Cipher Digital Inc. CIFR

Financials SIC 6199 - Finance Services Nasdaq

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.

Last close 17.74 2026-09-04
Market cap $7.36B 2026-06-30 share count
52-week range 7.17 - 30.14

Valuation FY2025 figures against the last close

P/S32.9x
P/E
P/FCF
EV/EBITDA
Dividend yield
Diluted EPS-2.15

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
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 FY2025FY2024FY2023FY2022FY2021FY2020
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 FY2025FY2024FY2023FY2022FY2021FY2020
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.

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