Cipher Digital Inc. (NASDAQ: CIFR) announced its financial results for the third quarter ended September 30, 2026, in a filing dated November 2, 2026. The company reported Q3 2026 revenue of $27 million and an Adjusted EBITDA loss of $10 million.
The filing highlights several operational milestones for the third quarter. The company recognized its first High-Performance Computing (HPC) lease revenue following rent commencement at the Black Pearl site. Across its Black Pearl and Barber Lake campuses, multiple data halls are scheduled to come online through the end of the year.
Cipher also disclosed an amendment to its lease agreement at Barber Lake. The term was expanded to 20 years, increasing total contracted revenue at the site to approximately $9.1 billion. This expansion adds approximately $5.2 billion in incremental rent and establishes a phased delivery schedule aligned with the tenant’s compute deployment. Construction at Barber Lake remains on track to meet these amended milestones.
In terms of regulatory and development progress, the company received a conditional base load classification for 1 GW at the Colchis site through ERCOT’s Batch Zero process. Additionally, the company received conditional studied load classifications with Provisional Controllable Load Resource designations for an additional 1.6 GW.
The company also announced the acquisition of Horizon, a 70 MW site in Texas, with energization expected in 2029. Furthermore, Cipher commenced the development of lateral natural gas pipelines capable of supporting up to 2.5 GW of on-site generation across multiple sites.
On the capital markets front, Cipher completed an $850 million offering of 0.000% convertible senior notes due 2032. The company also equitized approximately $165.9 million of its 1.750% convertible notes due 2030, retiring more than 90% of those notes.
