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Cipher Mining (CIFRW) Financials

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-19	11	40	-15	-87	18	-39	-46	-3.28	-734	-114
Consolidated Net Income / (Loss)	-19	11	40	-15	-87	18	-39	-46	-3.28	-734	-114
Net Income / (Loss) Continuing Operations	-19	11	40	-15	-87	18	-39	-46	-3.28	-734	-114
Total Pre-Tax Income	-20	15	45	-15	-91	16	-39	-45	-3.59	-738	-114
Total Operating Income	-19	15	47	-16	-91	17	-38	-45	-38	-301	-115
Total Gross Profit	3.04	76	21	7.35	-53	57	35	14	47	40	-44
Total Revenue	30	46	48	37	24	44	50	44	74	58	35
Operating Revenue	30	43	48	37	24	41	50	44	74	57	35
Total Cost of Revenue	27	-30	27	29	77	-12	15	30	27	18	79
Operating Cost of Revenue	27	-30	27	29	77	-12	15	30	27	18	79
Total Operating Expenses	20	91	-25	29	38	80	67	56	82	298	49
Selling, General & Admin Expense	6.83	64	6.08	8.37	8.92	70	8.95	9.08	8.17	89	12
Depreciation Expense	16	17	17	20	29	36	43	44	60	52	19
Other Operating Expenses / (Income)	-2.90	-	-48	0.00	0.00	-	15	2.35	14	-	18
Total Other Income / (Expense), net	-2.61	30	-0.58	6.50	-0.23	39	-6.69	-3.30	31	-481	-21
Interest Expense	0.63	0.49	0.40	0.37	0.35	0.59	0.78	1.14	1.29	33	59
Interest & Investment Income	-1.99	1.70	1.52	0.48	2.04	-1.04	-5.10	-1.41	-1.02	6.19	30
Other Income / (Expense), net	0.00	29	-1.71	6.40	-1.92	41	-0.81	-0.76	34	-453	7.77
Income Tax Expense	-1.10	3.98	5.56	0.53	-3.80	-1.97	0.14	0.92	-0.30	-4.07	0.41
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	0.00	-	-	-	0.00
Basic Earnings per Share	($0.07)	$0.04	$0.13	($0.05)	($0.26)	$0.04	($0.11)	($0.12)	($0.01)	($1.91)	($0.28)
Weighted Average Basic Shares Outstanding	251.79M	252.44M	296.64M	314.35M	332.68M	323.10M	360.51M	375.05M	393.19M	381.60M	405.11M
Diluted Earnings per Share	($0.07)	$0.04	$0.13	($0.05)	($0.26)	$0.04	($0.11)	($0.12)	($0.01)	($1.91)	($0.28)
Weighted Average Diluted Shares Outstanding	251.79M	252.44M	304.40M	314.35M	332.68M	323.10M	360.51M	375.05M	393.19M	381.60M	405.11M
Weighted Average Basic & Diluted Shares Outstanding	254.66M	296.49M	310.03M	328.94M	347.81M	361.53M	371.21M	393.28M	395.09M	405.12M	409.05M

