C
Cipher Digital Inc.
Period
FY 2025
Revenue
$223.94M
Net Income
$-822.24M
Total Assets
$4.29B
Equity
$805.50M
Shares Out
409.05M
Op. Cash Flow
$-207.90M
Business
Cipher Digital Inc. is a vertically integrated data center developer and operator focused on industrial-scale, energy-intensive computing infrastructure for hyperscalers and high-performance computing (HPC) tenants. The company sources, designs, constructs, and operates data centers in power-advantaged locations, with a portfolio of 4.2 GW across 10 sites at various development stages. Revenue streams include long-term HPC leases with tenants like Amazon and Fluidstack, as well as bitcoin mining operations; the company is transitioning from pure bitcoin mining toward HPC leasing as its primary growth driver. Operations and development pipeline span primarily Texas and Ohio.
Summary from 10-K filed 2026-02-24
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenue - bitcoin mining | 224 | 151 | 127 | 3 | — | |
| Cost of revenue | −81 | −62 | −50 | 748,000 | — | |
| Compensation and benefits | −79 | −61 | −57 | — | — | |
| General and administrative | −36 | −33 | −28 | 71 | 72 | |
| Depreciation and amortization | −199 | −102 | −59 | 4 | — | |
| Change in fair value of power purchase agreement | −29 | −8 | 27 | — | — | |
| Power sales | 8 | 5 | 10 | −458,000 | — | |
| Equity in losses of equity investees | −21 | −384,000 | −3 | 37 | — | |
| Unrealized (losses) gains on fair value of bitcoin | −42 | 11 | 3 | — | — | |
| Realized gains on sale of bitcoin | 7 | 52 | 8 | — | — | |
| Other operating (losses) gains | −174 | 3 | 2 | — | — | |
| Total costs and operating expenses | −646 | −195 | −147 | 40 | 72 | |
| Operating loss | −422 | −44 | −20 | −37 | −72 | |
| Interest income | 19 | 3 | 164,000 | 215,000 | 4,000 | |
| Interest expense | −37 | −2 | −2 | — | — | |
| Change in fair value of warrant liability | 19 | 250,000 | −243,000 | 130,000 | 22,000 | |
| Other expense | −406 | −3 | −17,000 | — | — | |
| Total other expense | −404 | −618,000 | −2 | 208,000 | −1,000 | |
| Loss before taxes | −826 | −44 | −22 | −37 | −72 | |
| Current income tax expense | −956,000 | −1 | −201,000 | 0 | — | |
| Deferred income tax benefit (expense) | 4 | 937,000 | −3 | −2 | — | |
| Total income tax benefit (expense) | 3 | −318,000 | −4 | −2 | 0 | |
| Net loss | −822 | −45 | −26 | — | — | |
| Less: Net loss attributable to redeemable noncontrolling interest | 0 | 0 | 0 | — | — | |
| Net loss available for common stockholders | −822 | −45 | −26 | −39 | −72 | |
| Loss per share - basic (in dollars per share) | −2.15 | −0.14 | −0.1 | −0.16 | −0.33 | |
| Loss per share - diluted (in dollars per share) | −2.15 | −0.14 | −0.1 | −0.16 | −0.33 | |
| Weighted average shares outstanding - basic (in shares) | 382 | 323 | 252 | 248 | 218 | |
| Weighted average shares outstanding - diluted (in shares) | 382 | 323 | 252 | 248 | 218 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 628 | 6 | 74 | 12 | 210 | |
| Restricted cash, current | 1,761 | 0 | 0 | — | — | |
| Prepaid expenses and other current assets | 8 | 3 | 4 | 7 | 14 | |
| Bitcoin | 125 | 93 | 33 | 6 | — | |
| Receivable for bitcoin collateral | 0 | 32 | 0 | — | — | |
| Miners held for sale | 95 | 0 | — | — | — | |
| Derivative asset | 34 | 32 | 32 | 21 | — | |
| Total current assets | 2,653 | 168 | 155 | 48 | 224 | |
| Restricted cash, noncurrent | 275 | 14 | 12 | — | — | |
| Property and equipment, net | 622 | 481 | 244 | — | — | |
| Deposits on equipment | 11 | 39 | 31 | 73 | 115 | |
| Intangible assets, net | 77 | 9 | 8 | 596,000 | — | |
