Cipher Digital accelerates Black Pearl delivery, secures option for 900 MW Apollo site, Q2 revenue $25M

Cipher Digital Inc.

Black Pearl data center capacity delivered in August, two months ahead of schedule; rent commenced.
Acquired option for Apollo site near San Antonio, up to 900 MW, 288 acres, submitted to ERCOT.
Completed bond offering fully funding Stingray development; reimbursed $56.7M in prior expenditures.
Q2 2026 revenue $25M, Adjusted EBITDA negative $30M.
Barber Lake tenant commenced beneficial use; Black Pearl Phase I MEP fit-out and Phase II foundations in progress.

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