Filing Flows › Cipher Digital (CIFR) › Q3 2026 › vs Q3 2025
Cipher Digital (CIFR) Q3 2026 vs Q3 2025 (year over year)
Cipher Digital's revenue fell $45.0M (-63%) from $71.7M in Q3 2025 to $26.7M in Q3 2026. The biggest changes: Bitcoin Mining −$50.9M (-71%); HPC Leasing +$5.9M (—).
Cipher Digital, Q3 2026: revenue $26.7M (-63% year over year), operating margin -269.3%, net earnings $31.6M, operating cash flow −$131M. The chart draws each line against Q3 2025, the increases inside each band.
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Bitcoin Mining | $20.8M | $71.7M | −$50.9M | -71% |
| HPC Leasing | $5.9M | $0 | $5.9M | — |
| Revenue | $26.7M | $71.7M | −$45.0M | -63% |
| Other income, net | $103M | $34.0M | $69.4M | +204% |
| Income tax benefit | $54K | $303K | −$249K | -82% |
| Costs & expenses | $130M | $109M | $20.9M | +19% |
| Operating costs | $98.6M | $109M | −$10.7M | -10% |
| Net earnings | $31.6M | −$3.3M | $34.9M | — |
| Cost of revenue | $15.4M | $26.7M | −$11.4M | -43% |
| General & admin | $26.4M | $8.2M | $18.2M | +223% |
| Other operating costs | $56.9M | $74.4M | −$17.5M | -24% |
| Operating cash sources | $208M | $115M | $93.7M | +82% |
| Depreciation & amortization | $18.8M | $59.5M | −$40.7M | -68% |
| Share-based compensation | $26.6M | $8.2M | $18.4M | +225% |
| Cash used in operations | $131M | $50.1M | $81.1M | +162% |
| Working capital & other | $208M | $115M | $93.7M | +82% |
Questions
How much did Cipher Digital's revenue grow year over year in Q3 2026?
Cipher Digital's revenue fell $45.0M (-63%) from $71.7M in Q3 2025 to $26.7M in Q3 2026.
What drove Cipher Digital's revenue change in Q3 2026?
Bitcoin Mining −$50.9M (-71%); HPC Leasing +$5.9M (—).