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	1.60	83	2.57	34	-83	-20	18	40	1,144	1,443	1,582
Net Cash From Operating Activities	-19	-48	-27	-25	-6.55	-29	-47	-56	-50	-54	92
Net Cash From Continuing Operating Activities	-19	-48	-27	-25	-6.55	-29	-47	-56	-50	-54	92
Net Income / (Loss) Continuing Operations	-19	11	40	-15	-87	18	-39	-46	-3.28	-734	-114
Consolidated Net Income / (Loss)	-19	11	40	-15	-87	18	-39	-46	-3.28	-734	-114
Depreciation Expense	16	17	17	20	28	36	43	44	59	52	19
Amortization Expense	0.24	0.26	0.40	0.47	0.49	0.54	0.37	0.60	0.65	18	60
Non-Cash Adjustments To Reconcile Net Income	-20	-56	-83	-33	36	-81	-31	-35	-100	634	34
Changes in Operating Assets and Liabilities, net	3.57	-20	-1.33	1.96	15	-1.99	-21	-20	-6.40	-25	93
Net Cash From Investing Activities	20	15	-31	-31	-133	3.02	-17	-93	-21	-205	-474
Net Cash From Continuing Investing Activities	20	15	-31	-31	-133	3.02	-17	-93	-21	-205	-474
Purchase of Property, Plant & Equipment	-4.44	12	-8.10	-8.36	-77	-47	-100	-32	-207	-226	-554
Acquisitions	-0.45	-	-18	-2.12	-26	9.12	-7.28	-5.57	-4.73	-37	-4.37
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	-	-	-	22
Other Investing Activities, net	25	3.09	-4.54	-21	-30	41	90	-56	190	58	62
Net Cash From Financing Activities	0.37	116	60	91	57	6.20	82	189	1,215	1,703	1,964
Net Cash From Continuing Financing Activities	0.37	116	60	91	57	6.20	82	189	1,215	1,703	1,964
Repurchase of Common Equity	-2.33	-3.78	-4.80	-5.31	-4.14	-17	-1.14	-3.96	-3.29	-81	-3.78
Issuance of Debt	-	-	-	-	-	-	0.00	-	1,270	1,708	1,970
Issuance of Common Equity	8.82	124	66	97	62	-	84	52	32	77	0.00
Other Financing Activities, net	-6.13	-4.69	-1.21	-1.21	-1.21	-1.92	-0.91	-1.51	-84	-1.21	-1.62
Cash Interest Paid	-	-	-	-	-	-	0.00	-	-	-	0.00

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

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	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
Total Assets	407	413	417	416	677	776	775	914	1,019	2,841	6,394
Total Current Assets	70	36	42	54	250	309	152	155	220	1,419	3,894
Cash & Equivalents	28	3.92	1.74	3.34	89	123	25	23	63	1,207	715
Restricted Cash	-	-	-	-	-	-	-	-	-	-	3,012
Accounts Receivable	0.73	1.57	1.99	0.36	1.11	0.46	0.29	1.06	1.82	1.00	8.49
Prepaid Expenses	8.28	4.28	2.26	3.96	2.91	3.60	3.49	2.97	7.42	3.97	30
Other Current Assets	33	27	36	47	158	183	123	127	148	207	129
Plant, Property, & Equipment, net	41	263	268	258	239	239	311	478	474	650	1,307
Total Noncurrent Assets	297	113	107	104	188	227	313	281	325	772	1,192
Long-Term Investments	32	35	33	34	53	50	55	48	46	42	0.00
Intangible Assets	-	-	-	-	8.16	8.50	26	9.04	9.23	9.43	77
Other Noncurrent Operating Assets	265	79	74	70	128	169	232	224	270	720	1,115
Total Liabilities & Shareholders' Equity	407	413	417	416	677	776	775	914	1,019	2,841	6,394
Total Liabilities	24	68	74	74	76	85	103	179	270	2,058	5,654
Total Current Liabilities	20	33	39	39	31	36	59	139	53	570	1,246
Short-Term Debt	-	-	-	-	-	-	-	35	0.00	0.00	355
Accounts Payable	7.88	12	3.61	6.16	7.52	14	13	30	15	12	198
Accrued Expenses	11	17	23	25	19	18	41	66	30	38	205
Other Current Liabilities	1.00	3.74	12	7.92	4.80	4.86	5.17	7.10	7.46	520	488
Total Noncurrent Liabilities	4.78	35	35	35	45	48	44	40	217	1,487	4,408
Long-Term Debt	-	-	-	-	-	-	-	-	167	1,023	4,377
Asset Retirement Reserve & Litigation Obligation	-	17	18	18	19	19	20	21	32	33	23
Other Noncurrent Operating Liabilities	4.78	16	15	16	16	18	18	16	15	428	8.32
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
Total Equity & Noncontrolling Interests	383	345	343	343	601	691	672	735	749	783	714
Total Preferred & Common Equity	383	345	343	343	601	691	672	735	749	783	714
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	383	345	343	343	601	691	672	735	749	783	714
Common Stock	443	462	474	491	698	803	871	955	1,015	1,053	1,832
Retained Earnings	-60	-118	-131	-148	-97	-112	-199	-220	-266	-269	-1,118
Other Equity Adjustments	-	-	-	-	-	-	-	-0.00	-0.00	-0.00	-0.01

