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
Cipher Digital Overview Repeatable model for turning scarce power into contracted infrastructure Lease Barber Lake Secure Long -Duration L eases with High -Quality Counterparties Originate Finance Identify & Acquire Land to Invest Leverage Project -Level Financing Development Capital & Expertise Sol
Slide 4: Cipher Digital Snapshot
Cipher Digital Snapshot Positioned for disciplined growth with a strong contracted portfolio 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 d
Slide 5: Contracted Portfolio
Contracted Portfolio Long -term leases with world’s leading hyperscale tenants Contracted Data Center Contracted Revenue Contracted Revenue (1) Capacity Term Structure Avg. Annual NOI Counterparty / Credit Campus (Base -Lease Term) (Including Extensions) (Gross MW) (2) High Investment -Grade Barber
Slide 6: ~6.8 GW Development Platform
~6.8 GW Development Platform Contracted and pipeline capacity positioned to scale Total Development Capacity • Contracted Grid HPC C apacity Operating, Contracted & Pipeline Capacity Across 11 Sites • Pipeline Grid HPC C apacity • Bitcoin mining C apacity Bitcoin Mining Contracted HPC Capacity ~3% ~
Slide 7: Q3 Execution Demonstrates the Platform
Q3 Execution Demonstrates the Platform • Strategic transaction with leading AI lab resulted in an additional 10 -year lease term, increasing total Barber Lake Lease contracted revenue to $9.1Bn Amendment & Expansion • Established a phased delivery schedule with individual data halls delivered from Q
Slide 8: Expansion at Barber Lake
Expansion at Barber Lake $5.2Bn of additional contracted revenue, doubled lease duration, and improved project returns Transaction Overview Key Deal Highlights • Deepens relationship with a leading AI lab through a long -term site commitment $9.1Bn ~$500MM Contracted Revenue Potential Rentalized Lea
Slide 9: Expansion at Barber Lake
Expansion at Barber Lake ~130% revenue growth while maintaining YoC & deepening Tenant relationship Lease Extension Revenue Growth Investment in Barber Lake Lease Expansion $10 ~$9.6 billion projected total revenue $20.0 16.0% Base Revenue with additional rentalization 15.2% 15.2% $9 Extension Reven
Slide 10: Current Portfolio
Current Portfolio 10
Slide 11: Barber Lake Construction Update
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 Deliv
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 Black Pearl Stingray • First data center capacity was delivered in August ahead of schedule, with 18 MW • Earthwork, grading, and pad prepara
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 Site Highlights • ~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 1
Slide 14: Development Pipeline
Development Pipeline 14
Slide 15: Near-Term Pipeline
Near -Term Pipeline Colchis – ~622 Acquired Acres Reveille 70 MW 2027 Q3 Gross Capacity Target Energization • ERCOT interconnection approved for 70 gross MW and substation development initiated • In discussions for HPC hosting lease Ulysses 200 MW 2027 Q4 Gross Capacity Target Energization • Interco
Slide 16: Current Portfolio & Pipeline Capacity
Current Portfolio & Pipeline Capacity Up to ~4.3 GW in Grid Capacity + ~2.5 GW in Potential On -Site Generation Development capital and expertise increasingly invested into pipeline sites Selective, proactive procurement preserves development schedule while as they become viable candidates to be con
Slide 17: Q3 2026 Financial Update
Q3 2026 Financial Update 17
Slide 18: Capital Structure and Liquidity Overview
Capital Structure and Liquidity Overview $200MM Revolving Credit Facility matures 2030 Publicly Traded Entity Cipher Digital Inc. (NASDAQ: CIFR) $7MM Convertible Note due 2030 (1.750 %) Unrestricted Cash & Cash Equivalents Balance: $724MM (1, 2) $1.3Bn Convertible Note due 2031 (0.00 0 %) Non-Operat
Slide 19: Statement of Operations
Statement of Operations QoQ and YoY Comparison 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 Cos
Slide 20: Consolidated Balance Sheet
September 30, 2026 December 31, 2025 ASSETS Current assets Consolidated Cash and cash equivalents Restricted cash, current Accounts receivable Receivables, related party Prepaid expenses and other current assets $ 656,009 1,719,403 20,469 — 56,342 $ 628,263 1,761,292 687 271 7,977 Balance Sheet Bitc
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 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 e
Slide 23: Recent Financing Updates
Recent Financing Update s $850MM Convertible Note Issuance to Complete Barber Lake Development Convertible Note Capped Call Protection Against Share Dilution $850 MM 2032 Nov. 0.000 % 45 Base Conversion Price $15.31 / sh. Hedged Conversion Price $28.35 / sh. Issuance at $11.34 / sh. Maturity Date Co
Slide 24: Cipher Digital
ss¢ Cipher Digital