Want to see CIFR full AI Analyst Report?
Top Page
Cipher Digital
(NASDAQ:CIFR)
Select Model
Select Model
Rating:50Neutral
Price Target:
$7.50
▼(-54.02% Downside)
Action:Reiterated
Date:10/17/26
The score is held down primarily by weak financial performance (sharp TTM revenue contraction, negative gross profit, very large losses, and significant cash burn). Technicals also point to a strong downtrend despite oversold readings. These are partially offset by a relatively strong earnings-call outlook featuring sizable contracted NOI guidance, early project execution, and demonstrated access to financing and liquidity to fund build-outs.
Positive Factors
Long-term contracted revenue
The 20-year Barber Lake commitment materially improves revenue visibility and supports a transition toward contracted data-center economics. Phased rent commencement from late 2026 also links future cash flows to delivered capacity, creating a durable foundation beyond volatile Bitcoin-mining revenue.
Negative Factors
Weak profitability and cash generation
The core financial profile remains materially loss-making, with declining revenue, negative gross profit, and substantial cash consumption. This weak internal funding capacity increases reliance on financing and successful project ramp-up, making execution especially important over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Long-term contracted revenue
The 20-year Barber Lake commitment materially improves revenue visibility and supports a transition toward contracted data-center economics. Phased rent commencement from late 2026 also links future cash flows to delivered capacity, creating a durable foundation beyond volatile Bitcoin-mining revenue.
Read all positive factors
Cipher Digital 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.
Data provided by:
The Fly
The FlyCipher Digital (CIFR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.20B
Dividend YieldN/A
Average Volume (3M)42.35M
Price to Earnings (P/E)―
Beta (1Y)3.45
Revenue Growth20.30%
EPS Growth-525.74%
CountryUS
Employees66
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)-2.87
Shares Outstanding415,030,730
10 Day Avg. Volume59,068,239
30 Day Avg. Volume42,350,681
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 Cap3.62
Enterprise Value/Revenue60.62
Enterprise Value/Gross Profit-303.31
Enterprise Value/Ebitda-14.38
Forecast
1Y Price Target
$26.75Price Target Upside64.01% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)-1.3
Revenue Forecast (FY)$212.32M
Cipher Digital 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 primarily makes money by earning Bitcoin from mining (validating transactions and securing the Bitcoin network) and recognizing revenue based on the Bitcoin it successfully mines. The core driver of revenue is the company’s deployed mining ...
Cipher Digital Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 02, 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 Digital 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 | -805.59M | -588.38M | 61.09M | 39.70M | -31.93M | -72.15M |
| 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 | 4.06B | 628.26M | 5.58M | 86.11M | 11.93M | 209.84M |
| Total Debt | 5.59B | 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 | -151.63M |
| 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 Digital Technical Analysis
Negative
16.31
Price Trends
14.87
Negative
18.51
Negative
17.94
Negative
Market Momentum
-2.30
Positive
20.09
Positive
4.46
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 16.31 is above the 20-day moving average (MA) of 12.01, above the 50-day MA of 14.87, and below the 200-day MA of 17.94, indicating a bearish trend. The MACD of -2.30 indicates Positive momentum. The RSI at 20.09 is Positive, neither overbought nor oversold. The STOCH value of 4.46 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CIFR.
Cipher Digital Risk Analysis
Cipher Digital disclosed 66 risk factors in its most recent earnings report. Cipher Digital 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 Digital 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% | |
58 Neutral | $4.45B | 7.92 | 12.75% | ― | 12.29% | 2348.25% | |
53 Neutral | $431.08M | -192.71 | -9.03% | ― | -93.81% | 14.04% | |
50 Neutral | $3.20B | -2.69 | -156.28% | ― | 20.30% | -525.74% | |
50 Neutral | $10.29B | -13.97 | -22.97% | ― | 42.04% | -367.00% | |
49 Neutral | $5.39B | -10.87 | -28.04% | ― | 289.85% | -43.01% | |
47 Neutral | $1.12B | -3.02 | -47.06% | ― | 22.57% | -3928.75% |
* Technology Sector Average
CIFR
Cipher Digital
7.71
-12.25
-61.37%
VNET
VNET Group, Inc. Sponsored ADR
3.93
-6.31
-61.62%
GDS
GDS Holdings
22.81
-13.06
-36.41%
APLD
Applied Digital Corporation
17.83
-16.50
-48.06%
IREN
IREN
25.43
-36.99
-59.26%
WYFI
WhiteFiber, Inc.
9.52
-24.32
-71.87%
Cipher Digital Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Cipher Digital Issues New Convertible Senior Notes Offering
Positive
Oct 16, 2026
On October 16, 2026, Cipher Digital issued $850 million of 0.00% Convertible Senior Notes due 2032, with an option for initial purchasers to buy an additional $150 million, establishing a new layer of senior unsecured financing alongside its exist...
Business Operations and StrategyPrivate Placements and Financing
Cipher Digital Prices $850M Convertible Notes Offering
Positive
Oct 14, 2026
On October 14, 2026, Cipher Digital priced a private offering of $850 million of 0.00% convertible senior notes due 2032 for qualified institutional buyers, with an option for purchasers to buy an additional $150 million, and expects settlement on...
Business Operations and StrategyPrivate Placements and Financing
Cipher Digital Announces Major Convertible Notes Offering
Positive
Oct 13, 2026
On October 13, 2026, Cipher Digital announced plans to issue $850 million of convertible senior notes due 2032 in a private Rule 144A offering to qualified institutional buyers, with an option for initial purchasers to buy an additional $150 milli...
Business Operations and StrategyFinancial Disclosures
Cipher Digital Secures Major 10-Year AI Lab Commitment
Positive
Sep 25, 2026
On September 25, 2026, Cipher Digital announced that it had amended its Barber Lake lease in Colorado City, Texas and secured a binding 10-year commitment from a leading AI lab, extending the facility’s contracted term from 10 to 20 years. T...
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 ...
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.