CIFRCipher Digital

Crypto · Financial Services · Nasdaq

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

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CIFR and 9 peers, year by year

The 9 Crypto companies closest to CIFR in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
CIFR Cipher Digital	FY2025	$223.9M	+48.0%	-	−188.2%	−367.2%	−310.7%	−102.1%	3.41
BTBT Bit Digital	FY2025	$113.6M	+5.1%	-	−80.9%	−70.7%	−506.2%	−11.1%	-
EXOD Exodus Movement	FY2025	$121.6M	+4.5%	-	-	−9.3%	−21.2%	−4.6%	-
WULF TeraWulf	FY2025	$168.5M	+20.3%	39.2%	−110.5%	−392.6%	−702.5%	n/m	n/m
GEMI Gemini Space Station	FY2025	$179.6M	+26.3%	-	−192.5%	−324.6%	−122.6%	−107.8%	-
BMNR Bitmine Immersion Technologies	FY2025	$6.1M	+84.1%	-	n/m	n/m	−85.5%	4.0%	-
FWDI Forward Industries	FY2025	$18.2M	−9.0%	28.5%	−46.1%	−918.1%	−24.9%	−11.4%	-
SBET Sharplink	FY2025	$28.1M	+666%	-	n/m	n/m	−62.6%	−30.4%	-
UPXI Upexi	FY2026	$25.0M	n/m	89.5%	−963.5%	−984.3%	−84.0%	n/m	n/m
ABTC American Bitcoin	FY2025	$185.2M	+159%	-	−123.1%	−82.7%	-	−23.0%	-

Revenuepeer median $113.6M

Sales growthpeer median +23.3%

Gross marginpeer median 39.2%

UPXI 89.5%
WULF 39.2%
FWDI 28.5%
CIFR -
BTBT -
EXOD -
GEMI -
BMNR -
SBET -
ABTC -

Operating marginpeer median −116.8%

Net marginpeer median −324.6%

FCF marginpeer median −84.8%

Return on equitypeer median −11.4%

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2020 to FY2025

Revenue as reported in the 10-K.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
CIFR Dec	-	$3.0M	$126.8M	$151.3M	$223.9M
BTBT Dec	$21.1M	$32.3M	$44.9M	$108.1M	$113.6M
EXOD Dec	-	-	$56.2M	$116.3M	$121.6M
WULF Dec	$13.4M	$15.0M	$69.2M	$140.1M	$168.5M
GEMI Dec	-	-	$98.1M	$142.2M	$179.6M
BMNR Aug	-	$428K	$645K	$3.3M	$6.1M
FWDI Sep	$34.5M	$38.2M	$36.7M	$20.0M	$18.2M
SBET Dec	-	$3.5M	$5.0M	$3.7M	$28.1M
UPXI Jun	$7.4M	$23.1M	$36.4M	$26.0M	$15.8M
ABTC Dec	$12.6M	$10.5M	$65.0M	$71.5M	$185.2M
Peer median	$13.4M	$15.0M	$44.9M	$71.5M	$113.6M

Sales growth, FY2020 to FY2025

Revenue against the fiscal year before.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
CIFR Dec	-	-	n/m	+19.3%	+48.0%
BTBT Dec	+361%	−66.4%	+39.1%	+141%	+5.1%
EXOD Dec	-	-	-	+107%	+4.5%
WULF Dec	−23.8%	-	+361%	+102%	+20.3%
GEMI Dec	-	-	-	+44.9%	+26.3%
BMNR Aug	-	-	+50.9%	+413%	+84.1%
FWDI Sep	−7.8%	+8.5%	−4.0%	−17.7%	−9.0%
SBET Dec	-	-	+41.9%	−26.1%	+666%
UPXI Jun	-	+85.0%	+250%	−28.7%	−39.2%
ABTC Dec	+16.2%	−22.6%	−34.6%	+10.1%	+159%
Peer median	+4.2%	−7.0%	+41.9%	+44.9%	+20.3%

Gross margin, FY2020 to FY2025

Gross profit / revenue.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
CIFR Dec	-	-	-	-	-
BTBT Dec	-	-	-	-	-
EXOD Dec	-	-	-	-	-
WULF Dec	29.1%	26.3%	53.5%	49.8%	39.2%
GEMI Dec	-	-	-	-	-
BMNR Aug	-	−30.2%	34.5%	23.0%	-
FWDI Sep	19.3%	23.0%	22.8%	25.9%	28.5%
SBET Dec	-	37.7%	30.9%	24.7%	-
UPXI Jun	34.7%	64.5%	57.7%	49.3%	68.7%
ABTC Dec	50.6%	53.0%	5.3%	-	-
Peer median	31.9%	32.0%	32.7%	25.9%	39.2%

Operating margin, FY2020 to FY2025

Operating income / revenue.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
CIFR Dec	-	n/m	−15.9%	−28.9%	−188.2%
BTBT Dec	7.4%	−331.8%	−37.0%	25.5%	−80.9%
EXOD Dec	-	-	-	-	-
WULF Dec	−13.3%	−291.0%	−42.5%	−54.4%	−110.5%
GEMI Dec	-	-	−317.5%	−116.6%	−192.5%
BMNR Aug	-	−400.8%	−374.0%	−73.9%	n/m
FWDI Sep	−5.7%	1.5%	0.4%	−10.8%	−46.1%
SBET Dec	-	−409.3%	−179.6%	−130.1%	n/m
UPXI Jun	−65.3%	−28.1%	−33.7%	−86.4%	−79.1%
ABTC Dec	−137.4%	−412.0%	9.6%	676.7%	−123.1%
Peer median	−13.3%	−331.8%	−39.7%	−64.2%	−95.7%

