Recent Insider Transactions • May 11
Independent Director recently sold €534k worth of stock On the 6th of May, Wesley Williams sold around 28k shares on-market at roughly €18.94 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €611k. Insiders have been net sellers, collectively disposing of €4.6m more than they bought in the last 12 months. Breakeven Date Change • May 06
Forecast to breakeven in 2028 The 9 analysts covering Cipher Digital expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 63% per year to 2027. The company is expected to make a profit of US$452.3m in 2028. Average annual earnings growth of 105% is required to achieve expected profit on schedule. Duyuru • Apr 22
Cipher Digital Inc. to Report Q1, 2026 Results on May 05, 2026 Cipher Digital Inc. announced that they will report Q1, 2026 results Pre-Market on May 05, 2026 Recent Insider Transactions • Mar 09
Independent Chairman recently sold €611k worth of stock On the 4th of March, James Newsome sold around 45k shares on-market at roughly €13.53 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €684k. James has been a net seller over the last 12 months, reducing personal holdings by €1.1m. New Risk • Feb 28
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$822m Forecast net loss in 2 years: US$182m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$702m free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$182m net loss in 2 years). Significant insider selling over the past 3 months (€983k sold). Reported Earnings • Feb 25
Full year 2025 earnings released: US$2.16 loss per share (vs US$0.14 loss in FY 2024) Full year 2025 results: US$2.16 loss per share (further deteriorated from US$0.14 loss in FY 2024). Revenue: US$223.9m (up 48% from FY 2024). Net loss: US$822.2m (loss widened US$777.6m from FY 2024). Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in Italy. Duyuru • Feb 25
Canaan Inc. (NasdaqGM:CAN) acquired 49% stake in Alborz LLC, Bear LLC and Chief Mountain LLC from Cipher Mining Inc. (NasdaqGS:CIFR) for $39.8 million. Canaan Inc. (NasdaqGM:CAN) acquired 49% stake in Alborz LLC, Bear LLC and Chief Mountain LLC from Cipher Mining Inc. (NasdaqGS:CIFR) for $39.8 million on February 23, 2026. The total consideration for the transaction is approximately $39.75 million. To preserve the Canaan Inc's financial flexibility, the transaction was funded through the issuance of 806,439,900 Canaan Inc. Class A ordinary shares to Cipher, equivalent to 53,762,660 American Depositary Shares ("ADS"), priced at $0.7394 per ADS and subject to a lock-up period of six months. The joint venture comprising Alborz LLC, Bear LLC, and Chief Mountain LLC collectively, the "ABC Projects". Following the acquisition, Canaan now owns a 49% stake in the ABC Projects, while WindHQ LLC maintains its 51% stake in the ABC Projects.
The team of Cleary Gottlieb Steen & Hamilton LLP led by James Jian Hu, Chase Kaniecki, Bill McRae, Helena Grannis, Shuangjun Wang and Puja Patel acted as legal advisor for Canaan Inc.
Canaan Inc. (NasdaqGM:CAN) completed the acquisition of 49% stake in Alborz LLC, Bear LLC and Chief Mountain LLC from Cipher Mining Inc. (NasdaqGS:CIFR) on February 23, 2026. New Risk • Feb 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$505m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (€1.6m sold). Breakeven Date Change • Feb 24
Forecast breakeven date pushed back to 2028 The 14 analysts covering Cipher Mining previously expected the company to break even in 2027. New consensus forecast suggests the company will make a profit of US$21.3m in 2028. Average annual earnings growth of 16% is required to achieve expected profit on schedule. Duyuru • Feb 12
Cipher Mining Inc. Appoints Thomas Duda to Its Board of Directors Cipher Mining Inc. announced the appointment of Thomas Duda to its Board of Directors. Mr. Duda has more than twenty years of real estate-focused investment experience, further strengthening the Board as Cipher executes its pivot to becoming a world leader in data center development and operations. Mr. Duda currently serves as Vice President of Real Estate at Henry Crown and Company, where he leads the firm’s real estate investment and asset management activities, and is a member of the Investment and Management Committee. Previously, he held senior roles at Hunt Companies Inc., where he focused on commercial real estate and infrastructure investments, and at One William Street Capital Management as a Managing Director of Investments. Duyuru • Feb 10
Cipher Mining Inc. to Report Q4, 2025 Results on Feb 24, 2026 Cipher Mining Inc. announced that they will report Q4, 2025 results Pre-Market on Feb 24, 2026 Duyuru • Jan 07
Cipher Mining Inc. Announces Executive Appointments Cipher Mining Inc. has appointed Lee Bratcher as Head of Policy and Government Affairs and Drew Armstrong as Head of Strategic Initiatives. Mr. Bratcher brings to Cipher extensive industry experience and a deep understanding of the Texas and federal energy regulatory landscape. He previously served as President and Founder of the Texas Blockchain Council, a leading industry association representing more than one-hundred member companies and hundreds of individual stakeholders focused on making Texas the jurisdiction of choice for digital asset innovation. In this role, Mr. Bratcher worked closely with policymakers, regulators, and industry leaders in the energy and data center spaces, contributing to the research and development of two pieces of legislation passed during the 87th Texas Legislative Session, as well as two additional bills enacted during the 88th Session and signed into law. At Cipher, Mr. Bratcher will lead the Company’s strategy on energy policy, represent Cipher in its ERCOT membership, bolster Cipher’s community and regulatory engagement efforts, and help the Company continue its
record of excellence in refining electrical power into compute. He will report to Cipher’s Co-President, Will Iwaschuk. The Company also announced that Drew Armstrong has joined as Head of Strategic Initiatives, reporting to Cipher’s other Co-President, Patrick Kelly. In this capacity, Mr. Armstrong will lead strategic projects that drive growth to support the Company’s continued expansion into the HPC industry and leadership at the intersection of compute and power. Prior to joining Cipher, Mr. Armstrong was President, Chief Operating Officer, and Chairman of Cathedra Bitcoin. Prior to Cathedra Bitcoin, Mr. Armstrong was a founding member of Galaxy Digital's bitcoin mining business unit, where he developed their equipment lease product and led initial investments in bitcoin mining infrastructure. He began his career at Barclays, where he worked on securitized esoteric products origination, including the first data center asset backed security offering in the United States. Recent Insider Transactions • Dec 25
Independent Director recently sold €684k worth of stock On the 19th of December, Wesley Williams sold around 50k shares on-market at roughly €13.72 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €2.7m more than they bought in the last 12 months. Recent Insider Transactions • Dec 03
Independent Director recently sold €410k worth of stock On the 26th of November, Cary Grossman sold around 25k shares on-market at roughly €16.39 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.7m more than they bought in the last 12 months. Board Change • Nov 24
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Director Rob Flatley was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
