Cipher Mining Q1 Earnings Call Highlights

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Cipher Mining (NASDAQ:CIFR) executives highlighted a engaged commencement to 2026 focused connected executing its displacement from Bitcoin mining toward processing and operating hyperscale-ready high-performance computing (HPC) information centers, arsenic absorption elaborate caller lease activity, large financings, operation progress, and first-quarter fiscal results.

Third hyperscale lease and expanded contracted gross basal

CEO Tyler Page said the institution “kicked the twelvemonth disconnected with a beardown archetypal quarter,” pointing to the signing of its 3rd information halfway field lease with an investment-grade hyperscale tenant, alongside financings intended to afloat money operation astatine its Black Pearl task and bolster firm liquidity.

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Page said Cipher present has 907 MW of “operating and contracted capacity,” anchored by 3 signed information halfway field leases. He said the portfolio carries astir $11.4 cardinal successful contracted gross crossed basal lease presumption of 10-15 years, which helium described arsenic creating “durable, precocious quality, and semipermanent currency flows.”

Management besides outlined its longer-term currency travel expectations from executed leases. Page said the 3 executed field leases are expected to make astir $787 cardinal of mean annualized nett operating income from October 2026 to September 2036, and that contracted nett operating income is expected to beryllium astir $892 cardinal successful 2035.

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During the Q&A, Page said the recently signed declaration “covers the 100 MW,” and does not see enlargement options beyond the archetypal amount.

Financing moves: $2 cardinal enslaved for Black Pearl and a caller revolver

Page and CFO Gregory Mumford emphasized 2 financings completed successful the quarter: a $2 cardinal high-yield enslaved offering tied to Black Pearl and a $200 cardinal revolving recognition installation astatine the firm level.

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Page said the $2 cardinal enslaved was priced astatine a 6.125% coupon, was “significantly oversubscribed,” and “fully” funds the build-out of Black Pearl done delivery. He added the offering included reimbursement of astir $233 cardinal to Cipher for anterior equity contributions to the site.

Mumford described the $200 cardinal revolver arsenic a milestone, saying it is the company’s archetypal corporate-level committed recognition installation and is supported by a slope syndicate that includes Morgan Stanley, Goldman Sachs, JPMorgan, Wells Fargo, Santander, and SMBC. He said the installation bears involvement astatine SOFR positive 125 to 175 ground points depending connected full indebtedness to marketplace capitalization, and was undrawn astatine 4th end.