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Cipher Mining (CIFR) Financials

Cipher Mining logo
$16.94 +0.22 (+1.32%)
Closing price 04:00 PM Eastern
Extended Trading
$16.94 +0.00 (+0.03%)
As of 07:59 PM Eastern
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Annual Income Statements for Cipher Mining

Annual Income Statements for Cipher Mining

This table shows Cipher Mining's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 0.01 -39 -26 -45 -822
Consolidated Net Income / (Loss)		 -0.11 -39 -26 -45 -822
Net Income / (Loss) Continuing Operations		 0.01 -39 -26 -45 -822
Total Pre-Tax Income 		0.01 -37 -22 -44 -826
Total Operating Income		 0.00 -37 -20 -44 -422
Total Gross Profit		 0.00 2.75 113 94 122
Total Revenue		 0.00 3.04 127 157 224
Operating Revenue		 - 3.04 127 157 224
Total Cost of Revenue		 0.00 0.29 14 62 102
Operating Cost of Revenue		 - 0.29 14 62 102
Total Operating Expenses		 0.00 77 142 196 488
Selling, General & Admin Expense		 0.00 71 85 33 116
Depreciation Expense		 - 4.38 59 102 199
Other Operating Expenses / (Income)		 - -0.01 -2.36 61 174
Total Other Income / (Expense), net		 0.01 37 6.41 57 -459
Interest Expense		 - 0.14 2.00 1.71 37
Interest & Investment Income		 0.03 -37 -2.37 3.00 -1.34
Other Income / (Expense), net		 -0.02 74 11 56 -421
Income Tax Expense		 - 1.84 3.57 0.32 -3.31
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - 0.00 0.00 0.00
Basic Earnings per Share		 $0.00 ($0.16) ($0.10) ($0.14) ($2.15)
Weighted Average Basic Shares Outstanding		 4.48M 248.23M 252.44M 323.10M 381.60M
Diluted Earnings per Share		 $0.00 ($0.16) ($0.10) ($0.14) ($2.15)
Weighted Average Diluted Shares Outstanding		 4.48M 248.23M 252.44M 323.10M 381.60M
Weighted Average Basic & Diluted Shares Outstanding		 21.21M 248.63M 296.49M 361.53M 405.12M

Quarterly Income Statements for Cipher Mining

This table shows Cipher Mining's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 11 40 -15 -87 18 -39 -46 -3.28 -734 -114 -268
Consolidated Net Income / (Loss)		 11 40 -15 -87 18 -39 -46 -3.28 -734 -114 -268
Net Income / (Loss) Continuing Operations		 11 40 -15 -87 18 -39 -46 -3.28 -734 -114 -268
Total Pre-Tax Income 		15 45 -15 -91 16 -39 -45 -3.59 -738 -114 -267
Total Operating Income		 15 47 -16 -91 17 -38 -45 -38 -301 -115 -79
Total Gross Profit		 76 21 7.35 -53 57 35 27 47 40 -44 -36
Total Revenue		 46 48 37 24 44 50 43 74 58 35 25
Operating Revenue		 43 48 37 24 41 50 43 74 57 35 25
Total Cost of Revenue		 -30 27 29 77 -12 15 15 27 18 79 61
Operating Cost of Revenue		 -30 27 29 77 -12 15 15 27 18 79 61
Total Operating Expenses		 91 -25 29 38 80 67 69 82 298 49 36
Selling, General & Admin Expense		 64 6.08 8.37 8.92 70 8.95 9.08 8.17 89 12 16
Depreciation Expense		 17 17 20 29 36 43 44 60 52 19 19
Other Operating Expenses / (Income)		 - -48 0.00 0.00 - 15 16 14 - 18 -0.09
Total Other Income / (Expense), net		 30 -0.58 6.50 -0.23 39 -6.69 -3.30 31 -481 -21 -195
Interest Expense		 0.49 0.40 0.37 0.35 0.59 0.78 1.14 1.29 33 59 67
Interest & Investment Income		 1.70 1.52 0.48 2.04 -1.04 -5.10 -1.41 -1.02 6.19 30 36
Other Income / (Expense), net		 29 -1.71 6.40 -1.92 41 -0.81 -0.76 34 -453 7.77 -164
Income Tax Expense		 3.98 5.56 0.53 -3.80 -1.97 0.14 0.92 -0.30 -4.07 0.41 0.37
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - - - - 0.00 0.00 - - 0.00 0.00
Basic Earnings per Share		 $0.04 $0.13 ($0.05) ($0.26) $0.04 ($0.11) ($0.12) ($0.01) ($1.91) ($0.28) ($0.65)
Weighted Average Basic Shares Outstanding		 252.44M 296.64M 314.35M 332.68M 323.10M 360.51M 375.05M 393.19M 381.60M 405.11M 409.38M
Diluted Earnings per Share		 $0.04 $0.13 ($0.05) ($0.26) $0.04 ($0.11) ($0.12) ($0.01) ($1.91) ($0.28) ($0.65)
Weighted Average Diluted Shares Outstanding		 252.44M 304.40M 314.35M 332.68M 323.10M 360.51M 375.05M 393.19M 381.60M 405.11M 409.38M
Weighted Average Basic & Diluted Shares Outstanding		 296.49M 310.03M 328.94M 347.81M 361.53M 371.21M 393.28M 395.09M 405.12M 409.05M 415.03M

