Jun 2026 (Q2 FY26) — Aug 4, 2026
Cipher Digital Q2 FY26 — Early Delivery and Expanding Gigawatt Pipeline
Read the full callCipher Digital (CIFR) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Cipher Digital earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 24.8 | −43.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -316.2 | −212.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -268 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
6 of 10 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Stingray site energization | Energize | Dec 2024 | we're well positioned to keep the construction progress moving efficiently toward our expected delivery in the first half of 2027. | Delayed |
| Apollo site power capacity | up to 900 megawatts | Jun 2026 | This site provides up to 900 megawatts by 2031 and is located within 25 miles of San Antonio, Texas. | New |
4 of Cipher Digital Inc.'s 25 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 23 more targets are in the full ledger.
Claimed
- Achieved early delivery of Black Pearl data center capacity 2 months ahead of schedule, with rent commencement.
- Successfully completed an $810 million bond offering for the Stingray data center at a 6% coupon, fully funding the project through substantial completion.
- Expanded the development pipeline by 1.1 gigawatts of potential new capacity in Texas, including the new 900-megawatt Apollo site.
- Total assets increased by $3.2 billion (75%) to $7.5 billion as of June 30, 2026, reflecting significant capital raised and deployed.
- Maintained a strong unrestricted liquidity position of $870 million, with no cash borrowings on the revolving credit facility.
Qualified
- Reported a GAAP net loss of $268 million ($0.65 per diluted share), an increase from $114 million ($0.28 per diluted share) in the prior quarter, primarily due to a $150.5 million noncash warrant remeasurement loss.
- Experienced uncertainty and delays in ERCOT's Batch Zero interconnection process following Governor Abbott's letter, pushing back expected clarity on project approvals.
- Compensation and benefits expenses rose $7.4 million sequentially, driven by higher stock-based compensation and continued investment in team expansion.
Price
$8.94 −0.45% · −$0.04
Performance −52.3% 1Y
1Y: $18.76 on 17 Oct 2025 → $8.94. High $29.18 (18 Jun 2026), low $8.94 (19 Oct 2026).
- Previous close
- $8.98
- 52-week range
- $8.94 – $29.18
- One year
- −55.10%
Overview
- Symbol
- CIFR
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
6 of 10 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Stingray site energization | Energize | Dec 2024 | we're well positioned to keep the construction progress moving efficiently toward our expected delivery in the first half of 2027. | Delayed |
| Apollo site power capacity | up to 900 megawatts | Jun 2026 | This site provides up to 900 megawatts by 2031 and is located within 25 miles of San Antonio, Texas. | New |
Claimed
- Achieved early delivery of Black Pearl data center capacity 2 months ahead of schedule, with rent commencement.
- Successfully completed an $810 million bond offering for the Stingray data center at a 6% coupon, fully funding the project through substantial completion.
- Expanded the development pipeline by 1.1 gigawatts of potential new capacity in Texas, including the new 900-megawatt Apollo site.
- Total assets increased by $3.2 billion (75%) to $7.5 billion as of June 30, 2026, reflecting significant capital raised and deployed.
- Maintained a strong unrestricted liquidity position of $870 million, with no cash borrowings on the revolving credit facility.
Qualified
- Reported a GAAP net loss of $268 million ($0.65 per diluted share), an increase from $114 million ($0.28 per diluted share) in the prior quarter, primarily due to a $150.5 million noncash warrant remeasurement loss.
- Experienced uncertainty and delays in ERCOT's Batch Zero interconnection process following Governor Abbott's letter, pushing back expected clarity on project approvals.
- Compensation and benefits expenses rose $7.4 million sequentially, driven by higher stock-based compensation and continued investment in team expansion.
