Key Highlights

• Shares traded at $6.11 pre-market, up 10.09% from the $5.55 prior close.

• The stock reached a 52-week low of $5.07 during a two-day slide.

• Three contracted campuses carry $16.6 billion of contracted revenue.

• The company issued $850 million of 0% convertible notes due 2032.

Cipher Digital (NASDAQ:CIFR), formerly Cipher Mining, shares were higher in pre-market trading on Friday, November 6, at $6.11, up 10.09%. The stock had fallen 14.62% on Thursday to $5.55, after reaching a fresh 52-week low of $5.07 during a two-day slide.

The New York-headquartered company develops and operates industrial-scale data centers in the United States. It was founded in 2021 out of Bitfury and is led by CEO Tyler Page, and it has about 66 employees.

Texas Governor-Elect's Moratorium Stance Triggered Rating Changes

The selloff followed the election of Texas Governor-elect Gina Hinojosa, who campaigned on a Data Center moratorium. That triggered downgrades and price target cuts from Keefe, Bruyette and Woods, Bernstein, Cantor, Wells Fargo and others. Cantor flagged Cipher's ERCOT-dependent pipeline as the most delayed among peers.

Nasdaq-100 futures were up early Friday, and the sector ETF was indicated about 2.4% higher.

Third-Quarter Results and Contracted Campus Detail

Third-quarter Revenue was about $27 million, up from $25 million in the second quarter, and included the first HPC Lease revenue at Black Pearl. GAAP Net Income was $32 million, against a $268 million loss in the second quarter, driven by a $127 million non-cash Warrant gain. Adjusted EBITDA improved to a $10 million loss from a $30 million loss.

Three contracted campuses totaling 700 gross MW carry $16.6 billion of contracted revenue, about $28.4 billion with extensions, with roughly $864 million of projected average annualized net Operating Income and a 17.3-year weighted average term.

Barber Lake Amendment, Funding and Pipeline

Barber Lake was amended to a 20-year base term and $9.1 billion of revenue, an increase of $5.2 billion, with data halls delivering from the fourth quarter of 2026 through the first quarter of 2027. Cost rose to about $13 million per IT MW, against original guidance of $9 million to $11 million and $12.3 million without the amendment. Cipher absorbed $359 million of change orders, and the added rent restored average Yield on cost to about 15%, versus 13% without it.

After quarter-end, Cipher issued $850 million of 0% convertible notes due 2032, with a capped call of about $90 million, and equitized about $166 million of its 2030 notes. Total Debt is about $6.7 billion, net debt is about $3 billion, and pro forma unrestricted cash is about $724 million. Project bond pricing improved from 7.8% to 6.8% to 6.0%.

The portfolio totals 6.8 GW, including a 5.9 GW near-term pipeline. A 1 GW campus expects final classification in December, and lateral gas pipelines for up to 2.5 GW of on-site generation could deliver power as early as late 2027. Talks on Odessa monetization continue, with no Equity planned.

December Classification and Barber Lake Delivery Are the Next Checkpoints

The next reference points are the December classification for the 1 GW campus, the delivery of data halls at Barber Lake through the first quarter of 2027, and the Texas policy debate over data center construction.