Cipher Mining (CIFR) AI Stock Analysis

• Market Cap: $4.83B
• Dividend Yield: N/A
• Average Volume (3M): 33.17M
• Price to Earnings (P/E): ―
• Beta (1Y): 3.06
• Revenue Growth: 0.11%
• EPS Growth: -914.42%
• Country: US
• Employees: 43
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): -0.12
• Shares Outstanding: 393,282,650
• 10 Day Avg. Volume: 41,052,082
• 30 Day Avg. Volume: 33,172,455
• PEG Ratio: -0.84
• Price to Book (P/B): 2.20
• Price to Sales (P/S): 9.91
• P/FCF Ratio: -6.60
• Enterprise Value/Market Cap: 0.37
• Enterprise Value/Revenue: 11.38
• Enterprise Value/Gross Profit: -177.84
• Enterprise Value/Ebitda: -946.70
• 1Y Price Target: $8.90
• Price Target Upside: -27.52% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 11

• Rating: 54 Neutral
• Price Target: $6.00 ▼(-51.14% Downside)

Cipher Mining's overall stock score reflects financial challenges and valuation concerns, offset by positive technical indicators and promising strategic initiatives highlighted in the earnings call. The company's ability to manage debt and exceed operational targets suggests potential for future growth, but profitability and cash flow issues remain significant risks.

Positive Factors

Operational Efficiency

Cipher Mining's focus on maintaining low power costs and strategic investments enhances its operational efficiency, crucial for long-term competitiveness in the energy-intensive Bitcoin mining industry.

Strategic Growth Initiatives

Raising substantial funds for strategic projects like Black Pearl Phase 1 positions Cipher Mining for future growth, enabling expansion and technological advancements in its mining operations.

Capacity Expansion

The expansion plan for Black Pearl Phase II, integrating AI and hydro-bitcoin mining, diversifies operations and enhances flexibility, supporting long-term growth and resilience.

Negative Factors

Profitability Concerns

Persistent negative profit margins highlight challenges in achieving profitability, which could hinder Cipher Mining's ability to sustain operations and invest in growth over the long term.

Cash Flow Challenges

Negative cash flows indicate inefficiencies in converting earnings into cash, posing liquidity risks that could impact Cipher Mining's operational stability and investment capacity.

Revenue Decline

The sequential revenue decline suggests potential vulnerabilities in Cipher Mining's revenue model, which may affect its ability to fund operations and growth initiatives if not addressed.

Cipher Mining Business Overview & Revenue Model

Company Description

Cipher Mining Inc., a technology company, operates in the bitcoin mining ecosystem in the United States. It engages in developing and growing a cryptocurrency mining business that specializes in bitcoin. The company was incorporated in 2021 and is based in New York, New York.

How the Company Makes Money

Cipher Mining generates revenue primarily through the mining of Bitcoin, which involves solving complex mathematical problems to validate transactions on the Bitcoin blockchain. As miners successfully complete these tasks, they are rewarded with newly minted Bitcoin and transaction fees, providing a direct source of income. In addition to mining operations, the company may also engage in partnerships with energy providers to secure favorable rates for electricity, which is a significant cost factor in mining. Furthermore, Cipher Mining may explore collaborations with other blockchain entities or investors, enhancing its market presence and revenue potential through strategic alliances.

Cipher Mining Financial Statement Overview

Summary

Cipher Mining's financial performance is challenged by ongoing losses and cash flow issues. Despite revenue growth, negative net profit margins and EBIT margins indicate profitability concerns. The balance sheet is stable with low leverage, but negative return on equity and liquidity risks due to inefficient cash conversion are significant concerns.

Income Statement

Cipher Mining's income statement shows a mixed performance. The company has experienced revenue growth, with a 4.44% increase in the TTM period. However, profitability metrics are concerning, with negative net profit margins and EBIT margins indicating ongoing losses. The gross profit margin has also declined significantly from previous years, suggesting cost management issues.

