CIFR

MKT CAP:$8B

Cipher Mining Inc.

Market Cap

$8B

Financial Services·Financial - Capital Markets·🇺🇸 United States·NASDAQ

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$18.20+$2.00 (+12.35%)

Apr 24, 2026

Company Details

Cipher Mining Inc., a technology company, operates in the bitcoin mining ecosystem in the United States. It engages in developing and growing a cryptocurrency mining business that specializes in bitcoin. The company was incorporated in 2021...

CEO

Rodney Tyler Page

IPO Date

Oct 20, 2020

Website

www.ciphermining.com

Key Metrics TTM

Revenue

$224M

+48.0% YoY

Net Income

-$822M

EPS (Diluted)

-$2.17

Free Cash Flow

-$696M

Revenue / Share

$0.59

Gross Margin

-60.5%

Operating Margin

-76.7%

Net Margin

-367.2%

FCF Margin

-310.7%

P/S

33.7x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 24, 2026

$224M+48.0%EPS -$2.15

Q4 2025

Feb 24, 2026

$60M+41.4%EPS -$1.93

Q3 2025

Nov 3, 2025

$72M+197.5%EPS -$0.01

Q2 2025

Aug 7, 2025

$44M+18.4%EPS -$0.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$0	-$3.4K	-$69M
Q1 22	$0	$0	-$18M
Q2 22	$0	$0	-$29M
Q3 22	$0	$0	$59M
Q4 22	$3M	$3M	-$50M
Q2 23	$31M	$3M	-$12M
Q3 23	$30M	$225.0K	-$19M
Q4 23	$43M	$30M	$16M
Q1 24	$48M	$20M	$47M
Q2 24	$37M	$6M	-$16M
Q3 24	$24M	-$6M	-$91M
Q4 24	$42M	$7M	$17M
Q1 25	$49M	$20M	-$38M
Q2 25	$44M	$13M	-$45M
Q3 25	$72M	$31M	-$38M
Q4 25	$60M	-$198M	-$51M

Valuation

Quarter	P/S	P/E
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	2487.8x	—
Q2 23	220.5x	—
Q3 23	117.0x	—
Q4 23	70.0x	—
Q1 24	49.4x	391.1x
Q2 24	47.6x	438.7x
Q3 24	49.6x	—
Q4 24	49.9x	—
Q1 25	49.7x	—
Q2 25	47.6x	—
Q3 25	36.6x	—
Q4 25	33.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$5M	-$10M
Q1 22	-$3M	-$107M
Q2 22	-$7M	-$73M
Q3 22	$1M	-$42M
Q4 22	-$12M	-$27M
Q2 23	-$18M	-$30M
Q3 23	-$19M	-$25M
Q4 23	-$127M	-$144M
Q1 24	-$27M	-$39M
Q2 24	-$25M	-$65M
Q3 24	-$7M	-$183M
Q4 24	-$29M	-$104M
Q1 25	-$47M	-$147M
Q2 25	-$56M	-$88M
Q3 25	-$50M	-$95M
Q4 25	-$54M	-$366M

Capital Expenditures

Quarter	CapEx
Q4 21	$5M
Q1 22	$104M
Q2 22	$66M
Q3 22	$43M
Q4 22	$15M
Q2 23	$12M
Q3 23	$6M
Q4 23	$18M
Q1 24	$13M
Q2 24	$40M
Q3 24	$176M
Q4 24	$75M
Q1 25	$100M
Q2 25	$31M
Q3 25	$45M
Q4 25	$311M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	—	+1935266.0%
Q1 22	—	+15434.5%
Q2 22	—	+5261.2%
Q3 22	—	-2694.4%
Q4 22	—	-23.7%
Q2 23	—	+146.7%
Q3 23	—	+68.5%
Q4 23	—	+146.6%
Q1 24	+1485.0%	-97.4%
Q2 24	+17.9%	+22.3%
Q3 24	-20.5%	+133.8%
Q4 24	-2.8%	-8.8%
Q1 25	+1.7%	+6343.2%
Q2 25	+18.4%	+67.6%
Q3 25	+197.5%	-5.3%
Q4 25	+41.4%	+339.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$70M	—
Q1 22	$10M	—
Q2 22	$10M	—
Q3 22	$10M	—
Q4 22	$11M	376.4%
Q2 23	$9M	29.4%
Q3 23	$11M	35.3%
Q4 23	$10M	22.5%
Q1 24	$8M	17.3%
Q2 24	$13M	36.2%
Q3 24	$10M	42.4%
Q4 24	$10M	24.3%
Q1 25	$9M	18.7%
Q2 25	$10M	24.1%
Q3 25	$8M	11.4%
Q4 25	$25M	41.8%

OpEx Breakdown

Quarter	G&A	SG&A
Q4 21	—	$69M
Q1 22	$17M	—
Q2 22	$17M	—
Q3 22	$18M	—
Q4 22	$19M	—
Q2 23	$9M	—
Q3 23	$7M	—
Q4 23	$23M	—
Q1 24	$6M	—
Q2 24	$8M	—
Q3 24	$9M	—
Q4 24	$9M	—
Q1 25	$9M	—
Q2 25	$9M	—
Q3 25	$8M	—
Q4 25	$10M	—

Revenue Segments

Quarter	Bitcoin Mining
Q1 25	$49M
Q2 25	$44M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$99M	$0	$99M
Q2 22	$37M	$0	$37M
Q3 22	$28M	$0	$28M
Q4 22	$12M	$0	$12M
Q1 23	$4M	$0	$4M
Q2 23	$2M	$0	$2M
Q3 23	$3M	$0	$3M
Q4 23	$86M	$0	$86M
Q1 24	$89M	$123M	$212M
Q2 24	$123M	$0	$123M
Q3 24	$25M	$0	$25M
Q4 24	$6M	$0	$6M
Q1 25	$23M	$0	$23M
Q2 25	$63M	$0	$63M
Q3 25	$1.2B	$0	$1.2B
Q4 25	$628M	$0	$628M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	252M	+15.8%	+17.3%
Q1 22	250M	-0.7%	+25.1%
Q2 22	248M	-1.0%	+23.9%
Q3 22	248M	+0.2%	+14.1%
Q4 22	248M	-0.3%	-1.8%
Q2 23	249M	+0.6%	-0.4%
Q3 23	252M	+1.1%	+1.6%
Q4 23	291M	+15.6%	+17.2%
Q1 24	304M	+4.6%	+23.0%
Q2 24	314M	+3.3%	+26.2%
Q3 24	333M	+5.8%	+32.1%
Q4 24	364M	+9.5%	+25.2%
Q1 25	361M	-1.1%	+18.4%
Q2 25	375M	+4.0%	+19.3%
Q3 25	376M	+0.4%	+13.1%
Q4 25	382M	+1.4%	+4.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$0	10
Q1 22	$0	10
Q2 22	$0	10
Q3 22	$0	10
Q4 22	$116.8K	26
Q2 23	$1M	26
Q3 23	$1M	26
Q4 23	$1M	35
Q1 24	$1M	35
Q2 24	$1M	35
Q3 24	$688.6K	35
Q4 24	$981.9K	43
Q1 25	$1M	43
Q2 25	$1M	43
Q3 25	$2M	43
Q4 25	$904.7K	66

Revenue / Employee