Slide 1: Business Update
Business Update August 4, 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 state ments conta
Slide 3: 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 4: ~5.3 GW Portfolio Capacity by 2030+
~5.3 GW Portfolio Capacity by 2030+ Pro Forma MW Mix • Contracted HPC capacity Operating, Contracted & Pipeline Capacity Across 11 Sites • Pipeline HPC capacity • Bitcoin mining capacity Contracted HPC Capacity Bitcoin Mining ~13% ~4% ~5,277 MW (1) Pipeline HPC Capacity (1) ~83% Note: MW presented o
Slide 5: Long-Term Leases & Contracted Cashflows
Long -Term Leases & Contracted capacity expected to generate ~$793MM Contracted Cashflows of average annualized NOI over base lease term (1) $894 $ in millions $868 $843 $818 Average Contracted Annual NOI $794 $771 $749 $727 ~$793MM (1) $686 $97 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Net
Slide 6: Building Momentum Through Q2 2026
Building Momentum Through Q2 2026 Key Strategic Hires at the Early Delivery of Black Pearl $810MM Financing for Acquired Option for New Site Site Origination and Data Center Capacity Stingray Data Center in Texas for up to 900 MW Development Levels Executed amendment to Black New site, called Apollo
Slide 7: Current Portfolio
Current Portfolio 7
Slide 8: Black Pearl Construction Update
Black Pearl Construction Update • First data center capacity was delivered in August, and rent has commenced at the site • Remaining Phase I data halls are progressing through MEP fit -out and Phase II concrete foundations, building steel, and underground electrical in progress 2 Months Early Delive
Slide 9: Barber Lake Construction Update
Barber Lake Construction Update • Tenant has commenced beneficial use of the facility, including partial occupancy of the building • Project continues to progress towards completion as coolant distribution units and first network racks were delivered Sep. 2026 Expected Initial Delivery Rental paymen
Slide 10: Stingray Construction Update
Stingray Construction Update • Earthwork, grading, and pad preparation progressing on schedule and underground electrical work has commenced • Concrete foundations and steel erection to begin in Q3 2026 1H 2027 Expected Delivery Project continues to progress towards completion ~75% Equipment Secured
Slide 11: 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 Q2 2026 Odessa’s fixed -price PPA positions Cipher as one of the lowest -cost BTC producers HPC Lease Discussions Active HPC lease negotiations with multip
Slide 12: Development Pipeline
Development Pipeline 12
Slide 13: Grid Pipeline Spotlight
Grid Pipeline Spotlight Ohio Odessa 207 MW Gross Capacity Energized PPA with Luminant • Currently energized with 207 gross MW via a fixed -price PPA with Luminant • In discussions for HPC hosting lease Reveille 70 MW Gross Capacity 2027 Q3 Target Energization Ulysses 200 MW • ERCOT interconnection a
Slide 14: Current Portfolio & Pipeline Capacity
Current Portfolio & Pipeline Capacity ~5.3 GW of Total Portfolio Grid Capacity Operating & Contracted Capacity Grid Pipeline Capacity Timeline (1) 2,100 MW 2,000 MW Apollo (1) ► 900 MW Colchis (1) ► 1,000 MW Stingray (2) ► 200 MW Barber 700 MW McLennan (1) ► 500 MW Lake (3) ► 500 MW Stingray ► 100 M
Slide 15: Q2 2026 Financial Update
Q2 2026 Financial Update 15
Slide 16: 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 Stingray Compute LLC Publicly Traded Entity Non-Opera
Slide 17: Results of Operations
Results of Operations QoQ and YoY Comparison Three Months Ended Three Months Ended June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025 Revenue - bitcoin mining $ 24,837 $ 34,838 $ 24,837 $ 43,565 Costs and operating (expenses) income Cost of revenue (15,046) (17,705) (15,046) (15,330) Compensat
Slide 18: Consolidated Balance Sheets
June 30, 2026 December 31, 2025 Consolidated ASSETS Current assets Cash and cash equivalents $ 831,829 $ 628,263 Restricted cash, current 3,188,452 1,761,292 Accounts receivable 20,084 687 Receivables, related party - 271 Balance Sheets Prepaid expenses and other current assets Bitcoin Miners held f
Slide 19: Appendix
Appendix 19
Slide 20: Non-GAAP Adjusted EBITDA
Non-GAAP Adjusted EBITDA QoQ and YoY Comparison Three Months Ended Three Months Ended June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025 Reconciliation of EBITDA: Net loss $ (267,529) $ (114,316) $ (267,529) $ (45,781) Interest income (35,861) (31,590) (35,861) (296) Interest expense 66,736 59
Slide 21: Cipher Digital
ss¢ Cipher Digital