Key Highlights

  • Total Revenue was USD 26.7 million versus USD 71.7 million, as Bitcoin Mining revenue fell to USD 20.8 million.
  • HPC leasing contributed USD 5.9 million of revenue, the first meaningful contribution from the new Business line.
  • Net income was USD 31.6 million, compared with a net loss of USD 3.3 million a year earlier.
  • Three campuses totaling 700 gross megawatts carry USD 16.6 billion of contracted revenue over the next two decades.

Revenue Mix Shifts

Cipher Digital Inc. (NASDAQ:CIFR) reported third-quarter 2026 total revenue of USD 26.7 million compared with USD 71.7 million a year earlier. Bitcoin mining revenue was USD 20.8 million and HPC leasing revenue was USD 5.9 million, with no leasing revenue in the prior-year period. Nine-month revenue was USD 86.4 million versus USD 164.2 million.

Net income was USD 31.6 million, or USD 0.08 per basic share and a loss of USD 0.22 per diluted share, compared with a net loss of USD 3.3 million, or USD 0.01. Nine-month net loss was USD 350.2 million versus USD 88.0 million.

Compensation and benefits rose to USD 38.6 million from USD 14.4 million, and general and administrative expense rose to USD 26.4 million from USD 8.2 million, while bitcoin mining cost of revenue fell to USD 14.6 million from USD 26.7 million. HPC leasing cost of revenue was USD 0.7 million.

Contracted HPC Portfolio

Chief executive Tyler Page said the company's three Data Center campuses, totaling 700 gross megawatts and nearing completion, are leased to technology companies and together represent USD 16.6 billion of contracted revenue over two decades, equating to about USD 864 million of projected average annualized net operating income.

The company identifies underappreciated powered land sites, leases them under long-term contracts to high-credit HPC tenants, finances projects through Capital Markets solutions, builds and operates the campuses with in-house teams, and unlocks project Equity from stabilized sites to reinvest. It has completed three project-level financings, each at lower cost than the last. The company said its financing structures let it pull project equity back to the parent and reinvest in future development, a flywheel central to compounding value. It was among the first in its sector to secure leases, and worked closely with each tenant to refine their basis of design, which deepened its construction expertise.

Strategy and Market Backdrop

Management said recent regulatory developments and market Volatility have generated headlines questioning the industry's trajectory, but that Demand for compute continues to improve and tenant demand across its pipeline has never been stronger. It described financing markets as more discerning and building costs as rising, and said it has evolved its approach to match. Decisions about partners, project structure, regulatory navigation and community engagement were made with volatile conditions in mind.

The company said it remains focused on a long-term colocation model and is not a neocloud, a model that gives customers access to chips directly and generates larger headline revenue with meaningfully higher risk, lower revenue visibility and margins sensitive to the Cost of Capital and spot compute pricing.

Campus Delivery Checkpoints

Items to follow include campus completion milestones, HPC leasing revenue ramp, remaining bitcoin mining operations, financing costs and compensation expense growth.