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Cipher Mining (CIFR)
NASDAQ:CIFR
Earnings Data
Report Date
May 12, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.21Last Year’s EPS
-0.11Same Quarter Last Year
Strong Buy
Based on 9 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a constructive strategic shift toward stable, long-duration HPC lease revenue, marked by large signed leases, a 3.4 GW pipeline, and successful project-level financings that fully fund construction — all supported by meaningful liquidity and improving financing terms. Near-term pain points include a sizable GAAP loss driven by noncash transition items, Q4 revenue decline tied to Bitcoin, impairments, and regulatory/timing risks (ERCOT and lease close timing). Overall, the company appears well-capitalized and de-risked at the project level, with a credible path to predictable contracted cash flows that outweighs the transition-related lowlights.Company Guidance
Strategic Rebrand and Business Pivot
Company formally rebranded as Cipher Mining Inc., shifting from Bitcoin mining toward a pure-play digital infrastructure/HPC developer and operator focused on long-duration contracted leases and predictable cash flows.
Signed Leases Driving Material Contracted Revenue and NOI
Executed two data center campus leases representing 600 MW gross capacity and approximately $9,300,000,000 in contracted revenue, translating to about $669,000,000 average annualized NOI from Oct 2026–Sep 2036 and projected ~ $754,000,000 annual NOI by 2035.
Large-Scale Project Financings Fully Funding Construction
Completed project-level nonrecourse financings that fully fund Barber Lake and Black Pearl through substantial completion: Barber Lake notes raised $1.73B (5-year senior secured at 7.125% incl. $333M tack-on) and Black Pearl raised $2.0B (5-year senior secured at 6.125%). The latter was oversubscribed ~6.5x with ~$13B in orders and included a ~$233,000,000 CapEx reimbursement to the company.
Improving Cost of Capital and Strong Institutional Demand
Sequential financing pricing improvement (approx. 1.0 percentage point improvement from the earlier 7.125% issuance to 6.125% issuance), bonds heavily oversubscribed (6.5x) and allocated to over 200 accounts, and secondary trading at yields below original pricing — signaling growing investor confidence.
Substantial Liquidity and Corporate Flexibility
Corporate liquidity of approximately $754,000,000 as of 12/31/2025 (including ~$628,000,000 cash and ~$125,000,000 in Bitcoin), plus a $233,000,000 CapEx reimbursement that improved corporate liquidity post-financing; management expects no additional equity required to fund currently contracted developments.
3.4 GW Development Pipeline and Site Approvals
Approximately 3.4 GW development pipeline prioritized for HPC. Several high-confidence sites: Stingray (100 MW, interconnection approved, expected energize Q4 2026), Reveille (70 MW, approved, energize 2027), and Ulysses (200 MW in PJM with interconnection approvals, energize 2027). Additional sites (McLean, McKeska, Colchis) progressing through approvals.
On-Site Execution and Construction Progress
Barber Lake construction on schedule: concrete foundations poured, structural steel vertical, interior MEP underway, ~95% of long-lead equipment secured, 100% of necessary workforce contracted, and ~400 personnel on site; Black Pearl development progressing with ~85% of existing infrastructure repurposable for the AWS lease.
Operational Low-Cost Generation at Odessa
Odessa remains operational producing ~11.6 exahash/s supported by 207 MW capacity and a fixed-price PPA at approximately $0.028/kWh, positioning the site among the lowest-cost Bitcoin producers while providing optionality to convert to HPC when economics and contractual terms align.
Strategic Simplification and Risk Management
Sold three 49% JV mining sites (Alborz, Bear, Chief) to Canaan in an all-stock transaction to exit direct mining JV exposure while retaining upside via Canaan equity; all Black Pearl miners sold, marked for sale, or redeployed to Odessa aligned with the strategic pivot.
Talent and Regulatory Strengthening
Added senior hires and depth across construction, engineering, operations and policy (notably hiring Lee Bratcher as Head of Policy and Government Affairs) to navigate ERCOT and support rapid scale of multi-site development.
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
CIFR Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 24, 2026 | $15.22 | $17.12 | +12.48% |
Nov 03, 2025 | $18.65 | $22.76 | +22.04% |
Aug 07, 2025 | $5.21 | $4.87 | -6.53% |
May 06, 2025 | $2.98 | $3.04 | +2.01% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Cipher Mining (CIFR) report earnings?
Cipher Mining (CIFR) is schdueled to report earning on May 12, 2026, Before Open (Confirmed).
What is Cipher Mining (CIFR) earnings time?
Cipher Mining (CIFR) earnings time is at May 12, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CIFR EPS forecast?
CIFR EPS forecast for the fiscal quarter 2026 (Q1) is -0.21.