Cipher Digital Inc Financials
Cipher Digital Inc (CIFR) reported $223.9M in revenue for fiscal year 2025, up 48.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).
Debt-funded asset expansion has become the dominant mechanic, while the business still shows negative cash self-funding despite positive gross profit.
In FY2025, long-term debt jumped from$0 to$2.7B , which turned a previously equity-heavy balance sheet into one where lenders now finance much of the asset base. At the same time, gross margin improved to63.7% but free cash flow sank to-$695.9M , showing bigger scale has not yet made the business self-funding.
The asset base reached
Near-term liquidity is better than the loss figures alone suggest: cash of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Cipher Digital Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Cipher Digital Inc's reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 13/100.
Cipher Digital Inc's revenue surged 48.0% year-over-year to $223.9M, reflecting rapid business expansion. This strong growth earns a score of 90/100.
Cipher Digital Inc has elevated debt relative to equity (D/E of 3.37), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 18/100, reflecting increased financial risk.
With a current ratio of 3.79, Cipher Digital Inc holds $3.79 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 84/100.
Cipher Digital Inc's reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 4/100.
Cipher Digital Inc posts a -102.1% return on equity (ROE), meaning it loses $102 for every $100 of shareholders' equity. This results in a returns score of 34/100. This is down from -6.6% the prior year.
Cipher Digital Inc scores 1.19, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($7.1B) relative to total liabilities ($3.5B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Cipher Digital Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Cipher Digital Inc reported a net loss of $822.2M while operations used $207.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Cipher Digital Inc reported an operating loss of $421.6M against $36.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Cipher Digital Inc generated $223.9M in revenue in fiscal year 2025. This represents an increase of 48.0% from the prior year.
Cipher Digital Inc's EBITDA was -$222.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 478.9% from the prior year.
Cipher Digital Inc reported -$822.2M in net income in fiscal year 2025. This represents a decrease of 1742.2% from the prior year.
Cipher Digital Inc earned -$2.15 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 1435.7% from the prior year.
Cash & Balance Sheet
Cipher Digital Inc recorded an outflow of $695.9M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 206.5% from the prior year.
Cipher Digital Inc held $628.3M in cash against $2.7B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Cipher Digital Inc's gross margin was 63.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 5.0 percentage points from the prior year.
Cipher Digital Inc's ROE was -102.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 95.5 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Cipher Digital Inc spent $89.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 224.1% from the prior year.
Cipher Digital Inc invested $487.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 249.8% from the prior year.
Not reported for fiscal year 2025.
CIFR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $191.1M | $223.9M+48.0% | $151.3M+19.3% | $126.8M+4076.6% | $3.0M | N/A | N/A |
| Cost of Revenue | $83.7M | $81.2M+30.2% | $62.4M+24.0% | $50.3M+6625.8% | $748K | N/A | N/A |
| Gross Profit | $107.3M | $142.7M+60.5% | $88.9M+16.2% | $76.5M+3243.5% | $2.3M | N/A | N/A |
| SG&A Expenses | $46.6M | $36.4M+11.4% | $32.7M+17.5% | $27.8M-60.8% | $70.8M-1.8% | $72.1M | N/A |
| Operating Income | -$531.3M | -$421.6M-864.7% | -$43.7M-117.2% | -$20.1M+46.2% | -$37.4M+48.1% | -$72.2M-46856.5% | -$154K |
| Interest Expense | $160.5M | $36.6M+2040.5% | $1.7M-14.6% | $2.0M+1359.1% | $137K+407.4% | $27K | N/A |
| Income Tax | -$3.6M | -$3.3M-1141.8% | $318K-91.1% | $3.6M+93.9% | $1.8M | $0 | N/A |
| Net Income | -$1.1B | -$822.2M-1742.2% | -$44.6M-73.2% | -$25.8M+34.0% | -$39.1M+45.9% | -$72.2M-67313.2% | -$107K |
| EPS (Diluted) | — | -$2.15-1435.7% | -$0.14-40.0% | -$0.10+37.5% | -$0.16+51.5% | -$0.33 | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CIFR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $4.3B+401.7% | $855.4M+51.1% | $566.1M+35.3% | $418.5M+18.2% | $354.2M+106.4% | $171.6M |
| Current Assets | $2.7B+1477.2% | $168.2M+8.2% | $155.5M+225.8% | $47.7M-78.7% | $223.7M+14112.0% | $1.6M |
| Cash & Equivalents | $628.3M+11149.1% | $5.6M-92.5% | $74.2M+521.9% | $11.9M-94.3% | $209.8M+16340.5% | $1.3M |
| Accounts Receivable | N/A | N/A | N/A | $98K | N/A | N/A |
| Total Liabilities | $3.5B+1892.0% | $173.5M+131.9% | $74.8M-1.0% | $75.6M+11782.2% | $636K-99.6% | $170.3M |
| Current Liabilities | $699.1M+430.5% | $131.8M+290.0% | $33.8M-16.2% | $40.3M+7981.4% | $499K+285.7% | $129K |
| Long-Term Debt | $2.7B | $0 | N/A | N/A | N/A | N/A |
| Total Equity | $805.5M+18.1% | $682.0M+38.8% | $491.3M+43.3% | $342.9M-3.0% | $353.5M+26114.3% | $1.3M |
| Retained Earnings | -$1.0B-453.2% | -$181.4M-32.6% | -$136.8M-23.0% | -$111.2M-54.1% | -$72.2M-67316.0% | -$107K |
Not reported in any period shown, so not listed: Inventory, Goodwill.
