CIFR

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Cipher Mining Inc.

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Key Metrics

Previous Close: $15.46
52-Week Range: $11.72 – $30.14
Market Cap: $6.52B
P/E (TTM): —
EPS (TTM): -2.87
Dividend Yield: 0.00%

Advanced Metrics

Price/Book: 11.58
PEG Ratio: —
Return on Equity: -167.48%
Return on Assets: -0.80%
Gross Margin: -10.04%
Operating Margin: -301.69%
Profit Margin: 0.00%
Current Ratio: 3.00
Debt/Equity: 9.51
Total Debt: $5.59B
Free Cash Flow: $-2.90B
Revenue Growth: -43.00%
Earnings Growth: —
Enterprise Value: $11.30B

CIFR Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$3.04M	$126.84M	$151.27M	$223.94M
Cost of Revenue	$748.00K	$107.71M	$123.16M	$160.34M
Gross Profit	$2.29M	$19.13M	$28.11M	$63.60M
Selling, General & Admin	$70.84M	$27.80M	$32.66M	$36.38M
Operating Expenses	$74.76M	$74.59M	$126.36M	$401.00M
Operating Income	-$72.47M	-$55.46M	-$98.25M	-$337.40M
EBITDA	-$31.93M	$39.70M	$61.09M	-$588.38M
Pretax Income	-$37.21M	-$22.21M	-$44.32M	-$825.56M
Income Tax	$1.84M	$3.57M	$318.00K	-$3.31M
Net Income	-$39.05M	-$25.78M	-$44.63M	-$822.24M
Diluted EPS	-0.16	-0.10	-0.14	-2.15
Diluted Shares	248.23M	252.44M	323.10M	381.60M

CIFR Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$11.93M	$86.11M	$5.58M	$628.26M
Receivables	$1.20M	$867.00K	$34.93M	$958.00K
Inventory	$6.28M	$32.98M	$92.65M	$125.40M
Current Assets	$47.73M	$155.50M	$168.21M	$2.65B
Total Assets	$418.46M	$566.14M	$855.45M	$4.29B
Current Liabilities	$40.33M	$33.79M	$131.78M	$699.07M
Long-Term Debt	—	—	—	$2.71B
Total Debt	$20.66M	$21.98M	$56.42M	$2.77B
Total Liabilities	$75.57M	$74.80M	$173.49M	$3.46B
Retained Earnings	-$111.21M	-$136.78M	-$181.41M	-$1.00B
Shareholders' Equity	$342.89M	$491.34M	$681.95M	$805.53M
Working Capital	$7.41M	$121.70M	$36.43M	$1.95B
Net Debt	—	—	$26.75M	$2.12B

CIFR Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$20.91M	-$94.24M	-$87.51M	-$207.94M
Capital Expenditure	-$227.92M	-$55.02M	-$303.88M	-$494.24M
Free Cash Flow	-$248.83M	-$149.26M	-$391.39M	-$702.17M
Depreciation & Amortisation	$5.15M	$59.91M	$103.70M	$200.62M
Stock-Based Compensation	$41.50M	$38.47M	$42.13M	$52.79M
Investing Cash Flow	-$173.91M	$52.76M	-$192.13M	-$336.61M
Financing Cash Flow	-$3.09M	$115.66M	$213.51M	$3.19B
Share Repurchases	-$3.09M	-$3.90M	-$27.64M	-$89.58M
Net Change in Cash	-$197.91M	$74.18M	-$66.13M	$2.64B