Annual Cash Flow Statements for Cipher Mining

This table details how cash moves in and out of Cipher Mining's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -198 74 -66 2,645
Net Cash From Operating Activities		 -21 -94 -88 -208
Net Cash From Continuing Operating Activities		 -21 -94 -88 -208
Net Income / (Loss) Continuing Operations		 -39 -26 -45 -822
Consolidated Net Income / (Loss)		 -39 -26 -45 -822
Depreciation Expense		 4.38 59 102 199
Amortization Expense		 0.77 0.82 1.25 20
Non-Cash Adjustments To Reconcile Net Income		 10 -121 -164 468
Changes in Operating Assets and Liabilities, net		 2.87 -7.37 17 -72
Net Cash From Investing Activities		 -174 53 -192 -337
Net Cash From Continuing Investing Activities		 -174 53 -192 -337
Purchase of Property, Plant & Equipment		 -40 -21 -141 -489
Acquisitions		 0.00 -3.55 -37 -55
Sale and/or Maturity of Investments		 54 3.81 0.00 0.00
Other Investing Activities, net		 -188 74 -14 207
Net Cash From Financing Activities		 -3.09 116 214 3,189
Net Cash From Continuing Financing Activities		 -3.09 116 214 3,189
Repayment of Debt		 - 0.00 0.00 -25
Repurchase of Common Equity		 -3.09 -3.90 -28 -90
Issuance of Debt		 - 0.00 25 3,146
Issuance of Common Equity		 0.00 132 222 245
Other Financing Activities, net		 0.00 -13 -5.54 -88
Cash Interest Paid		 - 0.00 0.00 1.45

Quarterly Cash Flow Statements for Cipher Mining

This table details how cash moves in and out of Cipher Mining's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 83 2.57 34 -83 -20 18 40 1,144 1,443 1,582 313
Net Cash From Operating Activities		 -48 -27 -25 -6.55 -29 -47 -56 -50 -54 92 -244
Net Cash From Continuing Operating Activities		 -48 -27 -25 -6.55 -29 -47 -56 -50 -54 92 -244
Net Income / (Loss) Continuing Operations		 11 40 -15 -87 18 -39 -46 -3.28 -734 -114 -268
Consolidated Net Income / (Loss)		 11 40 -15 -87 18 -39 -46 -3.28 -734 -114 -268
Depreciation Expense		 17 17 20 28 36 43 44 59 52 19 19
Amortization Expense		 0.26 0.40 0.47 0.49 0.54 0.37 0.60 0.65 18 60 68
Non-Cash Adjustments To Reconcile Net Income		 -56 -83 -33 36 -81 -31 -35 -100 634 34 177
Changes in Operating Assets and Liabilities, net		 -20 -1.33 1.96 15 -1.99 -21 -20 -6.40 -25 93 -240
Net Cash From Investing Activities		 15 -31 -31 -133 3.02 -17 -93 -21 -205 -474 -323
Net Cash From Continuing Investing Activities		 15 -31 -31 -133 3.02 -17 -93 -21 -205 -474 -323
Purchase of Property, Plant & Equipment		 12 -8.10 -8.36 -77 -47 -100 -32 -207 -226 -554 -410
Sale of Property, Plant & Equipment		 - - - - - 0.00 - - - 22 31
Other Investing Activities, net		 3.09 -4.54 -21 -30 41 90 -56 190 58 62 57
Net Cash From Financing Activities		 116 60 91 57 6.20 82 189 1,215 1,703 1,964 880
Net Cash From Continuing Financing Activities		 116 60 91 57 6.20 82 189 1,215 1,703 1,964 880
Repurchase of Common Equity		 -3.78 -4.80 -5.31 -4.14 -17 -1.14 -3.96 -3.29 -81 -3.78 -45
Issuance of Debt		 - - - - - 0.00 - 1,270 1,708 1,970 797
Issuance of Common Equity		 124 66 97 62 - 84 52 32 77 0.00 129
Other Financing Activities, net		 -4.69 -1.21 -1.21 -1.21 -1.92 -0.91 -1.51 -84 -1.21 -1.62 -0.80
Cash Interest Paid		 - - - - - 0.00 - - - 0.00 64

Annual Balance Sheets for Cipher Mining

This table presents Cipher Mining's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 172 354 418 566 855 4,292
Total Current Assets		 1.57 224 48 155 168 2,653
Cash & Equivalents		 1.28 210 12 86 5.59 628
Restricted Cash		 - - - - 0.00 1,761
Accounts Receivable		 - 0.00 1.20 0.87 2.69 0.96
Prepaid Expenses		 0.30 14 7.25 3.67 3.39 7.98
Other Current Assets		 - 0.00 27 65 157 254
Plant, Property, & Equipment, net		 0.00 5.12 191 244 481 633
Total Noncurrent Assets		 170 125 180 167 206 1,006
Long-Term Investments		 - 0.00 37 35 54 29
Intangible Assets		 - - 0.60 8.11 8.88 77
Other Noncurrent Operating Assets		 170 125 141 123 144 899
Total Liabilities & Shareholders' Equity		 172 354 418 566 855 4,292
Total Liabilities		 0.25 0.64 76 75 173 3,456
Total Current Liabilities		 0.13 0.50 40 34 132 699
Short-Term Debt		 - - - 0.00 32 38
Accounts Payable		 0.13 0.24 17 6.53 23 40
Accrued Expenses		 - 0.26 19 22 70 90
Other Current Liabilities		 - 0.00 3.60 4.82 6.93 531
Total Noncurrent Liabilities		 0.12 0.14 35 41 42 2,757
Long-Term Debt		 - - - - 0.00 2,712
Asset Retirement Reserve & Litigation Obligation		 - 0.00 17 18 20 34
Other Noncurrent Operating Liabilities		 0.12 0.14 17 17 17 12
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 170 - - - 0.00 30
Total Equity & Noncontrolling Interests		 1.35 354 343 491 682 806
Total Preferred & Common Equity		 1.35 354 343 491 682 806
Preferred Stock		 - 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1.35 354 343 491 682 806
Common Stock		 1.46 426 454 628 863 1,809
Retained Earnings		 -0.11 -72 -111 -137 -181 -1,004
Other Equity Adjustments		 - - - - -0.01 -0.01

