Cipher Digital Inc. CIFR
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. Over the past several years, we have intentionally evolved from a pure-play bitcoin miner into a vertically integrated data center development and operations platform focused on energy-intensive compute infrastructure. Our vertical integration spans critical stages of the data center value chain, including land and power origination and interconnection, site development, data center design and construction, oversight and ongoing facility operations.
Fundamentally, we bring together construction, engineering, operations, power, real estate and technology expertise to deliver high quality, purpose-built data centers that meet tenants' needs. Our in-house teams source and control industrial-scale sites with access to substantial electric power capacity, advance grid interconnection and substation development, and manage the design and construction of data center campuses. We also operate and maintain energy-intensive data center facilities, leveraging operational expertise developed through our employees' extensive experience managing Tier III HPC data centers and large, flexible electrical loads. Against a backdrop of increasing demand for artificial intelligence ("AI") technology and access to energized HPC data centers to meet consumers' demands for such technology, we believe we play an important part of the AI economy and we expect to benefit from powerful, long-term growth drivers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $223.9M | $151.3M | $126.8M | $3.0M | — | — |
| Cost of revenue | $81.2M | $62.4M | $50.3M | $748.0K | — | — |
| Gross profit | $142.7M | $88.9M | $76.5M | $2.3M | — | — |
| SG&A | $36.4M | $32.7M | $27.8M | $70.8M | $72.1M | — |
| Operating income | -$421.6M | -$43.7M | -$20.1M | -$37.4M | -$72.2M | -$153.7K |
| Interest expense | $36.6M | $1.7M | $2.0M | $137.0K | $27.0K | — |
| Pre-tax income | -$825.6M | -$44.3M | -$22.2M | -$37.2M | -$72.2M | — |
| Income tax | $3.3M | $318.0K | $3.6M | $1.8M | $0 | — |
| Net income | -$822.2M | -$44.6M | -$25.8M | -$39.1M | -$72.2M | -$107.0K |
| EPS, basic | -2.15 | -0.14 | -0.10 | -0.16 | -0.33 | — |
| EPS, diluted | -2.15 | -0.14 | -0.10 | -0.16 | -0.33 | — |
| Shares, diluted (wtd. avg.) | 381.6M | 323.1M | 252.4M | 248.2M | 218.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $628.3M | $5.6M | $74.2M | $11.9M | $209.8M | $1.3M |
| Short-term investments | — | — | — | — | — | $170.0M |
| Receivables | — | — | — | $98.0K | — | — |
| Total current assets | $2.65B | $168.2M | $155.5M | $47.7M | $223.7M | $1.6M |
| Property, plant and equipment | — | — | $243.8M | $191.2M | $5.1M | $1.6K |
| Other intangibles | $77.4M | $8.9M | $8.1M | $596.0K | — | $5.0M |
| Total assets | $4.29B | $855.4M | $566.1M | $418.5M | $354.2M | $173.1K |
| Accounts payable | $40.1M | $22.7M | — | $14.3M | $242.0K | $1.9K |
| Short-term debt | $37.8M | $32.3M | $0 | — | — | — |
| Total current liabilities | $699.1M | $131.8M | $33.8M | $40.3M | $499.0K | $176.6K |
| Long-term debt | $2.71B | $0 | — | — | — | — |
| Total liabilities | $3.46B | $173.5M | $74.8M | $75.6M | $636.0K | $176.6K |
| Retained earnings | -$1.00B | -$181.4M | -$136.8M | -$111.2M | -$72.2M | -$3.5K |
| Total equity | $805.5M | $682.0M | $491.3M | $342.9M | $353.5M | -$3.0K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$207.9M | -$87.5M | -$94.2M | -$20.9M | -$31.7M | — |
| Depreciation and amortisation | $199.0M | $102.4M | $59.1M | $4.4M | $5.0K | — |
| Stock-based compensation | $52.8M | $42.1M | $38.5M | $41.5M | $63.8M | — |
| Capital expenditure | $487.9M | $139.5M | $20.5M | $39.2M | $5.1M | — |
| Investing cash flow | -$336.6M | -$192.1M | $52.8M | -$173.9M | -$120.1M | — |
| Financing cash flow | $3.19B | $213.5M | $115.7M | -$3.1M | $361.6M | — |
| Buybacks | $89.6M | $27.6M | $3.9M | $3.1M | $23.2M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001819989-26-000016.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | — | $3.0M | $126.8M | $151.3M | $223.9M |
| Gross profit | — | — | $2.3M | $76.5M | $88.9M | $142.7M |
| Net income | -$107.0K | -$72.2M | -$39.1M | -$25.8M | -$44.6M | -$822.2M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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