Operational performance remains highly volatile, with gross margins swinging from a peak of 69.4% in 2023Q4 to a negative 23.6% in 2024Q3, reflecting the difficulty of maintaining consistent unit economics.
| Sales/Revenue | 174.98M | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | 26.13M | 63.6M | 28.11M | 76.53M | 2.29M | -4.87K | 0 |
| Gross Margin % | 14.93% | 28.4% | 18.58% | 60.34% | 75.37% | - | - |
| Gross Profit Growth % | - | 126.24% | -63.27% | 3243.51% | 47131.03% | - | - |
| Operating Expenses | 367.38M | 401M | 71.81M | 96.65M | 39.71M | 72.15M | 153.66K |
| OpEx % of Revenue | - | 179.06% | 47.47% | 76.2% | 1307.54% | - | - |
| Selling, General & Admin | 39.17M | 36.38M | 32.66M | 85.19M | 70.84M | 72.15M | 153.66K |
| SG&A % of Revenue | - | 16.25% | 21.59% | 67.17% | 2332.43% | - | - |
| Research & Development | 0 | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - |
| Operating Income | -341.25M | -337.4M | -43.7M | -20.11M | -37.42M | -72.15M | -153.66K |
| Operating Margin % | -195.02% | -150.67% | -28.89% | -15.86% | -1232.17% | - | - |
| Operating Income Growth % | - | -672.11% | -117.25% | 46.25% | 48.14% | -46856.41% | - |
| EBITDA | -203.48M | -136.78M | 60M | 39.8M | -32.27M | -72.15M | 1.11M |
| EBITDA Margin % | -116.28% | -61.08% | 39.66% | 31.38% | -1062.59% | - | - |
| EBITDA Growth % | -14027.38% | -327.98% | 50.75% | 223.33% | 55.27% | -6588.51% | - |
| D&A (Non-Cash Add-back) | 137.77M | 200.62M | 103.7M | 59.91M | 5.15M | 4.87K | 0 |
| EBIT | -750.94M | -789M | -42.61M | -20.21M | -37.08M | -72.13M | 1.11M |
| Net Interest Income | -16.49M | -17.08M | 1.68M | -1.83M | 78K | -25.09K | 27.34K |
| Interest Income | 50.88M | 19.48M | 3.38M | 164K | 215K | 0 | 27.34K |
| Interest Expense | -23.38M | 36.56M | 1.71M | 2M | 137K | 25.09K | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - |
| Pretax Income | -901.45M | -825.56M | -44.32M | -22.21M | -37.21M | -72.15M | 1.11M |
| Pretax Margin % | -515.16% | -368.65% | -29.3% | -17.51% | -1225.32% | - | - |
| Income Tax | -3.86M | -3.31M | 318K | 3.57M | 1.84M | 0 | 0 |
| Effective Tax Rate % | 0.43% | 0.4% | -0.72% | -16.06% | -4.94% | 0% | 0% |
| Net Income | -897.59M | -822.24M | -44.63M | -25.78M | -39.05M | -72.15M | 1.11M |
| Net Margin % | -512.96% | -367.17% | -29.51% | -20.32% | -1285.91% | - | - |
| Net Income Growth % | -626.73% | -1742.15% | -73.16% | 33.99% | 45.87% | -6589.01% | - |
| Net Income (Continuing) | -897.59M | -822.24M | -44.63M | -25.78M | -39.05M | -72.15M | 1.11M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 25.68M | 30.32M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.22 | -2.15 | -0.14 | -0.10 | -0.16 | -0.36 | -0.01 |
| EPS Growth % | -541.71% | -1435.71% | -40% | 37.5% | 55.56% | - | - |
| EPS (Basic) | - | -2.15 | -0.14 | -0.10 | -0.16 | -0.36 | -0.01 |
| Diluted Shares Outstanding | 405.11M | 381.6M | 323.1M | 252.44M | 248.23M | 218.03M | 214.78M |
| Basic Shares Outstanding | 405.11M | 381.6M | 323.1M | 252.44M | 248.23M | 218.03M | 214.78M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Extreme Bitcoin Price Sensitivity
As reported in recent financial statements, Cipher Mining's gross margin profile has exhibited extreme volatility, swinging from a peak of 69.4% in 2023Q4 to a negative 23.6% in 2024Q3, highlighting the inherent difficulty in maintaining consistent unit economics amidst fluctuating network difficulty and Bitcoin price cycles.
The erratic nature of these margins suggests that the company's cost structure is highly sensitive to external network variables rather than internal operational efficiencies. Investors should monitor whether the company can stabilize these margins through improved fleet efficiency or if the current cost-to-revenue ratio remains structurally compromised by the quadrennial halving events.
Based on the provided income statement data, Cipher Mining has struggled to demonstrate positive operating leverage, with operating margins plummeting to -150.67% in recent periods as corporate overhead and stock-based compensation continue to outpace the revenue generated from the company's core Bitcoin mining operations.
The persistent gap between gross profit and operating income indicates that the company's fixed cost base is currently too heavy to support its existing revenue scale. This suggests that management may need to significantly increase its hash rate capacity or reduce corporate expenses to achieve a sustainable path toward operational break-even.
According to the company's quarterly filings, stock-based compensation remains a significant recurring expense, reaching $27.0 million in 2026Q1, which further exacerbates the net losses and complicates the assessment of true underlying operational performance for shareholders evaluating the company's long-term earnings potential.
The high level of non-cash compensation relative to revenue suggests that the reported net income figures may be significantly understated compared to cash-based operational realities. Analysts should scrutinize these figures to determine if the dilution associated with this compensation is adequately offset by the growth in the company's mining infrastructure.
While the company maintains a robust cash position of $628.26 million, the rapid deterioration in net income to -$734.2 million in 2025Q4 warrants caution, as it suggests that the current capital allocation strategy may be failing to generate sufficient returns on the deployed mining hardware assets.
Short-sellers may focus on the disconnect between the company's cash-rich balance sheet and its inability to convert that capital into profitable mining operations. This discrepancy implies that the company's primary value may be tied more to its liquidity and potential for pivot than to the current viability of its core mining business model.
Quick answers to the most common questions about buying CIFR stock.
Cipher Mining Inc. (CIFR) reported a net loss of $822.2M for the fiscal year ending 2025.
Cipher Mining Inc. (CIFR) reported an operating income of $-337.4M, resulting in an operating profit margin of -150.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Cipher Mining Inc. (CIFR) generated $63.6M in gross profit for the year, representing a gross profit margin of 28.4%. This demonstrates the company's core pricing power and production efficiency.