CIFR — what changed in the latest 10-Q
A section-by-section comparison of CIFR's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-05 vs the prior 10-Q · 2025-11-03
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +45 | −52 | ~12 | 12 |
| Market risk (Item 3) | Text added/removed | 0 | −1 | ~1 | 2 |
| Controls & procedures | Text added/removed | +1 | −10 | ~1 | 1 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | −4 | ~2 | 2 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-05
We are dedicated to developing and operating industrial-scale data centers engineered for next-generation computing at the highest standards of innovation, precision, and excellence. Over the past several years, we have intentionally evolved from a pure-play bitcoin miner into a vertically integrate…
Fundamentally, we bring together construction, engineering, operations, power, real estate and technology expertise to deliver high quality, purpose-built data centers that meet tenants’ needs. Our in-house teams source and control industrial-scale sites with access to substantial electric power cap…
While bitcoin mining has been an important component of our business model in prior years, our strategy increasingly emphasizes the development of industrial-scale data centers that can be leased to hyperscalers and other HPC customers under long-term contracts, while retaining the flexibility to de…
On February 20, 2026, we changed our name to “Cipher Digital Inc.” Rebranding to “Cipher Digital” aligns with our corporate strategy to scale into a leading HPC data center developer and operator, as we leverage our existing site pipeline and source additional sites, partnering with premier tenants,…
Our data center portfolio consists of approximately 4.2 gigawatts (“GW”) of capacity across 10 sites, at various stages of interconnection. We are currently developing 700 MW of HPC data center facilities across three sites for hyperscaler tenants, and we currently operate approximately 207 MW of ca…
Text removed vs the prior filing · source: 10-Q · 2025-11-03
We develop, own and operate industrial-scale digital infrastructure to support high-performance computing (“HPC”) and purpose-built data centers for bitcoin mining applications. Our active portfolio and development pipeline consists of approximately 4.0 GW of capacity across 12 sites. We currently o…
The Black Pearl Facility has recently been fully contracted for HPC hosting with bitcoin mining operations at the site expected to conclude as construction commences. We aim to be industry leaders in sourcing a pipeline of sites suitable for compute-intensive workloads, including the recent addition…
Our current intention is to continue expanding our business by developing and operating industrial-scale data centers for HPC and other compute-intensive applications, scaling pipeline capacity, continuing to execute our disciplined treasury management strategy and pursuing additional strategic arra…
On September 25, 2025, we announced Cipher Barber Lake LLC (“Cipher Barber Lake”), our wholly owned indirect subsidiary, had entered into a Datacenter Lease (the “Fluidstack Lease”) with Fluidstack USA II Inc. (“Fluidstack”), which provides for the development of a data center facility on, and lease…
On October 20, 2025, we purchased majority ownership of a 1-GW site in west Texas. The Colchis site includes a fully executed 1-GW Direct Connect Agreement with American Electric Power (“AEP”), under which AEP will construct the necessary dual interconnection facility for a targeted energization in …
Market risk (Item 3)
Text removed vs the prior filing · source: 10-Q · 2025-11-03
The estimated fair value of our Derivative asset related to our power purchase agreement is derived from Level 2 and Level 3 inputs. Specifically, the discounted cash flow estimation models contain quoted spot and forward prices for electricity. A 10% decrease in power prices would result in an esti…
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-05
There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial r…
Text removed vs the prior filing · source: 10-Q · 2025-11-03
As noted in the 2024 Form 10-K, during management’s assessment of internal controls over financial reporting, a material weakness was identified related to certain Information Technology General Controls (“ITGCs”) over change management controls.
As management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, we understand the importance of developing a resolution plan aligned with management and overseen by the Audit C…
Since the material weakness related to certain ITGCs over change management controls and lack of related compensating automated process-level and manual controls was identified, management began implementing and has continued to implement and refine measures designed to ensure that control deficienc…
systems impacting the Company’s processes around revenue recognition and design of manual key reconciliation processes. The Company continued to make progress but work still remains to ensure reliability of such controls. Our plan continues to include the following, and management will continue to a…
•Continue advancing our remediation efforts by devoting resources throughout 2025 to key areas of financial reporting and information technology.
Other information
Text removed vs the prior filing · source: 10-Q · 2025-11-03
On October 30, 2025, the Board of Directors approved and adopted amendments to the Company’s Amended and Restated Bylaws (the “Bylaws”), effective immediately. The Bylaws were amended and restated to, among other things, align the Company’s bylaws with developments in Delaware law, update procedures…
On October 30, 2025, the Company held its 2025 Special Meeting of Stockholders (the “Special Meeting”). A total of 264,666,601 shares of the Company’s common stock were present electronically or represented by proxy at the Annual Meeting, representing approximately 67.29% percent of the Company’s ou…
Proposal No. 1 - Amendment of the Company’s Second Amended and Restated Certificate of Incorporation
The Company’s stockholders approved an amendment to the Company’s Second Amended and Restated Certificate of Incorporation to increase the number of shares of common stock, par value $0.001 per share, authorized for issuance from 500,000,000 shares to 1,000,000,000 shares by the following votes:
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice