The company's Q2 net loss was more than five times that of the same period last year, with revenue falling from $43.6 million in Q2 2025 to $24.8 million. Despite the poor performance, Bernstein analysts reiterated their "outperform" rating and $32 price target for Cipher, citing its strong execution and noting that new Texas audit rules for data center projects could ultimately benefit existing Bitcoin miners and high-performance computing (HPC) developers like Cipher by curbing speculative development.