EarningsQ2 2026 Earnings Report
MX:CIFR Q2 2026 EPS Results
Actual EPS-$11.75
Consensus EPS-$4.46
Beat/MissMissed by -$7.28
One Year Ago EPS-$2.17
MX:CIFR Q2 2026 Revenue Results
Actual Revenue$448.89M
Expected Revenue$575.84M
Beat/MissMissed by -$126.95M
YoY Revenue Growth-42.99%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeBefore Open
Conference CallTuesday, August 4, 2026
MX:CIFR Upcoming Earnings
Cipher Digital's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:CIFR Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
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.Company Guidance
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.
Material Contracted Cash Flow
Three executed data center campus leases are expected to generate approximately $793 million of average annualized net operating income from October 2026 through September 2036, representing stable, contracted cash flows.
Early Delivery and Rent Commencement at Black Pearl
Delivered initial capacity at Black Pearl two months ahead of schedule at the tenant's request and rent has commenced at the site — demonstrating construction and operational execution capability.
Project Financings Showing Market Confidence
Priced an $810 million senior secured bond for Stingray at a 6% coupon (5‑NC‑2), ~8x oversubscribed and funding ~98% of project costs; this bond priced tighter than prior issuances, indicating investor confidence and improved capital efficiency.
Strong Liquidity and Project Cash Reserves
Restricted project cash totaled ~ $3.7 billion (including ~$3.2 billion reserved for construction and ~$526 million for DSRA/IDC funding) and unrestricted liquidity of ~$870 million (including $832M unrestricted cash and $38M bitcoin), supporting near-term execution without drawing the revolver.
Balance Sheet Growth from Capital Raises
Total assets rose to $7.5 billion, up $3.2 billion or ~75% from $4.3 billion as of December 31, reflecting successful capital raises and deployment into development assets.
Procurement and Construction Progress
Black Pearl has ~96% of equipment secured, Barber Lake 100% equipment secured, and Stingray ~75% secured; construction-in-progress increased to $1.68 billion and property & equipment to $2.13 billion, reflecting active simultaneous builds (Barber Lake, Black Pearl, Stingray).
New Site Option (Apollo) — 900 MW Potential
Acquired an option on the Apollo site (up to 900 MW by 2031) near San Antonio, submitted as a studied load for ERCOT Batch Zero, expanding growth optionality at attractive terms.
Operational Bitcoin Site Producing Cash Flow
Odessa operating 207 MW, producing ~11.6 exahash/s at ~17.2 J/TH and mined ~346 bitcoin in Q2, while management signals potential conversion interest from HPC tenants (shorter path to power).
Strengthened Leadership and Technical Expertise
Key hires added in the quarter, including a Head of Grid Strategies (ex-ERCOT director) and an experienced Google data center build/delivery leader, bolstering interconnection, generation and hyperscaler execution capabilities.
MX:CIFR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed