Cipher Digital Inc.
For the period ended Sep 30, 2026. Filed Nov 2, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 2, 2026
CIFR$6.53-4.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities | ||
| Net income (loss) | $(350,249) | $(88,039) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 57,200 | 147,102 |
| Amortization of operating right-of-use asset | 1,330 | 1,205 |
| Share-based compensation | 84,208 | 27,830 |
| Equity in losses of equity investees | 1,601 | 8,472 |
| Write-down of assets held for sale | 7,437 | - |
| Loss on disposal of assets | 10,403 | 666 |
| Amortization of debt discount and issuance costs | 184,888 | - |
| Non-cash lease expense | - | 817 |
| Deferred income taxes | - | (399) |
| Non-cash consideration received for services | (80,524) | (164,131) |
| Change in fair value of derivative assets | 48,040 | 9,921 |
| Change in fair value of warrant liability | (20,280) | (31,860) |
| Change in fair value of investments at fair value | 21,207 | - |
| Change in fair value of bitcoin collateral | - | (5,731) |
| Change in fair value of bitcoin loan | - | 782 |
| Change in unrealized (gains) losses on fair value of bitcoin | (33,055) | 2,927 |
| Realized losses (gains) on sale of bitcoin | 47,251 | (16,092) |
| Changes in operating assets and liabilities | ||
| (Decrease) increase in operating assets | (55,259) | 4,490 |
| Decrease in operating liabilities | (207,392) | (51,466) |
| Net cash used in operating activities | (283,194) | (153,506) |
| Cash flows from investing activities | ||
| Proceeds from sale of bitcoin | 168,941 | 150,226 |
| Proceeds from disposal of assets | 52,798 | - |
| Purchases of property and equipment | (2,517,241) | (262,969) |
| Purchases and development of software | - | (1,143) |
| Distributions paid to non-controlling interest | (4,640) | - |
| Investment in equity investees | (4,374) | (17,568) |
| Purchases of strategic contracts | (48,394) | - |
| Net cash used in investing activities | (2,352,910) | (131,454) |
| Cash flows from financing activities | ||
| Proceeds from notes, net of issuance costs | 2,766,437 | 1,437,395 |
| Proceeds from the issuance of common stock, net of offering costs | 129,193 | 117,397 |
| Repurchase of common shares to pay employee withholding taxes | (68,742) | (7,285) |
| Principal payments of financing lease | (2,821) | (3,625) |
| Purchase of capped call options | - | (82,680) |
| Proceeds from treasury stock reissued for PIPE investment | - | 50,000 |
| Principal payments on loan | - | (25,000) |
| Net cash provided by financing activities | 2,824,067 | 1,486,202 |
| Net increase in cash, cash equivalents, and restricted cash | 187,963 | 1,201,242 |
| Cash, cash equivalents, and restricted cash, beginning of the period | 2,664,631 | 19,977 |
| Cash and cash equivalents, and restricted cash, end of the period | $2,852,594 | $1,221,219 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - CONTINUED
(in thousands)
| Nine Months Ended September 30, | ||||
|---|---|---|---|---|
| 2026 · 2025 | ||||
| Supplemental information | ||||
| Cash paid for interest | $126,545 | $ | - | |
| Cash paid for income taxes, net | $ | - | $ | - |
| Supplemental disclosure of non-cash investing and financing activities | ||||
| Property and equipment purchases in accounts payable and accrued expenses | $719,635 | $7,708 | ||
| Interest capitalized on construction in progress | $59,799 | $ | - | |
| Investments acquired at fair value for sale of equity in investees interests | $29,400 | $ | - | |
| Right-of-use asset obtained in exchange for operating lease liability | $29,021 | $491 | ||
| Miners reclassified from held for sale to in service | $25,816 | $ | - | |
| Right-of-use asset obtained in exchange for finance lease liability | $17,959 | $ | - | |
| Derecognition of asset retirement obligation and asset retirement cost | $11,433 | $ | - | |
| Investments acquired at fair value for sale of miners | $10,355 | $ | - | |
| Sales tax accrual on machines placed in service | $3,503 | $2,363 | ||
| Decrease in Right-of-use asset and operating lease liability from lease modification | $2,957 | $ | - | |
| Bitcoin received from equity investees | $2,772 | $20,714 | ||
| Land asset adjustment on derecognition of lease liability and right-of-use asset | $1,618 | $ | - | |
| Issuance of warrant liability | $ | - | $544,450 | |
| Reclassification of deposits on equipment to property and equipment | $ | - | $31,453 | |
| Initial estimate of asset retirement obligation and related capitalized costs | $ | - | $10,743 | |
| Bitcoin transferred for rehypothecated collateral | $ | - | $31,720 | |
| Bitcoin loan payments | $ | - | $26,986 | |
| Bitcoin received as a loan | $ | - | $16,551 | |
| Treasury stock reissued for PIPE investment | $ | - | $10 | |
The following table provides a reconciliation of Cash and cash equivalents together with Restricted cash as reported within the Condensed Consolidated Balance Sheets to the sum of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows.
| September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash and cash equivalents | $656,009 | $1,207,440 |
| Restricted cash, current | 1,719,403 | 13,779 |
| Restricted cash, non-current | 477,182 | - |
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $2,852,594 | $1,221,219 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.