Cipher Mining Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Cipher Mining Inc. reported revenue of $223.9M (+48.0% year on year) and net income of ($822.2M).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenue - bitcoin mining | $223.9M | $151.3M | $126.8M | $3.0M |
| Cost of revenue | ($81.2M) | ($62.4M) | $50.3M | $748.0K |
| Compensation and benefits | ($79.1M) | ($60.8M) | — | — |
| General and administrative | ($36.4M) | ($32.7M) | $85.2M | $70.8M |
| Depreciation and amortization | ($199.0M) | ($102.4M) | $59.1M | — |
| Change in fair value of power purchase agreement | ($28.9M) | — | — | — |
| Power sales | $7.9M | $5.4M | ($9.9M) | ($458.0K) |
| Equity in losses of equity investees | ($20.8M) | ($384.0K) | $2.5M | $37.0M |
| Unrealized (losses) gains on fair value of bitcoin | ($41.6M) | $11.3M | — | — |
| Realized gains on sale of bitcoin | $7.1M | $51.5M | — | — |
| Other operating (losses) gains | ($173.5M) | $3.3M | ($2.4M) | — |
| Total costs and operating expenses | ($645.5M) | ($195.0M) | $147.0M | $40.5M |
| Operating loss | ($421.6M) | ($43.7M) | ($20.1M) | ($37.4M) |
| Interest income | $19.5M | $3.4M | $164.0K | $215.0K |
| Interest expense | ($36.6M) | ($1.7M) | ($2.0M) | ($137.0K) |
| Change in fair value of warrant liability | $19.3M | $250.0K | ($243.0K) | $130.0K |
| Other expense | ($406.2M) | ($2.5M) | ($17.0K) | — |
| Total other expense | ($404.0M) | ($618.0K) | ($2.1M) | $208.0K |
| Loss before taxes | ($825.6M) | ($44.3M) | ($22.2M) | ($37.2M) |
| Current income tax expense | ($956.0K) | ($1.3M) | ($201.0K) | — |
| Deferred income tax benefit (expense) | $4.3M | $937.0K | ($3.4M) | — |
| Total income tax benefit (expense) | $3.3M | ($318.0K) | ($3.6M) | ($1.8M) |
| Net loss | ($822.2M) | — | — | — |
| Less: Net loss attributable to redeemable noncontrolling interest | $0 | — | — | — |
| Net loss available for common stockholders | ($822.2M) | ($44.6M) | ($25.8M) | ($39.1M) |
| Loss per share - basic (in dollars per share) | -$2.15 | -$0.14 | -$0.10 | -$0.16 |
| Loss per share - diluted (in dollars per share) | -$2.15 | -$0.14 | -$0.10 | -$0.16 |
| Weighted average shares outstanding - basic (in shares) | 381.6M | 323.1M | 252.4M | 248.2M |
| Weighted average shares outstanding - diluted (in shares) | 381.6M | 323.1M | 252.4M | 248.2M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Revenue - bitcoin mining | $24.8M | $34.8M | $71.7M | $43.6M |
| Cost of revenue | ($15.0M) | ($17.7M) | ($26.7M) | ($15.3M) |
| Compensation and benefits | ($42.4M) | ($35.0M) | ($14.4M) | ($15.7M) |
| General and administrative | ($16.5M) | ($11.7M) | ($8.2M) | ($9.1M) |
| Depreciation and amortization | ($19.4M) | ($19.0M) | ($59.5M) | ($44.1M) |
| Change in fair value of power purchase agreement | ($5.9M) | ($28.2M) | ($9.0M) | — |
| Power sales | $2.3M | $2.1M | $2.3M | $1.4M |
| Equity in losses of equity investees | $0 | ($1.6M) | ($1.5M) | ($1.7M) |
| Unrealized gains (losses) on fair value of bitcoin | $16.9M | $3.8M | $108.0K | $17.1M |
| Realized (losses) gains on sale of bitcoin | ($23.5M) | ($24.2M) | $7.5M | ($3.6M) |
| Other operating income (losses) | $89.0K | — | — | — |
| Total costs and operating expenses | ($103.4M) | ($149.4M) | ($109.3M) | ($88.8M) |
| Operating loss | ($78.5M) | ($114.6M) | ($37.6M) | ($45.2M) |
| Interest income | $35.9M | $31.6M | $457.0K | $296.0K |
| Interest expense | ($66.7M) | ($59.2M) | ($1.3M) | ($1.1M) |
| Change in fair value of warrant liability | ($150.5M) | $43.6M | $31.9M | $0 |
| Other (expenses) income | ($7.2M) | ($15.4M) | $3.0M | $1.2M |
| Total other (expense) income | ($188.6M) | — | — | — |
| Loss before taxes | ($267.2M) | ($113.9M) | ($3.6M) | ($44.9M) |
| Current income tax expense | ($367.0K) | ($407.0K) | $767.0K | ($1.1M) |
| Deferred income tax benefit | $0 | $0 | ($464.0K) | $228.0K |
| Total income tax expense | ($367.0K) | ($407.0K) | $303.0K | ($917.0K) |
| Net loss | ($267.5M) | ($114.3M) | — | — |
| Less: Net loss attributable to redeemable noncontrolling interest | $0 | $0 | — | — |
| Net loss available for common stockholders | ($267.5M) | ($114.3M) | ($3.3M) | ($45.8M) |
| Loss per share - basic (in dollars per share) | -$0.65 | -$0.28 | -$0.01 | -$0.12 |
| Loss per share - diluted (in dollars per share) | -$0.65 | -$0.28 | -$0.01 | -$0.12 |
| Weighted average shares outstanding - basic (in shares) | 409.4M | 405.1M | 393.2M | 375.1M |
| Weighted average shares outstanding - diluted (in shares) | 409.4M | 405.1M | 393.2M | 375.1M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $628.3M | $5.6M | $86.1M | $11.9M |
| Restricted cash, current | $1.8B | — | — | — |
| Accounts receivable | $958.0K | $2.7M | $867.0K | $98.0K |
| Prepaid expenses and other current assets | $8.0M | $3.4M | $3.7M | $7.3M |
| Bitcoin | $125.4M | $92.7M | $33.0M | $6.3M |
| Receivable for bitcoin collateral | $0 | $32.2M | — | — |
| Miners held for sale | $94.9M | — | — | — |
| Derivative asset | $34.1M | $31.6M | $31.9M | $21.1M |
| Total current assets | $2.7B | $168.2M | $155.5M | $47.7M |
| Restricted cash, noncurrent | $275.1M | $14.4M | — | — |
| Property and equipment, net | $622.5M | $480.9M | $243.8M | $191.8M |
| Deposits on equipment | $11.0M | $38.9M | $30.8M | $73.0M |
| Intangible assets, net | $77.4M | $8.9M | $8.1M | — |
| Investment in equity investees | $29.4M | $53.9M | $35.3M | $37.5M |
| Derivative asset | $22.7M | $54.0M | $61.7M | $45.6M |
| Operating lease right-of-use asset | $11.3M | $12.6M | $7.1M | $5.1M |
| Security deposits | $27.7M | $19.8M | $23.9M | $17.7M |
| Other noncurrent assets | $562.0M | $4.0M | — | — |
| Total assets | $4.3B | $855.4M | $566.1M | $418.5M |
| Accounts payable | $40.1M | $22.7M | $6.5M | $14.3M |
| Accrued expenses and other current liabilities | $90.1M | $69.8M | $22.4M | $19.4M |
| Finance lease liability, current portion | $4.2M | $3.8M | $3.4M | $2.6M |
| Operating lease liability, current portion | $1.7M | $3.1M | $1.2M | $1.0M |
| Warrant liability | $525.2M | $0 | $250.0K | $7.0K |
| Short-term borrowings | $37.8M | $32.3M | — | — |
| Total current liabilities | $699.1M | $131.8M | $33.8M | $40.3M |
| Long-term borrowings, net | $2.7B | — | — | — |
| Asset retirement obligations | $33.7M | $20.3M | $18.4M | $16.7M |
| Finance lease liability | $3.1M | $7.3M | $11.1M | $12.2M |
| Operating lease liability | $8.5M | $9.8M | $6.3M | $4.5M |
| Deferred tax liability | $0 | $4.3M | $5.2M | $1.8M |
| Total liabilities | $3.5B | $173.5M | $74.8M | $75.6M |
| Redeemable noncontrolling interest | $30.3M | — | — | — |
| 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 | — |
| 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 | 412.0K | 361.0K | 296.0K | 251.0K |
| Additional paid-in capital | $1.8B | $863.0M | $627.8M | $453.9M |
| Accumulated deficit | ($1.0B) | ($181.4M) | ($136.8M) | ($111.2M) |
| Treasury stock, at par, 7,111,468 and 10,648,632 shares at December 31, 2025 and December 31, 2024, respectively | -7.0K | -11.0K | — | — |
| Total stockholders’ equity | $805.5M | $682.0M | $491.3M | $342.9M |
| Total liabilities, redeemable noncontrolling interest, and stockholders’ equity | $4.3B | $855.4M | $566.1M | $418.5M |
| Common stock, shares authorized (in shares) | 1.0B | — | — | — |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $831.8M | $715.2M | $1.2B | $62.7M |
| Restricted cash, current | $3.2B | $3.0B | — | — |
| Accounts receivable | $20.1M | $8.5M | $1.0M | $1.8M |
| Prepaid expenses and other current assets | $34.5M | $29.9M | $4.0M | $7.4M |
| Bitcoin | $37.8M | $76.2M | $170.3M | $112.1M |
| Miners held for sale | $0 | $30.8M | — | — |
| Derivative asset, current | $19.4M | $21.6M | $36.8M | $35.6M |
| Total current assets | $4.1B | $3.9B | $1.4B | $219.7M |
| Restricted cash, noncurrent | $539.5M | $519.3M | $13.8M | $14.4M |
| Property and equipment, net | $2.1B | $1.3B | $649.9M | $473.9M |
| Intangible assets, net | $76.9M | $77.2M | $9.4M | $9.2M |
| Investment in equity investees | $0 | $0 | $42.3M | $45.9M |
| Derivative asset, non-current | $3.2M | $6.9M | $121.7M | $41.9M |
| Operating lease right-of-use asset | $36.2M | $7.7M | $11.9M | $12.3M |
| Security deposits | $27.5M | $27.8M | $12.0M | $13.8M |
| Other noncurrent assets | $553.4M | $553.5M | $552.8M | $4.7M |
| Total assets | $7.5B | $6.4B | $2.8B | $1.0B |
| Accounts payable | $289.1M | $197.9M | $12.5M | $14.9M |
| Accrued expenses and other current liabilities | $356.7M | $204.6M | $37.5M | $30.2M |
| Finance lease liability, current portion | $4.5M | $4.4M | $4.1M | $4.0M |
| Operating lease liability, current portion | $2.2M | $1.9M | $3.5M | $3.4M |
| Warrant liability | $632.1M | $481.6M | $512.6M | — |
| Short-term borrowings | $94.5M | $355.3M | $0 | $0 |
| Total current liabilities | $1.4B | $1.2B | $570.2M | $52.5M |
| Deferred revenue | $25.5M | — | — | — |
| Long-term borrowings, net | $5.4B | $4.4B | $1.0B | $167.1M |
| Asset retirement obligations | $23.5M | $22.9M | $32.9M | $32.1M |
| Finance lease liability | $795.0K | $2.0M | $4.2M | $5.3M |
| Operating lease liability | $37.9M | $6.4M | $9.1M | $9.4M |
| Total liabilities | $6.9B | $5.7B | $2.1B | $269.9M |
| Redeemable noncontrolling interest | $25.7M | $25.7M | — | — |
| Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding as of June 30, 2026, and December 31, 2025 | 0 | 0 | 0 | 0 |
| Common stock, $0.001 par value, 1,000,000,000 and 1,000,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively, 423,575,369 and 412,074,529 shares issued as of June 30, 2026 and December 31, 2025, respectively, and 414,253,564 and 404,963,061 shares outstanding as of June 30, 2026, and December 31, 2025, respectively | 424.0K | 413.0K | 395.0K | 388.0K |
| Additional paid-in capital | $1.9B | $1.8B | $1.1B | $1.0B |
| Accumulated deficit | ($1.4B) | ($1.1B) | ($269.5M) | ($266.2M) |
| Treasury stock, at par, 9,321,805 and 7,111,468 shares at June 30, 2026 and December 31, 2025, respectively | -9.0K | -7.0K | -2.0K | -2.0K |
| Total stockholders’ equity | $562.1M | $714.2M | $783.2M | $748.9M |
| Total liabilities, redeemable noncontrolling interest, and stockholders’ equity | $7.5B | $6.4B | $2.8B | $1.0B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net loss | ($822.2M) | ($44.6M) | ($25.8M) | ($39.1M) |
| Depreciation and amortization | $199.0M | — | — | — |
