Cipher Mining Inc. Financials
This page shows Cipher Mining Inc. (CIFR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Cipher Mining Inc. has an operating margin of -28.9%, meaning the company retains $-29 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -15.9% the prior year.
Cipher Mining Inc.'s revenue surged 19.3% year-over-year to $151.3M, reflecting rapid business expansion. This strong growth earns a score of 84/100.
Cipher Mining Inc. carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Cipher Mining Inc.'s current ratio of 1.28 indicates adequate short-term liquidity, earning a score of 31/100. The company can meet its near-term obligations, though with limited headroom.
While Cipher Mining Inc. generated -$87.5M in operating cash flow, capex of $139.5M consumed most of it, leaving -$227.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Cipher Mining Inc. passes 0 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Cipher Mining Inc. generates $1.96 in operating cash flow (-$87.5M OCF vs -$44.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Cipher Mining Inc. earns $-25.6 in operating income for every $1 of interest expense (-$43.7M vs $1.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Cipher Mining Inc. generated $151.3M in revenue in fiscal year 2024. This represents an increase of 19.3% from the prior year.
Cipher Mining Inc.'s EBITDA was $58.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 50.7% from the prior year.
Cipher Mining Inc. generated -$227.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 97.9% from the prior year.
Cipher Mining Inc. reported -$44.6M in net income in fiscal year 2024. This represents a decrease of 73.2% from the prior year.
Cipher Mining Inc. earned $-0.14 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 40.0% from the prior year.
Cipher Mining Inc. held $5.6M in cash against $0 in long-term debt as of fiscal year 2024.
Cipher Mining Inc. had 351M shares outstanding in fiscal year 2024. This represents an increase of 20.6% from the prior year.
Cipher Mining Inc.'s gross margin was 58.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 1.6 percentage points from the prior year.
Cipher Mining Inc.'s operating margin was -28.9% in fiscal year 2024, reflecting core business profitability. This is down 13.0 percentage points from the prior year.
Cipher Mining Inc.'s net profit margin was -29.5% in fiscal year 2024, showing the share of revenue converted to profit. This is down 9.2 percentage points from the prior year.
Cipher Mining Inc. spent $27.6M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 608.4% from the prior year.
Cipher Mining Inc. invested $139.5M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 581.1% from the prior year.
CIFR Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $71.7M+64.6% | $43.6M-11.0% | $49.0M+16.0% | $42.2M+14.7% | $36.8M-23.5% | $48.1M+10.9% | $43.4M+43.3% | $30.3M |
| Cost of Revenue | $26.7M+74.4% | $15.3M+2.9% | $14.9M-18.2% | $18.2M+27.4% | $14.3M-3.6% | $14.8M+11.5% | $13.3M+2.2% | $13.0M |
| Gross Profit | $45.0M+59.3% | $28.2M-17.1% | $34.1M+41.8% | $24.0M+6.6% | $22.5M-32.4% | $33.3M+10.6% | $30.1M+74.2% | $17.3M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $8.2M-10.0% | $9.1M+1.4% | $9.0M-3.7% | $9.3M+11.1% | $8.4M+37.7% | $6.1M-10.9% | $6.8M-0.1% | $6.8M |
| Operating Income | -$37.6M+16.9% | -$45.2M-18.8% | -$38.1M-323.0% | $17.1M+205.6% | -$16.2M-134.6% | $46.8M+207.8% | $15.2M+179.6% | -$19.1M |
| Interest Expense | $1.3M+13.1% | $1.1M+46.3% | $777K+31.7% | $590K+58.6% | $372K-7.0% | $400K-17.7% | $486K-22.5% | $627K |
| Income Tax | -$303K-133.0% | $917K+536.8% | $144K+107.3% | -$2.0M-473.5% | $528K-90.5% | $5.6M+39.8% | $4.0M+462.7% | -$1.1M |
| Net Income | -$3.3M+92.8% | -$45.8M-17.5% | -$39.0M-322.6% | $17.5M+214.5% | -$15.3M-138.3% | $39.9M+276.6% | $10.6M+156.9% | -$18.6M |
| EPS (Diluted) | $-0.01+91.7% | $-0.12-9.1% | $-0.11-375.0% | $0.04+180.0% | $-0.05-138.5% | $0.13+225.0% | $0.04+157.1% | $-0.07 |
CIFR Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.8B+178.9% | $1.0B+11.5% | $913.8M+6.8% | $855.4M+10.3% | $775.6M+14.5% | $677.1M+19.6% | $566.1M+35.9% | $416.5M |
| Current Assets | $1.4B+546.2% | $219.7M+42.1% | $154.6M-8.1% | $168.2M-45.6% | $309.4M+23.6% | $250.2M+60.9% | $155.5M+185.7% | $54.4M |
| Cash & Equivalents | $1.2B+1825.6% | $62.7M+170.6% | $23.2M+314.9% | $5.6M-95.4% | $122.6M+38.2% | $88.7M+3.0% | $86.1M+2476.5% | $3.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $2.1B+662.5% | $269.9M+50.8% | $179.0M+3.2% | $173.5M+104.5% | $84.8M+11.3% | $76.2M+1.9% | $74.8M+1.4% | $73.8M |
| Current Liabilities | $570.2M+986.1% | $52.5M-62.2% | $138.7M+5.3% | $131.8M+261.6% | $36.4M+17.6% | $31.0M-8.3% | $33.8M-13.1% | $38.9M |
| Long-Term Debt | $1.0B+512.2% | $167.1M | N/A | $0 | N/A | N/A | N/A | N/A |
| Total Equity | $783.2M+4.6% | $748.9M+1.9% | $734.8M+7.7% | $682.0M-1.3% | $690.8M+15.0% | $600.9M+22.3% | $491.3M+43.0% | $343.5M |
| Retained Earnings | -$269.5M-1.2% | -$266.2M-20.8% | -$220.4M-21.5% | -$181.4M-61.7% | -$112.2M-15.8% | -$96.9M+29.2% | -$136.8M+7.7% | -$148.2M |
CIFR Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$50.1M+11.0% | -$56.2M-19.0% | -$47.2M-63.0% | -$29.0M-14.3% | -$25.4M+4.8% | -$26.6M+44.4% | -$47.9M-158.6% | -$18.5M |
| Capital Expenditures | $206.2M+558.7% | $31.3M+27.4% | $24.6M-47.9% | $47.1M+499.2% | $7.9M-0.5% | $7.9M+163.2% | -$12.5M-381.6% | $4.4M |
| Free Cash Flow | -$256.2M-192.8% | -$87.5M-21.9% | -$71.8M+5.6% | -$76.1M-129.1% | -$33.2M+3.8% | -$34.5M+42.8% | -$60.4M-163.0% | -$23.0M |
| Investing Cash Flow | -$21.0M+77.5% | -$93.2M-438.6% | -$17.3M-673.2% | $3.0M+109.6% | -$31.4M-1.3% | -$31.0M-307.0% | $15.0M-24.3% | $19.8M |
| Financing Cash Flow | $1.2B+543.2% | $188.9M+130.0% | $82.1M+1223.9% | $6.2M-93.2% | $90.6M+50.6% | $60.2M-48.0% | $115.7M+31519.1% | $366K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $3.0M-6.5% | $3.2M+177.4% | $1.1M-93.2% | $16.9M+315.8% | $4.1M+27.8% | $3.2M+368.6% | $678K-67.9% | $2.1M |
CIFR Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.7%-2.1pp | 64.8%-4.8pp | 69.6%+12.7pp | 56.9%-4.3pp | 61.2%-8.0pp | 69.2%-0.2pp | 69.4%+12.3pp | 57.1% |
| Operating Margin | -52.5%+51.4pp | -103.8%-26.0pp | -77.8%-118.3pp | 40.5%+84.4pp | -43.9%-141.1pp | 97.2%+62.2pp | 35.0%+98.1pp | -63.0% |
| Net Margin | -4.6%+100.5pp | -105.1%-25.5pp | -79.6%-121.1pp | 41.5%+83.0pp | -41.5%-124.4pp | 82.9%+58.5pp | 24.4%+85.9pp | -61.5% |
| Return on Equity | N/A | N/A | N/A | 2.6% | N/A | 6.6%+4.5pp | 2.2% | N/A |
| Return on Assets | -0.1%+4.4pp | -4.5%-0.2pp | -4.3%-6.3pp | 2.1%+4.0pp | -2.0%-7.9pp | 5.9%+4.0pp | 1.9%+6.3pp | -4.5% |
| Current Ratio | 2.49-1.7 | 4.18+3.1 | 1.11-0.2 | 1.28-7.2 | 8.49+0.4 | 8.08+3.5 | 4.60+3.2 | 1.40 |
| Debt-to-Equity | 1.31+1.1 | 0.22-0.0 | 0.24+0.2 | 0.00-0.1 | 0.120.0 | 0.13-0.0 | 0.15-0.1 | 0.21 |
| FCF Margin | -357.3%-156.4pp | -200.9%-54.2pp | -146.7%+33.6pp | -180.2%-90.0pp | -90.2%-18.5pp | -71.8%+67.4pp | -139.2%-63.4pp | -75.8% |
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Frequently Asked Questions
What is Cipher Mining Inc.'s annual revenue?
Cipher Mining Inc. (CIFR) reported $151.3M in total revenue for fiscal year 2024. This represents a 19.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cipher Mining Inc.'s revenue growing?
Cipher Mining Inc. (CIFR) revenue grew by 19.3% year-over-year, from $126.8M to $151.3M in fiscal year 2024.
Is Cipher Mining Inc. profitable?
No, Cipher Mining Inc. (CIFR) reported a net income of -$44.6M in fiscal year 2024, with a net profit margin of -29.5%.
What is Cipher Mining Inc.'s earnings per share (EPS)?
Cipher Mining Inc. (CIFR) reported diluted earnings per share of $-0.14 for fiscal year 2024. This represents a -40.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Cipher Mining Inc.'s EBITDA?
Cipher Mining Inc. (CIFR) had EBITDA of $58.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cipher Mining Inc. have?
As of fiscal year 2024, Cipher Mining Inc. (CIFR) had $5.6M in cash and equivalents against $0 in long-term debt.
What is Cipher Mining Inc.'s gross margin?
Cipher Mining Inc. (CIFR) had a gross margin of 58.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cipher Mining Inc.'s operating margin?
Cipher Mining Inc. (CIFR) had an operating margin of -28.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Cipher Mining Inc.'s net profit margin?
Cipher Mining Inc. (CIFR) had a net profit margin of -29.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Cipher Mining Inc.'s free cash flow?
Cipher Mining Inc. (CIFR) generated -$227.0M in free cash flow during fiscal year 2024. This represents a -97.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cipher Mining Inc.'s operating cash flow?
Cipher Mining Inc. (CIFR) generated -$87.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Cipher Mining Inc.'s total assets?
Cipher Mining Inc. (CIFR) had $855.4M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Cipher Mining Inc.'s capital expenditures?
Cipher Mining Inc. (CIFR) invested $139.5M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does Cipher Mining Inc. buy back shares?
Yes, Cipher Mining Inc. (CIFR) spent $27.6M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Cipher Mining Inc. have outstanding?
Cipher Mining Inc. (CIFR) had 351M shares outstanding as of fiscal year 2024.
What is Cipher Mining Inc.'s current ratio?
Cipher Mining Inc. (CIFR) had a current ratio of 1.28 as of fiscal year 2024, which is considered adequate.
What is Cipher Mining Inc.'s debt-to-equity ratio?
Cipher Mining Inc. (CIFR) had a debt-to-equity ratio of 0.00 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cipher Mining Inc.'s return on assets (ROA)?
Cipher Mining Inc. (CIFR) had a return on assets of -5.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Cipher Mining Inc.'s cash runway?
Based on fiscal year 2024 data, Cipher Mining Inc. (CIFR) had $5.6M in cash against an annual operating cash burn of $87.5M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Cipher Mining Inc.'s Piotroski F-Score?
Cipher Mining Inc. (CIFR) has a Piotroski F-Score of 0 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cipher Mining Inc.'s earnings high quality?
Cipher Mining Inc. (CIFR) has an earnings quality ratio of 1.96x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cipher Mining Inc. cover its interest payments?
Cipher Mining Inc. (CIFR) has an interest coverage ratio of -25.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cipher Mining Inc.?
Cipher Mining Inc. (CIFR) scores 43 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.