Cipher Mining Inc: Mixed — EPS -$0.22, Revenue $26.7M
Mixed ResultQ3 2026 · Pre-market
Did Cipher Mining Inc (CIFR) beat earnings today?
It was a mixed report for Q3 2026 — Cipher Mining Inc (CIFR) beat on EPS but missed on revenue.
Earnings Per Share+15.38% surprise
-$0.22Actual
Expected: -$0.26
vs. year ago -2100.0%
Total Revenue-28.78% surprise
$26.7MActual
Expected: $37.49M
vs. year ago -62.8%
Released Nov 02 · 7:00 AM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $26.70M | $71.71M | -62.8% |
| Revenue detail — reported lines | |||
| └─bitcoin mining | $20.85M | $71.71M | -70.9% |
| └─HPC leasing | $5.85M | - | - |
| Net income | $31.60M | $(3.283)M | - |
| GAAP Basic EPS | $0.08 | $(0.01) | - |
| GAAP Diluted EPS | $(0.22) | $(0.01) | - |
Business Highlights
- ➤Recognized first HPC lease revenue following rent commencement at Black Pearl.
- ➤Delivered first capacity at Black Pearl; additional campus capacity is phased through year-end.
- ➤Expanded the Barber Lake lease to a 20-year term with a leading AI lab.
- ➤Acquired Horizon, a 70 MW Texas site expected to energize in 2029.
- ➤Received conditional 1 GW base load classification for Colchis through ERCOT Batch Zero.
- ➤Received conditional studied-load classifications with PCLR designations for an additional 1.6 GW.
- ➤Commenced lateral-pipeline development supporting up to 2.5 GW of potential on-site generation.
- ➤Pipeline includes 270 MW of capacity available in 2027 for advancing tenant discussions.
- ➤Development pipeline totals approximately 5.9 GW.
- ➤Completed an $850 million 0.000% convertible senior notes offering due 2032.
- ➤Equitized approximately $165.9 million of 1.750% convertible notes due 2030.
- ➤Stingray construction is advancing; shell construction is expected in the fourth quarter.
Management Commentary
Tyler Page, Chief Executive Officer
“Cipher was built for this market, and this quarter we took important steps to strengthen our position for the long term. The decisions we made early on about who we partner with, how we structure our projects, how we navigate a dynamic regulatory environment and how we engage with our communities were made for exactly these conditions. Demand for compute is growing, and our relationships with leading hyperscalers and AI labs are deepening. We are adding new capacity to our pipeline, investing earlier in every project and advancing design work before committing to new leases, so we are well positioned for our next phase of growth.”