该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
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.
营收
3483.8万美元
同比 -28.84%
每股收益（稀释）
-0.28美元
同比 -154.55%
营业利润
-1.15亿美元
同比 -200.80%
SEC XBRL 原值
Cipher Digital (CIFR) Q1 FY2026 营收 3483.8万美元，同比下降 28.8%。 营业利润率 -328.9%，去年同期为 -77.8%。 经营活动现金流 9153.1万美元。 CIFR 的财年 Q1 FY2026 对应日历 Q1 2026。
近 4 个季度：0 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | -0.65 | -0.24 | 不及预期 -172.2% |
| 2026年3月本次财报 | -0.28 | -0.24 | 不及预期 -17.1% |
| 2025年12月 | -0.37 | -0.10 | 不及预期 -267.4% |
| 2025年9月 | -0.09 | -0.02 | 不及预期 -276.6% |
2026年3月 实际 EPS -0.28美元，分析师一致预期 -0.24美元，不及预期 -17.1%。
由 AI 基于本次 SEC 报告整理
Revenue fell 28.8% YoY from $49.0M to $34.8M in Q1 2026, while cost of revenue simultaneously rose 18.9% from $14.9M to $17.7M, compressing gross profit and signaling significant margin pressure from rising operational costs relative to declining output or pricing.
来源: 10-Q Income Statement (XBRL Financial Data)
Operating income deteriorated to -$114.6M from -$38.1M in the prior-year period, a -200.8% YoY swing, pushing the operating margin to an extreme -328.9%. This suggests substantial non-cash charges, impairments, or elevated SG&A/overhead costs beyond the cost of revenue line.
来源: 10-Q Income Statement (XBRL Financial Data)
Total assets surged 599.7% YoY from $913.8M to $6.4B, with current assets jumping 2,419.5% to $3.9B and total liabilities rising 3,058.6% to $5.7B. Long-term debt stands at $4.4B, and financing cash flow of $1.96B indicates significant debt or equity capital was raised during the quarter.
来源: 10-Q Balance Sheet & Cash Flow Statement (XBRL Financial Data)
Operating cash flow improved dramatically from -$47.2M to +$91.5M YoY (+293.8%), suggesting that non-cash charges (such as depreciation, amortization, or stock-based compensation) are a major component of the reported net loss, and that the underlying cash generation of the business improved.
来源: 10-Q Cash Flow Statement (XBRL Financial Data)
The debt-to-equity ratio reached 7.92x, reflecting the substantial long-term debt of $4.4B taken on relative to stockholders' equity of $714.2M. While the current ratio of 3.13x indicates adequate short-term liquidity with $715.2M in cash, the high leverage introduces meaningful financial risk going forward.
来源: 10-Q Balance Sheet (XBRL Financial Data)
由 AI 基于本次 SEC 报告整理 · 高 3 中 2 低 0
CIFR's long-term debt reached $4.4B and total liabilities surged to $5.7B in Q1 2026, resulting in a debt-to-equity ratio of 7.92x. This level of leverage significantly increases the company's vulnerability to interest rate changes, refinancing risk, and cash flow shortfalls. If operating performance does not improve materially, debt service obligations could strain liquidity.
来源: 10-Q Balance Sheet (XBRL Financial Data)
The operating margin collapsed to -328.9% in Q1 2026 from -77.8% in Q1 2025, with operating losses of -$114.6M on revenues of only $34.8M. Cost of revenue grew 18.9% even as revenue fell 28.8%, indicating a deteriorating cost structure. Sustained losses at this scale could erode the equity base and require additional capital raises.
来源: 10-Q Income Statement (XBRL Financial Data)
Revenue declined 28.8% YoY to $34.8M, suggesting potential challenges in the company's core business—likely Bitcoin mining—due to factors such as the April 2024 halving event reducing block rewards, higher network difficulty, or lower Bitcoin prices. If this trend continues, the company's ability to cover its significantly expanded cost base is at risk.
来源: 10-Q Income Statement (XBRL Financial Data)
The near-600% expansion in total assets and 3,000%+ increase in liabilities strongly suggest a major acquisition was completed in or around Q1 2026. Large-scale integrations carry significant execution risk, including potential goodwill impairments, operational disruptions, and failure to realize anticipated synergies, which could further pressure earnings.
来源: 10-Q Balance Sheet (XBRL Financial Data)
With EPS deteriorating to -$0.28 from -$0.11 YoY and the company relying on $1.96B in financing cash flows, there is a meaningful risk of continued equity dilution to fund operations and service debt. Share buybacks of only $3.8M are negligible relative to the scale of capital being raised, suggesting net dilution to existing shareholders.
来源: 10-Q Cash Flow Statement & Income Statement (XBRL Financial Data)
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 万美元 | 3483.80 万美元 | 4895.90 万美元 | -28.84% |
营业成本 万美元 | 1770.50 万美元 | 1489.40 万美元 | +18.87% |
营业利润 亿美元 | -1.15 亿美元 | -0.38 亿美元 | -200.80% |
净利润 亿美元 | -1.14 亿美元 | -0.39 亿美元 | -193.31% |
每股收益（基本） 美元 | -0.28 美元 | -0.11 美元 | -154.55% |
每股收益（稀释） 美元 | -0.28 美元 | -0.11 美元 | -154.55% |
答案基于本次 SEC 报告与本页数据