| Investment in equity investees | 29 | 54 | 35 | 37 | — | |
| Derivative asset | 23 | 54 | 62 | 46 | — | |
| Operating lease right-of-use asset | 11 | 13 | 7 | 5 | — | |
| Security deposits | 28 | 20 | 24 | 18 | 10 | |
| Other noncurrent assets | 562 | 4 | 0 | — | — | |
| Total assets | 4,292 | 855 | 566 | 418 | 354 | |
| Accounts payable | 40 | 23 | — | 14 | 242,000 | |
| Accrued expenses and other current liabilities | 90 | 70 | 22 | 19 | 257,000 | |
| Finance lease liability, current portion | 4 | 4 | 3 | 3 | — | |
| Operating lease liability, current portion | 2 | 3 | 1 | 1 | — | |
| Warrant liability | 525 | 0 | 250,000 | 7,000 | — | |
| Short-term borrowings | 38 | 32 | 0 | — | — | |
| Total current liabilities | 699 | 132 | 34 | 40 | 499,000 | |
| Long-term borrowings, net | 2,712 | 0 | — | — | — | |
| Asset retirement obligations | 34 | 20 | 18 | 17 | — | |
| Finance lease liability | 3 | 7 | 11 | 12 | — | |
| Operating lease liability | 9 | 10 | 6 | 4 | — | |
| Deferred tax liability | 0 | 4 | 5 | 2 | — | |
| Total liabilities | 3,456 | 173 | 75 | 76 | 636,000 | |
| Commitments and contingencies (Note 14) | — | — | — | — | — | |
| Redeemable noncontrolling interest | 30 | 0 | — | — | — | |
| Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding as of December 31, 2025, and December 31, 2024 | 0 | 0 | 0 | 0 | — | |
| Common stock, $0.001 par value, 1,000,000,000 and 500,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively, 412,074,529 and 361,432,449 shares issued as of December 31, 2025 and December 31, 2024, respectively, and 404,963,061 and 350,783,817 shares outstanding as of December 31, 2025, and December 31, 2024, respectively | 412,000 | 361,000 | 296,000 | 251,000 | 252,000 | |
| Additional paid-in capital | 1,809 | 863 | — | — | 425 | |
| Accumulated deficit | −1,004 | −181 | −137 | −111 | −72 | |
| Treasury stock, at par, 7,111,468 and 10,648,632 shares at December 31, 2025 and December 31, 2024, respectively | −7,000 | −11,000 | −5,000 | — | — | |
| Total stockholders equity | 806 | 682 | 491 | 343 | 354 | |
| Total liabilities, redeemable noncontrolling interest, and stockholders equity | 4,292 | 855 | 566 | 418 | 354 | |
| Common stock, shares authorized (in shares) | 1,000 | 500 | 500 | 500 | 500 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 199 | 102 | 59 | — | — | |
| Amortization of operating right-of-use asset | 2 | 1 | 822,000 | 772,000 | — | |
| Share-based compensation | 53 | 42 | 38 | 42 | 64 | |
| Write-down of assets held for sale | 96 | 0 | 0 | — | — | |
| Loss on disposal of assets | 31 | 290,000 | 0 | — | — | |
| Impairment of property and equipment | 45 | 0 | 0 | — | — | |
| Amortization of debt discount and issuance costs | 18 | 0 | 0 | — | — | |
| Non-cash lease expense | 1 | 919,000 | 2 | 137,000 | — | |
| Non-cash consideration received for services | −224 | −151 | −126 | — | — | |
| Change in fair value of derivative assets | −16 | 8 | −27 | — | — | |
| Change in fair value of embedded derivative | 450 | 0 | 0 | — | — | |
| Change in fair value of bitcoin collateral | −6 | −546,000 | 0 | — | — | |
| Change in fair value of bitcoin loan | 781,000 | −669,000 | 0 | — | — | |
| Changes in operating assets and liabilities | −68 | 18 | −11 | — | — | |
| Net cash used in operating activities | −208 | −88 | −94 | −21 | −32 | |
| Proceeds from sale of bitcoin | 215 | 149 | 111 | — | — | |
| Purchases of bitcoin | −2 | 0 | 0 | — | — | |
| Deposits on equipment | −5 | −163 | −34 | −188 | −115 | |
| Purchases of property and equipment | −488 | −139 | −20 | −39 | −5 | |
| Purchases and development of software | −1 | −1 | −634,000 | −596,000 | — | |