Quarterly Balance Sheets for Cipher Mining

This table presents Cipher Mining's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 413 417 416 677 776 775 914 1,019 2,841 6,394 7,501
Total Current Assets		 36 42 54 250 309 152 155 220 1,419 3,894 4,132
Cash & Equivalents		 3.92 1.74 3.34 89 123 25 23 63 1,207 715 832
Restricted Cash		 - - - - - - - - - 3,012 3,188
Accounts Receivable		 1.57 1.99 0.36 1.11 0.46 0.29 1.06 1.82 1.00 8.49 20
Prepaid Expenses		 4.28 2.26 3.96 2.91 3.60 3.49 2.97 7.42 3.97 30 34
Other Current Assets		 27 36 47 158 183 123 127 148 207 129 57
Plant, Property, & Equipment, net		 263 268 258 239 239 311 478 474 650 1,307 2,133
Total Noncurrent Assets		 113 107 104 188 227 313 281 325 772 1,192 1,237
Long-Term Investments		 35 33 34 53 50 55 48 46 42 0.00 0.00
Intangible Assets		 - - - 8.16 8.50 26 9.04 9.23 9.43 77 77
Other Noncurrent Operating Assets		 79 74 70 128 169 232 224 270 720 1,115 1,160
Total Liabilities & Shareholders' Equity		 413 417 416 677 776 775 914 1,019 2,841 6,394 7,501
Total Liabilities		 68 74 74 76 85 103 179 270 2,058 5,654 6,914
Total Current Liabilities		 33 39 39 31 36 59 139 53 570 1,246 1,379
Short-Term Debt		 - - - - - - 35 0.00 0.00 355 94
Accounts Payable		 12 3.61 6.16 7.52 14 13 30 15 12 198 289
Accrued Expenses		 17 23 25 19 18 41 66 30 38 205 357
Other Current Liabilities		 3.74 12 7.92 4.80 4.86 5.17 7.10 7.46 520 488 639
Total Noncurrent Liabilities		 35 35 35 45 48 44 40 217 1,487 4,408 5,509
Long-Term Debt		 - - - - - - - 167 1,023 4,377 5,447
Asset Retirement Reserve & Litigation Obligation		 17 18 18 19 19 20 21 32 33 23 24
Other Noncurrent Operating Liabilities		 16 15 16 16 18 18 16 15 428 8.32 39
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - - - - 26 26
Total Equity & Noncontrolling Interests		 345 343 343 601 691 672 735 749 783 714 562
Total Preferred & Common Equity		 345 343 343 601 691 672 735 749 783 714 562
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 345 343 343 601 691 672 735 749 783 714 562
Common Stock		 462 474 491 698 803 871 955 1,015 1,053 1,832 1,948
Retained Earnings		 -118 -131 -148 -97 -112 -199 -220 -266 -269 -1,118 -1,386
Other Equity Adjustments		 - - - - - - -0.00 -0.00 -0.00 -0.01 -0.01

