Cipher Mining (CIFR) financial statements
Cipher Mining reported revenue of $224M in fiscal 2025, up 319.3% a year over 3 years.
Net income was -$822M.
Free cash flow was -$697M, and the company returned $90M in net buybacks.
The diluted share count rose 54% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cipher Mining's 10-K filings with the SEC.
| Fiscal year | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | $3M | $127M | $151M | $224M |
| Cost of revenue | — | $748,000 | $50M | $62M | $81M |
| Gross profit | — | $2M | $77M | $89M | $143M |
| Selling, general and admin | — | $71M | $28M | $33M | $36M |
| Operating income | -$153,657 | -$37M | -$20M | -$44M | -$422M |
| Interest expense | — | $137,000 | $2M | $2M | $37M |
| Pre-tax income | — | -$37M | -$22M | -$44M | -$826M |
| Income tax | — | $2M | $4M | $318,000 | -$3M |
| Net income | -$107,031 | -$39M | -$26M | -$45M | -$822M |
| EPS (diluted) | — | -$0.16 | -$0.10 | -$0.14 | -$2.15 |
| Diluted shares | — | 248M | 252M | 323M | 382M |
| Gross margin | — | 75.4% | 60.3% | 58.8% | 63.7% |
| Operating margin | — | -1232.2% | -15.9% | -28.9% | -188.2% |
| Net margin | — | -1285.9% | -20.3% | -29.5% | -367.2% |
Balance sheet
Fiscal years, from Cipher Mining's 10-K filings with the SEC.
| Fiscal year | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $171M | $12M | $74M | $6M | $628M |
| Receivables | — | $98,000 | — | — | — |
| Total current assets | $2M | $48M | $155M | $168M | $2.7B |
| Property, plant and equipment | — | $191M | $244M | $481M | $633M |
| Total assets | $172M | $418M | $566M | $855M | $4.3B |
| Total current liabilities | $129,388 | $40M | $34M | $132M | $699M |
| Long-term debt | — | — | — | $0 | $2.7B |
| Total liabilities | $252,458 | $76M | $75M | $173M | $3.5B |
| Shareholders' equity | $1M | $343M | $491M | $682M | $806M |
| Net debt | -$1M | -$12M | -$74M | -$6M | $2.1B |
Cash flow
Fiscal years, from Cipher Mining's 10-K filings with the SEC.
| Fiscal year | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | — | -$21M | -$94M | -$88M | -$208M |
| Capital spending | — | $40M | $21M | $141M | $489M |
| Free cash flow | — | -$61M | -$115M | -$228M | -$697M |
| Stock-based compensation | — | $42M | $38M | $42M | $53M |
| Share buybacks (net) | — | -$3M | -$4M | -$28M | -$90M |
| Free cash flow margin | — | -1999.7% | -90.9% | -151.0% | -311.4% |
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Open CIFR in InvestinglyQuestions
What was Cipher Mining's revenue in 2025?
$224M in fiscal 2025, from its 10-K filing.
How much free cash flow does Cipher Mining generate?
-$697M in fiscal 2025 (operating cash flow minus capital spending).
From Cipher Mining's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.