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Cipher Digital, Inc. CIFR Business Segments — Cost of Revenue

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Other financials

Income statement

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Revenue$24.8M-43.0%
Gross profit$39.9M+41.3%
Operating income-$78.5M-73.6%
Net income-$267.5M-484%
EPS (diluted)-$0.65-442%

Balance sheet

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Cash & equivalents$831.8M+979%
Total debt$5.6B+2,858%
Total equity$562.1M-24.9%
Total assets$7.5B+636%

Cash flow

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Operating cash flow$91.5M+294%
CapEx$554.0M+456%
Free cash flow-$462.5M-215%

Valuation

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Market cap$7.77B+302%
Enterprise value$12.52B+512%
P/S40.6×+28.5×

Profitability

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Gross margin71.9%+11.9pp
Operating margin-278.1%
Net margin-585.8%
FCF margin-482%-3,491pp

Returns & leverage

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Return on equity-170.8%
Debt / equity9.9×+9.7×
Current ratio-1.2×

Where this comes from

Reported directly by Cipher Digital, Inc. in its filing.

Tagged under the XBRL concept us-gaap:CostOfRevenue.

The source filing: Cipher Digital, Inc.’s 10-Q, filed May 5, 2026.

Filed
May 5, 2026, 9:07 AM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001819989-26-000028
Line itemThree Months Ended March 31, 20262025
Revenue - bitcoin mining$34,838$48,959
Costs and operating (expenses) income
Cost of revenue(17,705)(14,894)
Compensation and benefits(35,003)(14,303)
General and administrative(11,741)(8,951)
Depreciation and amortization(19,014)(43,467)
Change in fair value of power purchase agreement(28,230)7,330
Power sales2,138991

Item 1. Financial Statements (Unaudited)

FAQ

What is Cipher Digital, Inc.'s business segments — cost of revenue?
Cipher Digital, Inc. (CIFR) reported business segments — cost of revenue of $17.71M in Q1 2026.
How has Cipher Digital, Inc.'s business segments — cost of revenue changed year-over-year?
Cipher Digital, Inc.'s business segments — cost of revenue increased by 18.9% year-over-year, from $14.89M to $17.71M.
What is the long-term trend for Cipher Digital, Inc.'s business segments — cost of revenue?
Over 2 years (2023 to 2025), Cipher Digital, Inc.'s business segments — cost of revenue has grown at a 27.1% compound annual growth rate (CAGR), from $50.31M to $81.22M.
What does business segments — cost of revenue mean?
This metric captures the direct costs associated with generating mining revenue, primarily consisting of electricity expenses and site operational costs. It excludes non-cash items like depreciation to focus on the variable costs of running mining infrastructure.

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