CIFR Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$48.96M	$43.56M	$71.71M	$59.71M	$34.84M	$24.84M
Cost of Revenue	$29.20M	$30.99M	$41.18M	$58.98M	$52.71M	$57.41M
Gross Profit	$19.76M	$12.58M	$30.53M	$730.00K	-$17.87M	-$32.57M
Selling, General & Admin	$8.95M	$9.08M	$8.17M	$10.19M	$11.74M	$16.48M
Operating Expenses	$51.91M	$40.64M	$65.28M	$229.67M	$46.41M	$40.07M
Operating Income	-$32.14M	-$28.06M	-$34.75M	-$228.94M	-$64.28M	-$72.64M
EBITDA	$5.78M	$1.33M	$57.25M	-$652.61M	-$35.15M	-$180.24M
Pretax Income	-$38.83M	-$44.86M	-$3.59M	-$738.28M	-$113.91M	-$267.16M
Income Tax	$144.00K	$917.00K	-$303.00K	-$4.07M	$407.00K	$367.00K
Net Income	-$38.98M	-$45.78M	-$3.28M	-$734.21M	-$114.32M	-$267.53M
Diluted EPS	-0.11	-0.12	-0.01	—	-0.28	-0.65
Diluted Shares	360.51M	375.05M	393.19M	—	405.11M	409.38M

CIFR Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$23.17M	$62.70M	$1.21B	$628.26M	$715.20M	$831.83M
Receivables	$33.55M	$1.82M	$1.00M	$958.00K	$8.49M	$20.08M
Inventory	$52.02M	$112.09M	$170.30M	$125.40M	$76.15M	$37.80M
Current Assets	$154.56M	$219.66M	$1.42B	$2.65B	$3.89B	$4.13B
Total Assets	$913.79M	$1.02B	$2.84B	$4.29B	$6.39B	$7.50B
Current Liabilities	$138.74M	$52.51M	$570.25M	$699.07M	$1.25B	$1.38B
Long-Term Debt	—	$167.11M	$1.02B	$2.71B	$4.38B	$5.45B
Total Debt	$58.38M	$189.29M	$1.04B	$2.77B	$4.75B	$5.59B
Total Liabilities	$179.00M	$269.86M	$2.06B	$3.46B	$5.65B	$6.91B
Retained Earnings	-$220.39M	-$266.17M	-$269.45M	-$1.00B	-$1.12B	-$1.39B
Shareholders' Equity	$734.79M	$748.90M	$783.20M	$805.53M	$714.19M	$562.06M
Working Capital	$15.82M	$167.16M	$849.23M	$1.95B	$2.65B	$2.75B
Net Debt	$12.29M	$104.41M	—	$2.12B	$4.02B	$4.71B

CIFR Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	-$47.24M	-$56.22M	-$50.05M	-$54.43M	$91.53M	-$243.54M
Capital Expenditure	-$100.03M	-$118.95M	-$45.13M	-$230.13M	-$553.99M	-$410.27M
Free Cash Flow	-$147.26M	-$175.17M	-$95.18M	-$284.56M	-$462.46M	-$653.81M
Depreciation & Amortisation	$43.84M	$45.05M	$59.42M	$52.31M	$19.61M	$20.19M
Stock-Based Compensation	$9.13M	$10.49M	$8.21M	$24.96M	$27.05M	$30.53M
Investing Cash Flow	-$17.30M	-$93.17M	-$20.98M	-$205.16M	-$474.20M	-$322.85M
Financing Cash Flow	$82.12M	$188.92M	$1.22B	$1.70B	$1.96B	$879.83M
Share Repurchases	-$1.14M	-$3.17M	-$2.97M	-$82.30M	-$3.78M	-$45.22M
Net Change in Cash	$17.59M	$39.53M	$1.14B	$1.44B	$1.58B	$313.45M

Market Snapshot

About

Cipher Mining Inc. is a technology company focused on Bitcoin mining and blockchain infrastructure development. Headquartered in New York City, the company operates large-scale mining facilities that use specialized computing hardware to secure the Bitcoin network and validate transactions. Cipher Mining emphasizes sustainable energy sourcing and efficient mining operations, seeking to leverage low-cost power contracts to maintain competitive economics. The company went public through a SPAC merger in 2021 and has been expanding its mining capacity through facility development and hardware acquisitions.