Top Page
Cipher Mining
(NASDAQ:CIFR)
Cipher Mining (CIFR) vs. SPDR S&P 500 ETF (SPY)
Cipher Mining Business Overview & Revenue Model
Cipher Mining Earnings Call Summary
Cipher Mining Financial Statement Overview
| 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
Cipher Mining Risk Analysis
Cipher Mining Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | $1.02B | ― | -11.34% | ― | 14.65% | -240.80% | |
59 Neutral | $8.89B | -129.71 | -9.69% | ― | 35.41% | -38.08% | |
57 Neutral | $6.12B | ― | -46.99% | ― | 19.82% | -77.95% | |
55 Neutral | $7.17B | 57.23 | 5.24% | ― | 103.62% | 49.48% | |
53 Neutral | $6.29B | 9.49 | 23.13% | ― | 53.51% | 112.53% | |
40 Underperform | $4.22B | -3.12 | ― | ― | ― | ― |
Cipher Mining Corporate Events
Cipher Mining Inc., a company specializing in the development and operation of industrial-scale data centers for bitcoin mining and high-performance computing (HPC) hosting, has reported its financial results for the third quarter of 2025, highlighting significant strategic developments.
On November 3, 2025, Cipher Mining announced its third quarter 2025 financial results and significant corporate developments. The company reported a revenue of $72 million and non-GAAP adjusted earnings of $41 million. Notably, Cipher secured a 15-year lease agreement with Amazon Web Services to provide space and power for AI workloads, and formed a joint venture to develop a 1-gigawatt site in West Texas. These strategic moves are expected to enhance Cipher’s credibility and positioning in the HPC space, as well as capitalize on the growing demand for data center capacity.
The most recent analyst rating on (CIFR) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Cipher Mining stock, see the CIFR Stock Forecast page.
On October 6, 2025, Cipher Mining announced the retirement of its Chief Financial Officer, Edward Farrell, effective October 14, 2025. Mr. Farrell, who played a crucial role in the company’s early success and public listing, will transition to a Senior Advisor role to ensure a smooth leadership change. Gregory Mumford, with over a decade of experience in financial services and digital infrastructure, will succeed Mr. Farrell as CFO. Mr. Mumford’s appointment is expected to bolster Cipher’s growth strategy, leveraging his expertise in capital markets and strategic advisory.
The most recent analyst rating on (CIFR) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on Cipher Mining stock, see the CIFR Stock Forecast page.
On September 30, 2025, Cipher Mining Inc. issued $1.3 billion in 0.00% Convertible Senior Notes due 2031, with an additional option for $200 million fully exercised by initial purchasers. These notes are senior, unsecured obligations and are convertible under certain conditions, with a maturity date of October 1, 2031. The company also entered into capped call transactions to mitigate potential dilution of its common stock upon conversion of the notes, with a cap price set at $23.32, representing a 100% premium over the stock’s last reported sale price on September 25, 2025.
The most recent analyst rating on (CIFR) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on Cipher Mining stock, see the CIFR Stock Forecast page.
On September 25, 2025, Cipher Mining Inc. announced the pricing of its $1.1 billion convertible senior notes due 2031 in a private offering to qualified institutional buyers. The offering size was increased from the previously announced $800 million, and the notes are set to settle on September 30, 2025. The proceeds will be used to fund data center construction, accelerate HPC strategy, expand development sites, and for general corporate purposes. The issuance is expected to impact Cipher’s market positioning by supporting its growth in bitcoin mining and HPC hosting, potentially affecting the market price of its common stock through associated financial transactions.
The most recent analyst rating on (CIFR) stock is a Hold with a $12.00 price target. To see the full list of analyst forecasts on Cipher Mining stock, see the CIFR Stock Forecast page.
On September 25, 2025, Cipher Mining Inc. announced its intention to offer $800 million in convertible senior notes due 2031 in a private offering to qualified institutional buyers. The proceeds will be used to finance data center construction at Barber Lake, accelerate the company’s HPC strategy, expand its development pipeline, and for general corporate purposes. This move is expected to enhance Cipher’s operational capacity and strengthen its position in the data center and bitcoin mining industry.
The most recent analyst rating on (CIFR) stock is a Buy with a $13.00 price target. To see the full list of analyst forecasts on Cipher Mining stock, see the CIFR Stock Forecast page.
On September 25, 2025, Cipher Mining Inc. announced a 10-year high-performance computing colocation agreement with Fluidstack, which includes the development of a data center facility in Colorado City, Texas, expected to deliver 168 megawatts of critical IT load by September 2026. This agreement, backed by Google with a $1.4 billion backstop of Fluidstack’s obligations, is projected to secure approximately $3 billion in contracted revenue over the initial term, establishing Cipher as a major AI data center developer and strengthening its position in the rapidly growing HPC sector.
The most recent analyst rating on (CIFR) stock is a Buy with a $13.00 price target. To see the full list of analyst forecasts on Cipher Mining stock, see the CIFR Stock Forecast page.
Cipher Mining Inc. recently held an earnings call that painted a mixed picture of its current financial standing and future prospects. The company demonstrated significant strategic progress and financial achievements, such as surpassing growth guidance and improving operational efficiency. However, these positives were offset by a decline in revenue and an increased GAAP net loss, highlighting some financial challenges. While Cipher Mining is poised for future growth, current financial metrics indicate areas that require attention.
Cipher Mining Inc. faces a significant risk related to the potential dilution of stockholder ownership due to the conversion of the 2030 Notes into common stock. This conversion could lead to a decrease in the trading price of their stock as the market anticipates such actions, potentially encouraging short selling. The expectation of conversions, even without actual occurrences, may exert downward pressure on the stock price, impacting investor confidence and market valuation. This situation highlights the importance of strategic financial management to mitigate adverse effects on stockholder value.
Cipher Mining Inc., a company specializing in industrial-scale data centers for bitcoin mining and HPC hosting, has released its second quarter 2025 earnings report. The company reported a revenue of $44 million and non-GAAP adjusted earnings of $30 million for the quarter. A significant highlight was the early commencement of operations at the Black Pearl Phase I site, which exceeded growth targets and increased Cipher’s self-mining capacity to approximately 16.8 EH/s, with expectations to reach 23.5 EH/s by the end of the third quarter.
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.
The most recent analyst rating on (CIFR) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Cipher Mining stock, see the CIFR Stock Forecast page.