Cipher Digital Books First HPC Revenue as Data Center Buildout Advances
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Key Takeaways
- Cipher Digital reported Q3 2026 net income of $31.6 million, or $0.08 per basic share.
- Total revenue reached $26.7 million, including $5.9 million from new HPC leasing operations.
Cipher Digital (NASDAQ: CIFR) has reported its first revenue from high-performance computing leases, marking the start of rental income from its data center expansion as bitcoin mining revenue continued to decline.
The company recorded $5.9 million in HPC leasing revenue in the third quarter following rent commencement at Black Pearl. That accounted for about 22% of total revenue of $26.7 million, according to its business update released Monday.
Total revenue fell about 63% from $71.7 million a year earlier, with bitcoin mining contributing $20.8 million. The results show the early stages of Cipher’s transition from mining bitcoin to collecting rent on computing infrastructure, while much of its contracted data center capacity remains under construction.
The Black Pearl revenue follows an accelerated handover disclosed in August. Cipher said at the time that it had begun delivering initial capacity two months ahead of the original schedule, at its hyperscale tenant’s request. Second-quarter revenue was $24.8 million, all from bitcoin mining.