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%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	405,119,407.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	405,119,407.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.28
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	1,404.08%	119.85%	21.44%	-20.71%	-2.70%	0.71%	18.36%	207.20%	21.47%	-30.25%
EBITDA Growth	-104.46%	116.61%	379.62%	87.93%	-2,257.08%	53.99%	-92.11%	-114.04%	186.94%	-739.27%	-667.61%
EBIT Growth	-132.25%	86.90%	3,752.82%	-9.80%	-378.47%	30.11%	-186.29%	-370.67%	95.67%	-1,172.81%	-174.59%
NOPAT Growth	-122.58%	131.72%	1,523.38%	-33.77%	-378.35%	74.17%	-164.93%	-179.78%	58.84%	-1,193.28%	-200.80%
Net Income Growth	-131.41%	120.52%	976.35%	-15.86%	-365.89%	65.27%	-197.68%	-199.40%	96.22%	-4,293.06%	-193.31%
EPS Growth	-129.17%	0.00%	750.00%	0.00%	-271.43%	0.00%	-184.62%	-140.00%	96.15%	-4,875.00%	-154.55%
Operating Cash Flow Growth	-1,879.92%	-298.50%	-162.63%	-43.60%	64.68%	39.52%	-77.35%	-121.75%	-664.72%	-87.84%	293.77%
Free Cash Flow Firm Growth	102.52%	64.56%	-53.07%	-127.20%	-8,453.60%	-305.85%	-136.32%	-45.03%	102.52%	-171.86%	-324.11%
Invested Capital Growth	-5.43%	26.06%	50.12%	68.07%	93.53%	76.98%	51.99%	55.79%	-5.94%	78.12%	149.78%
Revenue Q/Q Growth	-2.64%	50.26%	5.38%	-21.23%	-36.43%	84.41%	9.07%	-10.14%	69.96%	-21.86%	-39.78%
EBITDA Q/Q Growth	-146.14%	2,413.14%	2.12%	-84.57%	-678.73%	251.12%	-94.77%	-130.67%	3,792.74%	-1,322.22%	95.90%
EBIT Q/Q Growth	-114.61%	332.08%	1.68%	-118.64%	-835.21%	163.11%	-167.43%	-18.26%	91.21%	-18,549.91%	85.84%
NOPAT Q/Q Growth	-58.04%	182.63%	271.56%	-127.57%	-465.17%	130.09%	-238.52%	-18.79%	16.86%	-699.15%	61.89%
Net Income Q/Q Growth	-41.09%	156.90%	276.59%	-138.32%	-467.35%	120.18%	-322.59%	-17.46%	92.83%	-22,263.84%	84.43%
EPS Q/Q Growth	-40.00%	157.14%	225.00%	-138.46%	-420.00%	115.38%	-375.00%	-9.09%	91.67%	-19,000.00%	85.34%
Operating Cash Flow Q/Q Growth	-4.96%	-158.60%	44.41%	4.82%	74.18%	-342.75%	-63.01%	-19.01%	10.97%	-8.75%	268.16%
Free Cash Flow Firm Q/Q Growth	104.30%	-1,662.15%	-71.77%	-96.81%	-58.18%	24.10%	-0.02%	-20.78%	102.74%	-8,301.43%	-56.03%
Invested Capital Q/Q Growth	-0.85%	21.01%	24.23%	12.76%	14.16%	10.67%	6.69%	15.58%	-31.07%	109.57%	49.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	10.00%	165.36%	44.57%	62.34%	-17.65%	127.81%	41.82%	32.03%	63.89%	69.49%	-126.19%
EBITDA Margin	-8.71%	134.14%	130.00%	28.45%	-259.06%	212.30%	10.19%	-3.48%	75.56%	-1,181.87%	-80.49%
Operating Margin	-62.85%	33.28%	97.19%	-42.65%	-379.20%	38.43%	-78.56%	-103.85%	-50.80%	-519.60%	-328.86%
EBIT Margin	-62.84%	97.05%	93.65%	-25.77%	-379.21%	129.77%	-80.23%	-105.59%	-5.46%	-1,303.29%	-306.57%
Profit (Net Income) Margin	-61.26%	23.19%	82.89%	-40.33%	-359.95%	39.40%	-80.39%	-105.09%	-4.43%	-1,269.04%	-328.14%
Tax Burden Percent	94.44%	72.70%	87.76%	103.58%	95.80%	112.69%	100.37%	102.04%	91.55%	99.45%	100.36%
Interest Burden Percent	103.22%	32.87%	100.86%	151.06%	99.08%	26.94%	99.83%	97.53%	88.70%	97.91%	106.65%
Effective Tax Rate	0.00%	27.30%	12.24%	0.00%	0.00%	-12.69%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-12.11%	9.42%	34.63%	-11.71%	-92.19%	13.07%	-14.71%	-17.73%	-13.11%	-89.45%	-39.35%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.26%	9.96%	35.92%	-7.88%	-53.34%	15.41%	-0.84%	7.02%	-28.13%	-434.81%	-46.39%
Return on Net Nonoperating Assets (RNNOA)	0.17%	-2.04%	-6.83%	1.58%	6.16%	-1.95%	0.11%	-0.56%	5.93%	-86.89%	-30.48%
Return on Equity (ROE)	-11.94%	7.38%	27.80%	-10.13%	-86.02%	11.12%	-14.60%	-18.29%	-7.18%	-176.35%	-69.83%
Cash Return on Invested Capital (CROIC)	-13.35%	-27.30%	-34.66%	-46.59%	-70.84%	-61.56%	-56.80%	-60.27%	-6.54%	-88.59%	-114.18%
Operating Return on Assets (OROA)	-13.20%	25.47%	26.71%	-7.01%	-99.16%	28.23%	-15.63%	-19.03%	-0.64%	-113.40%	-17.52%
Return on Assets (ROA)	-12.87%	6.09%	23.64%	-10.97%	-94.12%	8.57%	-15.66%	-18.94%	-0.52%	-110.42%	-18.75%
Return on Common Equity (ROCE)	-11.94%	7.38%	27.80%	-10.13%	-86.02%	11.12%	-14.60%	-18.29%	-7.18%	-172.82%	-68.61%
Return on Equity Simple (ROE_SIMPLE)	-25.68%	0.00%	3.11%	2.40%	-7.67%	0.00%	-16.81%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-13	11	41	-11	-64	19	-27	-32	-26	-210	-80