| Purchases of strategic contracts | −33 | 0 | 0 | — | — | |
| Investment in equity investees | −22 | −37 | −4 | — | — | |
| Capital distributions from equity investees | 0 | 0 | 4 | 54 | — | |
| Prepayments on financing lease | 0 | 0 | −4 | — | — | |
| Net cash (used in) provided by investing activities | −337 | −192 | 53 | −174 | −120 | |
| Proceeds from notes, net of issuance costs | 3,146 | 0 | 0 | — | — | |
| Proceeds from the issuance of common stock, net of offering costs | 195 | 222 | 132 | — | 5 | |
| Proceeds from treasury stock reissued for PIPE investment | 50 | 0 | 0 | — | — | |
| Purchase of capped call options | −83 | 0 | 0 | — | — | |
| Repurchase of common shares to pay employee withholding taxes | −90 | −28 | −4 | −3 | −23 | |
| Proceeds from loan | 0 | 25 | 0 | — | — | |
| Principal payments on loan | −25 | 0 | 0 | — | — | |
| Principal payments on financing lease | −5 | −6 | −13 | — | — | |
| Net cash provided by financing activities | 3,189 | 214 | 116 | −3 | 362 | |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 2,645 | −66 | 74 | −198 | 210 | |
| Cash paid for interest | 1 | 0 | 0 | — | 27,000 | |
| Reclassification of embedded derivative liability to equity | 737 | 0 | 0 | — | — | |
| Issuance of warrant liability | 544 | 0 | 0 | — | — | |
| Property and equipment purchases in accounts payable and accrued expenses | 67 | 42 | 0 | 14 | 18,000 | |
| Bitcoin transferred for rehypothecated collateral | 32 | 32 | 0 | — | — | |
| Reclassification of deposits on equipment to property and equipment | 31 | 155 | 74 | 106 | — | |
| Recognition of redeemable noncontrolling interest upon consolidation | 30 | 0 | 0 | — | — | |
| Bitcoin loan payments | 27 | 0 | 0 | — | — | |
| Bitcoin received from equity investees | 26 | 18 | 317,000 | 5 | — | |
| Bitcoin received as a loan | 17 | 10 | 0 | — | — | |
| Non-cash consideration transferred in acquisition of intangible asset | 15 | 0 | 0 | — | — | |
| Initial estimate of asset retirement obligation and related capitalized costs | 11 | 0 | 0 | — | — | |
| Sales tax accrual on machines placed in service | 4 | 2 | 1 | — | — | |
| Bitcoin paid for interest on loan | 140,000 | 2 | 0 | — | — | |
| Treasury stock reissued for PIPE investment | 10,000 | 0 | 0 | — | — | |
| Right-of-use asset obtained in exchange for operating lease liability | 491,000 | 7 | 3 | 6 | — | |
| Settlement of related party payable related to master services and supply agreement | 0 | 2 | 0 | — | — | |
| Right-of-use asset obtained in exchange for finance lease liability | 0 | 0 | 14 | 15 | — | |
| Issuance of common stock in exchange for intangible assets | 0 | 0 | 7 | — | — |
Filings
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Frequently asked questions
What is Cipher Digital Inc.'s CIK number?
Cipher Digital Inc.'s SEC CIK number is 0001819989 (1819989). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Cipher Digital Inc.'s SEC filings?
All of Cipher Digital Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Cipher Digital Inc. last report earnings?
Cipher Digital Inc. (CIFR) most recently filed an earnings 8-K with the SEC on May 5, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001819989-26-000025). This is Cipher Digital Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Cipher Digital Inc.'s most recent earnings 8-K?
Cipher Digital Inc.'s latest earnings 8-K (Item 2.02) was filed May 5, 2026 under accession 0001819989-26-000025. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Cipher Digital Inc.'s latest earnings 8-K →
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