Annual Metrics And Ratios for Cipher Mining

This table displays calculated financial ratios and metrics derived from Cipher Mining's official financial filings.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - -
Revenue Growth		 0.00% 0.00% 4,154.10% 19.66% 42.93%
EBITDA Growth		 0.00% 214,464.24% 87.27% 45.51% -638.39%
EBIT Growth		 0.00% 187,758.16% -51.64% -48.87% -6,964.45%
NOPAT Growth		 0.00% 0.00% 46.25% -117.25% -864.70%
Net Income Growth		 0.00% -36,387.56% 33.99% -73.16% -1,742.15%
EPS Growth		 0.00% 0.00% 37.50% -40.00% -1,435.71%
Operating Cash Flow Growth		 0.00% 0.00% -350.59% 7.14% -137.61%
Free Cash Flow Firm Growth		 0.00% 0.00% 48.54% -248.26% -155.75%
Invested Capital Growth		 0.00% 104.25% 26.06% 76.98% 78.12%
Revenue Q/Q Growth		 0.00% 0.00% 49.27% -0.79% 5.81%
EBITDA Q/Q Growth		 0.00% 151.37% 74.25% 64.39% -483.07%
EBIT Q/Q Growth		 0.00% 120.06% 662.13% 157.95% -3,733.87%
NOPAT Q/Q Growth		 0.00% -262.44% 76.36% 4.12% -305.86%
Net Income Q/Q Growth		 0.00% -337.38% 70.71% 13.41% -1,065.82%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -975.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -61.51% 17.79% -13.95%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -115.63% 0.77% -2,046.89%
Invested Capital Q/Q Growth		 0.00% -9.22% 21.01% 10.67% 109.57%
Profitability Metrics		 - - - - -
Gross Margin		 0.00% 90.45% 68.75% 63.16% 54.36%
EBITDA Margin		 0.00% 1,361.15% 59.92% 72.86% -278.82%
Operating Margin		 0.00% -1,232.17% -15.57% -28.27% -188.25%
EBIT Margin		 0.00% 1,191.57% 13.54% 5.79% -376.42%
Profit (Net Income) Margin		 0.00% -1,285.91% -19.95% -28.87% -367.17%
Tax Burden Percent		 -1,328.26% 104.94% 116.06% 100.72% 99.60%
Interest Burden Percent		 -41.79% -102.83% -126.92% -495.33% 97.94%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -11.98% -4.24% -5.97% -32.41%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -2.06% 9.45% 12.94% -379.99%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.77% -1.94% -1.64% -75.94%
Return on Equity (ROE)		 -0.04% -11.22% -6.18% -7.61% -108.35%
Cash Return on Invested Capital (CROIC)		 0.00% -80.51% -27.30% -61.56% -88.59%
Operating Return on Assets (OROA)		 0.00% 9.37% 3.55% 1.26% -32.75%
Return on Assets (ROA)		 0.00% -10.11% -5.24% -6.28% -31.95%
Return on Common Equity (ROCE)		 -0.03% -11.22% -6.18% -7.61% -106.18%
Return on Equity Simple (ROE_SIMPLE)		 -0.03% -11.39% -5.25% -6.55% 0.00%
Net Operating Profit after Tax (NOPAT)		 0.00 -26 -14 -31 -295
NOPAT Margin		 0.00% -862.52% -10.90% -19.79% -131.77%
Net Nonoperating Expense Percent (NNEP)		 -0.05% -9.92% -13.70% -18.91% 347.58%
Return On Investment Capital (ROIC_SIMPLE)		 - - -2.87% -4.28% -8.30%
Cost of Revenue to Revenue		 0.00% 9.55% 31.25% 36.84% 45.64%
SG&A Expenses to Revenue		 0.00% 2,332.43% 65.94% 60.45% 51.58%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 2,524.70% 111.68% 126.71% 217.91%
Earnings before Interest and Taxes (EBIT)		 -0.02 36 17 8.95 -843
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -0.02 41 77 113 -624
Valuation Ratios		 - - - - -
Price to Book Value (P/BV)		 0.60 0.40 2.14 2.37 7.24
Price to Tangible Book Value (P/TBV)		 0.60 0.40 2.18 2.40 8.01
Price to Revenue (P/Rev)		 0.00 45.64 8.14 10.44 26.04
Price to Earnings (P/E)		 26,520.99 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.03 0.30 2.51 2.42 5.31
Enterprise Value to Revenue (EV/Rev)		 0.00 29.37 7.20 10.26 27.65
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 2.16 12.02 14.09 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 2.47 53.17 177.34 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - -
Debt to Equity		 0.00 0.00 0.00 0.05 3.29
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 3.24
Financial Leverage		 -0.59 -0.37 -0.20 -0.13 0.20
Leverage Ratio		 1.00 1.11 1.18 1.21 3.39
Compound Leverage Factor		 -0.42 -1.14 -1.50 -6.00 3.32
Debt to Total Capital		 0.00% 0.00% 0.00% 4.53% 76.69%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 4.53% 1.05%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 75.63%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.85%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 95.47% 22.47%
Debt to EBITDA		 0.00 0.00 0.00 0.29 -4.40
Net Debt to EBITDA		 0.00 0.00 0.00 -0.24 -0.53
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 -4.34
Debt to NOPAT		 0.00 0.00 0.00 -1.06 -9.32
Net Debt to NOPAT		 0.00 0.00 0.00 0.89 -1.12
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 -9.19
Altman Z-Score		 202.08 1.04 8.69 5.55 0.64
Noncontrolling Interest Sharing Ratio		 32.39% 0.00% 0.00% 0.00% 2.00%
Liquidity Ratios		 - - - - -
Current Ratio		 448.22 1.18 4.60 1.28 3.79
Quick Ratio		 420.52 0.33 2.57 0.06 0.90
Cash Flow Metrics		 - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -176 -91 -315 -807
Operating Cash Flow to CapEx		 0.00% -52.53% -446.34% -62.10% -42.49%
Free Cash Flow to Firm to Interest Expense		 0.00 -1,284.61 -45.31 -184.66 -22.06
Operating Cash Flow to Interest Expense		 0.00 -152.66 -47.14 -51.24 -5.69
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -443.28 -57.71 -133.74 -19.07
Efficiency Ratios		 - - - - -
Asset Turnover		 0.00 0.01 0.26 0.22 0.09
Accounts Receivable Turnover		 0.00 0.00 125.01 87.03 122.91
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.03 0.59 0.00 0.41
Accounts Payable Turnover		 0.00 0.03 3.38 3.90 3.26
Days Sales Outstanding (DSO)		 0.00 0.00 2.92 4.19 2.97
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 11,082.78 108.06 93.66 112.07
Cash Conversion Cycle (CCC)		 0.00 -11,082.78 -105.14 -89.47 -109.10
Capital & Investment Metrics		 - - - - -
Invested Capital		 144 293 370 655 1,166
Invested Capital Turnover		 0.00 0.01 0.39 0.30 0.25
Increase / (Decrease) in Invested Capital		 0.00 150 76 285 512
Enterprise Value (EV)		 3.87 89 930 1,587 6,192
Market Capitalization		 214 139 1,052 1,614 5,832
Book Value per Share		 $16.46 $1.39 $1.93 $1.96 $2.04
Tangible Book Value per Share		 $16.46 $1.38 $1.90 $1.94 $1.84
Total Capital		 354 343 491 714 3,585
Total Debt		 0.00 0.00 0.00 32 2,749
Total Long-Term Debt		 0.00 0.00 0.00 0.00 2,712
Net Debt		 -210 -49 -121 -27 330
Capital Expenditures (CapEx)		 0.00 40 21 141 489
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 13 -4.52 36 63 -398
Debt-free Net Working Capital (DFNWC)		 223 7.41 122 69 1,992
Net Working Capital (NWC)		 223 7.41 122 36 1,954
Net Nonoperating Expense (NNE)		 0.11 13 12 14 527
Net Nonoperating Obligations (NNO)		 -210 -49 -121 -27 330
Total Depreciation and Amortization (D&A)		 0.00 5.15 60 104 219
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -148.77% 27.55% 40.86% -177.71%
Debt-free Net Working Capital to Revenue		 0.00% 243.96% 94.20% 44.47% 889.33%
Net Working Capital to Revenue		 0.00% 243.96% 94.20% 23.56% 872.45%
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.16) ($0.10) ($0.14) ($2.15)
Adjusted Weighted Average Basic Shares Outstanding		 4.48M 248.23M 252.44M 323.10M 381.60M
Adjusted Diluted Earnings per Share		 $0.00 ($0.16) ($0.10) ($0.14) ($2.15)
Adjusted Weighted Average Diluted Shares Outstanding		 4.48M 248.23M 252.44M 323.10M 381.60M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 21.21M 248.63M 296.49M 361.53M 405.12M
Normalized Net Operating Profit after Tax (NOPAT)		 0.00 -25 -14 -31 -295
Normalized NOPAT Margin		 0.00% -828.71% -10.90% -19.79% -131.77%
Pre Tax Income Margin		 0.00% -1,225.32% -17.19% -28.67% -368.65%
Debt Service Ratios		 - - - - -
EBIT to Interest Expense		 0.00 264.15 8.75 5.24 -23.06
NOPAT to Interest Expense		 0.00 -191.20 -7.04 -17.91 -8.07
EBIT Less CapEx to Interest Expense		 0.00 -26.47 -1.81 -77.27 -36.44
NOPAT Less CapEx to Interest Expense		 0.00 -481.82 -17.61 -100.41 -21.46
Payout Ratios		 - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% -7.91% -28.34% -69.74% -10.90%