NOPAT Margin	-44.00%	24.19%	85.30%	-29.85%	-265.44%	43.30%	-55.00%	-72.70%	-35.56%	-363.72%	-230.20%
Net Nonoperating Expense Percent (NNEP)	-10.85%	-0.53%	-1.29%	-3.83%	-38.85%	-2.34%	-13.87%	-24.76%	15.02%	345.36%	7.04%
Return On Investment Capital (ROIC_SIMPLE)	-	2.25%	6.83%	-	-	2.69%	-3.46%	-3.46%	-1.46%	-5.92%	-1.47%
Cost of Revenue to Revenue	90.00%	-65.36%	55.43%	37.66%	117.65%	-27.81%	58.18%	67.97%	36.11%	30.51%	226.19%
SG&A Expenses to Revenue	22.46%	140.59%	12.62%	22.06%	37.01%	157.69%	18.46%	20.84%	11.03%	154.38%	33.70%
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	66.28%	199.89%	-51.09%	118.42%	365.06%	180.55%	108.12%	127.44%	110.97%	514.91%	139.34%
Earnings before Interest and Taxes (EBIT)	-19	44	45	-9.77	-91	58	-39	-46	-4.04	-754	-107
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-2.65	61	63	11	-62	94	4.94	-1.52	56	-684	-28
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.71	2.14	2.54	1.86	1.89	2.37	1.13	2.37	6.32	7.24	7.30
Price to Tangible Book Value (P/TBV)	1.71	2.18	2.58	1.89	1.97	2.40	1.15	2.40	6.40	8.01	8.18
Price to Revenue (P/Rev)	6.76	8.14	9.82	7.94	8.17	10.44	5.37	10.97	23.40	26.04	24.97
Price to Earnings (P/E)	0.00	0.00	81.76	77.59	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%	0.00%	1.22%	1.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.79	2.51	3.01	2.15	2.02	2.42	1.14	2.27	8.49	5.31	3.58
Enterprise Value to Revenue (EV/Rev)	6.33	7.20	8.91	6.87	7.65	10.26	5.13	11.34	22.32	27.65	29.90
Enterprise Value to EBITDA (EV/EBITDA)	12.33	12.02	10.92	8.68	17.41	14.09	14.46	42.92	28.99	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	53.17	22.56	19.60	0.00	177.34	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	66.83	64.28	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	0.00	0.05	0.05	0.22	1.31	3.29	6.40
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.22	1.31	3.24	5.92
Financial Leverage	-0.13	-0.20	-0.19	-0.20	-0.12	-0.13	-0.13	-0.08	-0.21	0.20	0.66
Leverage Ratio	1.14	1.18	1.15	1.15	1.17	1.21	1.19	1.25	2.49	3.39	4.96
Compound Leverage Factor	1.17	0.39	1.16	1.74	1.16	0.33	1.19	1.22	2.20	3.32	5.28
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	4.53%	4.60%	18.24%	56.64%	76.69%	86.48%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	4.53%	4.60%	0.00%	0.00%	1.05%	6.49%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	18.24%	56.64%	75.63%	79.99%
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%	0.00%	0.85%	0.47%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	95.47%	95.40%	81.76%	43.36%	22.47%	13.05%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.29	0.64	3.91	6.28	-4.40	-7.20
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.24	-0.66	1.37	-1.39	-0.53	-1.53
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.91	6.28	-4.34	-6.66
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-1.06	-0.39	-1.51	-14.07	-9.32	-13.57
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.89	0.40	-0.53	3.12	-1.12	-2.88
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1.51	-14.07	-9.19	-12.55
Altman Z-Score	4.36	8.84	12.66	9.49	6.98	5.74	2.50	3.79	1.74	0.70	0.78
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.00%	1.74%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.40	4.60	8.08	8.49	2.57	1.28	1.11	4.18	2.49	3.79	3.13
Quick Ratio	0.10	2.57	2.90	3.38	0.43	0.06	0.17	1.23	2.12	0.90	0.58
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4.19	-65	-112	-221	-350	-266	-266	-321	8.80	-722	-1,127
Operating Cash Flow to CapEx	-417.41%	0.00%	-328.76%	-303.18%	-8.50%	-61.02%	-189.54%	-177.45%	-24.23%	-24.07%	17.21%
Free Cash Flow to Firm to Interest Expense	6.68	-134.64	-281.00	-594.66	-1,011.32	-450.12	-341.85	-282.16	6.85	-21.64	-19.04
Operating Cash Flow to Interest Expense	-29.55	-98.59	-66.59	-68.15	-18.92	-49.12	-60.80	-49.44	-38.92	-1.63	1.55
Operating Cash Flow Less CapEx to Interest Expense	-36.63	-74.18	-86.85	-90.63	-241.37	-129.60	-92.87	-77.31	-199.55	-8.41	-7.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.21	0.26	0.29	0.27	0.26	0.22	0.19	0.18	0.12	0.09	0.06
Accounts Receivable Turnover	158.67	125.01	115.91	132.03	483.21	87.03	142.94	141.47	328.38	122.91	43.76
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	0.58	0.59	0.62	0.64	0.55	0.00	0.43	0.45	0.44	0.41	0.23