| Amortization of operating right-of-use asset | $1.6M | $1.2M | $822.0K | $772.0K |
| Share-based compensation | $52.8M | $42.1M | $38.5M | $41.5M |
| Equity in losses of equity investees | $20.8M | $384.0K | $2.5M | $37.0M |
| Write-down of assets held for sale | $96.1M | — | — | — |
| Loss on disposal of assets | $31.4M | $290.0K | — | — |
| Impairment of property and equipment | $45.3M | — | — | — |
| Amortization of debt discount and issuance costs | $17.9M | — | — | — |
| Non-cash lease expense | $1.0M | $919.0K | $1.9M | $137.0K |
| Deferred income taxes | ($4.3M) | ($937.0K) | $3.4M | — |
| Non-cash consideration received for services | ($223.9M) | — | — | — |
| Change in fair value of derivative assets | ($16.2M) | — | — | — |
| Change in fair value of warrant liability | ($19.3M) | ($250.0K) | $243.0K | ($130.0K) |
| Change in fair value of embedded derivative | $450.4M | — | — | — |
| Change in fair value of bitcoin collateral | ($5.7M) | ($546.0K) | — | — |
| Change in fair value of bitcoin loan | $781.0K | ($669.0K) | — | — |
| Unrealized gains on fair value of bitcoin | $41.6M | ($11.3M) | — | — |
| Realized gains on sale of bitcoin | ($7.1M) | ($51.5M) | — | — |
| Changes in operating assets and liabilities | ($68.0M) | — | — | — |
| Net cash used in operating activities | ($207.9M) | ($87.5M) | ($94.2M) | ($20.9M) |
| Proceeds from sale of bitcoin | $214.7M | $148.9M | $111.2M | $23.0K |
| Purchases of bitcoin | ($2.4M) | — | — | — |
| Deposits on equipment | ($4.9M) | ($163.0M) | ($33.9M) | ($188.1M) |
| Purchases of property and equipment | ($487.9M) | ($139.5M) | ($20.5M) | ($39.8M) |
| Purchases and development of software | ($1.4M) | ($1.4M) | ($634.0K) | — |
| Purchases of strategic contracts | ($32.6M) | — | — | — |
| Investment in equity investees | ($22.1M) | ($37.1M) | ($3.5M) | — |
| Capital distributions from equity investees | $0 | $0 | $3.8M | $54.0M |
| Prepayments on financing lease | $0 | $0 | ($3.7M) | — |
| Net cash (used in) provided by investing activities | ($336.6M) | ($192.1M) | $52.8M | ($173.9M) |
| Proceeds from notes, net of issuance costs | $3.1B | — | — | — |
| Proceeds from the issuance of common stock, net of offering costs | $195.5M | $225.2M | $135.8M | — |
| Proceeds from treasury stock reissued for PIPE investment | $50.0M | — | — | — |
| Purchase of capped call options | ($82.7M) | — | — | — |
| Repurchase of common shares to pay employee withholding taxes | -89.6M | -27.6M | -3.9M | -3.1M |
| Proceeds from loan | $0 | $25.0M | — | — |
| Principal payments on loan | ($25.0M) | — | — | — |
| Principal payments on financing lease | ($4.8M) | ($5.5M) | ($12.9M) | — |
| Net cash provided by financing activities | $3.2B | $213.5M | $115.7M | ($3.1M) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $2.6B | ($66.1M) | $74.2M | ($197.9M) |
| Cash, cash equivalents, and restricted cash, beginning of the period | $20.0M | $86.1M | — | — |
| Cash and cash equivalents, and restricted cash, end of the period | $2.7B | $20.0M | — | — |
| Cash paid for interest | $1.5M | — | — | — |
| Reclassification of embedded derivative liability to equity | $737.0M | — | — | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net loss | ($381.8M) | ($114.3M) | ($88.0M) | ($84.8M) |
| Depreciation and amortization | $38.4M | $19.0M | — | — |
| Amortization of operating right-of-use asset | $1.4M | $592.0K | $1.2M | $765.0K |
| Share-based compensation | $57.6M | $27.0M | $27.8M | $19.6M |