CIFR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$256.5M | -$207.9M-137.6% | -$87.5M+7.1% | -$94.2M-350.6% | -$20.9M+34.0% | -$31.7M | N/A |
| Capital Expenditures | $1.2B | $487.9M+249.8% | $139.5M+581.1% | $20.5M-47.8% | $39.2M+667.5% | $5.1M | N/A |
| Free Cash Flow | -$1.5B | -$695.9M-206.5% | -$227.0M-97.9% | -$114.7M-90.8% | -$60.1M-63.5% | -$36.8M | N/A |
| Investing Cash Flow | -$1.0B | -$336.6M-75.2% | -$192.1M-464.2% | $52.8M+130.3% | -$173.9M-44.8% | -$120.1M | N/A |
| Financing Cash Flow | $5.8B | $3.2B+1393.7% | $213.5M+84.6% | $115.7M+3843.2% | -$3.1M-100.9% | $361.6M | N/A |
| Share Buybacks | $134.3M | $89.6M+224.1% | $27.6M+608.4% | $3.9M+26.3% | $3.1M-86.7% | $23.2M | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CIFR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 63.7%+5.0pp | 58.8%-1.6pp | 60.3%-15.0pp | 75.4% | N/A | N/A |
| Operating Margin | -188.3% | -28.9%-13.0pp | -15.9% | -1232.2% | N/A | N/A |
| Net Margin | -367.2% | -29.5%-9.2pp | -20.3% | -1285.9% | N/A | N/A |
| Return on Equity | -102.1%-95.5pp | -6.6%-1.3pp | -5.3%+6.1pp | -11.4%+9.0pp | -20.4%-12.5pp | -7.9% |
| Return on Assets | -19.2%-13.9pp | -5.2%-0.7pp | -4.5%+4.8pp | -9.3%+11.0pp | -20.4%-20.3pp | -0.1% |
| Current Ratio | 3.79+2.5x | 1.28-3.3x | 4.60+3.4x | 1.18-447.0x | 448.22+436.1x | 12.16 |
| Debt-to-Equity | 3.37+3.4x | 0.00-0.2x | 0.15-0.1x | 0.22+0.2x | 0.00-126.2x | 126.24 |
| FCF Margin | -310.7% | -150.1% | -90.4% | -1980.0% | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Cipher Digital Inc Ranks
Frequently Asked Questions
What is Cipher Digital Inc's annual revenue?
Cipher Digital Inc (CIFR) reported $223.9M in total revenue for fiscal year 2025. This represents a 48.0% 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 Digital Inc's revenue growing?
Cipher Digital Inc (CIFR) revenue grew by 48.0% year-over-year, from $151.3M to $223.9M in fiscal year 2025.
Is Cipher Digital Inc profitable?
No, Cipher Digital Inc (CIFR) reported a net income of -$822.2M in fiscal year 2025.
What is Cipher Digital Inc's EBITDA?
Cipher Digital Inc (CIFR) had EBITDA of -$222.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cipher Digital Inc have?
As of fiscal year 2025, Cipher Digital Inc (CIFR) had $628.3M in cash and equivalents against $2.7B in long-term debt.
What is Cipher Digital Inc's gross margin?
Cipher Digital Inc (CIFR) had a gross margin of 63.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cipher Digital Inc's return on equity (ROE)?
Cipher Digital Inc (CIFR) has a return on equity of -102.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cipher Digital Inc's free cash flow?
Cipher Digital Inc (CIFR) recorded an outflow of $695.9M in free cash flow during fiscal year 2025. This represents a -206.5% 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 Digital Inc's operating cash flow?
Cipher Digital Inc (CIFR) recorded an outflow of $207.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Cipher Digital Inc's total assets?
Cipher Digital Inc (CIFR) had $4.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cipher Digital Inc's capital expenditures?
Cipher Digital Inc (CIFR) invested $487.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Cipher Digital Inc's current ratio?
Cipher Digital Inc (CIFR) had a current ratio of 3.79 as of fiscal year 2025, which is generally considered healthy.
What is Cipher Digital Inc's debt-to-equity ratio?
Cipher Digital Inc (CIFR) had a debt-to-equity ratio of 3.37 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cipher Digital Inc's return on assets (ROA)?
Cipher Digital Inc (CIFR) had a return on assets of -19.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cipher Digital Inc's cash runway?
Based on fiscal year 2025 data, Cipher Digital Inc (CIFR) had $628.3M in cash against an annual operating cash burn of $207.9M. This gives an estimated cash runway of approximately 36 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 Digital Inc's Altman Z-Score?
Cipher Digital Inc (CIFR) has an Altman Z-Score of 1.19, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Cipher Digital Inc's Piotroski F-Score?
Cipher Digital Inc (CIFR) has a Piotroski F-Score of 3 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cipher Digital Inc's earnings high quality?
Cipher Digital Inc (CIFR) reported a net loss of $822.2M while operations used $207.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 Digital Inc cover its interest payments?
Cipher Digital Inc (CIFR) reported an operating loss of $421.6M against $36.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 Digital Inc?
Cipher Digital Inc (CIFR) scores 41 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.