Cipher Digital Books First HPC Revenue as Total Revenue Falls to $26.7 Million

Cipher Digital reported third-quarter 2026 revenue of $26.70 million, down from $71.7 million a year earlier and missing analyst estimates of $37.49 million, as bitcoin mining revenue dropped 71% to $20.8 million. The downturn was partially offset by $5.85 million in initial high-performance computing lease revenue from its Black Pearl campus, accounting for 22% of total revenue. GAAP net profit reached $31.6 million due to non-cash gains. Following the results, shares fell 5% to $6.93 as Keefe Bruyette cut its price target to $11 from $28, citing valuation discipline and build costs despite a $16.6 billion contracted backlog.