Cipher Digital (CIFR) Q2 2026 earnings summary

Executive summary

• Delivered first data center capacity at Black Pearl ahead of schedule, with rent commencing in August 2026, strengthening credibility and supporting future financing.

• Secured an option for a new 900 MW Apollo site near San Antonio, Texas, and expanded the development pipeline to 5.3 GW across 11 sites.

• Completed $810 million bond offering to fully fund Stingray data center development, with construction progressing and major site preparation underway.

• Continued investment in team expertise, including key hires from ERCOT and Google to strengthen site origination and engineering capabilities.

• Transitioned from pure-play bitcoin mining to a vertically integrated data center developer and operator, focusing on high-performance compute (HPC) and AI-driven infrastructure.

Financial highlights

• Q2 2026 revenue was $24.8 million to $25 million, down from $43.6 million in Q2 2025, reflecting the transition from bitcoin mining to contracted data center revenue.

• Reported GAAP net loss of $267.5 million ($0.65 per diluted share) for Q2 2026, up from $45.8 million to $114.3 million loss in Q2 2025, mainly due to non-cash warrant remeasurement and lower bitcoin prices.

• Adjusted EBITDA for Q2 2026 was negative $30 million to $(216.9) million, compared to positive $32.3 million to $(45.8) million in Q2 2025.

• Cash and cash equivalents stood at $831.8 million to $832 million as of June 30, 2026.

• Compensation and benefits increased significantly due to stock-based compensation and new hires.

Outlook and guidance

• Expecting stable, visible, and contracted net operating income of ~$793 million annually from October 2026 through September 2036 from three executed data center leases.

• Pipeline grid capacity expected to reach 5.3 GW by 2030+ across 11 sites, with strong tenant interest and improving lease terms.

• Management expects to meet operating and capital requirements for at least 12 months, supported by financial resources and project-level financing.

• No additional equity required for near-term commitments based on current liquidity and forecasts.