Cipher Digital Inc. financials
Source: EDGAR filings · Built 2026-06-02T02:38:49Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -700.69M | -232.55M | -127.60M | -60.13M | -36.78M | — |
| EBITDA | -222.59M | 58.75M | 38.98M | -33.04M | -72.15M | — |
| Working Capital | 1.95B | 36.43M | 121.70M | 7.41M | 223.16M | 1.44M |
| Net Debt | 2.18B | 50.83M | -52.20M | 8.39M | — | — |
| Gross Margin | 63.73% | 58.77% | 60.34% | 75.37% | — | — |
| Operating Margin | -188.25% | -28.89% | -15.86% | -1232.17% | — | — |
| Net Margin | -367.17% | -29.51% | -20.32% | -1285.91% | — | — |
| Return on Equity (ROE) | -102.07% | -6.55% | -5.25% | -11.39% | -20.41% | -7.94% |
| Return on Assets (ROA) | -19.16% | -5.22% | -4.55% | -9.33% | -20.37% | -0.06% |
| Current Ratio | 3.79× | 1.28× | 4.60× | 1.18× | 448.22× | 12.16× |
| Debt-to-Equity | 3.48× | 0.08× | 0.04× | 0.06× | — | — |
| Effective Tax Rate | 0.40% | -0.72% | -16.06% | -4.94% | 0.00% | — |
| Cash Conversion Ratio | 0.25× | 1.96× | 3.66× | 0.54× | 0.44× | 3.01× |
| Accruals Ratio | -0.14× | 0.05× | 0.12× | -0.04× | -0.11× | 0.00× |
| SBC % of Revenue | 23.57% | 27.85% | 30.33% | 1366.61% | — | — |
| CapEx Coverage | -0.42× | -0.60× | -2.83× | -0.53× | -6.20× | — |
| Free Cash Flow Per Share | $-1.84 | $-0.72 | $-0.51 | $-0.24 | $-0.17 | — |
Valuation Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / EBITDA | — | 28.57× | 29.49× | — | — | — |
| P/S | 26.69× | 10.76× | 9.47× | 45.65× | — | — |
| P/B | 7.42× | 2.39× | 2.45× | 0.40× | 3.26× | 33.04× |
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| Revenues | 223.94M | 151.27M | 126.84M | 3.04M | — | — |
| Cost of Revenue | 81.22M | 62.36M | 50.31M | 748.00K | — | — |
| Operating Income (Loss) | -421.56M | -43.70M | -20.11M | -37.42M | -72.15M | -153.66K |
| Income Tax Expense (Benefit) | -3.31M | 318.00K | 3.57M | 1.84M | 0 | — |
| Net Income (Loss) Attributable to Parent | -822.24M | -44.63M | -25.78M | -39.05M | -72.15M | -107.03K |
| Earnings Per Share, Basic | $-2.15 | $-0.14 | $-0.10 | $-0.16 | $-0.33 | — |
| Weighted Average Number of Shares Outstanding, Basic | 381.60M | 323.10M | 252.44M | 248.23M | 218.03M | — |
| Earnings Per Share, Diluted | $-2.15 | $-0.14 | $-0.10 | $-0.16 | $-0.33 | — |
| Weighted Average Number of Shares Outstanding, Diluted | 381.60M | 323.10M | 252.44M | 248.23M | 218.03M | — |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 628.26M | 5.58M | 74.18M | 11.93M | 209.84M | 1.28M |
| Assets, Current | 2.65B | 168.21M | 155.50M | 47.73M | 223.66M | 1.57M |
| Assets | 4.29B | 855.45M | 566.14M | 418.46M | 354.17M | 171.60M |
| Long-term Debt | 2.71B | 0 | — | — | — | — |
| Liabilities, Current | 699.07M | 131.78M | 33.79M | 40.33M | 499.00K | 129.39K |
| Long-term Debt, Excluding Current Maturities | 2.71B | 0 | — | — | — | — |
| Liabilities | 3.46B | 173.49M | 74.80M | 75.57M | 636.00K | 252.46K |
| Stockholders' Equity Attributable to Parent | 805.53M | 681.95M | 491.34M | 342.89M | 353.53M | 1.35M |
| Common Stock, Shares, Outstanding | 404.96M | 350.78M | 290.96M | 247.55M | 249.28M | 4.48M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -207.94M | -87.51M | -94.24M | -20.91M | -31.67M | -321.64K |
| Payments to Acquire Property, Plant, and Equipment | 487.92M | 139.50M | 20.48M | 39.22M | 5.11M | — |
| Net Cash Provided by (Used in) Investing Activities | -336.61M | -192.13M | 52.76M | -173.91M | -120.14M | -170.00M |
| Payments for Repurchase of Common Stock | 89.58M | 27.64M | 3.90M | 3.09M | 23.25M | — |
| Net Cash Provided by (Used in) Financing Activities | 3.19B | 213.51M | 115.66M | -3.09M | 361.65M | 171.60M |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -464.08M | -281.53M | -419.17M | -161.74M | -147.82M | -78.02M |