| Equity in losses of equity investees | $1.6M | $1.6M | $8.5M | $7.0M |
| Write-down of assets held for sale | $7.4M | $7.4M | — | — |
| Loss on disposal of assets | $10.4M | $10.4M | $666.0K | $633.0K |
| Amortization of debt discount and issuance costs | $125.9M | $59.2M | — | — |
| Income taxes | $774.0K | $407.0K | ($399.0K) | ($863.0K) |
| Non-cash consideration received for services | ($59.7M) | ($34.8M) | ($164.1M) | ($91.5M) |
| Change in fair value of power purchase agreement | $34.1M | $28.2M | — | — |
| Change in fair value of warrant liability | $106.9M | ($43.6M) | ($31.9M) | $0 |
| Change in fair value of investments at fair value | $24.3M | $16.5M | — | — |
| Change in fair value of bitcoin collateral | $0 | $0 | ($5.7M) | ($5.7M) |
| Change in fair value of bitcoin loan | $0 | $0 | $782.0K | $782.0K |
| Change in unrealized (gains) losses on fair value of bitcoin | ($20.7M) | ($3.8M) | $2.9M | $3.0M |
| Realized losses (gains) on sale of bitcoin | $47.7M | $24.2M | ($16.1M) | ($8.6M) |
| Increase in operating assets | $509.0K | $10.1M | — | — |
| Decrease in operating liabilities | ($146.9M) | $83.3M | — | — |
| Net cash used in operating activities | ($152.0M) | $91.5M | ($153.5M) | ($103.5M) |
| Proceeds from sale of bitcoin | $123.4M | $66.8M | $150.2M | $121.4M |
| Proceeds from disposal of assets | $52.8M | $22.0M | — | — |
| Purchases of property and equipment | ($964.3M) | ($554.0M) | ($262.0M) | ($55.9M) |
| Purchases and development of software | $0 | $0 | ($1.1M) | ($735.0K) |
| Distributions paid to non-controlling interest | ($4.6M) | ($4.6M) | — | — |
| Investment in equity investees | ($4.4M) | ($4.4M) | ($17.6M) | ($12.8M) |
| Net cash used in investing activities | ($797.0M) | ($474.2M) | ($131.5M) | ($110.5M) |
| Proceeds from notes, net of issuance costs | $2.8B | $2.0B | — | — |
| Proceeds from the issuance of common stock, net of offering costs | $129.2M | $0 | $118.8M | $86.8M |
| Proceeds from treasury stock reissued for PIPE investment | $0 | $0 | $50.0M | $50.0M |
| Repurchase of common shares to pay employee withholding taxes | -49.0M | -3.8M | -7.3M | -4.3M |
| Principal payments on loan | $0 | — | ($25.0M) | ($25.0M) |
| Principal payments on financing lease | ($2.4M) | ($1.6M) | ($3.6M) | ($2.4M) |
| Net cash provided by financing activities | $2.8B | $2.0B | $1.5B | $271.0M |
| Net increase in cash, cash equivalents, and restricted cash | $1.9B | $1.6B | $1.2B | $57.1M |
| Cash, cash equivalents, and restricted cash, beginning of the period | $2.7B | $2.7B | $20.0M | $20.0M |
| Cash and cash equivalents, and restricted cash, end of the period | $4.6B | $4.2B | $1.2B | $77.1M |
| Cash paid for interest | $63.9M | $0 | — | — |
| Property and equipment purchases in accounts payable and accrued expenses | $542.7M | $124.9M | $7.7M | $3.7M |
| Investments acquired at fair value for sale of equity in investees interests | $29.4M | $29.4M | — | — |
| Right-of-use asset obtained in exchange for operating lease liability | $29.0M | — | — | — |
| Miners reclassified from held for sale to in service | $25.8M | $25.8M | — | — |
| Interest capitalized on construction in progress | $23.2M | $6.8M | — | — |
| Derecognition of asset retirement obligation and asset retirement cost | $11.4M | — | — | — |
| Investments acquired at fair value for sale of miners | $10.4M | $10.4M | — | — |
Cipher Mining Inc. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.