Cipher Digital 10-Q: Q3 Revenue $26.7M, $350M Nine-Month Loss, $6.0B Debt Load
CIFR is trading near its 52-week low of $6.93 (9.3% above the low).
Summary
Cipher Digital's Q3 10-Q shows $26.7 million of revenue including the first $5.9 million of HPC lease income, a $31.6 million quarterly profit driven by a non-cash warrant remeasurement, and total debt of $6,016 million against $3.36 billion of construction in progress.
Key Events · Earnings and Guidance · CIFR
-
Q3 Revenue $26.7M, First HPC Income
Total revenue was $26.7 million, of which $5.9 million was HPC leasing revenue from the initial Black Pearl phase that commenced in August 2026; bitcoin mining revenue fell to $20.8 million from $71.7 million a year earlier.
-
Quarterly Profit Is Non-Cash Warrant Gain
The $31.6 million quarterly net income includes a $127.2 million gain on the change in fair value of the Google warrant liability — a non-cash mark-to-market, not an operating result. The nine-month net loss was $350.2 million.
-
Debt Nearly Doubles to $6.0B
Total long-term borrowings principal reached $6,016.3 million at September 30, 2026, versus $3,205.5 million at December 31, 2025, including $2.0 billion of Black Pearl 2031 notes and $810.0 million of Stingray 2031 notes.
-
Construction Spend Drives Cash Burn
Purchases of property and equipment were $2,517.2 million in the nine months, leaving $3,357.4 million of construction-in-progress; operating activities used $283.2 million of cash.
Analysis · CIFR · Crypto Assets
The headline numbers were already out this morning via 8-K and press coverage, but the 10-Q is where the balance sheet becomes visible: total debt has nearly doubled to $6,016 million from $3,205.5 million at year-end, funding $3,357.4 million of construction-in-progress for HPC data centers. The $31.6 million quarterly profit is an accounting result, not operations — it leans on a $127.2 million non-cash gain from remeasuring the Google warrant liability, while the nine-month period still shows a $350.2 million net loss and $283.2 million of cash burned in operations. The HPC pivot is now real revenue ($5.9 million of leasing income) but small against the debt being carried to build it.
How filings like this one have moved
In the 30 days to Nov 2, 2026, 32.7% of the 1910 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CIFR was trading at $7.57 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $3B. The 52-week trading range was $6.93 to $30.14. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.