CIFR · Cipher Digital reported Q3 2026 revenue of $27M (below $38.2M…

Cipher Digital reported Q3 2026 revenue of $27M (below $38.2M consensus) and GAAP net income of $31.6M, driven by a $127M non-cash gain on warrant liability. Adjusted EBITDA was negative $10M vs positive $40.8M a year ago. Bitcoin mining revenue collapsed 71% YoY to $20.8M, though first HPC lease revenue of $5.9M was recognized. The Barber Lake lease expansion to 20 years adds $5.2B of incremental contracted revenue, totaling $9.1B.

• Q3 2026 total revenue $26.7M, down 63% from $71.7M YoY, missing $38.2M consensus
• Bitcoin mining revenue $20.8M, down 71% YoY from $71.7M
• First HPC lease revenue recognized: $5.9M
• GAAP net income $31.6M vs net loss $3.3M YoY, driven by $127.2M non-cash gain on warrant liability