Revenue is negligible, with only $234K in 2024Q4 and no reported revenue in most quarters, while net income is volatile, swinging from -$77.2M in 2026Q1 to $39.4M in 2026Q2, suggesting reliance on non-operational items.
Cypherpunk Technologies Inc. (CYPH) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 1.5M | 10.05M | 9.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -100% | - | - | - | -100% | -85.08% | 3.85% | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 427K | 0 | 0 | 4.93M | 4.56M | 49K | 48K | 25K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | 49.06% | 47.07% | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | -427K | 0 | 1.5M | 5.12M | 5.12M | -49K | -48K | -25K | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | 100% | 50.94% | 52.93% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | - | -100% | -70.71% | -0.06% | 10557.14% | -2.08% | -92% | - | - | - | - | - |
| Operating Expenses | 17.77M | 36.54M | 70.06M | 86.61M | 56.76M | 42.93M | 8.57M | 8.6M | 30M | 32.35M | 27.52M | 21.09M | 20.25M | 13.87M | 8.68M |
| OpEx % of Revenue | - | - | - | - | - | 2861.73% | 85.22% | 88.84% | - | - | - | - | - | - | - |
| Selling, General & Admin | 9.38M | 10.87M | 12.85M | 13.38M | 11.8M | 10.77M | 7.02M | 7.44M | 8.92M | 9.85M | 4.23M | 5.72M | 4.71M | 4.57M | 1.51M |
| SG&A % of Revenue | - | - | - | - | - | 717.73% | 69.85% | 76.86% | - | - | - | - | - | - | - |
| Research & Development | 2.58M | 25.67M | 57.21M | 73.23M | 44.97M | 32.16M | 1.43M | 1.13M | 21.07M | 22.5M | 23.29M | 15.37M | 15.54M | 9.3M | 7.17M |
| R&D % of Revenue | - | - | - | - | - | 2144% | 14.19% | 11.63% | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 118K | 34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -17.77M | -36.54M | -70.06M | -87.04M | -56.76M | -41.43M | -3.45M | -3.48M | -30.75M | -32.35M | -27.52M | -21.09M | -20.92M | -13.87M | -8.8M |
| Operating Margin % | - | - | - | - | - | -2761.73% | -34.28% | -35.91% | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 47.84% | 19.51% | -53.34% | -37.02% | -1102.15% | 0.86% | 88.7% | 4.95% | -17.55% | -30.5% | -0.83% | -50.8% | -57.63% | - |
| EBITDA | -44.1M | -36.54M | -70.05M | -87.03M | -56.75M | -41.4M | -3.41M | -3.43M | -30.7M | -32.3M | -27.5M | -20.61M | -20.26M | -13.23M | -8.15M |
| EBITDA Margin % | - | - | - | - | - | -2759.8% | -33.94% | -35.42% | - | - | - | - | - | - | - |
| EBITDA Growth % | 52.85% | 47.84% | 19.5% | -53.36% | -37.08% | -1113.28% | 0.5% | 88.83% | 4.96% | -17.49% | -33.38% | -1.76% | -53.13% | -62.33% | - |
| D&A (Non-Cash Add-back) | 775K | 0 | 5K | 15K | 16K | 29K | 34K | 47K | 49K | 48K | 25K | 474K | 657K | 640K | 649K |
| EBIT | -44.8M | -36.54M | -66.97M | -81.41M | -54.4M | -40.57M | -3.44M | -3.48M | -23.1M | -29.76M | -24.4M | -11.92M | -17.21M | -13.87M | 0 |
| Net Interest Income | 367K | 892K | 3.13M | 4.03M | 871K | -32K | 54K | 290K | 428K | 49K | -1.23M | 138K | -4.33M | 0 | 0 |
| Interest Income | 391K | 916K | 3.13M | 4.03M | 925K | 9K | 93K | 313K | 447K | 170K | 2K | 156K | 40K | 94K | 102K |
| Interest Expense | 24K | 24K | 0 | 0 | 54K | 41K | 39K | 23K | 19K | 121K | 1.23M | 18K | 4.37M | 0 | 0 |
| Other Income/Expense | 19.01M | 46.62M | 3.09M | 5.63M | 2.31M | 815K | 59K | 30K | 7.63M | 2.47M | 1.89M | 9.04M | -4.5M | -4.3M | 1.04M |
| Pretax Income | 1.23M | 10.08M | -66.97M | -81.41M | -54.45M | -40.61M | -3.39M | -3.45M | -23.12M | -29.88M | -25.63M | -20.95M | -25.42M | -18.18M | -7.76M |
| Pretax Margin % | - | - | - | - | - | -2707.4% | -33.69% | -35.6% | - | - | - | - | - | - | - |
| Income Tax | 2.11M | 5.25M | 585K | 0 | 147K | -24K | 0 | 0 | 20K | -157K | 0 | 152K | 31K | 149K | 0 |
| Effective Tax Rate % | 171.13% | 52.15% | -0.87% | 0% | -0.27% | 0.06% | 0% | 0% | -0.09% | 0.53% | 0% | -0.73% | -0.12% | -0.82% | 0% |
| Net Income | -877K | 4.82M | -67.56M | -81.41M | -54.6M | -40.59M | -3.39M | -3.45M | -23.14M | -29.73M | -25.63M | -21.1M | -25.45M | -18.32M | -7.76M |
| Net Margin % | - | - | - | - | - | -2705.8% | -33.69% | -35.6% | - | - | - | - | - | - | - |
| Net Income Growth % | 99.03% | 107.14% | 17.02% | -49.12% | -34.52% | -1098.32% | 1.71% | 85.11% | 22.17% | -15.98% | -21.46% | 17.08% | -38.89% | -136.26% | - |
