Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Cipher Digital’s Q2 FY2026 was defined by its strategic pivot to HPC data center development, as the company expanded its project pipeline and secured significant financing. The net loss widened to $267.5 million, primarily driven by a $150.5 million non-cash loss from the revaluation of warrant liabilities and higher stock-based compensation. Bitcoin mining revenue fell due to lower prices, but progress on HPC leases, including an option for a 900 MW site, underscored the long-term growth strategy.
Revenue
$24.84M
-42.99% YoY
EPS (Diluted)
-$0.65
-441.67% YoY
Operating Income
-$78.54M
-73.59% YoY
Source: SEC XBRL
Cipher Digital (CIFR) reported Q2 FY2026 revenue of $24.84M, down 43.0% year over year. Operating margin was -316.2%, against -103.9% a year earlier. CIFR's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 0 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Mar 2026 | -0.28 | -0.24 | Miss -17.1% |
| Dec 2025 | -0.37 | -0.10 | Miss -267.4% |
| Sep 2025 | -0.09 | -0.02 | Miss -276.6% |
| Jun 2025 | -0.12 | -0.07 | Miss -60.6% |
Compiled by AI from 10-Q Item 2 of this filing
Management emphasizes the evolution from a pure-play bitcoin miner to a vertically integrated HPC data center developer, with a portfolio of 5.3 GW across 11 sites and three executed HPC leases.
Source: 10-Q Item 2 MD&A
The company entered an option agreement to acquire a 900 MW site in Texas and amended the Black Pearl lease to accelerate first capacity delivery to July 31, 2026.
Source: 10-Q Item 2 MD&A
Compensation and benefits rose to $42.4 million from $15.7 million, driven by stock-based compensation related to new awards granted in the current year.
Source: 10-Q Item 2 MD&A
Total other expenses of $188.6 million included a $150.5 million non-cash loss from the change in fair value of warrant liability.
Source: 10-Q Item 2 MD&A
Compiled by AI from 10-Q Item 1A of this filing · 4 high, 1 medium, 0 low
Dependence on third parties for substation construction and grid access could delay projects, increase costs, and breach lease commitments, materially impacting operations.
Source: 10-Q Item 1A Risk Factors
Reliance on external contractors and specialized equipment introduces risks of delays, cost overruns, and supply chain disruptions that could impair data center development.
Source: 10-Q Item 1A Risk Factors
Competition for skilled construction labor in West Texas may raise costs and cause delays, with potential shortages exacerbated by large-scale infrastructure projects in the region.
Source: 10-Q Item 1A Risk Factors
Growing opposition to data center development, including environmental and anti-growth concerns, could lead to moratoria, restrictive zoning, and project delays or cancellations.
Source: 10-Q Item 1A Risk Factors
Total consolidated debt of $6,016 million as of June 30, 2026, limits financial flexibility, increases vulnerability to adverse conditions, and requires substantial cash for debt service.
Source: 10-Q Item 1A Risk Factors
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $M | 24.84 $M | 43.57 $M | -42.99% |
Cost of Revenue $M | 15.05 $M | 15.33 $M | -1.85% |
Operating Income $M | -78.54 $M | -45.24 $M | -73.59% |
Net Income $M | -267.53 $M | -45.78 $M | -484.37% |
EPS (Basic) $ | -0.65 $ | -0.12 $ | -441.67% |
EPS (Diluted) $ | -0.65 $ | -0.12 $ | -441.67% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
CIFR reported a sharp revenue decline of 28.8% YoY to $34.8M in Q1 2026, while net losses widened dramatically to -$114.3M, though the company's balance sheet expanded nearly 6x to $6.4B in total assets—likely reflecting a major acquisition or capital raise—and operating cash flow turned positive at $91.5M.
CIFR reported 48% revenue growth to $223.9M in FY2025, but swung to a massive net loss of $822.2M (vs. -$44.6M prior year) driven by a dramatic expansion in long-term debt to $2.71B and surging operating losses, reflecting aggressive capital deployment into its bitcoin mining and data center strategy.