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Cipher Mining
(NASDAQ:CIFR)
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Rating:54Neutral
Price Target:
$16.50
▼(-28.73% Downside)
Action:Reiterated
Date:08/04/26
The score is held down primarily by weak financial performance (sharp TTM revenue decline, negative gross profit, very large losses, and heavy cash burn). Offsetting this, the earnings call highlighted substantial contracted NOI potential and strong financing execution/liquidity to fund development, while technicals are neutral-to-modestly supportive and valuation remains challenged due to ongoing losses and no dividend.
Positive Factors
Contracted long‑term cash flows
A secured ~$793M annualized NOI stream from multi‑year campus leases materially reduces operational revenue volatility tied to Bitcoin mining. These long‑dated, contractually backed cash flows provide predictable income to service debt and fund development, improving long‑term cash flow visibility.
Negative Factors
Negative and worsening cash generation
Sustained negative operating and free cash flow indicates the business consumes capital rather than self‑funding growth. Over a multi‑month horizon this raises dependency on external finance, increases refinancing and dilution risk, and constrains discretionary investment if market access tightens.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted long‑term cash flows
A secured ~$793M annualized NOI stream from multi‑year campus leases materially reduces operational revenue volatility tied to Bitcoin mining. These long‑dated, contractually backed cash flows provide predictable income to service debt and fund development, improving long‑term cash flow visibility.
Read all positive factors
Cipher Mining Key Performance Indicators (KPIs)
Any
Pro Forma MW Mix
Breakdown of the company’s megawatt (MW) capacity across planned, owned, hosted, and contracted facilities, indicating where current and future hashing power will come from. A larger share of owned or long-term contracted MW points to more predictable costs and revenue, while reliance on hosted or uncontracted capacity increases exposure to host terms, power-price swings and delivery timing risk.
Breakdown of the company’s megawatt (MW) capacity across planned, owned, hosted, and contracted facilities, indicating where current and future hashing power will come from. A larger share of owned or long-term contracted MW points to more predictable costs and revenue, while reliance on hosted or uncontracted capacity increases exposure to host terms, power-price swings and delivery timing risk.
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The Fly
The FlyCipher Mining (CIFR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.13B
Dividend YieldN/A
Average Volume (3M)24.69M
Price to Earnings (P/E)―
Beta (1Y)3.27
Revenue GrowthN/A
EPS Growth-525.74%
CountryUS
Employees66
SectorTechnology
Sector Strength88
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-2.87
Shares Outstanding415,030,730
10 Day Avg. Volume26,687,175
30 Day Avg. Volume24,685,902
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)6.99
Price to Sales (P/S)25.15
P/FCF Ratio-8.09
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$30.59Price Target Upside32.14% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)-1.33
Revenue Forecast (FY)$215.17M
Cipher Mining Business Overview & Revenue Model
Company Description
Cipher Mining Inc. is a United States-based technology enterprise actively engaged in the Bitcoin mining sector. Its primary objective involves the development and expansion of cryptocurrency mining operations, specifically tailored for Bitcoin. E...
How the Company Makes Money
Cipher Mining primarily makes money by mining Bitcoin: it operates fleets of specialized mining machines that perform computations to secure the Bitcoin network and, in return, earn Bitcoin block rewards and transaction fees. Revenue is recognized...
Cipher Mining Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational execution (early delivery at Black Pearl), meaningful pipeline scale (5.3 GW portfolio, 4.4 GW pipeline), successful project financings (Stingray $810M at 6%, 8x oversubscribed), robust project cash reserves (~$3.7B restricted) and strengthened team capabilities — all signaling progress toward scale. Short‑term financials showed revenue decline and a materially higher GAAP loss driven largely by a noncash warrant remeasurement and higher interest/operating costs tied to active construction and platform build‑out. Management framed many of the negative headline items as timing or one‑off/noncash impacts and highlighted liquidity and financing progress to support execution. Given the breadth of operational and financing achievements and the balance‑sheet liquidity to fund near‑term commitments, the positives materially outweigh the near‑term accounting and timing headwinds.Positive Updates
Pipeline and Portfolio Scale
Total portfolio of ~5.3 gigawatts across 11 sites, including ~4.4 GW of future pipeline capacity, and 907 MW operating/contracted today — providing multi-year visibility into growth.
Negative Updates
Quarterly Revenue Decline
Revenue for Q2 was $25 million, down from $35 million in Q1 — a sequential decline of approximately 28.6% — primarily reflecting decommissioning of bitcoin mining at Black Pearl as the business transitions to contracted data center revenue.
Read all updates
Q2-2026 Updates
Positive
Negative
Pipeline and Portfolio Scale
Total portfolio of ~5.3 gigawatts across 11 sites, including ~4.4 GW of future pipeline capacity, and 907 MW operating/contracted today — providing multi-year visibility into growth.
Read all positive updates
Company Guidance
Cipher guided that its three executed campus leases should produce approximately $793 million of average annualized net operating income from October 2026 through September 2036, with Black Pearl capacity delivered two months early (rent commenced in August) and Barber Lake Phase 1 (~168 critical IT MW) expected to begin rental payments in October 2026; the company reiterated operating/contracted capacity of 907 MW, a 4.4 GW expected future development pipeline (5.3 GW total across 11 sites), near-term additions of Reveille & Ulysses (~270 gross MW in 2027), Colchis/Mikeska/McLennan (~2.0 GW in 2028–29) and ~2.1 GW from Milsing/Apollo and site expansions in 2030+, and noted equipment procurement status (Black Pearl ~96% secured, Barber Lake 100%, Stingray ~75%); financing guidance included the $810 million Stingray project bond priced at 6% (≈98% of project costs funded, $56.7M reimbursed, ~8x oversubscribed, 5‑non‑call‑2 structure), aggregate debt just over $6.0 billion, restricted project cash ≈$3.7 billion ($3.2B construction + $526M DSRA/IDC), unrestricted cash $832 million plus $38 million in bitcoin for $870 million total unrestricted liquidity (undrawn $200M revolver), and the company said it does not expect to need additional equity based on current forecasts.Cipher Mining Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
42
Neutral
Cash Flow
14
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 191.09M | 223.94M | 151.27M | 126.84M | 3.04M | 0.00 |
| Gross Profit | -38.19M | 63.60M | 28.11M | 76.53M | 2.29M | -4.87K |
| EBITDA | -804.17M | -588.38M | 61.09M | 39.70M | -31.93M | -72.12M |
| Net Income | -1.12B | -822.24M | -44.63M | -25.78M | -39.05M | -72.15M |
Balance Sheet | ||||||
| Total Assets | 7.50B | 4.29B | 855.45M | 566.14M | 418.46M | 354.17M |
| Cash, Cash Equivalents and Short-Term Investments | 831.83M | 628.26M | 5.58M | 86.11M | 11.93M | 209.84M |
| Total Debt | 139.93M | 2.77B | 56.39M | 21.98M | 20.66M | 0.00 |
| Total Liabilities | 6.91B | 3.46B | 173.49M | 74.80M | 75.57M | 636.05K |
| Stockholders Equity | 562.06M | 805.53M | 681.95M | 491.34M | 342.89M | 353.53M |
Cash Flow | ||||||
| Free Cash Flow | -1.50B | -695.86M | -227.01M | -149.26M | -248.83M | -36.78M |
| Operating Cash Flow | -256.49M | -207.94M | -87.51M | -94.24M | -20.91M | -31.67M |
| Investing Cash Flow | -1.02B | -336.61M | -192.13M | 52.76M | -173.91M | -120.14M |
| Financing Cash Flow | 5.76B | 3.19B | 213.51M | 115.66M | -3.09M | 361.65M |
Cipher Mining Technical Analysis
Negative
23.15
Price Trends
22.77
Negative
20.34
Negative
18.63
Negative
Market Momentum
-1.18
Positive
39.21
Neutral
4.72
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CIFR, the sentiment is Negative. The current price of 23.15 is above the 20-day moving average (MA) of 20.58, above the 50-day MA of 22.77, and above the 200-day MA of 18.63, indicating a bearish trend. The MACD of -1.18 indicates Positive momentum. The RSI at 39.21 is Neutral, neither overbought nor oversold. The STOCH value of 4.72 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CIFR.
Cipher Mining Risk Analysis
Cipher Mining disclosed 62 risk factors in its most recent earnings report. Cipher Mining reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cipher Mining Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $7.13B | -5.69 | -156.28% | ― | ― | -525.74% | |
51 Neutral | $7.76B | -5.27 | -28.78% | ― | 42.40% | -72.16% | |
51 Neutral | $8.52B | -3.68 | -850.44% | ― | 14.65% | -1179.58% | |
50 Neutral | $3.90B | -1.02 | -127.26% | ― | 0.73% | -642.27% | |
44 Neutral | $471.14M | -2.48 | -29.89% | ― | 2495.03% | 86.92% | |
44 Neutral | $481.88M | -2.72 | -0.14% | ― | 13.14% | 4.89% |
* Technology Sector Average
CIFR
Cipher Mining
16.33
11.57
243.07%
RIOT
Riot Platforms
19.40
8.29
74.62%
WULF
TeraWulf Inc
16.20
10.80
200.00%
MARA
MARA Holdings
9.56
-6.10
-38.95%
ABTC
American Bitcoin Corp
7.07
-89.68
-92.69%
BTBT
Bit Digital
1.30
-1.70
-56.67%
Cipher Mining Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Cipher Mining Advances Data Center Expansion and Financing
Positive
Aug 4, 2026
On August 4, 2026, Cipher reported second-quarter 2026 results and a business update highlighting accelerated delivery of initial data center capacity at its Black Pearl campus for an investment-grade hyperscale tenant, with rent commencing ahead ...
Business Operations and StrategyPrivate Placements and Financing
Cipher Mining Secures $810 Million for Stingray Facility
Positive
Jun 15, 2026
On June 15, 2026, Cipher’s indirect subsidiary Stingray Compute LLC completed a private offering of $810 million of 6.000% Senior Secured Notes due 2031, sold at 99.750% of par to institutional and non-U.S. investors under Rule 144A and Regu...
Business Operations and StrategyPrivate Placements and Financing
Cipher Mining Subsidiary Prices $810M Senior Notes Offering
Positive
Jun 9, 2026
On June 8, 2026, Cipher Digital announced that its indirect subsidiary Stingray Compute LLC priced an offering of $810 million in 6.000% senior secured notes due 2031 at 99.750% of par, in a private placement to qualified institutional buyers and ...
Executive/Board ChangesShareholder Meetings
Cipher Mining Shareholders Back Board, Pay and Auditor
Positive
Jun 8, 2026
On June 2, 2026, Cipher Mining held its 2026 annual meeting of stockholders, with approximately 66.24% of outstanding shares represented, and shareholders elected Thomas Duda, James Newsome, and Wesley Williams as directors for terms expiring at t...
Business Operations and StrategyPrivate Placements and Financing
Cipher Mining Announces Major Stingray Data Center Financing
Positive
Jun 8, 2026
On June 8, 2026, Cipher Digital announced that its wholly owned indirect subsidiary Stingray Compute LLC plans a private offering of $810 million in senior secured notes due 2031 to qualified institutional buyers and certain non‑U.S. investo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.