Slide 1: Business Update
Business Update February 24, 2026 1
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 statements contai
Slide 3: Transition of the Business
Transition of the Business Evolution to a Compute Infrastructure Platform • Long -term leases generate stable and predictable cashflows • Best -in-class tenants Bitcoin Mining Exit Strategy • Completed sale of non -core BTC mining data centers (1) • BTC inventory to be monetized over time Strategic
Slide 4: Built for Hyperscale.
Built for Hyperscale. 4
Slide 5: Cipher Continues to Execute on Strategy
Cipher Continues to Execute on Strategy AWS HPC Lease Upsized Lease & Additional $2.0Bn Financing Pro Forma MW Mix Pro Forma MW Mix at Black Pearl Financing at Barber Lake for Black Pearl Operating & Contracted Gross Capacity • Executed 15 -year HPC • Barber Lake fully funded through • Issued $2.0Bn
Slide 6: Long-Term Leases & Contracted Cashflows
Long -Term Leases & 600 MW Contracted Cashflows Gross Capacity Two leases signed with world’s leading hyperscalers ~$9.3 Bn Contracted Revenue Stable cashflows to strengthen robust liquidity profile 10-15 years Resilient business model with long -term leases Base Lease Terms Best -in-class team with
Slide 7: Long-Term Leases & Contracted Cashflows
Long -Term Leases & Contracted capacity expected to generate ~$669MM Contracted Cashflows of average annualized NOI over base lease term (1) $ in MM $754 $732 $711 $690 Average Contracted NOI $670 $651 $613 $632 ~$669MM (1) $571 $86 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Barber Lake NOI B
Slide 8: Bitcoin Mining Exit Strategy
Bitcoin Mining Exit Strategy Transition from BTC Mining to HPC • Sale of Joint Venture Sites Total Operating Hashrate • Divested full 49% stake in Alborz, Bear & Chief sites Reflects decommissioning of rigs at ~23.6 EH/s Black Pearl and divestiture of joint • Strategically Monetizing Bitcoin Invento
Slide 9: Current Portfolio
Current Portfolio 9
Slide 10: Barber Lake 10-Year Modified Gross Lease for HPC Hosting with Fluidstack
Barber Lake 10-Year Modified Gross Lease for HPC Hosting with Fluidstack Transaction Overview • 10-year base lease agreement with Fluidstack with two 5-year extension options • Google to provide backstop for up to $1.73Bn of Fluidstack’s lease obligations • NOI margin of ~86% • Fully financed with p
Slide 11: Barber Lake Construction Update
Barber Lake Construction Update • Data center development on track with concrete foundations, steel erection and underground utility work progressing • All current design milestones have been achieved on schedule • Project tracking to meet contractual Early Access and Substantial Completion mileston
Slide 12: Black Pearl 15-Year Lease for HPC Hosting with Amazon Web Services
Black Pearl 15-Year Lease for HPC Hosting with Amazon Web Services Transaction Overview • 15-year base lease agreement with AWS with three 5 year extension options - • Amazon.com, Inc. guarantees all base rent and operating expenses • NOI margin of ~100% • Fully financed with project -level, non -re
Slide 13: Black Pearl Construction Update
Black Pearl Construction Update • HPC data center development on track as engineering, procurement and construction have commenced • BTC mining decommissioning completed in February 2026 • ~85% of the existing data center infrastructure currently deployed at Black Pearl is expected to be repurposed
Slide 14: 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 • Replaced ~10,000 outdated mining rigs with ~10,000 Bitmain S21 XP mining rigs from Black Pearl, increasing hashrate by ~0.3 EH/s • Odessa’s fixed -price PPA has positioned Cipher as
Slide 15: Development Pipeline
Development Pipeline 15
Slide 16: Pipeline Spotlight
Pipeline Spotlight Ohio Stingray 100 MW Gross Capacity 2026 Q4 Target Energization • ERCOT interconnection approved for 100 gross MW • Substation development underway • Ongoing discussions for an HPC hosting lease Ulysses Reveille 70 MW Gross Capacity 2027 Q3 Target Energization 200 MW • ERCOT inter
Slide 17: Total Pipeline Capacity
Total Pipeline Capacity Energized Capacity New Energization Forecast 2,500 MW Colchis (1) ► 1,000 MW McLennan (1) ► 500 MW Mikeska (1) ► 500 MW 600 MW 500 MW Black Pearl ► 300 MW 370 MW Barber 207 MW Ulysses ► 200 MW Milsing (1) ► 500 MW Lake (2) ► 500 MW Barber Lake ► 300 MW Reveille ► 70 MW Odessa
Slide 18: Q4 2025 Financial Update
Q4 2025 Financial Update 18
Slide 19: Precedent Setting Financings
Precedent Setting Financings Black Pearl and Barber Lake Developments are Fully Funded Barber Lake Black Pearl $1.73Bn 2030 Nov. 5NC2 $2.0 Bn 2031 Feb. 5NC2 Issuance at Par Maturity Date Call Structure Issuance at Par Maturity Date Call Structure 7.125% ~71% Ba3 / -- / BB - 6.125 % ~85 % Ba2 / -- /
Slide 20: Disciplined Capital Structure & Financial Flexibility
Disciplined Capital Structure & Financial Flexibility Cipher’s Balance Sheet Strength & Access to Capital Enable Sustainable Growth Key Priorities for Capital Raising Corporate Liquidity Profile (1) $ in MM $860 Disciplined approach to consolidated leverage $754 $79 (3) Includes capex $125 (2) reimb
Slide 21: Results of Operations
Results of Operations QoQ and YoY Comparison Three Months Ended Year Ended December 31, 2025 September 30, 2025 December 31, 2025 December 31, 2024 Revenue - bitcoin mining $ 59,711 $ 71,707 $ 223,94 2 $ 151,270 Costs and operating (expenses) income Cost of revenue (24,259) (26,733) (81,216) (62,364
Slide 22: Consolidated Balance Sheets
December 31, 2025 December 31, 2024 Consolidated ASSETS Current assets Cash and cash equivalents $ 628,263 $ 5,585 Restricted cash, current 1,761,292 - Accounts receivable 687 596 Receivables, related party 271 2,090 Balance Sheets Prepaid expenses and other current assets Bitcoin Receivable for bit
Slide 23: Appendix
Appendix 23
Slide 24: Non-GAAP Adjusted Earnings
Non-GAAP Adjusted Earnings QoQ and YoY Comparison Three Months Ended Year Ended December 31, 2025 September 30, 2025 December 31, 2025 December 31, 2024 Reconciliation of Adjusted Earnings: Net loss $ (734,204) $ (3,283) $ (822,244) $ (44,635) Change in fair value of power purchase agreement 11,680
Slide 25: Non-GAAP Adjusted EBITDA
Non-GAAP Adjusted EBITDA QoQ and YoY Comparison Three Months Ended Year Ended December 31, 2025 September 30, 2025 December 31, 2025 December 31, 2024 Reconciliation of EBITDA: Net loss $ (734,204) $ (3,283) $ (822,244) $ (44,635) Interest expense 33,359 1,286 36,558 1,708 Interest income (18,537) (
Slide 26: Cipher Digital Capitalization
Cipher Digital Capitalization As of Next Call $ in MM 12/31/2025 Maturity Pricing Amort. Date Price Rating (1) Cash & Cash Equivalents $2,665 7.125% Senior Secured Notes (Cipher Compute LLC) 1,733 11/15/30 7.125% Rent-based (2) 11/15/2027 103.563 Ba3 / BB - Total Secured Debt $1,733 1.750% Convertib
Slide 27: Cipher Digital
ss¢ Cipher Digital