| EBITDA | -95.56M | -248.74M | 21.93M | -1.16M | 5.38M | 53.40M |
| Working Capital | 2.65B | 1.95B | 849.23M | 167.16M | 15.82M | 36.43M |
| Net Debt | 4.39B | 2.18B | -163.46M | 126.19M | 35.21M | 50.83M |
| Gross Margin | 49.18% | 59.37% | 62.72% | 64.81% | 69.58% | 56.90% |
| Operating Margin | -328.86% | -503.45% | -52.46% | -103.85% | -77.80% | 40.45% |
| Net Margin | -328.14% | -1229.60% | -4.58% | -105.09% | -79.61% | 41.47% |
| Return on Equity (ROE) | -16.01% | -91.14% | -0.42% | -6.11% | -5.30% | 2.57% |
| Return on Assets (ROA) | -1.79% | -17.11% | -0.12% | -4.49% | -4.27% | 2.05% |
| Current Ratio | 3.13× | 3.79× | 2.49× | 4.18× | 1.11× | 1.28× |
| Debt-to-Equity | 7.14× | 3.48× | 1.33× | 0.25× | 0.08× | 0.08× |
| Effective Tax Rate | -0.36% | 0.55% | 8.45% | -2.04% | -0.37% | -12.69% |
| Cash Conversion Ratio | -0.80× | 0.07× | 46.76× | 2.26× | 1.21× | -1.65× |
| Accruals Ratio | -0.03× | -0.16× | 0.05× | 0.06× | 0.01× | 0.05× |
| SBC % of Revenue | 77.64% | 41.80% | 38.81% | 45.05% | 18.65% | 24.32% |
| CapEx Coverage | 0.16× | -0.24× | -0.58× | -1.77× | -0.47× | -0.59× |
| Free Cash Flow Per Share | $-1.15 | $-0.74 | $-1.07 | $-0.43 | $-0.41 | $-0.24 |
Valuation Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| EV / EBITDA | — | — | 60.24× | — | 9063.09× | 28.57× |
| P/S | 24.86× | 26.69× | 24.00× | 11.64× | 5.61× | 10.76× |
| P/B | 7.30× | 7.42× | 6.33× | 2.47× | 1.16× | 2.39× |
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenues | 34.84M | 59.71M | 71.71M | 43.56M | 48.96M | 42.22M |
| Cost of Revenue | 17.70M | 24.26M | 26.73M | 15.33M | 14.89M | 18.20M |
| Operating Income (Loss) | -114.57M | -300.62M | -37.62M | -45.24M | -38.09M | 17.08M |
| Income Tax Expense (Benefit) | 407.00K | -4.07M | -303.00K | 917.00K | 144.00K | -1.97M |
| Net Income (Loss) Attributable to Parent | -114.32M | -734.21M | -3.28M | -45.78M | -38.98M | 17.51M |
| Earnings Per Share, Basic | $-0.28 | $-1.92 | $-0.01 | $-0.12 | $-0.11 | $0.06 |
| Weighted Average Number of Shares Outstanding, Basic | 405.11M | 381.60M | 393.19M | 375.05M | 360.51M | 323.10M |
| Earnings Per Share, Diluted | $-0.28 | $-1.92 | $-0.01 | $-0.12 | $-0.11 | $0.06 |
| Weighted Average Number of Shares Outstanding, Diluted | 405.11M | 381.60M | 393.19M | 375.05M | 360.51M | 323.10M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 715.20M | 628.26M | 1.21B | 62.70M | 23.17M | 5.58M |
| Assets, Current | 3.89B | 2.65B | 1.42B | 219.66M | 154.56M | 168.21M |
| Assets | 6.39B | 4.29B | 2.84B | 1.02B | 913.79M | 855.45M |
| Long-term Debt | 4.38B | 2.71B | 1.02B | 167.11M | — | 0 |
| Liabilities, Current | 1.25B | 699.07M | 570.25M | 52.51M | 138.74M | 131.78M |
| Long-term Debt, Excluding Current Maturities | 4.38B | 2.71B | 1.02B | 167.11M | — | 0 |
| Liabilities | 5.65B | 3.46B | 2.06B | 269.86M | 179.00M | 173.49M |
| Stockholders' Equity Attributable to Parent | 714.19M | 805.53M | 783.20M | 748.90M | 734.79M | 681.95M |
| Common Stock, Shares, Outstanding | 405.27M | 404.96M | 393.60M | 386.76M | 370.86M | 350.78M |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 91.53M | -54.43M | -153.51M | -103.45M | -47.24M | -28.98M |
| Payments to Acquire Property, Plant, and Equipment | 553.99M | 225.89M | 262.04M | 55.87M | 99.67M | 47.12M |
| Net Cash Provided by (Used in) Investing Activities | -474.20M | -205.16M | -131.45M | -110.47M | -17.30M | 3.02M |
| Payments for Repurchase of Common Stock | 3.78M | 82.30M | 7.29M | 4.32M | 1.14M | 16.88M |
| Net Cash Provided by (Used in) Financing Activities | 1.96B | 1.70B | 1.49B | 271.04M | 82.12M | 6.20M |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (CIFR CIK 0001819989),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.