Cipher Mining Inc. (CIFR) Earnings
Cipher Mining Inc. is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $-0.24. CIFR has beaten EPS estimates in 2 of its last 7 reported quarters (average surprise -432.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-0.27 | $-0.28 | -3.7% | $35M | -3.5% |
| Feb 24, 2026 | $-0.12 | $-1.92 | -1500.0% | $60M | +107.6% |
| Aug 7, 2025 | $-0.12 | $-0.12 | +0.0% | $44M | -44.8% |
| Oct 31, 2024 | $-0.08 | $-0.26 | -225.0% | $24M | -39.7% |
| Mar 5, 2024 | $0.02 | $0.05 | +219.9% | $43M | +3.9% |
| Mar 14, 2023 | $-0.07 | $-0.21 | -200.0% | $3M | -34.0% |
| Nov 14, 2022 | $-0.07 | $-0.06 | +14.3% | — | — |
| Mar 4, 2022 | — | $-0.30 | — | — | — |
| Nov 12, 2021 | — | $-0.01 | — | — | — |
| Aug 10, 2021 | — | $-0.00 | — | — | — |
| May 7, 2021 | — | $-0.00 | — | — | — |
| Feb 17, 2021 | — | $-0.00 | — | — | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Corporate milestones: Signed third data center campus lease, completed $2 billion high-yield bond offering for Black Pearl, closed $200 million revolving credit facility. • Physical execution: Barber Lake had over 1,100 daily active workers in April, exceeded 1 million cumulative labor hours with zero lost time incidents; Black Pearl completed demolition of Bitcoin mining infrastructure and phase two broke ground; Stingray site has earthwork and substation work in progress; Odessa's Bitcoin mining performed well in Q1 with healthy cash flow. • Development portfolio: Reveille and Ulysses are advanced pre-contracting opportunities; McLennan, Mekeska, and Colkus are advancing through ERCOT interconnection process.
Guidance
• Contracted cash flow profile: Three executed data center campus leases expected to generate approximately $787 million of average annualized net operating income from October 2026 to September 2036, with $892 million expected in 2035. • Pipeline: Confident in converting pipeline into contracted long-term cash flows, with near-term sites like Reveille and Ulysses targeting energization in 2027 and beyond, and longer-term sites like McLennan, Mekeska, and Colkus expected to energize in 2028.
Segment performance
Not explicitly detailed in terms of absolute financial performance and revenue contribution % for each product segment in a way that can be directly extracted. However, key points include: Odessa is operating 207 megawatts of Bitcoin mining capacity, generating cash flow; Barber Lake construction is well advanced with topping out in April; Black Pearl is progressing with retrofit and construction phases; Stingray site has earthwork and substation work in progress.
Risks & headwinds
• Supply chain disruption risk: While equipment delivery schedules are aligned for Barber Lake, there could be potential risks; also, with ERCOT batch process, uncertainties exist regarding interconnect approvals and site energization timelines. • Operational risk: Uncertainties in the evolution of the Bitcoin mining business and potential challenges in repurposing sites; also, challenges in behind-the-meter on-site generation including engineering, financing, and regulatory hurdles.
Analyst Q&A
Q: About pricing and compute thinking,
A: Pricing trending positively with premium pricing in negotiations, considering potential compute participation at Reveille with credit support developments.
Q: Update on Odessa PTA and behind-the-meter strategy,
A: Odessa PTA has strong economics with potential repurposing, behind-the-meter on-site generation has challenges but is being worked on.
Q: Expansion of 100 megawatt contract and exit from Bitcoin mining,
A: Contract covers 100 megawatts, exit from Bitcoin mining expected by 2027 end with Bitcoin position managed.
Q: Equipment outstanding for Black Pearl and lease signing timeline,
A: Outstanding equipment is commodity-like, lease signing depends on interconnect and construction timelines.
Q: Demand for Ulysses site and project-level financing,
A: Ulysses site has demand with PJM market characteristics, confident in project-level financing with flexible capital structure