Cipher Digital Provides Second Quarter 2026 Business Update (Form 8-K)

Cipher Digital Provides Second Quarter 2026 Business Update

Black Pearl Data Center Delivery Accelerated

Acquired Option for 900 MW Site Near San Antonio, Texas

Completed Project-Level Financing to Fully Fund Third Data Center Development

NEW YORK-August 4, 2026-Cipher Digital Inc. (NASDAQ: CIFR) ("Cipher" or the "Company"), a leading developer, owner, and operator of industrial-scale data centers, today announced its second quarter 2026 financial results, with an update on its operations and business strategy.

As part of this update, Cipher disclosed an amendment to its Black Pearl campus lease with its investment-grade hyperscale tenant, accelerating the development timeline of initial capacity at the tenant's request. Under the amended terms, Cipher began delivering data center capacity at the beginning of August, two months ahead of the original schedule.

"We are proud to have delivered our first HPC data center capacity ahead of schedule and announce that rent has commenced at the site," said Tyler Page, Chief Executive Officer. "This accelerated delivery proves we can execute at scale, with speed, and without compromise in a challenging environment. As we continue to acquire new sites and sign new deals, our foundation of disciplined execution is what truly sets us apart."

Cipher also today announced it has acquired an option on a new site called Apollo for up to 900 MW, located within 25 miles of San Antonio, Texas. The site spans approximately 288 acres and has been submitted as a studied load in Batch Zero through ERCOT's updated process. The site's flat, buildable terrain makes it well-suited for large-scale data center development, and its proximity to San Antonio positions it favorably for fiber connectivity. Cipher moved quickly to secure the option, reflecting the Company's ability to identify and act on attractive opportunities as they arise in the market.

In the second quarter, the Company also built on strong momentum from previous quarters by completing another highly successful bond offering. The offering fully funded the Company's Stingray development through substantial completion and reimbursed Cipher for $56.7 million of previously funded project expenditures.

"A core strength of our strategy is its repeatability, and in the second quarter, we demonstrated that once again. We accessed capital markets to fund another one of our leases, secured an option on a new site, and delivered accelerated capacity to our tenant, further building our position as a leading HPC development platform," said Tyler Page. "We look forward to carrying this momentum into the third quarter, where we expect to make significant additional progress."

Finance and Operations Highlights

•First data center capacity at Black Pearl delivered in August, with rent commenced

•Secured option for new Apollo data center site with up to 900 MW near San Antonio, Texas

•Completed bond offering to fully fund Stingray data center development

•Barber Lake data center continues to progress towards completion as tenant has commenced beneficial use of the facility, including partial occupancy of the building and deployment of network racks

•Black Pearl data center continues to progress towards completion with remaining Phase I data halls moving through MEP fit-out and Phase II concrete foundations, building steel, and underground electrical in progress

•Stingray data center construction continues to progress on schedule, with earthwork, grading, pad preparation, and underground electrical work all underway

•Q2 2026 Revenue of $25 million and Adjusted EBITDA of negative $30 million

Business Update Call and Webcast

The live webcast and a webcast replay of the conference call can be accessed from the investor relations section of Cipher's website at https://investors.cipherdigital.com/.

About Cipher

Cipher develops and operates industrial-scale data centers engineered for next-generation computing at the highest standards of innovation, precision, and excellence. The Company brings together deep expertise across power sourcing, construction, engineering, operations, real estate, and technology to deliver high-quality data centers purpose built for HPC workloads. By partnering with premier tenants, Cipher seeks to meet the growing demand for industrial-scale data center capacity and become a leading HPC development platform that is built for hyperscale. To learn more about Cipher, please visit https://www.cipherdigital.com/.