Accounts Payable Turnover	10.05	3.38	4.77	4.44	4.09	3.90	3.13	4.10	0.66	3.26	1.46
Days Sales Outstanding (DSO)	2.30	2.92	3.15	2.76	0.76	4.19	2.55	2.58	1.11	2.97	8.34
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)	36.33	108.06	76.54	82.27	89.31	93.66	116.71	89.02	550.38	112.07	250.27
Cash Conversion Cycle (CCC)	-34.03	-105.14	-73.39	-79.50	-88.55	-89.47	-114.15	-86.44	-549.27	-109.10	-241.93
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	306	370	460	518	592	655	699	807	557	1,166	1,745
Invested Capital Turnover	0.28	0.39	0.41	0.39	0.35	0.30	0.27	0.24	0.37	0.25	0.17
Increase / (Decrease) in Invested Capital	-18	76	153	210	286	285	239	289	-35	512	1,046
Enterprise Value (EV)	548	930	1,386	1,114	1,193	1,587	795	1,833	4,725	6,192	6,245
Market Capitalization	585	1,052	1,527	1,287	1,273	1,614	832	1,774	4,951	5,832	5,214
Book Value per Share	$1.37	$1.93	$2.03	$2.23	$2.04	$1.96	$2.03	$2.02	$1.99	$2.04	$1.76
Tangible Book Value per Share	$1.37	$1.90	$2.00	$2.20	$1.96	$1.94	$2.01	$1.99	$1.97	$1.84	$1.57
Total Capital	343	491	601	691	672	714	770	916	1,806	3,585	5,472
Total Debt	0.00	0.00	0.00	0.00	0.00	32	35	167	1,023	2,749	4,732
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	167	1,023	2,712	4,377
Net Debt	-37	-121	-141	-173	-80	-27	-36	59	-227	330	1,005
Capital Expenditures (CapEx)	4.44	-12	8.10	8.36	77	47	25	32	207	226	532
Debt-free, Cash-free Net Working Capital (DFCFNWC)	12	36	131	150	67	63	28	104	-358	-398	-723
Debt-free Net Working Capital (DFNWC)	16	122	219	273	93	69	51	167	849	1,992	3,004
Net Working Capital (NWC)	16	122	219	273	93	36	16	167	849	1,954	2,648
Net Nonoperating Expense (NNE)	5.25	0.46	1.16	3.97	23	1.74	12	14	-23	524	34
Net Nonoperating Obligations (NNO)	-37	-121	-141	-173	-80	-27	-36	59	-227	330	1,005
Total Depreciation and Amortization (D&A)	16	17	17	21	29	37	44	44	60	70	79
Debt-free, Cash-free Net Working Capital to Revenue	14.08%	27.55%	84.00%	92.76%	43.20%	40.86%	18.14%	64.60%	-169.25%	-177.71%	-346.42%
Debt-free Net Working Capital to Revenue	17.94%	94.20%	141.05%	168.35%	59.46%	44.47%	33.09%	103.37%	401.26%	889.33%	1,438.32%
Net Working Capital to Revenue	17.94%	94.20%	141.05%	168.35%	59.46%	23.56%	10.21%	103.37%	401.26%	872.45%	1,268.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.07)	$0.04	$0.13	($0.05)	($0.26)	$0.04	($0.11)	($0.12)	($0.01)	($1.91)	($0.28)
Adjusted Weighted Average Basic Shares Outstanding	251.79M	252.44M	296.64M	314.35M	332.68M	323.10M	360.51M	375.05M	393.19M	381.60M	405.11M
Adjusted Diluted Earnings per Share	($0.07)	$0.04	$0.13	($0.05)	($0.26)	$0.04	($0.11)	($0.12)	($0.01)	($1.91)	($0.28)
Adjusted Weighted Average Diluted Shares Outstanding	251.79M	252.44M	304.40M	314.35M	332.68M	323.10M	360.51M	375.05M	393.19M	381.60M	405.11M
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	254.66M	296.49M	310.03M	328.94M	347.81M	361.53M	371.21M	393.28M	395.09M	405.12M	409.05M
Normalized Net Operating Profit after Tax (NOPAT)	-13	11	41	-11	-64	12	-27	-32	-26	-210	-80
Normalized NOPAT Margin	-44.00%	24.19%	85.30%	-29.85%	-265.44%	26.90%	-55.00%	-72.70%	-35.56%	-363.72%	-230.20%
Pre Tax Income Margin	-64.86%	31.91%	94.45%	-38.94%	-375.72%	34.96%	-80.10%	-102.98%	-4.84%	-1,276.08%	-326.97%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-30.47	91.22	112.70	-26.27	-264.16	97.76	-50.06	-40.46	-3.14	-22.60	-1.81
NOPAT to Interest Expense	-21.33	22.74	102.65	-30.43	-184.90	32.62	-34.31	-27.85	-20.48	-6.31	-1.36
EBIT Less CapEx to Interest Expense	-37.55	115.63	92.44	-48.75	-486.61	17.28	-82.13	-68.32	-163.78	-29.38	-10.80
NOPAT Less CapEx to Interest Expense	-28.41	47.15	82.40	-52.91	-407.35	-47.86	-66.39	-55.72	-181.11	-13.09	-10.35
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	-4.02%	-28.34%	62.25%	97.82%	-34.98%	-69.74%	-22.52%	-17.19%	-36.32%	-10.90%	-10.27%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, investor‑friendly takeaway from Cipher Mining (CIFR) financials for the last four years, focusing on what the data suggests for liquidity, profitability, and risk. Figures are taken from the quarterly income statements, cash flow statements, and balance sheets provided for 2022–2025 (through Q4 2025). The bullets are ordered with positives first, then neutral observations, then negatives.

