Cipher Digital Inc. (CIFR)

From the record

Cipher Digital Inc.'s filings since 2020 show 5 warning events of 3 kinds: a notice about its exchange listing (8-K item 3.01, the latest 2022-12-21); a warning not to rely on past financial statements (8-K item 4.02, 3 times, the latest 2021-12-23); an auditor change (8-K item 4.01, the latest 2025-04-18) (its current reports).

From the record

Cipher Digital Inc.'s 4 filed years say what it did: revenue went from $3 million in fiscal 2022 to $224 million in fiscal 2025, up 319.2% a year; it rose in 3 of 3 years; it never fell from a peak; net income was positive in 0 of 4 of those years (its annual reports).

From the record

Return on equity: in the fiscal year ended 2025-12-31, Cipher Digital Inc. lost about 102 cents for every dollar of shareholders' money, and gross profitability: its products earned about 3 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 81 cents per dollar of assets, and net share issuance: its share count grew 18.1% over the year (the filed statements).

From the record

Cipher Digital Inc.'s standing among 114 graded names in its industry family: revenue of $224 million in fiscal 2025 ranks in the top 39% by size; a net margin of -367.2% ranks in the bottom 24%; revenue growth of 319.2% a year over the last 3 filed years ranks in the top 3% (its annual reports).

From the record

Cipher Digital Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Page, Tyler (Chief Executive Officer, as filed), filing under that title since 2021-10-26, 5 years (top 26% of its family); the 12 officers and directors filing in the last fifteen months have been on the record a median of 5 years (top 43%); 2 officer or director changes were reported on Form 8-K since 2023-11-13, against the 12 people in charge now (top 13%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

From the record

Cipher Digital Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $628 million against debt of $2.7 billion leaves -48.5% of its assets as net cash, bottom 1% of its family; cash from operations less capital spending is -310.7% of revenue (bottom 14%); a gross margin of 63.7% (top 36%) (its annual report).

From the record

Cipher Digital Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 319.2% a year over the last three filed years against 319.2% over all 4, speeding up (top 42% of its family); the newest year grew 48.1% (top 26%); capital spending grew 131.7% a year (top 19%) (its annual reports). Cipher Digital Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

From the record

Cipher Digital Inc.'s newest year against its own record: revenue of $224 million in fiscal 2025 came in 79% below the $1.1 billion its prior three years' pace pointed to (bottom 4% of its family); net income of $822 million against a prior three-year average of $36 million (bottom 12%); a net margin of a loss larger than its revenue against losses larger than its revenue before (top 20%) (its annual reports).