The core bitcoin mining business is in structural decline as Cipher pivots to data center development. The $200M revolver and $5.2B debt load create significant financial risk if construction milestones slip or hyperscale tenants delay. Watch for Q2 2026 construction updates on Barber Lake and Black Pearl — any delay would pressure the stock further given the negative EBITDA trajectory.
Price Chart
Executive Summary
Cipher Digital reported Q1 2026 bitcoin mining revenue of $34.8M, down 29% YoY from $49.0M, and a GAAP net loss of $114.3M ($0.28/share) vs a $39.0M loss ($0.11/share) a year ago. Adjusted EBITDA swung to negative $48.2M from positive $7.5M. The company signed a third hyperscale AI data center lease and secured a $200M revolving credit facility, but the core mining business is shrinking sharply as it transitions to a data center developer model.
Key Financial Metrics
Key Facts
- Q1 2026 bitcoin mining revenue $34.8M, down 29% YoY from $49.0M
- GAAP net loss $114.3M ($0.28/share) vs $39.0M loss ($0.11/share) in Q1 2025
- Adjusted EBITDA negative $48.2M vs positive $7.5M in Q1 2025
- Operating loss widened to $114.6M from $38.1M YoY
- Signed third AI data center campus lease with investment-grade hyperscale tenant
- Closed $200M revolving credit facility with syndicate of global banks
- Total debt $5.2B vs market cap $7.3B; net debt $960M
- Bitcoin holdings fell to $76.2M from $125.4M at year-end 2025
- Realized losses on bitcoin sales of $24.2M in Q1 2026 vs gains of $12.2M in Q1 2025
- Share-based compensation surged to $27.0M from $9.1M YoY
Financial Impact
Revenue decline of $14.1M (29% YoY), net loss increase of $75.3M, Adjusted EBITDA swing of $55.7M negative
Risk Factors
- Bitcoin mining revenue declining as hashpower is redirected to data center buildout
- Massive debt load ($5.2B) with interest expense of $59.2M in Q1 alone, consuming all operating cash flow
- Negative Adjusted EBITDA of $48.2M with no near-term path to profitability
- Transition risk: company is shifting from mining to data center development, a capital-intensive business with execution risk
- Share-based compensation tripled to $27M, diluting existing shareholders
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001819989-26-000025 |
| Exhibit: exh992cipherdigital_busi.htm | 0001819989-26-000025 |
| Document: cifr-20260505.htm | 0001819989-26-000025 |
| Document: 0001819989-26-000025-index-headers.html | 0001819989-26-000025 |
| Document: 0001819989-26-000025-index.html | 0001819989-26-000025 |
| Document: 0001819989-26-000025.txt | 0001819989-26-000025 |
| 8-K Data (Synthetic) | 0001819989-26-000025 |
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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