Cipher Digital cash flow, quarter by quarter

In Q3 2026, Cipher Digital generated −$131M of operating cash flow and spent $1.6B on capital projects, leaving free cash flow of −$1.7B. That is $1.6B less than in Q3 2025 (−$94.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$338M; the largest uses were capital spending ($2.7B), operating cash flow ($338M), buybacks ($151M); besides operations, cash came from net borrowing (+) / repaid (−) ($4.5B), shares issued ($207M); the cash balance rose by $1.6B.

Operating cash flow was −$131M against net income of $31.6M — -4.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: other liabilities −$60.5M, prepaid and other assets −$55.8M, stock-based pay +$26.6M.

Cipher Digital is burning cash: its operations consume cash, a free cash flow of −$3.1B a year at the current rate against $656M of cash and investments: a runway of about 3 months; $225M of debt also comes due within a year, which would need refinancing or new money before any new financing.