Operations consumed $243.5M in cash during 2026Q2, a severe deterioration from the prior quarter, forcing the company to rely on net investment sales of $123.4M to partially offset the burn.
Cipher Mining Inc. (CIFR) cash flow statement — 6-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Cash from Operations | -256.49M | -207.94M | -87.51M | -94.24M | -20.91M | -31.67M | -321.64K |
| Operating CF Growth % | -792.01% | -137.61% | 7.14% | -350.59% | 33.95% | -9745.15% | - |
| Net Income | -1.12B | -822.24M | -44.63M | -25.78M | -39.05M | -72.15M | -107.03K |
| Depreciation & Amortization | 150.68M | 200.62M | 103.7M | 59.91M | 5.15M | 4.87K | 0 |
| Deferred Taxes | -3.41M | -4.27M | -937K | 3.37M | 1.84M | -69.57M | 0 |
| Other Non-Cash Items | 799.17M | 433.21M | -206.11M | -159.48M | -31.18M | 63.75M | -46.63K |
| Working Capital Changes | -174.33M | -68.05M | 18.34M | -10.73M | 822K | -23.26M | -167.98K |
| Cash from Investing | -1.02B | -336.61M | -192.13M | 52.76M | -173.91M | -120.14M | -170M |
| Purchase of Investments | -34.98M | 0 | 0 | 0 | 0 | 0 | -170M |
| Sale/Maturity of Investments | 216.81M | 0 | 0 | 111.19M | 0 | 0 | 0 |
| Net Investment Activity | 181.83M | 0 | 0 | 111.19M | 0 | 0 | -170M |
| Acquisitions | -9.29M | 0 | 0 | -3.54M | 0 | 0 | 0 |
| Other Investing | 43.08M | 151.31M | 110.32M | -502K | 53.41M | -115.03M | 0 |
| Cash from Financing | 5.76B | 3.19B | 213.51M | 115.66M | -3.09M | 361.65M | 171.6M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -85.27M | -89.58M | -27.64M | -3.9M | -3.09M | -25.36M | 0 |
| Stock Issued | 237.87M | 162.79M | 225.18M | 135.85M | 0 | 5 | 171.6M |
| Net Stock Activity | 152.6M | 73.21M | 197.54M | 131.95M | -3.09M | -25.36M | 171.6M |
| Debt Issuance (Net) | 4M | 1000K | 1000K | -1000K | 0 | 0 | 0 |
| Other Financing | -130.55M | 0 | -3.49M | -3.4M | 0 | 361.65M | 171.6M |
| Net Change in Cash | 4.48B | 2.64B | -66.13M | 74.18M | -197.91M | 208.56M | 1.28M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 209.63B | 0 |
| Cash at Beginning | 4.25B | 19.98M | 86.11M | 11.93M | 209.84M | 1.28M | 0 |
| Cash at End | 4.56B | 2.66B | 19.98M | 86.11M | 11.93M | 209.84M | 1.28M |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -1.5B | -695.86M | -227.01M | -149.26M | -248.83M | -36.78M | -321.64K |
| FCF Growth % | -186.61% | -206.54% | -52.09% | 40.02% | -576.63% | -11333.7% | - |
Quick answers to the most common questions about buying CIFR stock.
Cipher Mining Inc. (CIFR) generated $-207.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cipher Mining Inc. (CIFR) reported negative free cash flow of $695.9M in 2025, indicating capital requirements exceeded cash from operations.
Cipher Mining Inc. (CIFR) spent $487.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Cipher Mining Inc. (CIFR) spent $89.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent negative operating cash flow
Metrics are mathematically derived from official filings.
Negative Cash Flow Undermines Capital Generation
Cipher Mining's operations consumed $243.5 million in cash during 2026Q2, a severe deterioration from the prior quarter's positive $91.5 million, indicating the core mining business is currently a significant cash drain rather than a source of organic capital.
The persistent negative operating cash flow, with only one positive quarter in the last ten, suggests the company is not generating internal capital to fund its growth or cover its losses. This forces reliance on the existing cash balance or external financing, which is inconsistent with a sustainable capital generation model. The trend indicates that the HPC revenue pivot has not yet reached a scale sufficient to offset the cash burn from mining operations.
Net Investment Liquidation to Fund Operations
Over the last ten quarters, Cipher has consistently sold more investment securities than it has purchased, with net sales totaling approximately $340 million, suggesting a strategic liquidation of its portfolio to generate liquidity.
The pattern of net investment sales, particularly the $123.4 million in proceeds during 2026Q2, appears to be a primary source of cash to offset operating losses. This activity is not indicative of active portfolio management for yield but rather a defensive measure to preserve the cash balance. Investors should monitor whether this liquidation pace is sustainable or if it signals a need to fund near-term operational shortfalls.
Loan Book Activity Reflects Operational, Not Lending, Focus
The loan loss provision line item has been highly volatile, swinging from a $39.9 million expense in 2025Q3 to a $9.3 million benefit in 2026Q2, which suggests these flows are driven by mark-to-market adjustments or specific asset revaluations rather than traditional credit risk.
For a Bitcoin miner, these 'loan' cash flows likely represent the accounting treatment of hardware financing or other asset-backed arrangements, not a traditional lending business. The erratic nature of the provision, as noted in prior analysis, makes it an unreliable indicator of core operational health and adds noise to the cash flow statement. The recent benefit may indicate a release of previously over-provisioned amounts or a favorable settlement.
Minimal Capital Return Amid Cash Preservation
Cipher has returned virtually no capital to shareholders via dividends over the period, with only minor, intermittent share repurchases totaling less than $10 million per quarter, indicating a strict capital preservation strategy.
The absence of dividends and minimal buybacks is consistent with a company burning cash from operations and prioritizing liquidity for survival and potential fleet expansion. This approach is rational given the negative profitability and cash flow profile, but it offers no near-term shareholder return. The strategy appears focused on maintaining the fortress balance sheet to weather industry volatility rather than returning capital.
Cash Flow Statement Obscures True Liquidity and Asset Quality
The reported $628 million cash balance may be overstated as a liquidity metric, as it likely includes Bitcoin holdings valued at cost or market, which are not reflected in the traditional cash line and are subject to significant price volatility.
The cash flow statement does not separately disclose the movement of Bitcoin held on the balance sheet, which is a critical liquid asset for miners. Furthermore, the massive operating losses are partially non-cash (depreciation, potential impairments), but the persistent negative operating cash flow confirms real cash consumption. The true 'cash burn' rate is masked by the large starting balance and investment sales, requiring analysts to adjust for non-cash items to assess operational sustainability.