Cipher Digital Inc. (NASDAQ: CIFR) reported first quarter 2026 revenue of $35 million and an adjusted EBITDA loss of $48 million, according to financial results released May 5, 2026.

The data center developer announced progress on two major projects during the quarter. The Barber Lake data center building reached completion of its structural framework in April, with mechanical, electrical, and networking installations continuing on schedule. At Black Pearl, retrofitting of existing infrastructure for Phase I advanced while site preparation for Phase II began in April.

The company signed a third data center campus lease with an investment-grade hyperscale tenant during the quarter. Cipher secured a $200 million revolving credit facility supported by a syndicate of global financial institutions to strengthen its liquidity position.

First quarter bitcoin mining revenue totaled $34.8 million, down from $49 million in the same period of 2025. The company reported a net loss of $114.3 million for the quarter, compared to a net loss of $39 million in the prior year period.

Operating expenses included $35 million in compensation and benefits, $19 million in depreciation and amortization, and $28.2 million in changes to fair value of power purchase agreements. The company recorded $3.8 million in unrealized gains on bitcoin holdings but reported $24.2 million in realized losses on bitcoin sales.

Cipher's cash and cash equivalents stood at $715.2 million as of March 31, 2026, compared to $628.3 million at December 31, 2025. Total assets increased to $6.4 billion from $4.3 billion over the same period.