We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Cipher Digital Q1 Loss Wider Than Expected, Revenues Decline Y/Y
Read MoreHide Full Article
Key Takeaways
CIFR reported a Q1 loss of 28 cents per share as revenues fell 28.5% year over year.
Cipher Digital mined 346 bitcoin at Odessa and upgraded rigs to improve fleet efficiency.
CIFR ended Q1 with $715.2M cash and added a $200M revolving credit facility.
Cipher Digital Inc. (CIFR - Free Report) reported a first-quarter 2026 loss of 28 cents per share, which came wider than the Zacks Consensus Estimate of a loss of 27 cents. The company reported a loss of 11 cents per share in the year-ago quarter.
The company reported revenues of $35 million, down 28.5% from $49.0 million year over year, but beat the consensus mark by 3.35%. Operationally, the company reported mining 346 bitcoin at its Odessa site during the quarter.
CIFR's Q1 Operating Details
In the first quarter of 2026, total costs and operating expenses were $149.4 million, down from $360.3 million in the previous quarter but up from $87.0 million reported in the year-ago quarter.
The company reported a net loss of $114.3 million in the first quarter, narrower than the $734.2 million loss reported in the previous quarter but wider than the $39.0 million loss recorded in the year-ago quarter.
Cipher Digital Inc. Price, Consensus and EPS Surprise
On an adjusted basis, Cipher Digital reported an Adjusted EBITDA loss of $48.2 million in the first quarter, compared with an Adjusted EBITDA loss of $38.9 million sequentially and a positive adjusted EBITDA of $7.5 million in the prior-year quarter.
Cipher Digital reported an operating loss of $114.6 million in the first quarter, narrower than the $300.6 million operating loss reported in the prior quarter but wider than the $38.1 million loss recorded in the prior-year quarter.
CIFR’s Bitcoin Platform Shows Efficiency Levers
Cipher Digital’s Odessa site highlighted a low-cost profile supported by its fixed-price power structure. In the first quarter, the company reported a total hashrate of about 11.6 EH/s alongside a fleet efficiency of roughly 17.2 J/TH, with power costs around 2.8 cents per kWh.
CIFR also pointed to a sequential hashrate increase of about 0.3 EH/s during the period, tied to equipment refresh activity. Management said it replaced roughly 10,000 older rigs with about 10,000 Bitmain S21 XP mining rigs sourced from Black Pearl.
Cipher Digital Advances Data Center Buildout Milestones
Execution progress at key campuses remained central to the company’s operating narrative. At Barber Lake, the building was topped out in April, and management noted mechanical, electrical and networking work fronts continuing on schedule. CIFR also indicated design completion and equipment procurement progress supporting construction targets.
At Black Pearl, work continued across a two-phase plan, with Phase I retrofit and Phase II site preparation progressing. The company stated it is actively installing Phase I cooling and electrical infrastructure to accommodate new HPC equipment while tracking contractual early access and rack-ready milestones.
CIFR's Balance Sheet Details
As of March 31, 2026, Cipher Digital had cash and cash equivalents of $715.2 million compared with $628.3 million as of Dec. 31, 2025.
As of March 31, 2026, total assets expanded to $6.39 billion, up from $4.29 billion as of Dec. 31, 2025.
The company reported $3.53 billion in restricted cash, including $3.01 billion classified as current and $519.3 million as noncurrent, largely tied to project-level financing.
It also highlighted the closing of a revolving credit facility that provides up to $200 million of committed capacity, strengthening flexibility for near-term needs.
CIFR’s Zacks Rank & Stocks to Consider
Cipher Digital currently carries a Zacks Rank #3 (Hold).
View the Zacks #1 Rank List
Image: Zacks
Cipher Digital Q1 Loss Wider Than Expected, Revenues Decline Y/Y
Key Takeaways
Cipher Digital Inc. (CIFR - Free Report) reported a first-quarter 2026 loss of 28 cents per share, which came wider than the Zacks Consensus Estimate of a loss of 27 cents. The company reported a loss of 11 cents per share in the year-ago quarter.
The company reported revenues of $35 million, down 28.5% from $49.0 million year over year, but beat the consensus mark by 3.35%. Operationally, the company reported mining 346 bitcoin at its Odessa site during the quarter.
CIFR's Q1 Operating Details
In the first quarter of 2026, total costs and operating expenses were $149.4 million, down from $360.3 million in the previous quarter but up from $87.0 million reported in the year-ago quarter.
The company reported a net loss of $114.3 million in the first quarter, narrower than the $734.2 million loss reported in the previous quarter but wider than the $39.0 million loss recorded in the year-ago quarter.
Cipher Digital Inc. Price, Consensus and EPS Surprise
Cipher Digital Inc. price-consensus-eps-surprise-chart | Cipher Digital Inc. Quote
On an adjusted basis, Cipher Digital reported an Adjusted EBITDA loss of $48.2 million in the first quarter, compared with an Adjusted EBITDA loss of $38.9 million sequentially and a positive adjusted EBITDA of $7.5 million in the prior-year quarter.
Cipher Digital reported an operating loss of $114.6 million in the first quarter, narrower than the $300.6 million operating loss reported in the prior quarter but wider than the $38.1 million loss recorded in the prior-year quarter.
CIFR’s Bitcoin Platform Shows Efficiency Levers
Cipher Digital’s Odessa site highlighted a low-cost profile supported by its fixed-price power structure. In the first quarter, the company reported a total hashrate of about 11.6 EH/s alongside a fleet efficiency of roughly 17.2 J/TH, with power costs around 2.8 cents per kWh.
CIFR also pointed to a sequential hashrate increase of about 0.3 EH/s during the period, tied to equipment refresh activity. Management said it replaced roughly 10,000 older rigs with about 10,000 Bitmain S21 XP mining rigs sourced from Black Pearl.
Cipher Digital Advances Data Center Buildout Milestones
Execution progress at key campuses remained central to the company’s operating narrative. At Barber Lake, the building was topped out in April, and management noted mechanical, electrical and networking work fronts continuing on schedule. CIFR also indicated design completion and equipment procurement progress supporting construction targets.
At Black Pearl, work continued across a two-phase plan, with Phase I retrofit and Phase II site preparation progressing. The company stated it is actively installing Phase I cooling and electrical infrastructure to accommodate new HPC equipment while tracking contractual early access and rack-ready milestones.
CIFR's Balance Sheet Details
As of March 31, 2026, Cipher Digital had cash and cash equivalents of $715.2 million compared with $628.3 million as of Dec. 31, 2025.
As of March 31, 2026, total assets expanded to $6.39 billion, up from $4.29 billion as of Dec. 31, 2025.
The company reported $3.53 billion in restricted cash, including $3.01 billion classified as current and $519.3 million as noncurrent, largely tied to project-level financing.
It also highlighted the closing of a revolving credit facility that provides up to $200 million of committed capacity, strengthening flexibility for near-term needs.
CIFR’s Zacks Rank & Stocks to Consider
Cipher Digital currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Business Services sector are AMN Healthcare (AMN - Free Report) , Figure Technology Solutions (FIGR - Free Report) and OppFi (OPFI - Free Report) . Each stock carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AMN Healthcare shares have gained 35.2% in the year-to-date period. AMN is set to report its first-quarter 2026 results on May 7.
Figure Technology Solutions' shares have fallen 8.8% in the year-to-date period. FIGR is set to report its first-quarter 2026 results on May 11.
OppFi shares have declined 6.7% in the year-to-date period. OPFI is set to report its first-quarter 2026 results on May 7.