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Cipher Digital Inc., together with its subsidiaries, develops and operates industrial-scale data centers for bitcoin mining and high-performance compute (HPC) hosting in the United States. It develops HPC data center facilities across various sites for hyperscaler tenants; operates power at one bitcoin mining data center; and maintains a pipeline across various sites. The company was formerly known as Cipher Mining Inc. and change its name to Cipher Digital Inc. in February 2026. The company was founded in 2021 and is headquartered in New York, New York.
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.
Cipher Mining Inc is a publicly listed bitcoin-mining company that develops and operates large-scale data centers running cryptocurrency mining hardware to produce bitcoin. Its long-term growth drivers include scaling hash rate through facility development and equipment refreshes, securing low-cost power arrangements, and providing leveraged exposure to bitcoin price movements, which may appeal to investors seeking infrastructure-based access to cryptocurrency upside and potential operational efficiencies.
The most important investment risks are material exposure to bitcoin price volatility, regulatory and environmental scrutiny of mining activities, reliance on stable, low-cost electricity and ongoing capital expenditure to maintain competitiveness, and operational concentration that could disrupt production.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | -823.20M | -44.32M | -22.21M | -37.21M | -78.71M |
| Minority interest | 0.00M | 0.00M | 0.00M | - | - |
| Net income | -822.24M | -44.63M | -25.78M | -39.05M | -78.71M |
| Selling general administrative | 36.38M | 32.66M | 85.19M | 70.84M | 72.15M |
| Selling and marketing expenses | - | - | 2.00M | - | 72074.80M |
| Gross profit | -135.38M | 28.11M | 76.53M | 2.29M | - |
| Reconciled depreciation | 200.62M | 103.70M | 59.91M | 5.15M | - |
| Ebit | -171.76M | -42.61M | -20.21M | -74.39M | -78.71M |
| Ebitda | 28.86M | 61.09M | 39.70M | -70.01M | -78.71M |
| Depreciation and amortization | 200.62M | 103.70M | 59.91M | 4.38M | 0.01M |
| Non operating income net other | - | - | - | 0.21M | - |
| Operating income | -171.76M | -43.70M | -20.11M | -74.39M | -78.71M |
| Other operating expenses | 395.70M | 194.97M | 146.96M | 75.50M | 72.15M |
| Interest expense | 36.56M | 1.71M | 2.00M | 0.14M | -0.03M |
| Tax provision | -3.31M | 0.32M | 3.57M | 1.84M | - |
| Interest income | 19.48M | 3.38M | 0.16M | 0.21M | - |
| Net interest income | -17.08M | 1.68M | -1.83M | 0.08M | - |
| Income tax expense | -3.31M | 0.32M | 3.57M | 1.84M | -0.03M |
| Total revenue | 223.94M | 151.27M | 126.84M | 3.04M | - |
| Total operating expenses | 36.38M | 71.81M | 96.65M | 74.76M | 72.15M |
| Cost of revenue | 359.32M | 123.16M | 50.31M | 0.75M | - |
| Total other income expense net | -653.80M | -0.62M | -2.10M | 37.17M | -0.00M |
| Net income from continuing ops | -822.24M | -44.63M | -25.78M | -39.05M | - |
| Net income applicable to common shares | - | - | - | -39.05M | -78.71M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 4291.91M | 855.45M | 597.50M | 418.46M | 354.17M |
| Intangible assets | 77.39M | 8.88M | 8.11M | - | - |
| Other current assets | 1898.24M | 35.03M | 35.55M | 13.54M | 13.82M |
| Total liab | 3456.05M | 173.49M | 106.17M | 75.57M | 0.64M |
| Total stockholder equity | 805.53M | 681.95M | 491.34M | 342.89M | 353.53M |
| Deferred long term liab | - | - | - | 1.84M | 0.17M |
| Other current liab | 579.96M | 55.25M | 24.24M | 22.44M | 0.26M |
| Common stock | 0.41M | 0.36M | 0.30M | 0.25M | 0.25M |
| Capital stock | 0.41M | 0.36M | 0.30M | 0.25M | 0.25M |
| Retained earnings | -1003.66M | -181.41M | -136.78M | -111.21M | -72.16M |
| Other liab | - | - | - | 18.52M | 0.14M |
| Other assets | 363.05M | - | 0.00M | 136.38M | 125.38M |
| Cash | 628.26M | 5.58M | 86.11M | 11.93M | 209.84M |
| Total current liabilities | 699.07M | 131.78M | 33.79M | 40.33M | 0.50M |
| Current deferred revenue | 35.29M | - | - | - | - |
| Net debt | 2138.78M | 50.80M | -64.13M | 8.39M | -209.84M |
| Short term debt | 43.76M | 39.23M | 4.57M | 3.60M | - |
| Short long term debt | 37.79M | 32.30M | - | - | - |
| Short long term debt total | 2767.05M | 56.39M | 21.98M | 20.32M | - |
| Other stockholder equity | 1808.78M | 863.00M | 627.82M | 453.85M | 425.44M |
| Property plant equipment | - | - | - | 191.78M | 5.12M |
| Total current assets | 2652.86M | 168.21M | 155.50M | 47.73M | 223.66M |
| Long term investments | 29.40M | 53.91M | 35.26M | 83.11M | 0.00M |