Quarterly Metrics And Ratios for Cipher Mining

This table displays calculated financial ratios and metrics derived from Cipher Mining's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 405,119,407.00 409,049,197.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 405,119,407.00 409,049,197.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.28 -0.65
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 1,404.08% 119.85% 21.44% -20.71% -2.70% 0.71% 18.36% 207.20% 21.47% -30.25% -41.68%
EBITDA Growth		 116.61% 379.62% 87.93% -2,257.08% 53.99% -92.11% -114.04% 186.94% -739.27% -667.61% -16,387.10%
EBIT Growth		 86.90% 3,752.82% -9.80% -378.47% 30.11% -186.29% -370.67% 95.67% -1,172.81% -174.59% -428.04%
NOPAT Growth		 131.72% 1,523.38% -33.77% -378.35% 74.17% -164.93% -179.78% 58.84% -1,193.28% -200.80% -73.59%
Net Income Growth		 120.52% 976.35% -15.86% -365.89% 65.27% -197.68% -199.40% 96.22% -4,293.06% -193.31% -484.37%
EPS Growth		 0.00% 750.00% 0.00% -271.43% 0.00% -184.62% -140.00% 96.15% -4,875.00% -154.55% -441.67%
Operating Cash Flow Growth		 -298.50% -162.63% -43.60% 64.68% 39.52% -77.35% -121.75% -664.72% -87.84% 293.77% -333.21%
Free Cash Flow Firm Growth		 64.56% -53.07% -127.20% -8,453.60% -305.85% -136.32% -45.03% 102.52% -171.86% -324.11% -330.74%
Invested Capital Growth		 26.06% 50.12% 68.07% 93.53% 76.98% 51.99% 55.79% -5.94% 78.12% 149.78% 164.34%
Revenue Q/Q Growth		 50.26% 5.38% -21.23% -36.43% 84.41% 9.07% -10.14% 69.96% -21.86% -39.78% -28.71%
EBITDA Q/Q Growth		 2,413.14% 2.12% -84.57% -678.73% 251.12% -94.77% -130.67% 3,792.74% -1,322.22% 95.90% -456.23%
EBIT Q/Q Growth		 332.08% 1.68% -118.64% -835.21% 163.11% -167.43% -18.26% 91.21% -18,549.91% 85.84% -127.42%
NOPAT Q/Q Growth		 182.63% 271.56% -127.57% -465.17% 130.09% -238.52% -18.79% 16.86% -699.15% 61.89% 31.45%
Net Income Q/Q Growth		 156.90% 276.59% -138.32% -467.35% 120.18% -322.59% -17.46% 92.83% -22,263.84% 84.43% -134.03%
EPS Q/Q Growth		 157.14% 225.00% -138.46% -420.00% 115.38% -375.00% -9.09% 91.67% -19,000.00% 85.34% -132.14%
Operating Cash Flow Q/Q Growth		 -158.60% 44.41% 4.82% 74.18% -342.75% -63.01% -19.01% 10.97% -8.75% 268.16% -366.07%
Free Cash Flow Firm Q/Q Growth		 -1,662.15% -71.77% -96.81% -58.18% 24.10% -0.02% -20.78% 102.74% -8,301.43% -56.03% -22.67%
Invested Capital Q/Q Growth		 21.01% 24.23% 12.76% 14.16% 10.67% 6.69% 15.58% -31.07% 109.57% 49.60% 22.32%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 165.36% 44.57% 62.34% -17.65% 127.81% 41.82% 32.03% 63.89% 69.49% -126.19% -145.64%
EBITDA Margin		 134.14% 130.00% 28.45% -259.06% 212.30% 10.19% -3.48% 75.56% -1,181.87% -80.49% -627.97%
Operating Margin		 33.28% 97.19% -42.65% -379.20% 38.43% -78.56% -103.85% -50.80% -519.60% -328.86% -316.21%
EBIT Margin		 97.05% 93.65% -25.77% -379.21% 129.77% -80.23% -105.59% -5.46% -1,303.29% -306.57% -977.96%
Profit (Net Income) Margin		 23.19% 82.89% -40.33% -359.95% 39.40% -80.39% -105.09% -4.43% -1,269.04% -328.14% -1,077.14%
Tax Burden Percent		 72.70% 87.76% 103.58% 95.80% 112.69% 100.37% 102.04% 91.55% 99.45% 100.36% 100.14%
Interest Burden Percent		 32.87% 100.86% 151.06% 99.08% 26.94% 99.83% 97.53% 88.70% 97.91% 106.65% 109.99%
Effective Tax Rate		 27.30% 12.24% 0.00% 0.00% -12.69% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 9.42% 34.63% -11.71% -92.19% 13.07% -14.71% -17.73% -13.11% -89.45% -39.35% -28.75%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.96% 35.92% -7.88% -53.34% 15.41% -0.84% 7.02% -28.13% -434.81% -46.39% -55.24%
Return on Net Nonoperating Assets (RNNOA)		 -2.04% -6.83% 1.58% 6.16% -1.95% 0.11% -0.56% 5.93% -86.89% -30.48% -66.33%
Return on Equity (ROE)		 7.38% 27.80% -10.13% -86.02% 11.12% -14.60% -18.29% -7.18% -176.35% -69.83% -95.09%
Cash Return on Invested Capital (CROIC)		 -27.30% -34.66% -46.59% -70.84% -61.56% -56.80% -60.27% -6.54% -88.59% -114.18% -115.50%
Operating Return on Assets (OROA)		 25.47% 26.71% -7.01% -99.16% 28.23% -15.63% -19.03% -0.64% -113.40% -17.52% -43.86%
Return on Assets (ROA)		 6.09% 23.64% -10.97% -94.12% 8.57% -15.66% -18.94% -0.52% -110.42% -18.75% -48.31%
