Cipher Mining Inc.

Revenue was $25 million in Q2 2026, down from $35 million in Q1, reflecting the decommissioning of bitcoin mining at Black Pearl. GAAP net loss was $268 million, or $0.65 per diluted share, versus a GAAP net loss of $114 million, or $0.28 per diluted share in Q1; the larger loss was mainly due to a $150.5 million noncash warrant remeasurement loss versus a $43.6 million noncash gain in the prior quarter. Interest income was $36 million and interest expense was $67 million. On the balance sheet, total assets were $7.5 billion, unrestricted liquidity was $870 million, and aggregate principal amount of corporate and project debt outstanding was just over $6 billion as of June 30. Guidance/comments: Barber Lake rental payments are expected to commence in October, Black Pearl rent has commenced, and Stingray is expected to deliver in the first half of 2027. Management also reiterated that, based on current forecasts, it does not expect to require additional equity.

Tyler Page said the business is compounding: leases are creating credibility, financings are validating the model, and construction execution is reinforcing trust with hyperscale customers. He emphasized that Cipher’s Texas focus and in-house capabilities across development, construction, procurement, and operations are what let it move quickly and deliver ahead of schedule. His tone was notably confident, especially around the demand environment, which he described as the strongest he has seen.

Greg Mumford focused on the capital structure and liquidity profile, saying the company’s project-finance model is working as intended. He highlighted the $810 million Stingray bond, funded at 6%, approximately 98% of project costs, and said the deal was about 8x oversubscribed; he also noted $56.7 million of reimbursed project expenditures, $3.7 billion of restricted project cash, and $832 million of unrestricted cash plus $38 million of bitcoin. He said construction in progress rose to $1.68 billion and property and equipment to $2.13 billion as the company ramped multiple projects, while reiterating that the company does not expect to need additional equity at this time.

Analysts focused on the Texas batch process, early Black Pearl delivery, Apollo’s option structure, procurement inflation, and whether Cipher needs equity for future growth. Management said the governor’s letter likely delays timing but does not change their view that Cipher should be at the front of the line, and they believe the tighter process could increase the value of near-term megawatts outside the batch process. On procurement and capital costs, they said inflation is pushing budgets higher, but much of the risk can be managed through in-house procurement, tenant-specific design choices, and structures where CapEx exposure is capped or passed through.