Cipher Mining (CIFR)
NASDAQ:CIFR
Want to see CIFR full AI Analyst Report?
Top Page
Cipher Mining
(NASDAQ:CIFR)
Select Model
Select Model
Rating:58Neutral
Price Target:
$18.50
▼(-4.49% Downside)
Action:ReiteratedDate:05/05/26
The score is held back primarily by weak financial performance (ongoing losses and cash burn, with a notable 2025 setback). Offsetting this, the latest earnings call guidance emphasized substantial contracted long-term revenue/NOI visibility and financing/execution progress, while technicals show a constructive uptrend above key moving averages.
Positive Factors
Contracted Revenue Visibility
A multi-billion dollar, 10–15 year contracted revenue base with material annualized NOI provides durable cash-flow visibility. Long-term hyperscaler leases reduce counterparty risk, underpinning project finance economics and enabling predictable revenue to support capex recovery and debt service over the medium term.
Negative Factors
Weak Cash Generation
Sustained negative operating cashflow and deep free cash‑flow deficits show the business is not self‑funding. Persistent cash burn increases reliance on capital markets or project financing, raises dilution and refinancing risk, and constrains the company's ability to absorb delays or fund incremental growth from internal cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted Revenue Visibility
A multi-billion dollar, 10–15 year contracted revenue base with material annualized NOI provides durable cash-flow visibility. Long-term hyperscaler leases reduce counterparty risk, underpinning project finance economics and enabling predictable revenue to support capex recovery and debt service over the medium term.
Read all positive factors
Cipher Mining (CIFR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.96B
Dividend YieldN/A
Average Volume (3M)24.09M
Price to Earnings (P/E)―
Beta (1Y)3.46
Revenue Growth37.96%
EPS Growth-506.10%
CountryUS
Employees43
SectorTechnology
Sector Strength88
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-2.17
Shares Outstanding405,912,960
10 Day Avg. Volume26,679,690
30 Day Avg. Volume24,094,562
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)6.99
Price to Sales (P/S)25.15
P/FCF Ratio-8.09
Enterprise Value/Market Cap0.90
Enterprise Value/Revenue35.95
Enterprise Value/Gross Profit-59.47
Enterprise Value/Ebitda273.28
Forecast
1Y Price Target
$28.39Price Target Upside46.56% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)-0.88
Revenue Forecast (FY)$261.26M
Cipher Mining Business Overview & Revenue Model
Company Description
Cipher Mining Inc., a technology company, operates in the bitcoin mining ecosystem in the United States. It engages in developing and growing a cryptocurrency mining business that specializes in bitcoin. The company was incorporated in 2021 and is...
How the Company Makes Money
Cipher Mining primarily makes money by mining Bitcoin. It earns revenue when it successfully validates blocks and receives Bitcoin-denominated block rewards and transaction fees; these mined Bitcoins are recognized as revenue based on the market p...
Cipher Mining Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call emphasized strong execution across leasing, financing, and construction — with three hyperscaler campus leases, a $2.0B project bond, a $200M corporate revolver, a large contracted revenue base ($11.4B) and a multi-gigawatt pipeline. Operational milestones (Barber Lake topping out, Black Pearl retrofit progress), high procurement completion rates, and a substantial liquidity position underpin confidence in delivery. Key negatives include a marked QoQ revenue decline (-41.7%) tied to the planned mining wind-down, elevated leverage (~$5.2B) and higher interest expense (+~78.8%), working capital pressure (accounts payable +~395%), and dependency on ERCOT interconnect outcomes for mid-term pipeline conversion. On balance the company highlighted numerous execution and financing wins that materially de-risk development and create visible contracted cash flows, while acknowledging specific near-term revenue and financing headwinds.Positive Updates
Third Hyperscale Campus Lease Signed
Executed a 15-year campus lease with an investment-grade hyperscale tenant, representing the third consecutive long-term hyperscaler lease in ~8 months; contributes to a contracted portfolio anchored by world-class counterparties.
