Cipher Digital Inc.

Ladies and gentlemen, thank you for standing by. Welcome to Cypher Digital's second quarter 2026 Business Update Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. And to ask a question during the session, you would need to press star 1-1 on your telephone, and you will then hear an automated message of us, and your hand is raised. And to withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would like now to turn the conference over to Courtney Knight, Head of Investor Relations. Please go ahead.

Good morning, and thank you for joining us on this conference call to address Cypher Digital's business update for the second quarter of 2026. Joining me on the call today are Tyler Page, Chief Executive Officer, and Greg Mumford, Chief Financial Officer. Please note that our press release and presentation can be found on the Investor Relations section of the company's website, where this conference call will also be simultaneously webcast. Please also note that this conference call is the property of Cypher Digital and any taping or other reproduction is expressly prohibited without prior consent. Before we start, I'd like to remind you that the following discussion, as well as our press release and presentation, contain forward-looking statements. These statements include, but are not limited to, Cypher's financial outlook, business plans and objectives, and other future events and developments, including statements about the market potential of our business operations, potential competition, and our goals and strategies. Forward-looking statements and risks in this conference call, including responses to your questions, are based on current expectations as of today, and Cypher assumes no obligation to update or revise them, whether as a result of new developments or otherwise, except as required by law. Additionally, the following discussion may contain non-GAAP financial measures. We may use non-GAAP measures to describe the way in which we manage and operate our business. We reconcile non-GAAP measures to the most directly comparable GAAP measures, and you are encouraged to examine those reconciliations, which are filed at the end of our earnings release issued earlier this morning. I will now turn the call over to our CEO, Tyler Page. Tyler?

