CIFR

Cipher Digital is a Bitcoin miner attempting to pivot into high-performance-computing (HPC) data-center hosting. The top line is growing — FY2025 revenue rose 48.0% to $224M — but the financials are alarming everywhere else. The company posted a -$822M net loss (operating loss of -$422M, a -188.2% operating margin) and -$2.15 diluted EPS, a massive deterioration from the modest losses of prior years. Return on equity was -102.1% and the net margin was -367.2%.

The balance sheet has been transformed by a debt-fueled buildout. Total liabilities exploded nearly 19x to $3.46B, long-term debt reached $2.71B, and liabilities/equity jumped to 4.29x. Capex surged 249.8% to $488M to fund HPC data-center construction, while operating cash flow was -$208M — the business is burning cash on both operations and investment. The $628M cash balance, raised largely through financing, is the cushion against that burn, but it is dwarfed by the debt load.