Cypher Digital posts KRW 42.4 billion in net profit; warrant valuation gains reflected in Q3

Cipher Digital ($CIFR) posted a net profit of $31.596 million (about 42.4 billion won) for Q3 2026, driven by a $127.18 million fair-value gain on warrants held by Google to purchase the company's common stock. Revenue fell 62.8% year-over-year, and the company recorded an operating loss of $71.915 million (about 96.5 billion won) in the quarter, per its SEC filing, versus a net loss of $3.283 million (about 4.4 billion won) a year earlier. The company revalues the warrant liability at fair value each period, booking the change through earnings, meaning the profit stems from a non-cash accounting gain rather than cash inflows. Won conversions use the November 2, 2026 USD/KRW closing rate of 1,341.39. The result underscores how Cipher's earnings remain tied to mark-to-market swings on the Google warrant arrangement rather than core mining economics, with revenue declining sharply. Investors will watch whether Cipher's operating losses narrow and how future warrant fair-value remeasurements affect reported results.