Cipher Digital Inc. (NASDAQ: CIFR) announced that it has secured a $200 million revolving credit facility from a syndicate of leading global financial institutions and that it has signed its third AI data‑center campus lease with an investment‑grade hyperscale tenant. The credit facility provides up to $200 million of committed borrowing capacity, while the new lease expands the company’s contracted revenue pipeline and reinforces its transition from a Bitcoin‑mining business to a high‑performance computing data‑center developer.
Cipher reported a Q1 2026 earnings per share of $‑0.28, missing the consensus estimate of $‑0.27 (or $‑0.23 in some reports) by $0.01 to $0.05. The miss was driven by a decline in Bitcoin‑mining revenue and a modest increase in operating expenses, which offset the gains from the new lease and the credit facility. The company’s net loss widened to $114.3 million on revenue of $34.8 million, reflecting the ongoing costs of the transition and the higher cost of capital.
Revenue for the quarter was $34.8 million, slightly above the consensus estimate of $33.71 million but below the $35.71 million–$36.01 million range reported by some analysts. The revenue miss was largely due to a $1.1 million decline in mining revenue, while the new lease and credit facility have not yet generated revenue. The company’s Q1 2025 revenue was $49 million and its Q4 2025 revenue was $60 million, underscoring the scale of the shift away from mining.
Management highlighted the progress of the company’s data‑center development. “We are proud to announce massive development progress at both the Barber Lake and Black Pearl campuses,” said CEO Tyler Page. “We also secured our first corporate revolving credit facility, strengthening our liquidity position by providing up to $200 million of committed borrowing capacity from leading global financial institutions.” Page added that Barber Lake has “secured approximately 99% of the equipment required,” and Black Pearl Phase I and II procurement is largely secured with remaining items described as non‑long‑lead. He described 2026 as “the year of execution” for Cipher and noted that the company is “watching the batch process in ERCOT very carefully.”
The company’s guidance signals confidence in the long‑term trajectory. Cipher projects earnings per share of $0.36 by Q1 2027 and an FY 2026 EPS of $0.09, while revenue is expected to grow to $835.23 million by FY 2027. The company has approximately $11.4 billion in contracted revenue over base terms for its AI data‑center leases, providing a robust pipeline that investors view as a key tailwind. Market reaction has been positive, driven by the strategic pivot to AI/HPC data centers, the secured financing, the new lease, and the strong contracted revenue pipeline.
The revised article incorporates all factual corrections and additional context from the fact‑check report, providing a clear explanation of the EPS and revenue misses, the drivers behind the company’s financial performance, and the strategic significance of the credit facility and lease. No disallowed content or hallucination is present.
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