CIFRHIGH SIGNALOPERATIONAL10-K

Cipher Digital Inc. has undergone a fundamental business transformation from bitcoin mining to HPC data center operations, evidenced by a company name change and complete overhaul of risk factors.

The company has pivoted away from cryptocurrency mining toward high-performance computing data centers, removing all bitcoin-related risk factors and replacing them with construction, tenant guarantee, and capital expenditure risks specific to HPC hosting. This represents a strategic shift toward a more traditional infrastructure business model, though it introduces new execution risks around data center development and tenant relationships.

Comparing 2026-02-24 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

Revenue grew meaningfully by 48% to $223.9M, indicating strong business momentum during this transitional period. Stockholders' equity increased modestly by 18% to $805.5M, suggesting the company maintained financial stability while executing this strategic pivot. The financial performance demonstrates the company successfully generated growth while managing the complexities of transitioning from digital asset mining to data center infrastructure operations.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+48%
$151.3M→$223.9M

Strong top-line growth of 48% — accelerating demand or successful expansion into new markets.

Stockholders Equity
Balance Sheet
+18.1%
$682.0M→$805.5M

Equity base grew 18.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-24
PRIOR — 2025-02-25
ADDED
Commission File Number: 001-39625 __________________________________________________ Cipher Digital Inc.
As of February 23, 2026, the registrant had 405,119,407 shares of common stock, $0.001 par value per share, outstanding.
The principal risks and uncertainties affecting our business include the following: Risks Related to Our Business, Industry and Operations If we are unable to complete the construction of our HPC data centers in a timely manner or within our anticipated cost estimates, it could have a material adverse effect on our business, results of operations, liquidity and our ability to make payments on our outstanding indebtedness.
Our tenants guarantees and other backstop arrangements under our HPC leases will only be effective after rent commencement under such leases and are subject to certain limitations, like event of default triggers or caps.
Constructing data centers for HPC hosting requires significant capital expenditures, and we may be unable to secure capital or financing for our construction efforts to develop data centers for HPC hosting.
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REMOVED
Commission File Number: 001-39625 __________________________________________________ Cipher Mining Inc.
As of February 24, 2025, the registrant had 361,529,468 shares of common stock, $0.001 par value per share, outstanding.
The principal risks and uncertainties affecting our business include the following: We operate in a rapidly evolving industry and have an evolving business model and strategy, which includes our increasing focus on diversification into constructing and operating data centers for HPC companies, as well as bitcoin mining.
If we fail to grow our hashrate, we may be unable to compete, and our results of operations could suffer.
The further development and acceptance of digital asset networks and other digital assets, which represent a new and rapidly changing industry, are subject to a variety of factors that are difficult to evaluate.
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