Quarterly ResultMay 5, 2026, 09:12 AM
Cipher Digital Q1 Net Loss $114.3M; Revenue $34.8M
AI Summary
Cipher Digital Inc. reported a net loss of $114.3 million for the three months ended March 31, 2026, significantly wider than the $39.0 million loss in the prior year period. Revenue from bitcoin mining decreased to $34.8 million from $49.0 million. The company is actively developing industrial-scale data centers for high-performance compute (HPC) hosting, retrofitting its Black Pearl Facility and building the Barber Lake Facility, with phased delivery expected to commence in 2026. The company also secured a new $200.0 million revolving credit facility and $1.97 billion in proceeds from notes.
Key Highlights
- Net loss for Q1 2026 was $114.3 million, compared to $39.0 million in Q1 2025.
- Bitcoin mining revenue for Q1 2026 decreased to $34.8 million from $49.0 million in Q1 2025.
- Total assets grew to $6.39 billion as of March 31, 2026, from $4.29 billion at year-end 2025.
- Total liabilities increased to $5.65 billion as of March 31, 2026, from $3.46 billion at year-end 2025.
- Net cash provided by operating activities was $91.5 million in Q1 2026, reversing a $47.2 million outflow in Q1 2025.
- Capital expenditures for property and equipment totaled $554.0 million in Q1 2026.
- Secured $1.97 billion in proceeds from notes, net of issuance costs, in Q1 2026.
- Entered into a new $200.0 million revolving credit facility maturing March 2030.
Price Impact
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