Cipher Mining (NASDAQ:CIFR) Announces Earnings Results

Cipher Mining (NASDAQ:CIFR) released its quarterly earnings results on Tuesday. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01), Briefing.com reports. Cipher Mining had a negative return on equity of 107.05% and a negative net margin of 367.17%.The company had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. Cipher Mining’s revenue was down 28.8% on a year-over-year basis.

Here are the key takeaways from Cipher Mining’s conference call:

• Cipher signed a third 15‑year data center campus lease with an investment‑grade hyperscaler, bringing operating and contracted capacity to 907 MW and roughly $11.4 billion of contracted revenue over base terms.
• The company completed a $2.0 billion project bond (fully funding Black Pearl) and closed a $200 million corporate revolver, leaving Cipher with ~$715 million cash plus ~$3.5 billion of restricted construction cash to support near‑term builds.
• Execution and procurement remain strong — Barber Lake topped out with ~99% of equipment secured, Black Pearl phases are progressing (phase‑1 ~93%/phase‑2 ~80% equipment secured), Stingray mobilized toward Q4‑2026 energization, and Odessa continues to mine Bitcoin at an industry‑low ~ $0.028/kWh.
• Q1 revenue declined to $35 million (from $60M) due to the planned wind‑down of mining at Black Pearl, resulting in a GAAP net loss of $114 million and higher interest expense (~$59M), with a $28M non‑cash decrease in PPA fair value also weighing on results.
• Cipher highlights a deep pipeline (~3.3 GW pipeline; ~4.2 GW portfolio) with Reveille (70 MW) and Ulysses (200 MW) in advanced stages, while McLennan, Mikeska and Colchis (~2.5 GW) remain contingent on ERCOT’s batch process outcome expected in the near term.

Cipher Mining Trading Down 0.4%

CIFR stock traded down $0.08 during trading on Wednesday, hitting $22.02. 13,579,272 shares of the company traded hands, compared to its average volume of 27,933,850. The firm has a market capitalization of $8.94 billion, a PE ratio of -10.17 and a beta of 3.13. Cipher Mining has a 1 year low of $2.95 and a 1 year high of $25.52. The company has a 50-day moving average of $15.79 and a 200-day moving average of $16.80. The company has a debt-to-equity ratio of 3.37, a quick ratio of 3.79 and a current ratio of 3.79.

Key Headlines Impacting Cipher Mining

Here are the key news stories impacting Cipher Mining this week:

• Positive Sentiment: HC Wainwright raised its price target on CIFR to $30 and maintained a “buy” rating — implying roughly a 35% upside from current levels; this is a significant bullish analyst endorsement that can support the stock. HC Wainwright Raises PT to $30
• Positive Sentiment: BTIG reaffirmed a “buy” rating with a $25 price target (about a 13% upside), providing additional analyst support and signaling continued institutional optimism. BTIG Reaffirms Buy
• Positive Sentiment: Cipher’s business update says development timelines at Barber Lake and Black Pearl remain on track, the company signed a third AI data‑center campus lease with an investment‑grade hyperscale tenant, and it secured a $200M revolving credit facility — all of which improve growth visibility and liquidity. Q1 Business Update
• Positive Sentiment: Management’s earnings call highlighted a strategic pivot toward hyperscale customers — if executed, this could lift long‑term revenue quality and margins by attracting larger, more stable tenants. Earnings Call Highlights
• Neutral Sentiment: The full Q1 2026 earnings transcript is available for investors who want management commentary and Q&A detail to assess execution risk and guidance. Earnings Transcript
• Negative Sentiment: CIFR reported Q1 EPS of ($0.28), missing the consensus by $0.01, and revenue of $34.84M (below estimates) with revenue down ~28.8% y/y — these weaker near‑term results and heavily negative margins are the primary reason shares are under pressure. Q1 Results & Press Release

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CIFR shares. Wall Street Zen cut Cipher Mining from a “hold” rating to a “strong sell” rating in a report on Sunday, March 1st. HC Wainwright upped their price objective on Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday. Cantor Fitzgerald cut their price objective on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price objective on shares of Cipher Mining in a report on Wednesday, March 25th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cipher Mining in a research note on Friday, March 27th. Fourteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Cipher Mining has a consensus rating of “Moderate Buy” and an average target price of $25.36.

Insider Buying and Selling

In other Cipher Mining news, Director James E. Newsome sold 45,161 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $15.74, for a total transaction of $710,834.14. Following the completion of the sale, the director owned 127,331 shares of the company’s stock, valued at $2,004,189.94. This represents a 26.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Tyler Page sold 37,500 shares of the stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $16.11, for a total transaction of $604,125.00. Following the sale, the chief executive officer directly owned 8,263,862 shares of the company’s stock, valued at $133,130,816.82. The trade was a 0.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 148,229 shares of company stock valued at $2,283,968. 2.63% of the stock is owned by insiders.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently bought and sold shares of CIFR. Voloridge Investment Management LLC purchased a new stake in Cipher Mining in the 3rd quarter worth approximately $70,524,000. Janus Henderson Group PLC lifted its holdings in Cipher Mining by 3,718.3% in the 4th quarter. Janus Henderson Group PLC now owns 4,292,790 shares of the company’s stock worth $63,359,000 after buying an additional 4,180,362 shares during the period. Millennium Management LLC purchased a new stake in shares of Cipher Mining in the 1st quarter worth about $9,316,000. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Cipher Mining in the 4th quarter worth about $53,315,000. Finally, Value Aligned Research Advisors LLC purchased a new stake in shares of Cipher Mining in the 3rd quarter worth about $36,186,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.