Thanks, Courtney. Good morning, everyone, and thank you for joining us today. I'm Tyler Page, CEO of Cypher Digital, and I'm pleased to welcome you to our second quarter 2026 business update call. Execution has been exceptional across the business this quarter and we continue to build in line with our transformational strategy. What has become increasingly clear over the past few months is how each step forward in the progress of our flywheel is now reinforcing the next. The leases we've signed are giving prospective tenants more confidence to come to the table. The financings we've completed are strengthening our standing with capital markets and validating the co-location strategy we've laid out. And the construction milestones we continue to hit on schedule or ahead of schedule are reinforcing the trust hyperscalers place in us as a partner for their next data center campuses. Put simply, this business is building on itself in a way that compounds and the results are starting to show up, giving us an even clearer path to scale much larger. For those newer to our story, let me frame quickly what Cypher Digital is today. We control the full value chain of developing and delivering turnkey data centers to hyperscalers, from land and power origination to engineering, construction, and operations, which is what allows us to move at the speed and precision hyperscalers require. Those capabilities have translated into a stable and reliable business with longevity, Three data center campuses leased to some of the most sophisticated technology companies in the world, representing billions of dollars of contracted revenue locked in over the next decade plus. And beyond those initial campuses, our pipeline keeps expanding with approximately 4.4 gigawatts of expected future developments, giving us years of visibility into growth well beyond what's already under contract. Let's zoom out and look at the full scope of what we've built. Across our operating, contracted, and future pipeline developments, the portfolio now totals approximately 5.3 gigawatts of capacity spread across 11 sites. The overwhelming majority of that sits in our pipeline, representing substantial growth beyond existing contracts. The remainder reflects our already contracted HPC capacity as well as our legacy Bitcoin mining capacity at Odessa. Texas remains the center of gravity for this portfolio, and that is deliberate. Early on, we made the call that Texas would become one of the most sought-after regions in the country for large-scale AI infrastructure, and that conviction has been proven out. This quarter, we added up to 1.1 gigawatts of potential new future capacity in Texas with a new 900 megawatt site called Apollo and a planned 200 megawatt expansion at our current Stingray site. We are positioned exceptionally well for multiple levers of future growth via continued site acquisition and existing site expansion, as well as the addition of behind-the-meter generation, which is particularly well-suited to our sites and not yet included in this pipeline. Now let's turn to the cash flow profile behind the contracted leases on slide five. Our three executed data center campus leases are expected to generate approximately $793 million of average annualized net operating income from October 2026 through September 2036. This slide shows the future of our revenue model. and many more. Slide 6 highlights the key developments from the second quarter, which have built momentum and position cipher well for the second half of 2026 and beyond. First, and most significantly, I'm proud to announce the early delivery of data center capacity at Black Pearl, two months ahead of schedule. At the request of our tenant, we executed an amendment to the lease that accelerated the development timeline of initial capacity. I'm pleased to report that we delivered that capacity and rent has commenced at the site. I want to spend a moment on why this matters beyond the headline. Any developer can sign a lease. Far fewer can deliver ahead of schedule when a tenant asks for a faster timeline without cutting corners or sacrificing quality. What we have now proven is that Cipher has the operational depth across all of our teams to compress a delivery timeline on demand and without compromise. We believe this early delivery will pay dividends in two ways. First, this strengthens our credibility with existing and prospective tenants, giving them even more confidence to work with us at other sites in our 4.4 gigawatt pipeline. Second, It's an early proof point on construction execution that will serve us well in future financing, since we can now point to a demonstrated track record of timely delivery. We will continue to prove our differentiation in construction and execution as we deliver on the rest of our current projects and sign new leases in the future. Each step forward, reinforcing the next. The second highlight is our landmark financing of the Stingray Data Center. We priced an $810 million bond offering at a 6% coupon, fully funding Stingray through substantial completion. Greg will provide more information on the financing in his remarks, but it is notable that this third project-level bond issuance priced tighter than our previous bonds despite spreads widening in the credit markets, reflecting continued confidence in our story. Next, I'm pleased to announce that we've acquired an option on a new site we're calling Apollo. As our 11th site, the name is a fitting nod to Apollo 11 and to the same reach for the impossible spirit that puts footprints on the moon. This site provides up to 900 megawatts by 2031 and is located within 25 miles of San Antonio, Texas. The site has been submitted as a studied load in batch zero under ERCOT's updated interconnection process. and its flat, buildable terrain and proximity to San Antonio make it well-suited for large-scale data center development. Finally, we continue to invest in our team. This quarter, we welcomed Bill Blevins as our Head of Grid Strategies, who previously served as Director of Grid Coordination at ERCOT, overseeing large-load interconnections, experience directly relevant to how we navigate interconnection across our pipelines. We also welcomed Mohamed Aboulela, who joins us from Google, where he was responsible for technical due diligence, design, and delivery across more than five gigawatts of data center capacity globally. He spent 11 years designing Google's build to suit and co-location data center campuses, and we're thrilled to have his expertise as we continue to build and sign new leases. These are just two of many additions we've made to the team this quarter. and they reflect how we are building the organization needed to execute on gigawatts of HBC development in the years ahead. These milestones and accelerated delivery, a tightly priced financing, a new site secured on attractive terms and a strengthening team is what compounding momentum looks like in practice. Now let's take a closer look at our current development portfolio. Starting with Black Pearl, as mentioned, we executed an amendment to our lease with the tenant to accelerate the development timeline of initial capacity at the tenant's request. I'm proud to say our team delivered on that commitment. The first data center capacity at Black Pearl was delivered in August, two full months ahead of the original schedule, and rent has commenced at the site. Beyond the first delivery, The rest of the site continues to progress well toward the same previously agreed deadlines and milestones. The remaining data halls in Phase 1 are moving through mechanical, electrical, and plumbing fit-out, while Phase 2 is advancing in parallel with concrete foundations, structural steel, and underground electrical work all underway. On the procurement side, we've secured approximately 96% of the equipment required across both Phase 1 and Phase 2. giving us strong visibility into completing the remainder of the site. Now, moving to Barber Lake, we're pleased to share that phase one, comprising approximately 168 critical IT megawatts, remains on track with rental payments expected to commence in October. Our tenant has commenced beneficial use of the facility, including partial occupancy of the building and deployment of network racks. We've also now secured 100% of the equipment required to complete the project, giving us strong visibility of our path to completion. What was steel and open ground a few months ago is now a data center campus advancing toward completion. We look forward to providing further updates on Barber Lake's progress over the coming months as we work to deliver the first phase of data center capacity in September. We next turn to Stingray, which continues to move through its early construction phases. Earthwork, grading, and pad preparation are progressing on schedule, and underground electrical work has commenced at the site. We expect to begin concrete foundations and steel erection in the third quarter. With the project now fully financed through substantial completion, and approximately 75% of the equipment secured, were well positioned to keep the construction progress moving efficiently toward our expected delivery in the first half of 2027. We look forward to providing updates on Stingray's progress as construction ramps over the coming quarters. Odessa, our last operating Bitcoin mining site, performed well in the second quarter. Today we are operating 207 megawatts of capacity, generating approximately 11.6 exahash per second of total hashrate, Thank you for joining us. We are having early-stage discussions with multiple prospective tenants, and while it's too early to share specifics, we look forward to providing updates as these conversations progress. Let's now shift to an update on our development pipeline. Starting with Odessa, this 207-megawatt site is already energized and currently operating under a fixed-price power purchase agreement with Geester Luminance. were encouraged by the HPC tenant interest here and are in early stage discussions with multiple prospective tenants. The appeal is straightforward as the site is already energized and converting it into an HPC data center represents a meaningfully shorter timeline to power than a typical greenfield development. Reveille and Ulysses are both fully interconnection approved and not part of ERCOT's batch process. We are engaged in HPC hosting lease discussions with a broad range of tenants at these sites, and we remain focused on securing the right deal per cipher, not just the first deal available. Looking further out, Polkus, McKeska, and McLennan, totaling potentially 2 gigawatts of gross capacity, remain on track through ERCOT's interconnection process. Given that ERCOT is expected to finalize the batch process decision soon, we are sharing updates based on information we know as of today. All three sites have necessary deposits funded, land secured, and their requisite studies and executed FEAs were submitted to ERCOT on time. We have strong conviction that all three sites will be included in Batch Zero, and we look forward to updating the market Let's now look at the full picture of what this portfolio represents today, as well as the new additions from last quarter. On the operating and contracted side, we remain at 907 megawatts. We expect Reveille and Ulysses to add 270 gross megawatts in 2027. We expect Colkus, Mikeska, and McLennan to add another 2 gigawatts in 2028 and 2029. and looking to 2030 and beyond, we expect energization at Milton and our new site, Apollo, as well as expansions at our Barber Lake and Stingray sites to add up to an additional 2.1 gigawatts. Both Apollo and the Stingray expansion have been submitted as studied loads in batch zero. The 500-megawatt Harbor Lake expansion is expected to be in batch zero, and milching is expected to be in batch one as studies are still being finalized. Cypher's total portfolio now spans approximately 5.3 gigawatts across 11 sites. We are one of the largest developers of hyperscale infrastructure in the country, with a contracted revenue base measured in the billions, a pipeline measured in gigawatts, and a team that has now proven quarter after quarter the ability to turn opportunity into reality. That's the platform we've built, and we believe it's a platform that will define the next chapter of AI infrastructure development in this country. With that, I'll turn the call over to our CFO, Greg Mumford, who will walk you through our financing activities, capital structure, and financial results for the second quarter. Greg?