Cipher Mining Inc. Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Cipher Digital Q2 2026 Earnings Summary

  • Key Highlights: Strong execution with early delivery of capacity at Black Pearl (2 months ahead of schedule in August 2026, rent commenced). Signed $810M bond offering at 6% coupon for Stingray (lowest to date, 8x oversubscribed). Acquired option on new Apollo site (up to 900 MW in Texas, submitted to ERCOT Batch Zero). Added key hires including Head of Grid Strategies (ex-ERCOT) and data center expert (ex-Google). Portfolio totals 5.3 GW across 11 sites (907 MW operating/contracted + 4.4 GW pipeline).
  • Contracted Revenue: 3 data center leases expected to generate ~$793M average annualized NOI (Oct 2026–Sep 2036) from investment-grade tenants. First rental payments began at Barber Lake and Black Pearl; Barber Lake Phase 1 (~168 MW) on track for Oct 2026 rents.
  • Financial Results (Q2 2026 vs Q1 2026): Revenue $25M (down from $35M in Q1, due to bitcoin mining decommissioning at Black Pearl). GAAP net loss $268M or $0.65/share (worsened from $114M or $0.28/share loss in Q1), driven by $150.5M noncash warrant remeasurement loss (vs $43.6M gain prior quarter). Interest income $36M; interest expense $67M (up from $59M). Compensation/benefits up $7.4M QoQ due to stock-based comp and team expansion.

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Operator: Ladies and gentlemen, thank you for standing by. Welcome to Cipher Digital's Second Quarter 2026 Business Update Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would like now to turn the conference over to Courtney Knight, Head of Investor Relations. Please go ahead. Courtney Knight: Good morning, and thank you for joining us on this conference call to address Cipher Digital's business update for the second quarter of 2026. Joining me on the call today are Tyler Page, Chief Executive Officer; and Greg Mumford, Chief Financial Officer. Please note that our press release and presentation can be found on the Investor Relations section of the company's website, where this conference call will also be simultaneously webcast. Please also note that this conference call is the property of Cipher Digital, and any taping or other reproduction is expressly prohibited without prior consent. Before we start, I'd like to remind you that the following discussion as well as our press release and presentation contain forward-looking statements. These statements include, but are not limited to, Cipher's financial outlook, business plans and objectives and other future events and developments, including statements about the market potential of our business operations, potential competition and our goals and strategies. Forward-looking statements and risks in this conference call, including responses to your questions, are based

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