CIFR // Cipher Digital Inc.

DES <GO> NASDAQ CIK 0001819989 ↗

Financials • Finance: Consumer Services

$8.10 ▼ -0.77 (-8.68%)

MKT CAP: $3.69B • VOL: 39.47M

52W L $7 52W H $30

ALTMAN Z

0.59 RISK

PIOTROSKI

4 / 9

CIFR // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 51/100 [D] (-1 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE D

RQD CONFIDENCE

50 / 100 -1D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Underperform / Distribution Warning

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

02 OPRA GEX + SEC 13F

Whale & Options Flow

9 / 20

WARNING

NET GEX +0% • CALL SWEEP 52% • P/C 1.10

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

11 / 20

NEUTRAL

NEUTRAL • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

13 / 20

SOLID

20 BASE - 7 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON CIFR)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 94/100 Z-SCORE: +3.84σ

CIFR Accounting Gap: Net Income (-120%) Outpaced OCF (-120%) With +152% Working-Capital Build

CASH CONVERSION GAP

+0.0% (NI vs OCF)

RECEIVABLES / WC BLOAT

+152.0% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Cipher Digital Inc. (CIFR) exposes a +0.0% Cash Conversion Gap as YoY Net Income growth (-120.0%) diverged from Operating Cash Flow growth (-120.0%). Non-cash current assets and receivables expanded +152.0% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

CIFR // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -58.91%▼ SUPPORT BREAKDOWN

2026-10-30O $7.51H $7.99L $6.93C $7.29VOL 56.51M

RES: $15.02SUP: $7.94SMA50: $14.17SMA200: $17.75

CIFR // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

NEUTRAL / PAIR TRADE CONVICTION: 55/100

BEAR 0

100 BULL

Cipher Digital Inc. (CIFR) exhibits 63.7% gross margins and -11.5% return on invested capital within Financials (Finance: Consumer Services), balanced against a 24.0x enterprise multiple and 6.6% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 63.7% gross profitability converts into -60.0% operating margin and -11.5% ROIC, outpacing sector cost of capital.

ROIC: -11.5% // GM: 63.7%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +48.0% paired with -18.00% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +48.0% // FCF YLD: -18.00%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 0.59 and Piotroski F-Score of 4/9 indicate low near-term refinancing stress.

ALTMAN Z: 0.59 // F-SCORE: 4/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (23.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±6.6% implied move with a 1.10 put/call ratio around $8.00 max pain.

IMPL MOVE: ±6.6% // P/C: 1.10

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Finance: Consumer Services require continuous execution to defend -60.0% net margins.

NET MARGIN: -60.0% // D/E: 3.37x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 23.0x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 0.92).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E —

FORWARD P/E 23.0x

EV / EBITDA —

FCF YIELD -18.00%

GROSS MARGIN 63.7%

OPERATING MARGIN -60.0%

NET MARGIN -60.0%

ROIC % -11.5%

REV GROWTH YOY +48.0%

DILUTED EPS TTM $-1.80

DEBT / EQUITY 3.37x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 25.4

5Y EQUITY BETA 0.92

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // CIFRPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $7.41

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for CIFR & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

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