CIFR
Cipher Mining Inc.14.99
+0.25+1.7%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Advanced leases at Stingray, Ulysses
Q&A spotlighted advanced Stingray lease talks with a preferred hyperscaler, nearing signature, while Ulysses draws diligence from multiple giants and Reveille attracts neo-clouds open to credit wrappers. Tyler Page stressed frantic demand endures despite ERCOT batching, bolstered by new policy head Lee Bratcher positioning early approvals for McLennan et al. Team depth grew with ex-Google engineers for scaling multiple builds simultaneously. Odessa mining cash flows strong through 2027 PPA—no rush to HPC. Answers largely reaffirm scripted pivot but clarify near-term leasing momentum. Demand stays frantic.
Key Stats
Market Cap
5.92BP/E (TTM)
-Basic EPS (TTM)
-0.17Dividend Yield
0%Recent Filings
8-K
Rebrands to Cipher Digital, funds HPC
Cipher Digital rebranded from Cipher Mining on February 20, 2026, cementing its pivot to HPC data centers while divesting its 49% stake in Alborz, Bear, and Chief sites to Canaan for ~$40M in stock. It raised $3.73B via high-yield bonds at 7.125% and 6.125% to fully fund Barber Lake and Black Pearl builds, both on track with 600MW contracted to AWS and Fluidstack/Google. Q4 revenue hit $60M. Execution defines 2026.
10-K
FY2025 results
Cipher Digital pivoted from bitcoin mining to HPC data centers in FY2025 ended December 31, 2025, signing 600MW leases with Fluidstack/Google and Amazon while operating 207MW at Odessa. Revenue hit $223.9M from mining, up 48% y/y on higher bitcoin prices despite the April halving, yet Q4 saw Black Pearl ramp to 150MW before ceasing mining for HPC retrofit. Expenses ballooned with $199M depreciation (up 94% y/y) from fleet upgrades and $3.2B debt raises for construction, driving a $822M net loss amid $450M convertible note derivative swings. Q4 momentum built via site acquisitions expanding the 4.2GW pipeline, but Texas grid interconnection delays risk HPC delivery. Debt hit $3.2B by year-end; liquidity stood at $628M cash. Construction delays could derail hyperscaler leases.
8-K
Appoints real estate expert Duda
Cipher Mining expanded its board from seven to eight directors, appointing Thomas Duda effective February 11, 2026. Duda, with over 20 years in real estate investment including his current VP role at Henry Crown and Company, joins the Compensation and Nominating Committees to aid the pivot to data center leadership. Expertise bolsters infrastructure push. Forward-looking benefits carry execution risks.
8-K
Cipher subsidiary closes $2B notes
Cipher Mining's indirect subsidiary Black Pearl Compute closed a $2.0 billion 6.125% senior secured notes offering on February 11, 2026, maturing February 15, 2031, with semiannual amortization starting post-construction. Proceeds fund the remaining Black Pearl Facility buildout in Wink, Texas, reimburse Cipher $232.5 million in prior equity, and cover reserves. Covenants restrict debt and dividends. Cipher backs timely completion.
8-K
Prices $2B notes for data center
Cipher Mining's subsidiary Black Pearl Compute priced $2.0 billion of 6.125% senior secured notes due 2031 at par on February 4, 2026, with closing eyed for February 11 pending conditions. Proceeds target finishing the Black Pearl Facility in Wink, Texas, reimbursing Cipher $232.5 million in prior equity, funding reserves, and fees. Notes carry first-priority liens on key assets. Completion hinges on market winds.
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