Slide 1: Cipher Digital Business Update
33 Cipher Digital Business Update May 5, 2026
Slide 2: Forward-Looking Statements
Forward -Looking Statements This communication contains certain forward -looking statements within the meaning of the federal securities laws of the United S tates. The Company intends such forward -looking statements to be covered by the safe harbor provisions for forward -looking state ments conta
Slide 3: Built for Hyperscale.
Built for Hyperscale. 3
Slide 4: Cipher Digital: Leading HPC Development Platform Built for Hyperscale
Cipher Digital Leading HPC Development Platform Built for Hyperscale Vertically Integrated Developer & Operator In-house power origination, engineering, procurement, construction, and operations built to deliver hyperscale capacity at speed and at scale Current Portfolio 907 MW (1) of operating and
Slide 5: ~4.2 GW Portfolio Capacity by 2030+
~4.2 GW Portfolio Capacity by 2030+ Pro Forma MW Mix • Contracted HPC capacity Operating, Contracted & Pipeline Capacity • Pipeline HPC capacity • Bitcoin mining capacity Existing Contracted HPC Capacity Bitcoin Mining ~14% ~5% Newly Contracted HPC Capacity ~2% ~4,177 MW (1) Pipeline HPC Capacity (1
Slide 6: Long-Term Leases & Contracted Cashflows
Long -Term Leases & Contracted capacity expected to generate ~$787MM Contracted Cashflows of average annualized NOI over base lease term (1) $892 $ in MM $866 $841 $816 Average Contracted Annual NOI $793 $770 $747 $725 ~$787MM (1) $646 $86 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Net Operat
Slide 7: Execution Defines 2026
Execution Defines 2026 Corporate Execution Signed Third Data Center Campus Lease • Initial term of 15-years with an investment -grade Hyperscale tenant $2.0Bn Financing for Black Pearl • Fully financed Black Pearl through completion with a $2.0Bn bond issuance Inaugural $200MM Revolving Credit Facil
Slide 8: Current Portfolio
Current Portfolio 8
Slide 9: Barber Lake Construction Update
Barber Lake Construction Update • Building topped out with completion of primary structural steel • Mechanical, electrical and networking work fronts continue to progress on schedule • Project tracking to meet contractual Early Access and Substantial Completion milestone dates ~99% Equipment Secured
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10
Slide 11: Black Pearl Construction Update
Black Pearl Construction Update • Data center development on track as Phase I retrofit and Phase II pad preparation continue to progress • Actively installing Phase I cooling and electrical infrastructure to accommodate new HPC equipment • Project tracking to meet contractual Early Access and Rack -
Slide 12: Stingray Construction Update
Stingray Construction Update • Data center development on track with earthwork and pad preparation currently in progress • Electrical work for substation has commenced , aligning with Q4 2026 target energization timeline • Electrical construction mobilizing in Q2 2026 12
Slide 13: Odessa Site Snapshot
Odessa Site Snapshot 207 MW ~11.6EH/s Total Capacity Total Hashrate ~17.2J/TH ~¢2.8 /kWh Fleet Efficiency Power Cost ~346 BTC Mined at Odessa in Q1 2026 Odessa’s fixed -price PPA positions Cipher as one of the lowest -cost BTC producers ~0.3 EH/s Increased Hashrate in Q1 2026 Replaced ~10,000 outdat
Slide 14: Development Pipeline
Development Pipeline 14
Slide 15: Grid Pipeline Spotlight
Grid Pipeline Spotlight Ohio Reveille 70 MW Gross Capacity 2027 Q3 Target Energization • ERCOT interconnection approved for 70 gross MW and substation development initiated • In discussions for HPC hosting lease Ulysses 200 MW Ulysses 200 MW Gross Capacity 2027 Q4 Target Energization • Interconnecti
Slide 16: Current Portfolio & Pipeline Capacity
Current Portfolio & Pipeline Capacity ~4.2 GW of Total Portfolio Grid Capacity Operating & Contracted Capacity Grid Pipeline Capacity Timeline (1) 2,500 MW Colchis (1) ► 1,000 MW McLennan (1) ► 500 MW 700 MW Mikeska (1) ► 500 MW Third HPC Lease ► 100 MW 500 MW Black Pearl ► 300 MW 270 MW Barber 207
Slide 17: Q1 2026 Financial Update
Q1 2026 Financial Update 17
Slide 18: Capital Structure and Liquidity Overview
Capital Structure and Liquidity Overview $200MM Revolving Credit Facility matures 2030 Cipher Digital Inc. $173MM Convertible Note due 2030 (1.75%) (NASDAQ: CIFR) $1.3Bn Convertible Note due 2031 (0.00%) Cipher Compute LLC Black Pearl Compute LLC Third HPC Lease Entity (1) Publicly Traded Entity Non
Slide 19: Results of Operations
Results of Operations QoQ and YoY Comparison Three Months Ended Three Months Ended March 31, 202 6 December 31, 2025 March 31, 202 6 March 31, 2025 Revenue - bitcoin mining $ 34,838 $ 59,711 $ 34,838 $ 48,959 Costs and operating (expenses) income Cost of revenue (17,705) (24,259) (17,705) (14,894) C
Slide 20: Consolidated Balance Sheets
March 31, 202 6 December 31, 202 5 Consolidated ASSETS Current assets Cash and cash equivalents $ 715,203 $ 628,263 Restricted cash, current 3,011,874 1,761,292 Accounts receivable 8,487 687 Receivables, related party - 271 Balance Sheets Prepaid expenses and other current assets Bitcoin Miners held
Slide 21: Appendix
Appendix 21
Slide 22: Non-GAAP Adjusted EBITDA
Non-GAAP Adjusted EBITDA QoQ and YoY Comparison Three Months Ended Three Months Ended March 31, 202 6 December 31, 2025 March 31, 2026 March 31, 2025 Reconciliation of EBITDA: Net loss $ (114,316) $ (734,20 2) $ (114,316) $ (38,975) Interest income (31,590) (18,537) (31,590) (190) Interest expense 5
Slide 23: Cipher Digital
ss¢ Cipher Digital