Negative Updates
Quarterly Revenue Decline from Mining Wind-Down
Revenue fell to $35 million in Q1 from $60 million in Q4, a decline of ~41.7% quarter-over-quarter, primarily due to the planned wind down and decommissioning of mining operations at Black Pearl.
Read all updates
Q1-2026 Updates
Positive
Negative
Third Hyperscale Campus Lease Signed
Executed a 15-year campus lease with an investment-grade hyperscale tenant, representing the third consecutive long-term hyperscaler lease in ~8 months; contributes to a contracted portfolio anchored by world-class counterparties.
Read all positive updates
Company Guidance
Cipher guided that it now has 907 MW of operating and contracted capacity (207 MW Odessa mining, 300 MW Barber Lake, 300 MW Black Pearl, 100 MW new lease) and roughly 4.2 GW total portfolio grid power including ~3.3 GW of pipeline, with ~ $11.4B of contracted revenue across 10–15 year base leases and an expected ~$787M average annualized contracted NOI from Oct 2026–Sep 2036 (rising to ~ $892M in 2035). Timelines: Barber Lake (207 MW) topped out in 127 days, is 100% design complete with ~99% of equipment secured, had >1,100 daily workers in April (1,400 expected in May) and >1M cumulative labor hours with zero lost-time incidents; Black Pearl completed demolition in one month, broke ground on Phase II three months after design kickoff, with ~93% of Phase I and ~80% of Phase II equipment secured and funded by a $2.0B bond at 6.125% (oversubscribed, ~$233M reimbursed). Near-term pipeline timing: Stingray is 100 MW targeting energization in Q4 2026; Reveille is 70 MW (ERCOT interconnection approved) targeting Q3 2027; Ulysses is 200 MW in PJM targeting Q4 2027; McLennan, Mikeska and Colchis are tracking for 2028 (ERCOT batch 0), and 2028–29 sites total ~2.5 GW with an additional 500 MW upside at Barber Lake beyond 2030. Financial and operating metrics: Q1 revenue $35M (vs $60M Q4), GAAP net loss $114M ($0.28/share) vs $734M ($1.85), cost of revenue $18M, compensation $35M, headcount up to 70 (from 50) with hiring to ≈85; Odessa is running 207 MW, ~11.6 EH/s at ~17.2 J/TH and mined ~346 BTC in Q1 under a ~$0.028/kWh PPA; balance sheet/liquidity includes ~$715M cash, ~$76M in Bitcoin, ~$3.5B restricted cash, a $200M undrawn revolver, total principal outstanding ≈$5.2B and borrowings ≈$4.7B.Cipher Mining Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
62
Positive
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 223.94M | 151.27M | 126.84M | 3.04M | 0.00 |
| Gross Profit | 63.60M | 28.11M | 76.53M | 2.29M | -4.87K |
| EBITDA | -588.38M | 61.09M | 39.70M | -31.93M | -72.12M |
| Net Income | -822.24M | -44.63M | -25.78M | -39.05M | -72.15M |
Balance Sheet | |||||
| Total Assets | 4.29B | 855.45M | 566.14M | 418.46M | 354.17M |
| Cash, Cash Equivalents and Short-Term Investments | 628.26M | 5.58M | 86.11M | 11.93M | 209.84M |
| Total Debt | 2.77B | 56.39M | 21.98M | 20.66M | 0.00 |
| Total Liabilities | 3.46B | 173.49M | 74.80M | 75.57M | 636.05K |
| Stockholders Equity | 805.53M | 681.95M | 491.34M | 342.89M | 353.53M |
Cash Flow | |||||
| Free Cash Flow | -695.86M | -227.01M | -149.26M | -248.83M | -36.78M |
| Operating Cash Flow | -207.94M | -87.51M | -94.24M | -20.91M | -31.67M |
| Investing Cash Flow | -336.61M | -192.13M | 52.76M | -173.91M | -120.14M |
| Financing Cash Flow | 3.19B | 213.51M | 115.66M | -3.09M | 361.65M |
Cipher Mining Technical Analysis
Positive
19.37
Price Trends
15.25
Positive
16.19
Positive
13.83
Positive
Market Momentum
0.92
Negative
67.22
Neutral
84.03
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CIFR, the sentiment is Positive. The current price of 19.37 is above the 20-day moving average (MA) of 15.23, above the 50-day MA of 15.25, and above the 200-day MA of 13.83, indicating a bullish trend. The MACD of 0.92 indicates Negative momentum. The RSI at 67.22 is Neutral, neither overbought nor oversold. The STOCH value of 84.03 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CIFR.
