NASDAQ$CIFR
Cipher Digital Inc · Q1 2026 earnings
Q1 2026 earnings · · Investor relations
Briefing
Cipher Mining reported Q1 2026 bitcoin mining revenue of $34.8M and a net loss of $114.3M.
For the three months ended March 31, 2026, Cipher generated bitcoin mining revenue of $34.8 million versus $49.0 million and a net loss of $114.3 million as fair-value marks, power agreement changes, and depreciation weighed on results. Operating loss was $114.6 million before interest and tax.
- Bitcoin mining revenue $34.8M (-31% YoY).
- Net loss $114.3M on non-cash and operating charges.
- Power sales and BTC fair-value swings volatile quarter to quarter.
- HPC data center build-out discussed as future segment.
- Hashrate and energy costs drive unit economics.
Headline financials
Revenue & EPS history
Cipher · Revenue · Quarterly
$34.8M
Forward guidance
Miner discusses hash price, power costs, and HPC colocation strategy without traditional EPS guidance.
Tailwinds
- Power sales partially offset mining costs.
- Strategic pivot toward HPC hosting.
Headwinds
- Large GAAP loss on fair-value and depreciation.
- Bitcoin price sensitivity.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2026
+0.8%
Avg return
Earnings day
+0.9%
Avg return
5 days after
-0.6%
Avg return
30 days after
67%
14 / 21 earnings
Positive
+26.5%
Q4 2023
Best reaction
-49.5%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +23.7% | +15.1% | +43.2% | |
| Q4 2025 | +1.1% | +2.5% | -5.7% | |
| Q3 2025 | +19.4% | +10.9% | -0.1% | |
| Q1 2025 | +2.0% | +0.0% | +18.5% | |
| Q4 2024 | -17.5% | -17.8% | -48.8% | |
| Q3 2024 | -0.6% | +0.8% | +26.9% | |
| Q2 2024 | -7.1% | -2.3% | -21.4% | |
| Q1 2024 | -15.4% | -16.8% | -8.1% | |
| Q4 2023 | +26.5% | +22.3% | +44.9% | |
| Q3 2023 | -19.0% | -25.2% | -24.4% | |
| Q2 2023 | +10.2% | +9.9% | -9.3% | |
| Q1 2023 | +12.3% | +7.7% | +17.4% | |
| Q4 2022 | +0.5% | +27.5% | +45.6% | |
| Q3 2022 | +3.4% | -7.4% | -29.2% | |
| Q2 2022 | +9.4% | +10.4% | -25.9% | |
| Q1 2022 | -49.5% | -39.9% | -47.1% | |
| Q4 2021 | +11.0% | +21.2% | +37.1% | |
| Q3 2021 | +6.2% | -0.2% | -32.8% | |
| Q1 2021 | -0.7% | +0.1% | -0.2% | |
| Q4 2020 | +0.3% | +0.7% | +7.3% | |
| Q3 2020 | +0.6% | -0.9% | +0.2% | |
| Q2 2020 | — | — | — |
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