The full ledger
Open Cipher Digital Inc.’s full ledger
A free account opens 5 company ledgers a month. All 25 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Cipher Digital Q1 FY26 — Strong Execution in Hyperscale Data Center Development
Read the full callDec 2025 (Q4 FY25) — Feb 24, 2026
Cipher Digital Q4 FY25 — Strategic Pivot to Hyperscale Compute and Strong Financing
Read the full callEvery analysed call
Cipher Digital earnings calls (CIFR)
Financials
What the filings say
Net profit, year on year: −484% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 24 | 42 | 49 | 44 | 72 | 60 | 35 | 25 |
| Operating profit | -91 | 17 | -38 | -45 | -38 | -301 | -115 | -79 |
| Operating margin | −379.2% | 40.5% | −77.8% | −103.8% | −52.5% | −503.4% | −328.9% | −316.2% |
| Other income | — | — | — | 0 | — | — | — | -189 |
| Interest | 0 | 1 | 1 | 1 | 1 | 33 | 59 | 67 |
| Profit before tax | -91 | 16 | -39 | -45 | -4 | -738 | -114 | -267 |
| Tax rate | 4.2% | −12.7% | −0.4% | −2.0% | 8.4% | 0.6% | −0.4% | −0.1% |
| Net profit | -87 | 18 | -39 | -46 | -3 | -734 | -114 | -268 |
| EPS ($ per share) | -0.26 | — | -0.11 | -0.12 | -0.01 | — | -0.28 | -0.65 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | -0 | -72 | -111 | -137 | -181 | -1,004 |
| Total liabilities | 0 | 1 | 76 | 75 | 173 | 3,456 |
| Fixed assets | — | 5 | 191 | 244 | 481 | 633 |
| Investments | 170 | — | — | — | — | — |
| Total assets | 172 | 354 | 418 | 566 | 855 | 4,292 |
| Line item | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash from operations | -32 | -21 | -94 | -88 | -208 |
| Cash from investing | -120 | -174 | 53 | -192 | -337 |
| Cash from financing | 362 | -3 | 116 | 214 | 3,189 |
| Net cash flow | 210 | -198 | 74 | -66 | 2,645 |
| Capital expenditure | -5 | -39 | -20 | -139 | -488 |
| Free cash flow | -37 | -60 | -115 | -227 | -696 |
CIFR revenue by segment
| Segment | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|
| Bitcoin Mining | 100% | 100% | 100% | 100% | 100% | 100% | -43.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CIFR operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Bitcoin mined Odessa | ~346In the first quarter, we mined approximately 346 Bitcoin at Odessa.Source: earnings call transcript | ~346In the second quarter, we mined approximately 346 bitcoin at Odessa.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
132 filings between Nov 4, 2025 and Oct 14, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$97.15M
29 sales by 8 insiders
31% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 7
- Award — granted as compensation
- 45
- Option exercise — converted options into shares
- 45
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts, 2 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| V3 Holding Ltd | — | $78.50M | Jun 4, 2026 |
| Page Tyler | — | $5.54M | Jul 9, 2026 |
| Iwaschuk William | — | $3.90M | Nov 4, 2025 |
| Kelly Patrick Arthur | — | $3.56M | May 12, 2026 |
| Williams Wesley Hastie | — | $2.07M | May 21, 2026 |
| GROSSMAN CARY M | — | $1.79M | Jun 18, 2026 |
| Newsome James E | — | $1.23M | Jun 16, 2026 |
| Evans Holly Morrow | — | $564.0K | Nov 26, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 14, 2026 | Mumford Gregory J.D. Chief Financial Officer | Tax withheld | 67,768 | $673.6K |
| Oct 14, 2026 | Mumford Gregory J.D. Chief Financial Officer | Option exercise | 125,000 | — |
| Oct 5, 2026 | V3 Holding Ltd 10% owner | Other | 1,840,000 | — |
| Sep 30, 2026 | Kelly Patrick Arthur Co-President and COO | Tax withheld | 39,016 | $617.6K |
| Sep 30, 2026 | Iwaschuk William Co-President and CLO | Option exercise | 29,611 | — |
| Sep 30, 2026 | Page Tyler Chief Executive Officer | Option exercise | 113,225 | — |
| Sep 30, 2026 | Page Tyler Chief Executive Officer | Option exercise | 105,285 | — |
| Sep 30, 2026 | Kelly Patrick Arthur Co-President and COO | Tax withheld | 15,117 | $239.3K |
