Cipher Digital Inc. (CIFR) Form 10-Q — Nov 2, 2026
Cipher Digital's Q3 2026 revenue fell 63% YoY to $26.7M as its 300 MW Black Pearl site was converted from bitcoin mining to HPC hosting, with the first $5.9M of HPC leasing revenue commencing in August 2026. The company reported Q3 net income of $31.6M, but this was driven almost entirely by a $127.2M non-cash gain on the Google warrant liability rather than operations. The nine-month picture remains deeply loss-making: a $350.2M net loss, $283.2M of operating cash burn, and a $1.35B accumulated deficit.
Key figures
- Eps
- 0.08
- Revenue
- 26701000
- Net Income
- 31596000
- Total Debt
- 6016312000
- Revenue Yoy
- -62.8%
- Total Assets
- 7666054000
- Cash Position
- 656009000
- Shares Outstanding
- 456365113
- Q3 2025 revenue
- 71707000
- Stockholders equity
- 600255000
- Google backstop asset
- 544500000
- Subsequent 2032 notes
- 850000000
- Q3 hpc leasing revenue
- 5852000
- Restricted cash current
- 1719403000
- Atm proceeds nine months
- 129193000
- Google warrant liability
- 504880000
- Black pearl secured notes
- 2000000000
- Q3 bitcoin mining revenue
- 20849000
- Convertible exchange shares
- 40700000
AI analysis
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