Strong gross margins in recent results: In Q4 2025 Cipher reported gross profit of about $40.2M on revenue of roughly $57.9M, implying a gross margin near 69%. This indicates the core business is generating solid gross profitability despite late‑stage earnings volatility.
Healthy near‑term liquidity in mid‑2025: Cash & equivalents were about $1.21B in Q3 2025, suggesting Cipher maintained robust liquidity at that point to support operations and growth initiatives.
Substantial financing activity boosting liquidity in Q4 2025: Net cash from financing activities was about $1.703B in Q4 2025, driven by issuance of debt (~$1.708B) and equity activity, which can provide flexibility to fund capex or working capital needs.
Notable equity cushion observed earlier: Total Common Equity around $783M as of Q3 2025 indicates Cipher has a meaningful equity base to support financing and capital structure changes.
Positive EPS in some earlier quarters: The company reported positive earnings per share in some prior quarters (e.g., Q4 2024 and Q1 2024 show reported EPS near $0.04), indicating periods of profitability prior to the more recent volatility.
Asset base supports ongoing capacity: PPE net around $650M and long‑term investments around $42–44M (as of mid‑2025), with total assets near $2.84B, suggesting Cipher has a sizable asset base to support operations and potential expansion.

Balance sheet is leveraged but currently manageable on paper: As of Q3 2025, Total Liabilities were about $2.06B against Total Assets of roughly $2.84B, with Total Equity around $783M. This points to a leveraged but not yet insolvent balance sheet, warranting attention to debt management and timing of cash flows.
Revenue variability is evident across quarters: The quarterly revenue figures swing across the 2022–2025 window (e.g., mid‑teens to tens of millions in some periods, rising in others), highlighting revenue volatility that investors should factor into valuation and forestalling cash needs.

