Cipher Digital (CIFR) investor relations material

Executive summary

• Three contracted HPC campuses total 700 MW, with $16.6B of base-term revenue, a 17.3-year weighted average lease term and projected average annualized NOI of $864M.

• The development platform spans ~6.8 GW across 11 sites, including a ~5.9 GW near-term pipeline and ~4.3 GW of grid capacity.

• Growth strategy emphasizes long-term colocation leases, disciplined project returns and upfront design and procurement to manage execution risk.

Financial highlights

• Q3 revenue was $26.7M, including $20.8M from Bitcoin Mining and $5.9M from HPC Leasing; Q3 2025 revenue was $71.7M.

• GAAP net income was $31.6M versus a $267.5M Q2 loss and a $3.3M year-earlier loss; a $127.2M noncash warrant fair-value gain contributed to the result.

• Adjusted EBITDA was a $10.0M loss versus a $30.0M Q2 loss and $40.8M income in Q3 2025.

Outlook and guidance

• Barber Lake data halls are scheduled for phased delivery from Q4 2026 through Q1 2027; Black Pearl halls are also progressing toward phased readiness through year-end.

• Gas lateral pipelines are being developed to support up to 2.5 GW of potential on-site generation, with gas availability targeted for 2027.

• Reveille targets energization in Q3 2027, Ulysses in Q4 2027 and Colchis in 2028, subject to ERCOT processes and classifications.

• Management cited continuing inflation and labor-cost pressure in 2027; tenants have shown willingness to consider rent increases tied to financing costs and upfront CapEx reimbursement.