The massive EPS miss and negative Adjusted EBITDA are concerning, but the hyperscale lease signing and $200M credit facility signal strong demand and liquidity for data center buildout. Monitor the Q2 2026 earnings for initial revenue contribution from the new lease and progress on Barber Lake/Black Pearl timelines — these are the real catalysts, not the current quarter's numbers.
Price Chart
Executive Summary
Cipher Digital reported Q1 2026 revenue of $35M (slightly below $36.5M consensus) and a GAAP EPS loss of -$0.28, far worse than the -$0.04 consensus estimate. The headline miss is severe, but the press release focuses on operational milestones — topping out the Barber Lake building, signing a third hyperscale AI data center campus lease, and securing a $200M revolving credit facility — which are forward-looking positives that may offset the weak quarterly financials.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $35M vs $36.5M consensus (miss)
- GAAP EPS -$0.28 vs consensus -$0.04 (massive miss)
- Adjusted EBITDA of -$48M vs +$7.5M in Q1 2025
- Bitcoin mining revenue declined to $34.8M from $49.0M YoY
- Signed third AI data center campus lease with investment-grade hyperscale tenant
- Secured $200M revolving credit facility from global financial institutions
- Barber Lake data center topped out in April; Black Pearl Phase I retrofitting on schedule
- Cash and restricted cash totaled $1.23B as of March 31, 2026
- Total assets grew to $6.4B from $4.3B at year-end 2025
- Long-term borrowings increased to $4.4B from $2.7B
Financial Impact
Revenue miss of ~$1.5M vs consensus; EPS miss of -$0.24 vs consensus; Adjusted EBITDA swung from +$7.5M to -$48M YoY
Risk Factors
- Bitcoin mining revenue continues to decline YoY, exposing reliance on volatile crypto markets
- Adjusted EBITDA deeply negative at -$48M, with interest expense ballooning to $59M
- Long-term debt of $4.4B raises leverage concerns despite $1.2B cash position
- EPS miss of 600%+ vs consensus could trigger sell-off from momentum traders
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3287531 |
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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