Cipher Mining Inc. Q1 FY2026 earnings call

• 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.

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.

• 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.

• 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.

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