The earnings miss is severe, but the market may look through it given the company's developmental stage and $11.4B contracted backlog. Watch for Barber Lake rental commencement in October 2026 and further HPC lease announcements as key catalysts. The stock could remain under pressure near-term due to continued cash burn and dilution risk from warrants and convertible notes.
Price Chart
Executive Summary
Cipher Digital reported Q2 2026 revenue of $24.8M (down 43% YoY, missing $31.7M consensus) and GAAP EPS of -$0.65 (vs -$0.14 consensus), a strong miss driven by a $150.5M warrant liability charge and rising operating costs. However, operational milestones—early Black Pearl delivery, Apollo site option, and $810M Stingray bond financing—underscore progress on the HPC data center pipeline, with $11.4B in contracted revenue and $793M average annual NOI providing a long-term counterweight to near-term losses.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $24.8M (down 43% YoY from $43.6M; missed $31.7M consensus)
- GAAP EPS -$0.65 vs consensus -$0.14 (miss of -364%)
- Adjusted EBITDA -$30.0M vs +$32.3M YoY (improved sequentially from -$48.2M in Q1 2026)
- Black Pearl data center capacity delivered 2 months early; rent commenced August 2026
- Acquired option for 900 MW Apollo site near San Antonio, Texas
- Completed $810M bond offering to fully fund Stingray data center development
- Total contracted revenue ~$11.4B with ~$793M average annual NOI over base lease term
- Cash and equivalents $4.56B (including restricted); total debt $6.0B
Financial Impact
Revenue miss of ~$6.9M (21.6% below consensus) and EPS miss of $0.51 (364% below consensus); net loss widened to $267.5M from $45.8M YoY
Risk Factors
- Continued negative cash flow from operations and reliance on capital markets for funding
- Dilution from convertible notes ($1.3B at 0.00%, $173M at 1.75%) and warrant liability ($632M)
- Execution risk on 5.3 GW pipeline; delays or cost overruns could strain liquidity
- Bitcoin price volatility impacts mining revenue and bitcoin holdings ($37.8M as of June 30)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001819989-26-000038 |
| Document: cifr-20260804.htm | 0001819989-26-000038 |
| Document: cipherdigital_businessup.htm | 0001819989-26-000038 |
| Document: 0001819989-26-000038-index-headers.html | 0001819989-26-000038 |
| Document: 0001819989-26-000038-index.html | 0001819989-26-000038 |
| Document: 0001819989-26-000038.txt | 0001819989-26-000038 |
| 8-K Data (Synthetic) | 0001819989-26-000038 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 4, 2026 8w ago | 8-K | $20.38 $14.61 | ▲ +28.31% | ▲ +27.07% | $15.54 (+23.75%) |
Jun 18, 2026 15w ago | 144 | $29.18 $17.72 | ▼ −39.27% | ▼ −39.81% | $15.54 (−46.74%) |
Jun 16, 2026 15w ago | 144 | $26.35 $17.72 | ▲ +32.75% | ▲ +34.07% | $15.54 (+41.02%) |
Jun 8, 2026 16w ago | 8-K | $24.29 $21.73 | ▼ −10.54% | ▼ −12.17% | $15.54 (−36.02%) |
May 14, 2026 20w ago | Insider Cluster | $20.33 $26.03 | ▼ −28.04% | ▼ −25.92% | $15.54 (+23.56%) |
May 6, 2026 21w ago | Insider Cluster | $21.91 $26.24 | ▼ −19.76% | ▼ −16.98% | $15.54 (+29.07%) |
May 6, 2026 21w ago | Insider Cluster | $21.91 $26.24 | ▼ −19.76% | ▼ −16.98% | $15.54 (+29.07%) |
May 6, 2026 21w ago | Insider Cluster | $21.91 $26.24 | ▲ +19.76% | ▲ +16.98% | $15.54 (−29.07%) |
May 5, 2026 21w ago | 8-K | $22.10 $26.29 | ▼ −18.96% | ▼ −14.01% | $15.54 (+29.68%) |
May 5, 2026 21w ago | Press Release | $22.10 $26.29 | ▲ +18.96% | ▲ +14.01% | $15.54 (−29.68%) |
US Market Status
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