Key Highlights

  • Revenue at SITE Centers totaled $8.6 million, a 68.4% (calculated) slide; the prior-year figure was $27.1 million, and property disposals pulled rental income lower.
  • Cipher Digital took in $26.7 million, roughly 62.8% (calculated) below the prior year, but a Warrant gain lifted Net Income to $31.6 million.
  • Emergent BioSolutions posted $110.0 million of revenue, off 52%, and trimmed its 2026 Revenue guidance to between $600 million and $645 million.
  • Total operating revenues at California Resources were $421 million, a 50.8% (calculated) contraction, and the company logged a $315 million net loss.
  • After disposing of 13 apartment communities, Centerspace generated $59.5 million, which is 16.6% less than a year earlier.

Ranking the Third Quarter 2026 Revenue Contractions Across Five Companies

Results published on Nov 2, 2026 in filings and releases set the order, which follows how far third-quarter 2026 revenue retreated from the prior year. SITE Centers (NYSE:SITC) comes out on top: its $8.6 million is 68.4% (calculated) below the $27.1 million of a year earlier. Cipher Digital (NASDAQ:CIFR) takes second place with $26.7 million, a fall of 62.8% (calculated), while Emergent BioSolutions (NYSE:EBS) occupies third with $110.0 million after dropping 52%.

California Resources (NYSE:CRC) occupies fourth place, generating $421 million in Operating Revenue after a 50.8% (calculated) reduction. Centerspace (NYSE:CSR) rounds out the list at $59.5 million, having dropped 16.6%. Starting bases stretch from under $10 million to more than $400 million, which means the percentages cannot be read as equal dollar moves.

Each company had a different driver. Property divestitures explain the shortfall at SITE Centers and Centerspace, Cipher Digital stepped back from bitcoin mining, Emergent BioSolutions sold less to government buyers and in naloxone, and California Resources booked derivative losses inside its reported revenue. Two of the five nonetheless ended the period in profit.

1. SITE Centers: Shopping Center Disposals Shrink the Top Line

Rental income, which was $24.2 million the year before, dropped to $4.5 million as shopping centers were sold, while fee and other income rose to $4.1 million. The period ending Sep 30, 2026 recorded $8.6 million in total revenue, against $27.1 million in the prior-year span. The net loss was $5.4 million ($0.10 a share), down from a $6.2 million loss ($0.13 a share) a year ago. Operating FFO was negative at $3.1 million.

Across 2026, the company offloaded six wholly-owned shopping centers, its joint venture interest and one land parcel, bringing in $176.2 million gross. A $3.00 Special Dividend is slated for Nov 5, 2026, and management intends to withdraw from the NYSE before trading starts on Dec 4, 2026, with articles of dissolution to follow once the remaining holdings are sold.

2. Cipher Digital: How Net Income Reached $31.6 Million on a Shrinking Top Line

Cipher Digital's Top Line contracted to $26.7 million from $71.7 million. Bitcoin Mining sales fell to $20.8 million once work at its Black Pearl campus stopped in February 2026 to prepare the site for high-performance computing. Its first-ever HPC leasing income, $5.9 million, was booked this quarter. Operating losses deepened to $71.9 million.

The Bottom Line turned positive thanks to a non-cash warrant Liability gain of $127.2 million and $32.7 million of interest income, which together offset $59.0 million of interest expense. The diluted per-share result was a loss of $0.22. Cash reached $656.0 million, and Leadership cited roughly $16.6 billion in contracted revenue spread over three campuses.

3. Emergent BioSolutions: Lower Naloxone and Smallpox Sales Behind a 52% Drop

Revenue reached $110.0 million, down from $231.1 million and in keeping with the company's earlier outlook. Naloxone sales contracted 42% to $43.5 million on softer over-the-counter NARCAN pricing and reduced volume, and smallpox countermeasure revenue dropped 68% to $26.7 million since government orders landed at different times. The company posted a $32.7 million net loss, which is $0.64 per diluted share, along with negative adjusted EBITDA of $4.6 million.

Guidance for full-year 2026 revenue now runs from $600 million to $645 million, a cut from the earlier $645 million to $675 million range, yet the adjusted gross Margin outlook improved to 45% to 47%. The chief financial officer steps down on Dec 31, 2026. The August 2026 restructuring is expected to deliver approximately $40 million in yearly savings.

4. California Resources: A $540 Million Non-Cash Derivative Charge Inside Revenue

A non-cash hit of $540 million on Commodity Derivatives drove California Resources to a $315 million loss, equal to $3.55 per diluted share. Its $421 million revenue figure, which the article says includes derivative losses, compares with $855 million a year earlier. Hydrocarbon sales increased roughly 40% (calculated), reaching $1.002 billion.

Adjusted Earnings came to $104 million ($1.17 per diluted share), and free Cash Flow totaled $147 million. Shareholders received $66 million during the quarter. The payout went up by roughly 4%, landing at $0.42 a share and payable Dec 18, 2026. Uinta Basin Assets are headed for a sale worth around $90 million in cash.

5. Centerspace: Property Sale Gains of $150.3 Million Cushion a Revenue Slide

Revenue shrank to $59.5 million from $71.4 million after 13 apartment communities, containing 1,634 homes, were sold for an aggregate $288.8 million during the quarter. Income for common holders climbed to $123.3 million, which works out to $7.28 per diluted share, helped along by real estate disposal gains totaling $150.3 million.

Core FFO per diluted share and unit came in at $1.11, compared with $1.19 previously. Same-store net Operating Income declined 2.7% to $29.7 million. A Merger agreement with a multifamily REIT was reached on Sep 8, 2026, and each common share will be exchanged for 3.8 shares of the buyer. The filing contained no outlook, and the board declared $0.77 a share in distributions.

Combined Revenue Slide Across the Five: Averages, Dollar Gaps and Profit Results

Averaged across the five, the percentage declines come to 50.1% (calculated), and the top-to-bottom spread comes to 51.8 percentage points (calculated). Aggregate revenue shrank by $630.5 million (calculated), a 50.2% decrease (calculated), dropping from a combined $1,256.3 million to a total of $625.8 million.

California Resources contributes $434 million (calculated) of the decline, while SITE Centers accounts for $18.5 million (calculated) and Cipher Digital $45.0 million (calculated). In other words, the largest percentage declines do not match the largest dollar declines. Net income was positive at Cipher Digital and Centerspace despite falling sales, whereas losses were booked by SITE Centers, Emergent BioSolutions and California Resources. The year-earlier California Resources revenue figure is drawn from the article's notes.

What to Watch Next: NYSE Delisting Timeline, Centerspace Merger Window and Fourth-Quarter Closings

SITE Centers' $3.00 special dividend is due Nov 5, 2026, and a NYSE exit is planned for a date before Dec 4, 2026. Work to complete the transfer of The Blocks is slated to wrap up by fourth-quarter end. California Resources' dividend date is Dec 18, 2026, and the Uinta Basin deal is expected to finish by the close of the year.

Centerspace may complete its combination as early as the final quarter of 2026, pending Shareholder approvals. In December, Cipher Digital anticipates a definitive Texas classification of load at its Colchis location. Emergent BioSolutions' CFO departure is effective Dec 31, 2026, the last date in this group.