Cipher Digital Q3 revenue falls to $26.7 million; adjusted EBITDA turns negative
Cipher Digital reported third-quarter 2026 revenue of $26.7 million, down from $71.7 million a year earlier, and adjusted EBITDA of negative $10.0 million, compared with $40.8 million in the prior-year quarter. GAAP net income of $31.6 million was driven by a $127.2 million non-cash gain on the warrant liability, while the operating loss widened to $71.9 million from $37.6 million. The company also said it expanded the Barber Lake lease to a 20-year term with contracted revenue of about $9.1 billion.
Key points
- Q3 2026 total revenue was $26.7 million, versus $71.7 million in Q3 2025; first HPC lease revenue was $5.9 million
- Adjusted EBITDA was negative $10.0 million, compared with $40.8 million a year earlier
- GAAP net income was $31.6 million, including a $127.2 million change in fair value of warrant liability; operating loss was $71.9 million
- Completed an $850 million offering of 0.000% convertible senior notes due 2032 to fund additional equity investment in Barber Lake
The filing
Written by AI on Nov 9, 2026, 11:43 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 02, 2026.
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