Return on Common Equity (ROCE)		 7.38% 27.80% -10.13% -86.02% 11.12% -14.60% -18.29% -7.18% -172.82% -68.61% -93.26%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 3.11% 2.40% -7.67% 0.00% -16.81% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 11 41 -11 -64 19 -27 -32 -26 -210 -80 -55
NOPAT Margin		 24.19% 85.30% -29.85% -265.44% 43.30% -55.00% -72.70% -35.56% -363.72% -230.20% -221.34%
Net Nonoperating Expense Percent (NNEP)		 -0.53% -1.29% -3.83% -38.85% -2.34% -13.87% -24.76% 15.02% 345.36% 7.04% 26.49%
Return On Investment Capital (ROIC_SIMPLE)		 2.25% 6.83% - - 2.69% -3.46% -3.46% -1.46% -5.92% -1.47% -0.90%
Cost of Revenue to Revenue		 -65.36% 55.43% 37.66% 117.65% -27.81% 58.18% 67.97% 36.11% 30.51% 226.19% 245.64%
SG&A Expenses to Revenue		 140.59% 12.62% 22.06% 37.01% 157.69% 18.46% 20.84% 11.03% 154.38% 33.70% 66.35%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 199.89% -51.09% 118.42% 365.06% 180.55% 108.12% 127.44% 110.97% 514.91% 139.34% 143.96%
Earnings before Interest and Taxes (EBIT)		 44 45 -9.77 -91 58 -39 -46 -4.04 -754 -107 -243
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 61 63 11 -62 94 4.94 -1.52 56 -684 -28 -156
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.14 2.54 1.86 1.89 2.37 1.13 2.37 6.32 7.24 7.30 17.83
Price to Tangible Book Value (P/TBV)		 2.18 2.58 1.89 1.97 2.40 1.15 2.40 6.40 8.01 8.18 20.66
Price to Revenue (P/Rev)		 8.14 9.82 7.94 8.17 10.44 5.37 10.97 23.40 26.04 24.97 52.45
Price to Earnings (P/E)		 0.00 81.76 77.59 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 1.22% 1.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.51 3.01 2.15 2.02 2.42 1.14 2.27 8.49 5.31 3.58 5.42
Enterprise Value to Revenue (EV/Rev)		 7.20 8.91 6.87 7.65 10.26 5.13 11.34 22.32 27.65 29.90 60.54
Enterprise Value to EBITDA (EV/EBITDA)		 12.02 10.92 8.68 17.41 14.09 14.46 42.92 28.99 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 53.17 22.56 19.60 0.00 177.34 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 66.83 64.28 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.05 0.05 0.22 1.31 3.29 6.40 9.43
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.22 1.31 3.24 5.92 9.27
Financial Leverage		 -0.20 -0.19 -0.20 -0.12 -0.13 -0.13 -0.08 -0.21 0.20 0.66 1.20
Leverage Ratio		 1.18 1.15 1.15 1.17 1.21 1.19 1.25 2.49 3.39 4.96 6.37
Compound Leverage Factor		 0.39 1.16 1.74 1.16 0.33 1.19 1.22 2.20 3.32 5.28 7.01
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 4.53% 4.60% 18.24% 56.64% 76.69% 86.48% 90.41%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 4.53% 4.60% 0.00% 0.00% 1.05% 6.49% 1.54%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 18.24% 56.64% 75.63% 79.99% 88.87%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.85% 0.47% 0.42%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 95.47% 95.40% 81.76% 43.36% 22.47% 13.05% 9.17%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.29 0.64 3.91 6.28 -4.40 -7.20 -6.82
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 -0.24 -0.66 1.37 -1.39 -0.53 -1.53 -1.87
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 3.91 6.28 -4.34 -6.66 -6.70
Debt to NOPAT		 0.00 0.00 0.00 0.00 -1.06 -0.39 -1.51 -14.07 -9.32 -13.57 -14.90
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.89 0.40 -0.53 3.12 -1.12 -2.88 -4.09
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 -1.51 -14.07 -9.19 -12.55 -14.64
Altman Z-Score		 8.84 12.66 9.49 6.98 5.74 2.50 3.79 1.74 0.70 0.78 0.97
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.00% 1.74% 1.92%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.60 8.08 8.49 2.57 1.28 1.11 4.18 2.49 3.79 3.13 3.00
Quick Ratio		 2.57 2.90 3.38 0.43 0.06 0.17 1.23 2.12 0.90 0.58 0.62
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -65 -112 -221 -350 -266 -266 -321 8.80 -722 -1,127 -1,382
Operating Cash Flow to CapEx		 0.00% -328.76% -303.18% -8.50% -61.02% -189.54% -177.45% -24.23% -24.07% 17.21% -64.17%
Free Cash Flow to Firm to Interest Expense		 -134.64 -281.00 -594.66 -1,011.32 -450.12 -341.85 -282.16 6.85 -21.64 -19.04 -20.71
Operating Cash Flow to Interest Expense		 -98.59 -66.59 -68.15 -18.92 -49.12 -60.80 -49.44 -38.92 -1.63 1.55 -3.65
Operating Cash Flow Less CapEx to Interest Expense		 -74.18 -86.85 -90.63 -241.37 -129.60 -92.87 -77.31 -199.55 -8.41 -7.44 -9.34