| Net tangible assets | - | - | - | 342.89M | 171.35M |
| Short term investments | - | - | 32.98M | - | - |
| Net receivables | 0.96M | 34.93M | 0.87M | 1.20M | 0.00M |
| Long term debt | 2711.65M | - | - | - | 0.12M |
| Inventory | 125.40M | 92.65M | 0.00M | 21.07M | - |
| Accounts payable | 40.06M | 22.70M | 4.98M | 14.29M | 0.24M |
| Accumulated other comprehensive income | - | - | 0.00M | - | - |
| Common stock total equity | - | - | - | 0.25M | 0.00M |
| Retained earnings total equity | - | - | - | -111.21M | -0.11M |
| Treasury stock | - | - | - | -0.00M | -0.00M |
| Non currrent assets other | 248.96M | 92.15M | 54.67M | 63.36M | 10.53M |
| Non current assets total | 1276.00M | 687.24M | 442.00M | 370.73M | 130.51M |
| Capital lease obligations | 17.61M | 24.09M | 21.98M | 20.66M | 0.00M |
| Long term debt total | - | - | - | - | 0.12M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | 179.75M | -192.13M | 52.76M | 54.01M | -0.19M |
| Change to liabilities | - | - | - | 3.17M | 0.24M |
| Total cashflows from investing activities | -336.61M | -192.13M | 52.76M | -173.91M | -131.06M |
| Net borrowings | 3115.99M | 19.46M | -12.88M | - | - |
| Total cash from financing activities | 3189.20M | 213.51M | 115.66M | -3.09M | 361647.18M |
| Change to operating activities | - | - | - | 5.30M | -25.62M |
| Net income | -822.24M | -44.63M | -25.78M | -39.05M | -72.15M |
| Change in cash | 2644.65M | -66.13M | 74.18M | -197.91M | 209841.26M |
| Begin period cash flow | 19.98M | 86.11M | 11.93M | 209.84M | - |
| End period cash flow | 2664.63M | 19.98M | 86.11M | 11.93M | 209841.26M |
| Total cash from operating activities | -207.94M | -87.51M | -94.24M | -20.91M | -31665.93M |
| Issuance of capital stock | 245.47M | 225.18M | 135.85M | - | - |
| Depreciation | 200.62M | 103.70M | 59.91M | 5.15M | 4.87M |
| Other cashflows from investing activities | 151.31M | 110.32M | -0.50M | -188.10M | -0.19M |
| Dividends paid | - | - | 3.40M | - | - |
| Change to account receivables | - | -1.82M | -1.73M | -1.20M | -0.10M |
| Sale purchase of stock | -89.58M | -27.64M | -3.90M | -3.09M | -23245.91M |
| Other cashflows from financing activities | - | -3.49M | -3.40M | -173.91M | 384893.09M |
| Change to netincome | - | - | - | 80.19M | 69.54M |
| Capital expenditures | 487.92M | 139.50M | 55.02M | 227.92M | 5109.43M |
| Change receivables | - | - | - | -1.20M | - |
| Cash flows other operating | - | - | - | -68.40M | - |
| Cash and cash equivalents changes | - | - | - | -197.91M | - |
| Change in working capital | -68.05M | 18.34M | -10.73M | 0.82M | -95364.12M |
| Stock based compensation | 52.79M | 42.13M | 38.47M | 41.50M | 63765.47M |
| Other non cash items | 433.21M | -206.11M | -159.48M | -31.18M | -95364.12M |
| Free cash flow | -695.86M | -227.01M | -149.26M | -248.83M | -36775.36M |
Sector: Technology Industry: Information Technology Services
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| CIFR Cipher Mining Inc |
-1.58 19.48% |
6.54 | - | 85.47 | 32.77 | 11.54 | 58.84 | 8.93 |
| IBM International Business Machines |
4.28 1.71% |
254.32 | 22.06 | 18.73 | 3.39 | 6.81 | 4.22 | 16.61 |
| ACN Accenture plc |
- -% |
264.27 | 16.00 | 14.29 | 1.66 | 3.84 | 1.65 | 9.80 |
| INFY Infosys Ltd ADR |
0.31 2.60% |
12.24 | 25.55 | 22.78 | 4.20 | 8.01 | 4.10 | 15.87 |
| FJTSF Fujitsu Limited |
- -% |
22.21 | 21.97 | 14.84 | 0.01 | 3.44 | 1.86 | 11.66 |
Cipher Digital Inc., together with its subsidiaries, develops and operates industrial-scale data centers for bitcoin mining and high-performance compute (HPC) hosting in the United States. It develops HPC data center facilities across various sites for hyperscaler tenants; operates power at one bitcoin mining data center; and maintains a pipeline across various sites. The company was formerly known as Cipher Mining Inc. and change its name to Cipher Digital Inc. in February 2026. The company was founded in 2021 and is headquartered in New York, New York.
1 Vanderbilt Avenue, New York, NY, United States, 10017
332 262 2300
66
| Name | Title | Year Born |
|---|---|---|
| Mr. Rodney Tyler Page | CEO & Director | 1977 |
| Mr. Edward John Farrell CPA | Chief Financial Officer | 1961 |
| Mr. Patrick Arthur Kelly | Chief Operating Officer | 1980 |
| Mr. William Iwaschuk | Chief Legal Officer | 1976 |
| Mr. Bryan Keller | Chief Technology Officer | NA |
| Mr. Samy Biyadi | Head of Power | NA |
| Ms. Courtney Frazier | Head of Corp. Operations | NA |
| Chris Totin | Chief Construction Officer | NA |
| Mr. Reuben Govender | Head of Markets | NA |
| Ms. Olivia Stennett | Head of Project Management | NA |
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