Cipher Digital Inc. · NASDAQ:CIFR
Cipher Digital — Q3 2026 Earnings Presentation
24 slides from Cipher Digital's earnings presentation, Nov 2, 2026
Slide 1: Q3 Business Update
Q3 Business Update November 2, 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: Cipher Digital Overview
3 Cipher Digital Overview Repeatable model for turning scarce power into contracted infrastructure Barber LakeLease Secure Long -Duration Leases with High -Quality Counterparties Own & Operate Generate Recurring, Long - Duration Cashflow Finance Leverage Project -Level Financing Solutions Through Co
Slide 4: Cipher Digital Snapshot
Sign long -term contracts supported by top -quality counterparties Prioritize a long -term colocation model that delivers attractive risk -adjusted returns and durable cashflows Front -load engineering and design to improve cost and schedule certainty Develop, own, and operate mission -critical infr
Slide 5: Contracted data center campuses and lease terms
5 Note: (1) Reflects projected average monthly net operating income (“NOI”), defined as revenue less project -level operating expen ses, through the end of the respective base lease terms, multiplied by twelve; (2) Includes projected additional lease revenu e from rentalized additional costs , subje
Slide 6: Development Platform
6 Note: MW presented on a gross basis; (1) Gross pipeline grid capacity subject to ERCOT batch process, gross potential on -site ge neration capacity reflects development of lateral pipelines capable of delivering natural gas sufficient to support up to 2.5 GW of new on -site generation across multi
Slide 7: Q3 Execution Demonstrates the Platform
7 Q3 Execution Demonstrates the Platform Barber Lake Lease Amendment & Expansion Scaling HPC Lease Revenue Colorado City Water Infrastructure Foundation • Strategic transaction with leading AI lab resulted in an additional 10 -year lease term, increasing total contracted revenue to $9.1Bn • Establis
Slide 8: Barber Lake Lease Amendment Transaction Overview
8 • Deepens relationship with a leading AI lab through a long -term site commitment — Instead of change order reimbursement, Cipher elected to invest additional capital in exchange for a 10-year lease extension and incremental rent • Tenant cost -sharing framework provides for partial rentalization,
Slide 9: Lease Extension Revenue Growth
Note: (1) Additional lease revenue generated from rentalized additional costs is subject to final construction costs ; (2) Illustrative outcome reflecting estimated costs to Cipher at completion, assuming $409 million of change orders are reimburse d by the Tenant and no lease extension is agreed ;
Slide 10: Current Portfolio
10 Current Portfolio
Slide 11: Barber Lake Construction Update
• Expected to deliver first HPC capacity in Q4 2026 • Construction remains on track to meet amended delivery milestones • Tenant deploying compute throughout the facility • ~685 acres of additional adjacent land acquired for expansion opportunities at the campus Barber Lake Construction Update 11 De
Slide 12: Hyperscaler Portfolio Construction Update
Hyperscaler Portfolio Construction Update Contracted portfolio is governed by capex allowances that transfer cost exposure over an agreed amount to the Tenant 12 • First data center capacity was delivered in August ahead of schedule, with 18 MW of critical IT capacity delivered to the Tenant to date
Slide 13: Odessa Site Snapshot
• ~296 BTC mined at Odessa in Q3 2026 • Odessa’s fixed -price PPA positions Cipher as one of the lowest - cost BTC producers • Active discussions on HPC monetization ~11.6 EH/s Total Hashrate Odessa Site Snapshot 207 MW Total Capacity ~17.2 J/TH Fleet Efficiency ~¢2.8 /kWh Power Cost 13 Site Highlig
Slide 14: Development Pipeline
Development Pipeline 14
Slide 15: Near-Term Pipeline
Near -Term Pipeline Note: MW presented on a gross basis; (1) Subject to ERCOT batch study process; (2) Estimated based on ongoing dialogue betwee n prospective tenants and projects’ Independent Power Producers (“IPPs”) 15 Reveille • ERCOT interconnection approved for 70 gross MW and substation devel
Slide 16: Current Portfolio & Pipeline Capacity
207 MW 200 MW 70 MW 200 MW 2,500 MW 300 MW 70 MW 500 MW 900 MW300 MW 500 MW100 MW 1,000 MW 907 MW 270 MW 2,070 MW 1,100 MW 2,500 MW Operating & Contracted Capacity 2027 2028 - 2029 2030+ On-Site Generation 16 Current Portfolio & Pipeline Capacity Up to ~4.3 GW in Grid Capacity + ~2.5 GW in Potential
Slide 17: Q3 2026 Financial Update
Q3 2026 Financial Update 17
Slide 18: Capital Structure and Liquidity Overview
18 Capital Structure and Liquidity Overview Note: Market data as of 9/30/2026; Organizational structure chart depicts select subsidiaries and is not intended to represen t the Company's complete corporate structure; (1) Includes value of bitcoin based on a price of $83,556 per bitcoin as of 9/30/202
Slide 19: Statement of operations
Three Months Ended Three Months Ended September 30, 2026 June 30, 2026 September 30, 2026 September 30, 2025 Revenue - bitcoin mining $ 20,849 $ 24,837 $ 20,849 $ 71,707 Revenue - HPC leasing 5,852 — 5,852 — Total revenue 26,701 24,837 26,701 71,707 Costs and operating (expenses) income Cost of reve
Slide 20: Balance sheet
September 30, 2026 December 31, 2025 ASSETS Current assets Cash and cash equivalents $ 656,009 $ 628,263 Restricted cash, current 1,719,403 1,761,292 Accounts receivable 20,469 687 Receivables, related party — 271 Prepaid expenses and other current assets 56,342 7,977 Bitcoin 25,943 125,400 Miners h
Slide 21: Appendix
Appendix 21
Slide 22: Non-GAAP Adjusted EBITDA QoQ and YoY Comparison
Three Months Ended Three Months Ended September 30, 2026 June 30, 2026 September 30, 2026 September 30, 2025 Reconciliation of EBITDA: Net income (loss) $ 31,596 $ (267,529) $ 31,596 $ (3,283) Interest income (32,684) (35,861) (32,684) (457) Interest expense 58,994 66,736 58,994 1,286 Total income t
Slide 23: Recent Financing Updates
23 Recent Financing Update s $850MM Convertible Note Issuance to Complete Barber Lake Development $850 MM Issuance at $11.34 / sh. 35.0 % Conversion Premium 2032 Nov. Maturity Date $28.35 Capped Conversion Price 0.000 % Coupon $165.9 MM Equitized 2030 Converts Convertible Note Capped Call Protection
Slide 24: Cipher Digital
*38$ Cipher Digital