CIFR (Cipher Mining Inc.) Stock Financials & Earnings | Market Cap Arena

CIFR (Cipher Mining Inc.) Stock Financials & Earnings | Market Cap Arena

CIFRCipher Mining Inc.

Mkt Cap$6B

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

Revenue (TTM)$224M

Net Income (TTM)-$822M

EPS (TTM)-$2.17

Free Cash Flow (TTM)-$696M

Gross Margin-60.5%

Op. Margin-76.7%

Net Margin-367.2%

FCF Margin-310.7%

P/S Ratio (TTM)26.0x

P/E Ratio (TTM)—

YoY Rev Growth+48.0%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$22M	$2M	-$4M
Q2 23	$31M	$3M	-$12M
Q3 23	$30M	$225K	-$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
Q1 23	233.2x	—
Q2 23	103.6x	—
Q3 23	67.3x	—
Q4 23	45.8x	—
Q1 24	38.0x	301.0x
Q2 24	36.6x	337.6x
Q3 24	38.1x	—
Q4 24	38.4x	—
Q1 25	38.2x	—
Q2 25	36.6x	—
Q3 25	28.2x	—
Q4 25	26.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$11M	-$8M
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

CapEx

Quarter	CapEx
Q1 23	$19M
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

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	—	+48.2%
Q2 23	—	+47.7%
Q3 23	—	+183.4%
Q4 23	+1329.7%	-47.8%
Q1 24	+119.9%	-94.8%
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
Q1 23	$9M	40.2%
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
Q1 23	$5M
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 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

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	249M	+0.4%
Q2 23	249M	+0.2%
Q3 23	252M	+1.1%
Q4 23	291M	+15.6%
Q1 24	304M	+4.6%
Q2 24	314M	+3.3%
Q3 24	333M	+5.8%
Q4 24	364M	+9.5%
Q1 25	361M	-1.1%
Q2 25	375M	+4.0%
Q3 25	376M	+0.4%
Q4 25	382M	+1.4%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 20	$0	2
FY 21	$0	10
FY 22	$117K	26
FY 23	$4M	35
FY 24	$4M	43
FY 25	$3M	66