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.26 0.29 0.27 0.26 0.22 0.19 0.18 0.12 0.09 0.06 0.04
Accounts Receivable Turnover		 125.01 115.91 132.03 483.21 87.03 142.94 141.47 328.38 122.91 43.76 17.44
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.59 0.62 0.64 0.55 0.00 0.43 0.45 0.44 0.41 0.23 0.15
Accounts Payable Turnover		 3.38 4.77 4.44 4.09 3.90 3.13 4.10 0.66 3.26 1.46 1.39
Days Sales Outstanding (DSO)		 2.92 3.15 2.76 0.76 4.19 2.55 2.58 1.11 2.97 8.34 20.92
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 108.06 76.54 82.27 89.31 93.66 116.71 89.02 550.38 112.07 250.27 261.92
Cash Conversion Cycle (CCC)		 -105.14 -73.39 -79.50 -88.55 -89.47 -114.15 -86.44 -549.27 -109.10 -241.93 -241.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 370 460 518 592 655 699 807 557 1,166 1,745 2,134
Invested Capital Turnover		 0.39 0.41 0.39 0.35 0.30 0.27 0.24 0.37 0.25 0.17 0.13
Increase / (Decrease) in Invested Capital		 76 153 210 286 285 239 289 -35 512 1,046 1,327
Enterprise Value (EV)		 930 1,386 1,114 1,193 1,587 795 1,833 4,725 6,192 6,245 11,568
Market Capitalization		 1,052 1,527 1,287 1,273 1,614 832 1,774 4,951 5,832 5,214 10,022
Book Value per Share		 $1.93 $2.03 $2.23 $2.04 $1.96 $2.03 $2.02 $1.99 $2.04 $1.76 $1.37
Tangible Book Value per Share		 $1.90 $2.00 $2.20 $1.96 $1.94 $2.01 $1.99 $1.97 $1.84 $1.57 $1.19
Total Capital		 491 601 691 672 714 770 916 1,806 3,585 5,472 6,129
Total Debt		 0.00 0.00 0.00 0.00 32 35 167 1,023 2,749 4,732 5,541
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 167 1,023 2,712 4,377 5,447
Net Debt		 -121 -141 -173 -80 -27 -36 59 -227 330 1,005 1,521
Capital Expenditures (CapEx)		 -12 8.10 8.36 77 47 25 32 207 226 532 380
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 36 131 150 67 63 28 104 -358 -398 -723 -1,173
Debt-free Net Working Capital (DFNWC)		 122 219 273 93 69 51 167 849 1,992 3,004 2,847
Net Working Capital (NWC)		 122 219 273 93 36 16 167 849 1,954 2,648 2,753
Net Nonoperating Expense (NNE)		 0.46 1.16 3.97 23 1.74 12 14 -23 524 34 213
Net Nonoperating Obligations (NNO)		 -121 -141 -173 -80 -27 -36 59 -227 330 1,005 1,547
Total Depreciation and Amortization (D&A)		 17 17 21 29 37 44 44 60 70 79 87
Debt-free, Cash-free Net Working Capital to Revenue		 27.55% 84.00% 92.76% 43.20% 40.86% 18.14% 64.60% -169.25% -177.71% -346.42% -613.78%
Debt-free Net Working Capital to Revenue		 94.20% 141.05% 168.35% 59.46% 44.47% 33.09% 103.37% 401.26% 889.33% 1,438.32% 1,490.20%
Net Working Capital to Revenue		 94.20% 141.05% 168.35% 59.46% 23.56% 10.21% 103.37% 401.26% 872.45% 1,268.16% 1,440.75%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.04 $0.13 ($0.05) ($0.26) $0.04 ($0.11) ($0.12) ($0.01) ($1.91) ($0.28) ($0.65)
Adjusted Weighted Average Basic Shares Outstanding		 252.44M 296.64M 314.35M 332.68M 323.10M 360.51M 375.05M 393.19M 381.60M 405.11M 409.38M
Adjusted Diluted Earnings per Share		 $0.04 $0.13 ($0.05) ($0.26) $0.04 ($0.11) ($0.12) ($0.01) ($1.91) ($0.28) ($0.65)
Adjusted Weighted Average Diluted Shares Outstanding		 252.44M 304.40M 314.35M 332.68M 323.10M 360.51M 375.05M 393.19M 381.60M 405.11M 409.38M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 296.49M 310.03M 328.94M 347.81M 361.53M 371.21M 393.28M 395.09M 405.12M 409.05M 415.03M
Normalized Net Operating Profit after Tax (NOPAT)		 11 41 -11 -64 12 -27 -32 -26 -210 -80 -55
Normalized NOPAT Margin		 24.19% 85.30% -29.85% -265.44% 26.90% -55.00% -72.70% -35.56% -363.72% -230.20% -221.34%
Pre Tax Income Margin		 31.91% 94.45% -38.94% -375.72% 34.96% -80.10% -102.98% -4.84% -1,276.08% -326.97% -1,075.66%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 91.22 112.70 -26.27 -264.16 97.76 -50.06 -40.46 -3.14 -22.60 -1.81 -3.64
NOPAT to Interest Expense		 22.74 102.65 -30.43 -184.90 32.62 -34.31 -27.85 -20.48 -6.31 -1.36 -0.82
EBIT Less CapEx to Interest Expense		 115.63 92.44 -48.75 -486.61 17.28 -82.13 -68.32 -163.78 -29.38 -10.80 -9.33
NOPAT Less CapEx to Interest Expense		 47.15 82.40 -52.91 -407.35 -47.86 -66.39 -55.72 -181.11 -13.09 -10.35 -6.51
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -28.34% 62.25% 97.82% -34.98% -69.74% -22.52% -17.19% -36.32% -10.90% -10.27% -12.00%

