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CIFR

Cipher Mining Inc.

CIFR

Cipher Mining Inc. • NASDAQ
$20.42 ▲ 6.63% (+1.27)
Market Cap $8.07 B
52w High $25.52
52w Low $1.86
Dividend Yield 0%
P/E -120.12
Volume 33.94M
Outstanding Shares 395.09M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $71.707M ▲ $68.146M ▲ $-3.283M ▲ -4.578% ▲ $0.01 ▲ $57.688M ▲
Q2-2025 $43.565M ▼ $57.819M ▼ $-45.781M ▼ -105.087% ▼ $-0.12 ▼ $757K ▼
Q1-2025 $48.959M ▲ $57.85M ▲ $-38.975M ▼ -79.607% ▼ $-0.11 ▼ $5.781M ▼
Q4-2024 $42.223M ▲ $-9.795M ▼ $17.51M ▲ 41.47% ▲ $0.054 ▲ $52.806M ▲
Q3-2024 $24.102M $85.695M $-86.754M -359.945% $-0.26 $-61.251M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.207B ▲ $2.841B ▲ $2.058B ▲ $783.195M ▲
Q2-2025 $62.704M ▲ $1.019B ▲ $269.855M ▲ $748.904M ▲
Q1-2025 $23.173M ▲ $913.792M ▲ $178.997M ▲ $734.795M ▲
Q4-2024 $5.585M ▼ $855.446M ▲ $173.493M ▲ $681.953M ▲
Q3-2024 $25.342M $775.438M $103.447M $671.991M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-45.781M ▼ $-56.217M ▼ $-93.172M ▼ $188.92M ▲ $39.531M ▲ $-87.514M ▲
Q1-2025 $-38.975M ▼ $-47.238M ▼ $-17.298M ▼ $82.124M ▲ $17.588M ▲ $-147.265M ▼
Q4-2024 $17.51M ▲ $-28.978M ▼ $3.018M ▲ $6.203M ▼ $-19.757M ▲ $-104.159M ▲
Q3-2024 $-86.754M ▼ $-6.545M ▲ $-132.834M ▼ $56.556M ▼ $-82.823M ▼ $-183.028M ▼
Q2-2024 $-15.291M $-25.352M $-31.356M $90.59M $33.882M $-64.926M

Revenue by Products

Product Q1-2025Q2-2025
Bitcoin Mining
Bitcoin Mining
 $50.00M ▲$40.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Cipher is still in the early, build‑out phase of its business. Revenue has only appeared meaningfully in the last couple of years and is growing, but it remains modest relative to the scale of the company. The good news is that operating losses are shrinking and profit measures before non‑cash items have turned positive, which shows improving economics as more capacity comes online. However, the company is not yet consistently profitable on a net basis, and earnings per share remain negative. Overall, you’re looking at a transition story: moving from heavy startup‑style losses toward a more stable, service‑driven income base, but not there yet.

Balance Sheet

Balance Sheet The balance sheet shows a company that has been investing aggressively in long‑lived infrastructure. Total assets and shareholders’ equity have stepped up over time, reflecting significant build‑out of data center sites and funded mostly through equity rather than heavy borrowing. Debt is present but not dominant, suggesting some financial flexibility. The weak spot is cash: the cash balance has declined from earlier levels as spending has ramped up, which raises the importance of executing on new contracts and potentially accessing capital markets again if needed. In short, it’s asset‑rich and equity‑heavy, but reliant on turning those assets into steady cash earnings.

Cash Flow

Cash Flow Cipher’s cash flow picture is very much that of a growth infrastructure company. Operating cash flow has been consistently negative, meaning the business is not yet funding itself from day‑to‑day operations. Free cash flow is even more negative because of substantial capital spending on new facilities and equipment. On the positive side, this outflow is largely driven by expansion rather than by underlying business deterioration. The risk is that the window between large cash outlays and the inflow from long‑term contracts remains wide, so the company’s ability to manage liquidity during this build‑out is a key factor to watch.

Competitive Edge

Competitive Edge Competitively, Cipher is trying to carve out a strong niche at the crossroads of Bitcoin mining and high‑performance computing. Its main advantages are access to relatively low‑cost power in Texas, industrial‑scale, efficient data centers, and long‑term contracts with major technology players. The landlord model, where it leases out turnkey capacity instead of running all the compute itself, gives it more predictable, utility‑like revenue and lowers technology obsolescence risk. Landmark deals with names like AWS and a Google‑backed tenant provide external validation and a sizable contracted backlog. The flip side is concentration risk in a small number of very large customers, ongoing exposure to power markets and regulation in Texas, and intense competition from other hyperscale data center developers and crypto miners.

Innovation and R&D

Innovation and R&D Cipher’s innovation is more about applied engineering and business model design than traditional lab research. It focuses on highly efficient, modular data centers that can be configured for Bitcoin mining or for AI and HPC tenants, with advanced cooling (including liquid cooling), power management, and grid‑friendly load flexibility. Strategic energy partnerships, including renewables, are a key part of the story and help control one of the biggest cost drivers. The pipeline of new sites, such as large‑scale campuses designed specifically for HPC, is an important innovation lever: it allows the company to pre‑package and replicate successful designs for future customers. Future progress will depend on how well Cipher executes these complex build‑outs and whether it can continue attracting blue‑chip tenants to its standardized, dual‑use infrastructure.

Summary

Cipher Mining is evolving from a pure crypto miner into a data center infrastructure landlord for AI and high‑performance computing, while still keeping a meaningful Bitcoin operation. Financially, it remains loss‑making and cash‑hungry, but trends show improving efficiency and a shift toward more stable, contracted revenue. The balance sheet is anchored by growing infrastructure assets and a solid equity base, though declining cash balances highlight the need for careful capital and project management. Its competitive edge lies in low‑cost power, scalable and flexible data centers, and long‑term partnerships with major tech companies. Execution risk, customer concentration, and ongoing capital needs are the main watchpoints, while successful delivery of its large project pipeline and expansion of the landlord model represent the core opportunity.

NEWS

November 21, 2025 · 8:00 AM UTC

REX Shares Launches New T-REX 2X Long CIFR Daily Target ETF (CBOE: CIFU)

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November 20, 2025 · 4:49 PM UTC

Cipher Mining Inc. Announces Pricing of $333 Million of Additional Senior Secured Notes

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November 20, 2025 · 7:39 AM UTC

Cipher Mining Inc. Announces Proposed Offering of $333 Million of Additional Senior Secured Notes

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November 20, 2025 · 7:35 AM UTC

Cipher Mining Signs Additional 56 MW, 10-Year AI Hosting Agreement with Fluidstack

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November 5, 2025 · 7:42 PM UTC

Cipher Mining Inc. Announces Pricing of $1.4 Billion of Senior Secured Notes

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