Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
CIFR reported 48% revenue growth to $223.9M in FY2025, but swung to a massive net loss of $822.2M (vs. -$44.6M prior year) driven by a dramatic expansion in long-term debt to $2.71B and surging operating losses, reflecting aggressive capital deployment into its bitcoin mining and data center strategy.
Revenue
$223.94M
+48.04% YoY
EPS (Diluted)
-$2.15
-1435.71% YoY
Operating Income
-$421.56M
-864.70% YoY
Source: SEC XBRL
Cipher Digital (CIFR) reported FY2025 revenue of $223.94M, up 48.0% year over year. Operating margin was -188.2%, against -28.9% a year earlier. Operating cash flow was negative $207.94M.
Last 4 quarters: 0 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | -0.65 | -0.24 | Miss -172.2% |
| Mar 2026 | -0.28 | -0.24 | Miss -17.1% |
| Dec 2025This filing | -0.37 | -0.10 | Miss -267.4% |
| Sep 2025 | -0.09 | -0.02 | Miss -276.6% |
Reported EPS of -$0.37 versus the -$0.10 analyst consensus — a -267.4% miss for Dec 2025.
Compiled by AI from this SEC filing
Revenue grew 48.0% year-over-year from $151.3M to $223.9M, suggesting meaningful expansion in CIFR's bitcoin mining and data center hosting operations. Cost of revenue rose at a slower pace of 30.2%, indicating some gross-level operating leverage, though this was overwhelmed by other expense items.
Source: 10-K Income Statement (XBRL Financial Data)
Operating income collapsed to -$421.6M from -$43.7M, an 864.7% deterioration, while net income fell to -$822.2M from -$44.6M, a 1,742.2% decline. The gap between operating and net loss suggests substantial below-the-line charges, likely related to fair value adjustments on digital assets, debt instruments, or derivative liabilities associated with the $2.71B in new long-term debt raised during FY2025.
Source: 10-K Income Statement & Balance Sheet (XBRL Financial Data)
Total assets surged 401.7% to $4.29B, while total liabilities exploded 1,892.0% to $3.46B, driven by $2.71B in long-term debt that did not exist in the prior year. Financing cash flows of $3.19B confirm massive capital raises, likely through convertible notes or similar instruments common in the bitcoin treasury/mining sector.
Source: 10-K Balance Sheet & Cash Flow Statement (XBRL Financial Data)
Depreciation and amortization nearly doubled to $199.0M from $102.4M, reflecting rapid growth in mining hardware and infrastructure assets. Despite this large non-cash charge, operating cash flow remained deeply negative at -$207.9M, indicating the core business continues to consume cash before capital expenditures.
Source: 10-K Cash Flow Statement (XBRL Financial Data)
The company repurchased $89.6M in shares (up 224.1% YoY) while simultaneously raising billions in financing, suggesting a complex capital structure management strategy. Stockholders' equity grew only modestly to $805.5M (+18.1%), implying significant equity issuance offset losses and buybacks.
Source: 10-K Cash Flow Statement & Balance Sheet (XBRL Financial Data)
Compiled by AI from this SEC filing · 3 high, 2 medium, 0 low
CIFR took on $2.71B in long-term debt in FY2025 from a zero base, pushing the debt-to-equity ratio to 4.29x. This level of leverage creates significant interest expense burden and refinancing risk, particularly if bitcoin prices decline or operating cash flows do not improve materially. Inability to service this debt could threaten the company's financial stability.
Source: 10-K Balance Sheet (XBRL Financial Data)
Operating cash flow was -$207.9M in FY2025, worsening 137.6% from -$87.5M in the prior year, meaning the company is burning cash from core operations. With investing outflows of -$336.6M on top of this, CIFR is entirely dependent on external financing to fund its operations and growth, which is unsustainable if capital markets become less receptive.
Source: 10-K Cash Flow Statement (XBRL Financial Data)
As a bitcoin miner and treasury holder, CIFR's revenue, asset values, and profitability are directly tied to bitcoin price fluctuations. The massive net loss of -$822.2M versus an operating loss of -$421.6M suggests large fair value or impairment charges on digital assets, which can swing dramatically with crypto market conditions.
Source: 10-K Income Statement (XBRL Financial Data)
Basic EPS deteriorated to -$2.15 from -$0.14, a 1,435.7% decline, partly reflecting share issuance to fund operations and acquisitions. With $2.71B in long-term debt that may include convertible features, further dilution to existing shareholders is a material risk as conversion events or new equity raises occur.
Source: 10-K Income Statement (XBRL Financial Data)
D&A doubled to $199.0M, reflecting rapid deployment of mining hardware and data center infrastructure. Rapid scaling of capital-intensive assets increases execution risk, including delays, cost overruns, and technological obsolescence of mining equipment, which could impair asset values and further pressure already negative margins.
Source: 10-K Cash Flow Statement (XBRL Financial Data)
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $M | 223.94 $M | 151.27 $M | +48.04% |
Cost of Revenue $M | 81.22 $M | 62.36 $M | +30.23% |
Operating Income $M | -421.56 $M | -43.70 $M | -864.70% |
Net Income $M | -822.24 $M | -44.64 $M | -1742.15% |
EPS (Basic) $ | -2.15 $ | -0.14 $ | -1435.71% |
EPS (Diluted) $ | -2.15 $ | -0.14 $ | -1435.71% |
Answers draw on this SEC filing and the data on this page
Cipher Digital reported a $267.5 million net loss in Q2 FY2026, driven by non-cash warrant liability revaluation, while accelerating its transformation into an HPC data center developer with expanded project pipeline and billions in financing.
CIFR reported a sharp revenue decline of 28.8% YoY to $34.8M in Q1 2026, while net losses widened dramatically to -$114.3M, though the company's balance sheet expanded nearly 6x to $6.4B in total assets—likely reflecting a major acquisition or capital raise—and operating cash flow turned positive at $91.5M.