Net margin, FY2020 to FY2025

Net income / revenue.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
CIFR Dec	-	n/m	−20.3%	−29.5%	−367.2%
BTBT Dec	−10.8%	−326.0%	−30.9%	26.2%	−70.7%
EXOD Dec	-	-	22.8%	97.1%	−9.3%
WULF Dec	−3.3%	−603.9%	−106.1%	−51.7%	−392.6%
GEMI Dec	-	-	−325.7%	−111.5%	−324.6%
BMNR Aug	-	−468.9%	−382.0%	−99.5%	n/m
FWDI Sep	−5.1%	−3.6%	−10.2%	−9.8%	−918.1%
SBET Dec	-	−436.5%	−287.6%	275.8%	n/m
UPXI Jun	−72.6%	−8.9%	−48.0%	−91.0%	−86.5%
ABTC Dec	−107.9%	−755.9%	61.0%	599.6%	−82.7%
Peer median	−10.8%	−436.5%	−48.0%	−9.8%	−86.5%

Free cash flow, FY2020 to FY2025

Cash from operations minus capital spending.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
CIFR Dec	-	−$60.1M	−$114.7M	−$227.0M	−$695.9M
BTBT Dec	−$5.5M	−$27.8M	−$65.6M	−$107.0M	−$574.9M
EXOD Dec	-	-	$625K	−$12.3M	−$25.8M
WULF Dec	−$549K	−$95.2M	−$70.9M	−$292.4M	−$1.2B
GEMI Dec	-	-	−$208.0M	−$110.2M	−$220.1M
BMNR Aug	-	−$4.4M	−$1.4M	−$106K	−$5.2M
FWDI Sep	−$331K	$1.4M	$905K	$455K	−$4.5M
SBET Dec	-	−$6.0M	$571K	−$22.8M	−$17.6M
UPXI Jun	−$6.1M	−$5.6M	−$735K	−$1.0M	−$8.8M
ABTC Dec	-	−$10.9M	−$57.9M	−$60.6M	-
Peer median	−$3.0M	−$6.0M	−$1.4M	−$22.8M	−$21.7M

FCF margin, FY2020 to FY2025

Free cash flow / revenue.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
CIFR Dec	-	n/m	−90.4%	−150.1%	−310.7%
BTBT Dec	−26.0%	−86.2%	−145.9%	−99.0%	−506.2%
EXOD Dec	-	-	1.1%	−10.6%	−21.2%
WULF Dec	−4.1%	−633.2%	−102.4%	−208.8%	−702.5%
GEMI Dec	-	-	−212.0%	−77.5%	−122.6%
BMNR Aug	-	n/m	−220.4%	−3.2%	−85.5%
FWDI Sep	−1.0%	3.6%	2.5%	2.3%	−24.9%
SBET Dec	-	−170.5%	11.5%	−623.0%	−62.6%
UPXI Jun	−82.2%	−24.4%	−2.0%	−4.0%	−55.7%
ABTC Dec	-	−104.5%	−89.0%	−84.8%	-
Peer median	−15.0%	−95.4%	−89.0%	−77.5%	−74.1%

Return on equity, FY2020 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
CIFR Dec	−7.9%	−11.4%	−5.2%	−6.5%	−102.1%
BTBT Dec	−6.1%	−117.1%	−9.1%	6.1%	−11.1%
EXOD Dec	-	-	12.3%	43.9%	−4.6%
WULF Dec	−3.7%	−77.1%	−33.0%	−29.6%	n/m
GEMI Dec	-	-	n/m	n/m	−107.8%
BMNR Aug	-	−27.1%	−39.4%	−80.6%	4.0%
FWDI Sep	−27.0%	−22.0%	−142.8%	−65.7%	−11.4%
SBET Dec	-	n/m	n/m	n/m	−30.4%
UPXI Jun	n/m	−7.1%	−62.8%	n/m	−15.2%
ABTC Dec	−38.2%	n/m	8.4%	42.3%	−23.0%
Peer median	−16.5%	−27.1%	−33.0%	−11.8%	−13.3%

Debt / equity, FY2020 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
CIFR Dec	-	-	0.00	0.05	3.41
BTBT Dec	-	0.03	-	-	-
EXOD Dec	-	-	-	-	-
WULF Dec	-	1.06	0.56	0.00	n/m
GEMI Dec	-	-	-	-	-
BMNR Aug	-	-	-	-	-
FWDI Sep	0.23	0.22	0.42	0.20	-
SBET Dec	-	0.69	n/m	0.00	-
UPXI Jun	-	-	1.00	0.09	0.23
ABTC Dec	-	0.55	0.01	0.01	-
Peer median	-	0.55	0.49	0.01	-

EPS (diluted), FY2020 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
CIFR Dec	-	−$0.16	−$0.10	−$0.14	−$2.15
BTBT Dec	−$0.07	−$1.34	−$0.16	$0.19	−$0.31
EXOD Dec	-	-	-	-	-
WULF Dec	−$0.22	−$0.82	−$0.35	−$0.21	−$1.66
GEMI Dec	-	-	−$66.25	−$32.24	−$15.52
BMNR Aug	-	−$1.00	−$1.00	−$1.32	$13.39
FWDI Sep	−$1.90	−$1.40	−$3.39	−$1.77	−$24.59
SBET Dec	-	−$6.13	−$5.17	$27.62	−$7.37
UPXI Jun	−$10.60	−$8.60	−$18.94	−$23.03	−$1.73
ABTC Dec	−$1.14	−$546.56	$0.04	$0.49	−$0.17
Peer median	−$1.14	−$1.40	−$2.20	−$0.77	−$1.69

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out CIFR and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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.