Significant quarterly loss in Q4 2025 driven by one‑time/non‑cash items: Net income attributable to common shareholders in Q4 2025 fell to about −$734.2M, largely due to a substantial negative impact from Other Income/Expense, net (roughly −$453.4M) and Total Other Income/Expense, net (about −$480.6M). This exceptional item dominates quarterly profitability and clouds ongoing operating performance.
Operating cash flow weakening in 2025: Cash from continuing operating activities was negative across the 2025 quarters (e.g., Q4 2025: about −$54.4M; Q3 2025: about −$50.1M; Q2 2025: about −$56.2M; Q1 2025: about −$47.2M), indicating ongoing cash burn from core operations despite solid gross margins.
High debt burden supports concerns about leverage: Long‑term debt sits around $1.02B (e.g., Q3 2025 shows roughly $1.02B in long‑term debt), contributing to an elevated interest burden and financing risk given ongoing cash flow negative operating results.
Trailing per‑share metrics remain negative in 2025: Diluted earnings per share for Q4 2025 were about −$1.91, with similarly negative (or deeply negative) headlines across several 2025 quarters, underscoring the challenge of turning profitable from ongoing operations alone.

05/17/26 02:46 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 financial year ends in December. Their financial 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.

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%.

Related Companies

Financial statements for NASDAQ:CIFRW last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Cipher Mining (CIFRW) Financials

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Cipher Mining (CIFRW) Financials

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