CIFRCipher Digital
We are dedicated to developing and operating industrial-scale data centers engineered for next-generation computing at the highest standards of innovation, precision, and excellence. 10-K, Item 1
- Headquarters
- New York, NY
- CEO
- Tyler Page
- Next results
- around Feb 23, 2027
All key numbers (33) From EDGAR
| EPS (ttm) | -2.77 | Sales (ttm) | 146.1M | Net income (ttm) | -1.1B | Sales growth | +48.0% | EPS growth | - | Sales Q/Q | -62.8% |
| Free cash flow | -3.1B | Gross margin | 50.5% | Oper. margin | -387.2% | Net margin | -742.3% | FCF margin | n/m | ROE | -180.7% |
| ROA | -14.1% | R&D / sales | - | Dividend | - | Debt/Eq | 9.26 | Curr. ratio | 1.69 | Cash | 656.0M |
| Op. cash flow (ttm) | -337.6M | EBITDA | -222.6M | EBITDA margin | -99.4% | Net debt | 4.9B | Quick ratio | 1.69 | Interest cover | -11.53 |
| Stock pay / sales | 23.6% | Shares out. | 456.4M | Shares Y/Y | +18.1% | Book / share | 1.32 | Cash / share | 1.44 | Sales / share | 0.32 |
| Asset turnover | 0.02 | Days sales out. | 0 | Sales 3Y CAGR | +319% |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Debt rose from $32.3M to $2.7B$32.3M → $2.7B · Short-term + long-term debt at year end
-
Revenue growth sped up to +48.0%+19.3% → +48.0% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
-
Operating margin narrowed to -188.2%-28.9% → -188.2% · Operating income / revenue · 10-K ↗
CIFR against Crypto peers
Ten years, side by side → · All 32 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 32 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| CIFR Cipher Digital | $146.1M | +48.0% | 50.5% | -742.3% | -180.7% | - | 9.26 |
| GEMI Gemini Space Station | $206.7M | +26.3% | - | -250.1% | -110.4% | -148.6% | - |
| WULF TeraWulf | $190.8M | +20.3% | 25.7% | -410.9% | -90.1% | - | 3.56 |
| BTBT Bit Digital | $122.8M | +5.1% | - | -237.2% | -73.7% | -619.3% | 0.26 |
| EXOD Exodus Movement | $110.9M | +4.5% | - | -101.2% | -56.6% | -79.3% | - |
| BMNR Bitmine Immersion Technologies | $61.2M | +84.1% | 84.4% | - | -75.4% | -481.3% | - |
Profitability
0 of 3- !Net margin below the peer median-742.3% vs -169.8%
- !Return on equity below 15%-180.7%
- !A profit in 0 of 4 years
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
What the debt is made of, and when it is due
balance sheet of Sep 30, 2026The debt note's own lines, 2025-12-31
| Line, as the company names it | Kind | Rate | Fixed or floating | Amount |
|---|---|---|---|---|
| 2030 Senior Secured Notes (Senior Notes) | Secured | 7.13% | not stated | $1.7B |
| 2031 Convertible Notes (Convertible Debt) | Convertible | – | not stated | $1.3B |
| 2030 Convertible Notes (Convertible Debt) | Convertible | 1.75% | not stated | $172.5M |
From the debt note in the 10-K's XBRL (0001819989-26-000009), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.
Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →
Revenue and net income, FY2022 to FY2025
Revenue 223.9M Net income -822.2MFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
CIFR's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Income statement
From EDGAR| FY2020 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Revenue | - | 3.0M | 126.8M | 151.3M | 223.9M |
| Cost of revenue | - | 748K | 50.3M | 62.4M | 81.2M |
| SG&A | - | 70.8M | 27.8M | 32.7M | 36.4M |
| Operating income | -154K | -37.4M | -20.1M | -43.7M | -421.6M |
| Interest expense | - | 137K | 2.0M | 1.7M | 36.6M |
| Pretax income | - | -37.2M | -22.2M | -44.3M | -825.6M |
| Income tax | - | 1.8M | 3.6M | 318K | -3.3M |
| Net income | -107K | -39.1M | -25.8M | -44.6M | -822.2M |
| EPS (diluted) | - | -0.16 | -0.10 | -0.14 | -2.15 |
| Diluted shares | - | 248.2M | 252.4M | 323.1M | 381.6M |
| Depreciation & amortization | - | 4.4M | 59.1M | 102.4M | 199.0M |
| EBITDA | - | -33.0M | 39.0M | 58.7M | -222.6M |
| Operating margin | - | -1232.2% | -15.9% | -28.9% | -188.2% |
| Net margin | - | -1285.9% | -20.3% | -29.5% | -367.2% |
| Revenue growth | - | - | +4077% | +19.3% | +48.0% |
Balance sheet
From EDGAR| FY2020 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Cash | 1.3M | 11.9M | 74.2M | 5.6M | 628.3M |
| Short-term investments | 170.0M | - | - | - | - |
| Receivables | - | 98K | - | - | - |
| Current assets | 1.6M | 47.7M | 155.5M | 168.2M | 2.7B |
| Property & equipment | - | 191.2M | 243.8M | - | - |
| Total assets | 171.6M | 418.5M | 566.1M | 855.4M | 4.3B |
| Accounts payable | - | 14.3M | - | 22.7M | 40.1M |
| Current liabilities | 129K | 40.3M | 33.8M | 131.8M | 699.1M |
| Total debt | - | - | 0 | 32.3M | 2.7B |
| Total liabilities | 252K | 75.6M | 74.8M | 173.5M | 3.5B |
| Shareholders' equity | 1.3M | 342.9M | 491.3M | 682.0M | 805.5M |
| Retained earnings | -107K | -111.2M | -136.8M | -181.4M | -1.0B |
Cash flow
From EDGAR| FY2020 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Operating cash flow | - | -20.9M | -94.2M | -87.5M | -207.9M |
| Capital spending | - | 39.2M | 20.5M | 139.5M | 487.9M |
| Free cash flow | - | -60.1M | -114.7M | -227.0M | -695.9M |
| Stock-based pay (added back) | - | 41.5M | 38.5M | 42.1M | 52.8M |
| Buybacks | - | 3.1M | 3.9M | 27.6M | 89.6M |
| Debt raised | - | - | 0 | 0 | 3.1B |
| Investing cash flow | - | -173.9M | 52.8M | -192.1M | -336.6M |
| Financing cash flow | - | -3.1M | 115.7M | 213.5M | 3.2B |
Stock-based pay and leases
From EDGAR| FY2020 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Stock-based pay (expense) | - | 41.5M | 38.5M | 42.1M | 52.8M |
| Stock-based pay / revenue | - | 1366.6% | 30.3% | 27.9% | 23.6% |
| Operating lease cost | - | 1.4M | 2.0M | 2.2M | 2.6M |
| Operating lease cash paid | - | 790K | 1.7M | 2.1M | 4.1M |
| Finance lease principal paid | - | - | 12.9M | 5.5M | 4.8M |
| Right-of-use assets | - | 5.1M | 7.1M | 12.6M | 11.3M |
| Operating lease liabilities | - | 5.5M | 7.4M | 13.0M | 10.3M |
| Finance lease liabilities | - | 14.8M | 14.5M | 11.1M | 7.3M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.
Work on CIFR in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/CIFR/export.csv") into a cell.