| Net Income (Continuing) | -877K | 4.82M | -67.56M | -81.41M | -54.6M | -40.59M | -3.39M | -3.45M | -23.14M | -29.73M | -25.63M | -12.05M | -25.45M | -18.32M | -7.76M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.01 | 0.07 | -1.81 | -3.98 | -4.82 | -4.73 | -4.64 | -14.57 | -16.05 | -32.35 | -27.29 | -12.37 | -21.45 | -24.62 | -10.42 |
| EPS Growth % | 139.87% | 103.77% | 54.52% | 17.43% | -1.9% | -1.94% | 68.15% | 9.22% | 50.39% | -18.54% | -120.61% | 42.33% | 12.88% | -136.28% | - |
| EPS (Basic) | - | 0.07 | -1.81 | -3.98 | -4.82 | -4.73 | -4.64 | -14.57 | -16.36 | -32.45 | -27.29 | -12.37 | -21.45 | -24.62 | -10.42 |
| Diluted Shares Outstanding | 176.26M | 70.67M | 37.55M | 20.45M | 11.32M | 8.58M | 5.93M | 2.26M | 1.44M | 918.86K | 939.24K | 1.71M | 1.19M | 744.4K | 744.4K |
| Basic Shares Outstanding | 176.26M | 66.14M | 37.55M | 20.45M | 11.32M | 8.58M | 5.93M | 2.26M | 1.41M | 916.18K | 939.24K | 1.71M | 1.19M | 744.4K | 744.4K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CYPH stock.
For fiscal year 2025, Cypherpunk Technologies Inc. (CYPH) reported total revenue of $0.0M.
Cypherpunk Technologies Inc. (CYPH) is profitable, generating $4.8M in net income for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Unsustainable earnings drivers
Metrics are mathematically derived from official filings.
Net Income Volatility and Non-Operating Reliance
Based on CYPH's quarterly reports, net income exhibited significant instability, with a $39.4 million profit in 2026Q2 following a $77.2 million loss in the prior quarter, suggesting reliance on non-operating items for positive earnings.
The stark contrast between operating losses and net income gains implies that non-operating income or one-time adjustments are driving reported profits, which may not be sustainable. Additionally, stock-based compensation, ranging from -$2.1 million to $2.2 million quarterly, adds to EPS dilution, further complicating the quality of earnings.
Sharp Decline in R&D and Variable SG&A
As per the financial statements, CYPH's R&D expenses declined from $17.9 million in 2024Q2 to $197.0K in 2026Q2, indicating a significant reduction in investment, while SG&A remained variable at around $3-5 million per quarter.
The sharp decrease in R&D spending suggests a shift in strategic priorities or potential cost-cutting measures, which could impact future innovation. SG&A expenses, although lower in recent quarters, include negative values in some periods, possibly reflecting accounting adjustments or expense reversals that mask underlying overhead trends.
2026Q2 Inflection Driven by Non-Operational Factors
According to the reported figures, 2026Q2 marked an inflection point with CYPH achieving a $39.4 million net profit after a $77.2 million loss in 2026Q1, driven by non-operating factors rather than operational improvement.
This inflection appears isolated to net income, as operating losses persisted, suggesting that non-recurring items or investment gains were primary drivers. The lack of revenue data for this period obscures whether the turnaround is fundamentally grounded, making it difficult to assess durability.
Core Business Viability in Question
According to the income statement analysis, the strongest challenge to CYPH's narrative is the absence of reliable revenue streams, as evidenced by a single reported quarter of $234.0K sales and negative gross margins, implying operational fragility.
The reliance on non-operating income for profitability suggests that without sustainable revenue generation, CYPH may face continued losses. Investors should monitor for any disclosure of hidden liabilities or off-balance-sheet risks, though none are explicitly provided in the data.
Negative Gross Margin Anomaly in 2024Q4
According to the income statement, CYPH reported a gross margin of -44.6% in 2024Q4, an alarming figure given the company's asset management sector peers, indicating potential structural issues in cost management or revenue recognition.
The negative gross margin in 2024Q4 contrasts with subsequent quarters where COGS is zero, implying that the company may have restructured its cost base or discontinued unprofitable segments. However, the lack of consistent gross margin data across periods makes it difficult to assess long-term profitability or pricing power.