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Nasdaq · Financials

Cipher Digital Inc. (CIFR)

As-reported financials and SEC filings for Cipher Digital Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Cipher Digital Inc.

Cipher Digital Inc. develops and operates large-scale data centers designed for high-performance computing (HPC) and artificial intelligence applications. The company owns and manages sites primarily in Texas and Ohio, providing data center capacity to hyperscalers and HPC customers under long-term leases. It also operates a bitcoin mining facility in Texas, though its main focus is on leasing data center infrastructure to major technology tenants like Amazon and Fluidstack.

Snapshot

Revenue
$223.9M
Revenue growth (YoY)
48.0%
Net income
$-822.2M
Diluted EPS
$-2.15
Gross margin
—
Operating margin
—
Net margin
—
FCF margin
—
ROE
-102.1%
net income / fiscal-year-end equity
P/E
n/m
not meaningful: a reported loss in the fiscal year or the trailing twelve months
Market cap
$4.13B
Long-term debt / equity
3.37×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Cipher Digital

  • Revenue grew 48.0% to $224M in FY2025, faster than the 19.3% the year before.
  • Most recent quarter Q2 FY2026: revenue $25M, down 43.0% from Q2 FY2025.
  • Free cash flow was negative $696M in FY2025.
  • Net loss widened to $822M in FY2025, from $45M in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Cipher Digital’s fundamentals sit among the 424 Financials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Revenue growth (YoY)+48.0%
86th percentile of 418
ROE-102.1%
5th percentile of 373
Long-term debt / equity3.37×
96th percentile of 192
Short interest2.18d
26th percentile of 419

Cipher Digital’s long-term debt to equity of 3.37 ranks in the 96th percentile of the 192 Financials companies reporting it. Cipher Digital’s return on equity of -102.1% ranks in the 5th percentile of the 373 Financials companies reporting it. Cipher Digital’s revenue growth of +48.0% ranks in the 86th percentile of the 418 Financials companies reporting it.

No reported insider transactions (codes P/S) in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 1 of the superinvestors we track (plus 7 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
1
+7 quant / multi-strat
Initiated / added
5
1 new, 4 added
Reduced / exited
4
3 trimmed, 1 exited
Combined position
$645.4M
reported long value
InvestorAs ofPosition valueSharesChange
D. E. ShawquantQ2 2026$355.4M14.5MReduced
Two Sigma InvestmentsquantQ2 2026$117.0M4.8MAdded
Point72 Asset ManagementquantQ2 2026$69.7M2.8MAdded
Millennium ManagementquantQ2 2026$37.2M1.5MReduced
Tiger Global ManagementQ2 2026$22.7M927.0KNew
Citadel AdvisorsquantQ2 2026$18.1M740.2KAdded
Renaissance TechnologiesquantQ2 2026$14.4M589.2KReduced
AQR Capital ManagementquantQ2 2026$10.8M442.8KAdded

No longer held by: Gotham Asset Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
0
—
Reported activity
Quiet
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-07-09
filed 2026-07-10
Tyler PageChief Executive OfficerSell112.5K$22.68$2.6M
2026-07-08
filed 2026-07-10
Tyler PageChief Executive OfficerSell112.5K$21.19$2.4M
2026-06-18
filed 2026-06-23
Cary M. GrossmanDirectorSell15.0K$29.43$441K
2026-06-16
filed 2026-06-18
James E. NewsomeDirectorSell3.8K$26.60$100K
2026-06-04
filed 2026-06-08
V3 Holding Ltd10% ownerSell977.6K$25.35$24.8M
2026-06-04
filed 2026-06-08
V3 Holding Ltd10% ownerSell222.4K$26.10$5.8M
2026-06-03
filed 2026-06-04
V3 Holding Ltd10% ownerSell1.1M$26.28$30.1M
2026-06-03
filed 2026-06-04
V3 Holding Ltd10% ownerSell624.7K$27.17$17.0M
2026-06-03
filed 2026-06-04
V3 Holding Ltd10% ownerSell28.8K$28.10$810K
2026-05-21
filed 2026-05-22
Wesley Hastie WilliamsDirectorSell14.6K$21.41$312K
2026-05-12
filed 2026-05-14
Patrick Arthur KellyCo-President and COOSell48.0K$19.36$929K
2026-05-11
filed 2026-06-18
James E. NewsomeDirectorSell3.3K$20.96$70K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
75.2M
settled 2026-09-30
Change vs prior
+3.2%
vs previous settlement
Days to cover
2.18
at avg daily volume
Avg daily volume
34.4M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-3075.2M+3.2%2.18
2026-09-1572.8M+1.7%2.25
2026-08-3171.6M+9.3%2.05
2026-08-1465.5M+17.7%1.75
2026-07-3155.6M-0.8%1.89
2026-07-1556.1M+3.9%2.40
2026-06-3054.0M-0.9%2.24
2026-06-1554.5M+3.8%2.19

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$223.9M$151.3M$126.8M$3.0M—
Gross profit—
Operating income$-421.6M$-43.7M$-20.1M$-37.4M$-72.2M
Net income$-822.2M$-44.6M$-25.8M$-39.1M$-72.2M
Diluted EPS$-2.15$-0.14$-0.10$-0.16$-0.33

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$628.3M$5.6M$74.2M$11.9M$209.8M
Current assets$2.65B$168.2M$155.5M$47.7M$223.7M
Total assets$4.29B$855.4M$566.1M$418.5M$354.2M
Current liabilities$699.1M$131.8M$33.8M$40.3M$499,000
Long-term debt$2.71B$0———
Total liabilities$3.46B$173.5M$74.8M$75.6M$636,000
Total equity$805.5M$682.0M$491.3M$342.9M$353.5M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$-207.9M$-87.5M$-94.2M$-20.9M$-31.7M
Capital expenditure$487.9M$139.5M$20.5M$39.2M$5.1M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$24.8M-43.0%$-267.5M$-0.65
Q1 FY2026$34.8M-28.8%$-114.3M$-0.28
Q4 FY202541.4%
Q3 FY2025$71.7M197.5%$-3.3M$-0.01
Q2 FY2025$43.6M18.4%$-45.8M$-0.12
Q1 FY2025$49.0M1.7%$-39.0M$-0.11
Q4 FY2024-2.8%
Q3 FY2024$24.1M-20.5%$-86.8M$-0.26

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNasdaq
SectorFinancials
SIC industryFinance Services
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2020
SEC CIK1819989

Selected SEC filings

10-Q2026-08-04
View on EDGAR →
10-Q2026-05-05
View on EDGAR →
8-K2026-10-16
View on EDGAR →
8-K2026-10-14
View on EDGAR →
8-K2026-10-13
View on EDGAR →
8-K2026-09-25
View on EDGAR →

Largest Financials peers

All Financials companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.