Financials Breakdown Chart

Key Financial Trends

Cipher Mining’s financial statements show rapid expansion, but that growth has come with substantially higher debt, cash burn and shareholder dilution. The company’s asset base increased from $1.0 billion in Q2 2025 to $7.5 billion in Q2 2026, largely reflecting investments in property, plant and equipment and other operating assets. Net PP&E grew to $2.1 billion from $473.9 million in Q2 2025 and $239.1 million in Q2 2024, indicating an aggressive infrastructure buildout.

Liquidity also appears stronger on the surface. As of June 30, 2026, Cipher reported $831.8 million of cash and equivalents and $3.2 billion of restricted cash. However, restricted cash may not be readily available for general corporate purposes, so investors should not treat the entire $4.0 billion balance as unrestricted liquidity.

  • Total assets expanded to $7.5 billion in Q2 2026 from $416.5 million in Q3 2023, reflecting significant investment in mining and related infrastructure.
  • Net PP&E increased to $2.1 billion in Q2 2026 from $239.1 million in Q2 2024, potentially positioning Cipher for greater future computing capacity.
  • Cash and equivalents rose sequentially from $715.2 million in Q1 2026 to $831.8 million in Q2 2026, while total current assets reached $4.1 billion.
  • Q2 2026 revenue of $24.8 million was below the prior-year period but remained substantially above the $3.0 million reported in Q4 2022, showing that the company has developed a meaningful operating business.
  • Restricted cash reached $3.2 billion in Q2 2026, but the restrictions may limit its usefulness for paying operating expenses, debt or other general obligations.
  • The company’s financing strategy has shifted heavily toward debt. Cipher raised $2.0 billion through debt issuance in Q1 2026 and another $796.7 million in Q2, alongside $129.2 million of common equity in Q2.
  • Revenue declined to $24.8 million in Q2 2026 from $42.6 million in Q2 2025 and $36.8 million in Q2 2024. Revenue also fell sequentially from $34.8 million in Q1 2026.
  • Gross profitability deteriorated sharply. Cipher reported a $36.2 million gross loss in Q2 2026, compared with gross profits of $27.3 million in Q2 2025 and $7.4 million in Q2 2024.
  • Net loss widened to $267.5 million in Q2 2026 from $114.3 million in Q1 2026 and $45.8 million in Q2 2025. The Q2 loss included $164.4 million of net other expense and $66.7 million of interest expense.
  • Operating cash flow has remained negative in every provided 2024-2026 quarter and deteriorated to -$243.5 million in Q2 2026. Capital spending added another $410.3 million of cash outflow, forcing the company to rely on financing to fund expansion.

Profitability has weakened despite the larger asset base. Q2 2026 operating costs exceeded revenue by $36.2 million, and operating expenses added another $35.8 million. Depreciation expense was $19.4 million, while amortization expense reached $67.6 million in the cash flow statement. These noncash charges help explain part of the accounting loss, but they do not eliminate the company’s substantial cash requirements.

Leverage is the most significant balance-sheet risk. Total debt increased from approximately $167.1 million in Q2 2025 to $5.5 billion of long-term debt plus $94.5 million of short-term debt in Q2 2026. Total liabilities reached $6.9 billion, compared with $269.9 million one year earlier, while common equity fell to $562.1 million from $748.9 million. Interest expense increased dramatically to $66.7 million in Q2 2026 from $1.1 million in Q2 2025.

Shareholders have also faced dilution as Cipher funds its expansion. Weighted-average basic shares outstanding increased from 375.1 million in Q2 2025 to 409.4 million in Q2 2026, while common equity issuance generated $129.2 million during the latest quarter. The company did repurchase $45.2 million of common stock in Q2 2026, but that was outweighed by new equity issuance.

Overall, Cipher Mining is growing its infrastructure and has accumulated substantial reported liquidity, but the current financial trend is high-risk. Investors should focus on whether the enlarged asset base can produce materially higher revenue and positive operating cash flow before debt service costs and continued capital spending place further pressure on the balance sheet.

09/17/26 06:57 PM ETAI Generated. May Contain Errors.

Cipher Mining Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cipher Mining's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Cipher Mining's net income appears to be on an upward trend, with a most recent value of -$822.24 million in 2025, rising from -$107.03 thousand in 2021. The previous period was -$44.64 million in 2024. Find out what analysts predict for Cipher Mining in the coming months.

Cipher Mining's total operating income in 2025 was -$421.56 million, based on the following breakdown:
  • Total Gross Profit: $121.74 million
  • Total Operating Expenses: $488 million

Over the last 4 years, Cipher Mining's total revenue changed from $0.00 in 2021 to $223.94 million in 2025, a change of 22,394,200,000.0%.

Cipher Mining's total liabilities were at $3.46 billion at the end of 2025, a 1,892.0% increase from 2024, and a 1,368,862.0% increase since 2020.

In the past 5 years, Cipher Mining's cash and equivalents has ranged from $1.28 million in 2020 to $628.26 million in 2025, and is currently $628.26 million as of their latest financial filing in 2025.

Over the last 4 years, Cipher Mining's book value per share changed from 16.46 in 2021 to 2.04 in 2025, a change of -87.6%.


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Financial statements for NASDAQ:CIFR last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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