Cipher Mining Risk Analysis
Cipher Mining disclosed 62 risk factors in its most recent earnings report. Cipher Mining reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cipher Mining Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $12.43B | -9.02 | -361.19% | ― | 20.28% | -719.03% | |
58 Neutral | $8.96B | -13.19 | -117.65% | ― | 37.96% | -506.10% | |
58 Neutral | $8.96B | -2.15 | -21.05% | ― | 42.40% | -72.16% | |
50 Neutral | $1.33B | -2.88 | -52.95% | ― | 608.29% | 71.80% | |
48 Neutral | $630.29M | -60.68 | -11.98% | ― | 5.10% | -242.85% | |
47 Neutral | $4.95B | -0.47 | -30.59% | ― | 38.20% | -326.36% |
* Technology Sector Average
CIFR
Cipher Mining
21.91
18.79
602.24%
RIOT
Riot Platforms
23.70
15.26
180.81%
WULF
TeraWulf Inc
25.74
22.44
680.00%
MARA
MARA Holdings
13.03
-1.26
-8.82%
ABTC
American Bitcoin Corp
1.25
-0.79
-38.73%
BTBT
Bit Digital
1.93
-0.15
-7.21%
Cipher Mining Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Cipher Mining Expands AI Data Centers, Secures New Financing
Positive
May 5, 2026
On May 5, 2026, Cipher Digital reported first-quarter 2026 results and a business update, highlighting $35 million in revenue and an adjusted EBITDA loss of $48 million as it continues to invest heavily in expansion. Management also disclosed a sh...
Business Operations and StrategyPrivate Placements and Financing
Cipher Mining Secures $200 Million Revolving Credit Facility
Positive
Mar 25, 2026
On March 23, 2026, Cipher Digital Inc. entered into a $200 million revolving credit facility with a syndicate of banks led by Morgan Stanley Senior Funding, Inc., including a $50 million letter of credit sublimit and the ability to borrow, repay a...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Cipher Digital Rebrands and Pivots to HPC Data Centers
Positive
Feb 24, 2026
Cipher Digital Inc., formerly Cipher Mining Inc., operates in the high-performance computing data center industry, developing large-scale, power-intensive facilities for hyperscale clients such as AWS, Google and Fluidstack. The company leverages ...
Business Operations and StrategyExecutive/Board Changes
Cipher Mining Adds Director to Support Infrastructure Pivot
Positive
Feb 11, 2026
On February 11, 2026, Cipher Mining Inc. expanded its board from seven to eight members and appointed real estate investment specialist Thomas Duda as a director, with immediate effect. Duda, who has more than two decades of experience and current...
Business Operations and StrategyPrivate Placements and Financing
Cipher Mining Subsidiary Completes $2 Billion Note Offering
Positive
Feb 11, 2026
On February 11, 2026, Cipher subsidiary Black Pearl Compute LLC completed a $2.0 billion private offering of 6.125% senior secured notes due 2031, sold at par to qualified institutional buyers and certain non-U.S. investors. The proceeds are earma...
Business Operations and StrategyPrivate Placements and Financing
Cipher Mining Subsidiary Prices $2 Billion Secured Notes
Positive
Feb 5, 2026
On February 4, 2026, Cipher Mining announced that its wholly owned subsidiary Black Pearl Compute LLC priced a $2.0 billion offering of 6.125% senior secured notes due 2031 at par in a private placement to qualified institutional buyers and certai...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.