| Sep 30, 2026 | Iwaschuk William Co-President and CLO | Tax withheld | 16,375 | $259.2K |
| Sep 30, 2026 | Page Tyler Chief Executive Officer | Option exercise | 254,756 | — |
| Sep 30, 2026 | Iwaschuk William Co-President and CLO | Tax withheld | 18,784 | $297.4K |
| Sep 30, 2026 | Kelly Patrick Arthur Co-President and COO | Option exercise | 76,427 | — |
| Sep 30, 2026 | Page Tyler Chief Executive Officer | Tax withheld | 53,748 | $850.8K |
| Sep 30, 2026 | Page Tyler Chief Executive Officer | Tax withheld | 57,802 | $915.0K |
| Sep 30, 2026 | Iwaschuk William Co-President and CLO | Option exercise | 76,427 | — |
| Sep 30, 2026 | Iwaschuk William Co-President and CLO | Tax withheld | 42,265 | $669.1K |
| Sep 30, 2026 | Mumford Gregory J.D. Chief Financial Officer | Option exercise | 17,109 | — |
| Sep 30, 2026 | Mumford Gregory J.D. Chief Financial Officer | Tax withheld | 6,895 | $109.1K |
| Sep 30, 2026 | Kelly Patrick Arthur Co-President and COO | Tax withheld | 17,341 | $274.5K |
| Sep 30, 2026 | Kelly Patrick Arthur Co-President and COO | Option exercise | 33,967 | — |
| Sep 30, 2026 | Page Tyler Chief Executive Officer | Tax withheld | 130,053 | $2.06M |
| Sep 30, 2026 | Kelly Patrick Arthur Co-President and COO | Option exercise | 29,611 | — |
| Sep 30, 2026 | Iwaschuk William Co-President and CLO | Option exercise | 33,967 | — |
| Sep 28, 2026 | V3 Holding Ltd 10% owner | Other | 1,805,000 | — |
| Jul 9, 2026 | Page Tyler Chief Executive Officer | Sale 10b5-1 plan | 112,500 | $2.55M |
| Jul 8, 2026 | Page Tyler Chief Executive Officer | Sale 10b5-1 plan | 112,500 | $2.38M |
| Jun 30, 2026 | Iwaschuk William Co-President and CLO | Option exercise | 33,967 | — |
| Jun 30, 2026 | Kelly Patrick Arthur Co-President and COO | Option exercise | 76,427 | — |
| Jun 30, 2026 | Page Tyler Chief Executive Officer | Tax withheld | 130,053 | $3.19M |
| Jun 30, 2026 | Page Tyler Chief Executive Officer | Option exercise | 254,756 | — |
| Jun 30, 2026 | Page Tyler Chief Executive Officer | Tax withheld | 53,748 | $1.32M |
| Jun 30, 2026 | Kelly Patrick Arthur Co-President and COO | Tax withheld | 15,117 | $370.4K |
| Jun 30, 2026 | Page Tyler Chief Executive Officer | Option exercise | 105,285 | — |
| Jun 30, 2026 | Kelly Patrick Arthur Co-President and COO | Option exercise | 29,611 | — |
| Jun 30, 2026 | Mumford Gregory J.D. Chief Financial Officer | Tax withheld | 6,895 | $168.9K |
| Jun 30, 2026 | Mumford Gregory J.D. Chief Financial Officer | Option exercise | 17,108 | — |
| Jun 30, 2026 | Page Tyler Chief Executive Officer | Tax withheld | 57,802 | $1.42M |
| Jun 30, 2026 | Iwaschuk William Co-President and CLO | Tax withheld | 42,265 | $1.04M |
| Jun 30, 2026 | Kelly Patrick Arthur Co-President and COO | Tax withheld | 17,341 | $424.9K |
| Jun 30, 2026 | Iwaschuk William Co-President and CLO | Option exercise | 76,427 | — |
| Jun 30, 2026 | Page Tyler Chief Executive Officer | Option exercise | 113,225 | — |
| Jun 30, 2026 | Iwaschuk William Co-President and CLO | Tax withheld | 16,375 | $401.2K |
| Jun 30, 2026 | Kelly Patrick Arthur Co-President and COO | Option exercise | 33,967 | — |
| Jun 30, 2026 | Iwaschuk William Co-President and CLO | Option exercise | 29,611 | — |
| Jun 30, 2026 | Iwaschuk William Co-President and CLO | Tax withheld | 18,784 | $460.2K |
| Jun 30, 2026 | Kelly Patrick Arthur Co-President and COO | Tax withheld | 39,016 | $955.9K |
| Jun 22, 2026 | Page Tyler Chief Executive Officer | Tax withheld | 724,520 | $20.39M |
| Jun 22, 2026 | Page Tyler Chief Executive Officer | Option exercise | 1,419,236 | — |
| Jun 18, 2026 | GROSSMAN CARY M Director | Sale | 15,000 | $441.4K |
| Jun 16, 2026 | Newsome James E Director | Sale | 3,758 | $100.0K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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