Key Highlights

  • Cipher Digital (NASDAQ:CIFR) was trading down 9.65% at USD 6.46 on Friday, November 13, 2026 in market data, implying a prior close near USD 7.15 (calculated from the quoted price and move).
  • Third-quarter Revenue was about USD 27 million, including USD 5.9 million of first-ever high-performance computing Lease revenue, with an adjusted EBITDA loss of about USD 10 million.
  • Contracted revenue at Barber Lake reached about USD 9.1 billion after a lease extension to 20 years added roughly USD 5.2 billion over the lease term, which is not revenue yet recognized.
  • Total liabilities were about USD 7.04 billion at September 30, 2026, up from USD 3.46 billion at year-end 2025, after a USD 850 million convertible note offering priced on October 14.

A Drop Without a New Announcement

Cipher Digital (NASDAQ:CIFR) was trading down 9.65% at USD 6.46 in market data on Friday, November 13, 2026. No company announcement explaining the move was found for November 11 to 13, and the screener's prior close is treated as the figure of record for the live session only. The company, formerly Cipher Mining, owns bitcoin Mining and Data Center sites and is shifting toward leasing power-backed capacity for AI and high-performance computing. Its latest results came on November 2, 2026, and a published report described the revenue as a miss. Quoted moves on a live screener can change through the session, so the figure is a live reading.

Q3 Results and a Wave of Target Cuts

Revenue was about USD 27 million, adjusted EBITDA was a loss of about USD 10 million, and Net Income was USD 31.6 million against a net loss of USD 3.3 million a year earlier. The nine-month net loss was USD 350.2 million. After the report, published market data showed several research firms lowering price targets and one downgrading the stock to a market-perform rating. Net income and EBITDA diverge here because of non-operating items that were not itemized in the retrieved summary, so the profit figure should be read cautiously. The company's first lease revenue came from its Black Pearl facility, which marks a change from mining income toward lease income.

Leverage, Leases and Sector Pressure

The Balance Sheet is the main risk. Total Assets were USD 7.67 billion against liabilities of about USD 7.04 billion, and the company priced USD 850 million of 0.00% convertible senior notes due 2032, with capped calls lifting the effective conversion price to USD 28.35 a share. It also retired more than 90% of its 1.750% notes due 2030, converting about USD 165.9 million to equity. A selloff in AI-infrastructure names on November 5 was reported, but a driver for November 12 to 13 could not be verified. Watch lease ramp-up, financing and construction progress.

Where Things Stand

No company announcement explains the drop, and the stock appears to be reacting to the aftermath of the Q3 report and wider AI-infrastructure weakness. Cipher Digital (NASDAQ:CIFR) was trading down 9.65% at USD 6.46, a price far below the USD 28.35 effective conversion level on its new notes. The contracted revenue figure of about USD 9.1 billion is large relative to a Market Value near USD 2.95 billion (calculated), but it is spread over long lease terms and depends on delivery. Next markers are lease revenue growth, financing news and the year-end report.