Balance Sheet

The balance sheet reflects a relatively low debt-to-equity ratio, indicating conservative leverage. However, the return on equity is negative, highlighting challenges in generating returns for shareholders. The equity ratio remains stable, suggesting a solid capital structure despite profitability issues.

Cash Flow

Cash flow analysis reveals significant challenges, with negative operating and free cash flows. Although there is a positive free cash flow growth rate in the TTM period, the high free cash flow to net income ratio indicates that the company is not efficiently converting its earnings into cash. This poses liquidity risks.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	158.85M	151.27M	126.84M	3.04M	0.00	0.00
Gross Profit	-10.16M	28.11M	76.53M	2.29M	-4.87K	0.00
EBITDA	-1.91M	61.09M	39.70M	-31.93M	-72.12M	-107.03K
Net Income	-154.00M	-44.63M	-25.78M	-39.05M	-78.71M	-107.03K
Balance Sheet
Total Assets	1.02B	855.45M	566.14M	418.46M	354.17M	173.09K
Cash, Cash Equivalents and Short-Term Investments	174.79M	5.58M	86.11M	11.93M	209.84M	1.28M
Total Debt	189.29M	56.42M	21.98M	20.32M	0.00	0.00
Total Liabilities	269.86M	173.49M	74.80M	75.57M	636.05K	176.57K
Stockholders Equity	748.90M	681.95M	491.34M	342.89M	353.53M	-3.48K
Cash Flow
Free Cash Flow	-521.97M	-227.01M	-149.26M	-248.83M	-36.78M	-321.64K
Operating Cash Flow	-138.98M	-87.51M	-94.24M	-20.91M	-31.67M	-321.64K
Investing Cash Flow	-240.29M	-192.13M	52.76M	-173.91M	-120.14M	-170.00M
Financing Cash Flow	333.80M	213.51M	115.66M	-3.09M	361.65M	171.60M

Cipher Mining Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 12.28
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CIFR, the sentiment is Positive. The current price of 12.28 is above the 20-day moving average (MA) of 9.00, above the 50-day MA of 7.02, and above the 200-day MA of 4.97, indicating a bullish trend. The MACD of 1.58 indicates Negative momentum. The RSI at 78.21 is Negative, neither overbought nor oversold. The STOCH value of 89.60 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CIFR.

Cipher Mining Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BTBT	62 Neutral	1.00B	-9.06	6.11%	―	14.65%	-240.80%
WULF	58 Neutral	4.48B	-31.94	-75.56%	―	19.82%	-77.95%
MARA	56 Neutral	6.78B	16.38	14.17%	―	41.32%	-12.83%
CIFR	54 Neutral	$4.83B	―	-21.39%	―	0.11%	-914.42%
RIOT	53 Neutral	6.45B	-37.64	-2.88%	―	93.46%	-166.22%
ABTC	53 Neutral	1.25B	-4.79	0.00%	―	0.00%	0.00%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%

Cipher Mining Corporate Events

Cipher Mining Reports Strong Q2 2025 Financial Results

On August 7, 2025, Cipher Mining announced its second quarter 2025 financial results, highlighting a revenue of $44 million and non-GAAP adjusted earnings of $30 million. The company successfully commenced hashing at its Black Pearl Phase I site ahead of schedule, contributing to a self-mining capacity of approximately 16.8 EH/s, with expectations to reach 23.5 EH/s by the end of the third quarter. Cipher is also advancing its strategic plan for Black Pearl Phase II, aiming to accommodate both AI compute and hydro-bitcoin mining, which will allow flexibility in leasing to HPC tenants or continuing bitcoin mining. The company completed a $172.5 million convertible note offering and maintains a 2.6-gigawatt pipeline, positioning itself as a leading developer of HPC data centers while setting standards in bitcoin mining.

Cipher Mining Ends Board Observer Agreement with Bitfury

On July 22, 2025, Cipher Mining Inc. terminated its Board Observer Agreement with Bitfury Investors, which was initially established in April 2022. The agreement allowed Bitfury to designate a non-voting observer to the company’s board, a right they never exercised. The termination includes mutual releases and confidentiality provisions, indicating a clean break without further obligations for either party.