million and diluted EPS was negative $0.22, missing consensus revenue of $37.960 million and EPS of negative $0.19; the company also reported a $71.915 million operating loss and negative $9.963…
Read full summary
Q3 revenue was $26.701 million and diluted EPS was negative $0.22, missing consensus revenue of $37.960 million and EPS of negative $0.19; the company also reported a $71.915 million operating loss and negative $9.963 million of Adjusted EBITDA. Initial HPC leasing revenue of $5.852 million is a constructive strategic milestone, but it was insufficient to offset continued operating losses and the company’s $6,016 million debt burden. Near-term project execution also faces regulatory uncertainty because ERCOT has paused certain energization approvals pending reviews expected to conclude by December 10, 2026.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.22
- Segment
- HPC leasing: $5.852 million of revenue recognized in Q3 2026
- Segment
- Bitcoin mining: segment revenue not separately disclosed in the provided filing text
What stood out
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HPC leasing revenue commenced
The company recognized $5.852 million of first-time HPC leasing revenue in Q3 2026, marking initial contribution from the HPC leasing segment.
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Enhanced HPC reporting controls
Management stated that disclosure controls were effective at the reasonable assurance level as of September 30, 2026, and implemented enhanced controls over HPC leasing revenue recognition and capital-project costs.
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2030 note balance reduced
The October exchange of approximately $165.9 million of 2030 Convertible Notes for approximately 40.7 million shares reduced the remaining principal of those notes to approximately $6.6 million.
What to watch
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Heavy leverage and financing needs
As of September 30, 2026, total consolidated indebtedness was $6,016 million. The company also issued $850.0 million of 2032 Convertible Notes in October 2026, increasing financing and liquidity exposure.
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ERCOT approvals may delay projects
ERCOT has temporarily paused certain energization approvals for large data-center loads while it conducts verification reviews; ERCOT expects related reports by December 10, 2026. The company said approvals could be delayed, conditioned on network-upgrade funding or financial security, or denied at requested load levels.
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Bitcoin price sensitivity
The company held 310 bitcoin as of September 30, 2026, and estimated that a 10% decrease in bitcoin prices would increase net loss for the nine months ended September 30, 2026 by $2.6 million.
Management's outlook
No quantitative forward revenue or EPS guidance was provided. ERCOT currently expects to issue Batch Zero verification reports by December 10, 2026.
Earlier filings 4
10-Q · May 5, 2026
Cipher Digital Inc. reported Q1 2026 revenue of $34.8 million, which represents a decline from $49 million in Q1 2025, reflecting challenges in the bitcoin mining sector. The company experienced a net loss of $114.3…
10-K · February 24, 2026
Cipher Mining (rebranded to Cipher Digital on February 20, 2026) is pivoting from pure‑play bitcoin mining to developing and operating hyperscale/HPC data centers, reporting a portfolio of 4.2 GW across 10 sites and a…
10-K · February 25, 2025
Cipher Mining describes a dual strategy: scale bitcoin-mining hashrate while diversifying into HPC/data‑center hosting. The filing discloses current capacity of ~327 MW (four sites) and a pipeline of ~2.8 GW across…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.