Overview
- Cipher reported $5.85 million in high-performance computing lease revenue in Q3 2026, about 22% of the quarter’s $26.7 million total.
- Total revenue fell from $71.7 million a year earlier after Bitcoin mining revenue dropped 71% to $20.8 million.
- The company posted a GAAP net profit of $31.6 million for the quarter that was driven mainly by a non-cash accounting gain.
- Cipher says it has about $16.6 billion in contracted HPC revenue covering roughly 700 MW, including a 20-year Barber Lake lease that raises that site’s contracted value to about $9.1 billion.
- Operational milestones and risks now matter most: Black Pearl delivered the first capacity, Odessa is under evaluation for conversion after producing about 2.96 BTC this quarter, and future revenue will only appear as Cipher builds and energizes more powered capacity.