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Side-by-side financial comparison of AEMETIS, INC (AMTX) and Cipher Mining Inc. (CIFR). Click either name above to swap in a different company.
Cipher Mining Inc. is the larger business by last-quarter revenue ($59.7M vs $43.3M, roughly 1.4× AEMETIS, INC). On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs -7.9%). AEMETIS, INC produced more free cash flow last quarter ($-10.8M vs $-695.9M). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs -22.8%).
Aemetis, Inc. is a renewable fuels and sustainable biochemicals producer operating across North America and India. Its core products include low-carbon ethanol, renewable natural gas and biodiesel, serving transportation, industrial and agricultural sectors with decarbonization solutions for commercial clients.
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
AMTX vs CIFR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.3M | $59.7M |
| Net Profit | — | $-734.2M |
| Gross Margin | 17.8% | 59.4% |
| Operating Margin | -5.7% | -503.4% |
| Net Margin | — | -1229.6% |
| Revenue YoY | -7.9% | 41.4% |
| Net Profit YoY | — | -4293.1% |
| EPS (diluted) | $-0.03 | $-1.91 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $43.3M | $59.7M | ||
| Q3 25 | $59.2M | $71.7M | ||
| Q2 25 | $52.2M | $43.6M | ||
| Q1 25 | $42.9M | $49.0M | ||
| Q4 24 | $47.0M | $42.2M | ||
| Q3 24 | $81.4M | $24.1M | ||
| Q2 24 | $66.6M | $36.8M | ||
| Q1 24 | $72.6M | $48.1M |
| Q4 25 | — | $-734.2M | ||
| Q3 25 | $-23.7M | $-3.3M | ||
| Q2 25 | $-23.4M | $-45.8M | ||
| Q1 25 | $-24.5M | $-39.0M | ||
| Q4 24 | — | $17.5M | ||
| Q3 24 | $-17.9M | $-86.8M | ||
| Q2 24 | $-29.2M | $-15.3M | ||
| Q1 24 | $-24.2M | $39.9M |
| Q4 25 | 17.8% | 59.4% | ||
| Q3 25 | -0.1% | 62.7% | ||
| Q2 25 | -6.4% | 64.8% | ||
| Q1 25 | -11.8% | 69.6% | ||
| Q4 24 | -4.3% | 56.9% | ||
| Q3 24 | 4.8% | 37.5% | ||
| Q2 24 | -2.7% | 61.2% | ||
| Q1 24 | -0.8% | 69.2% |
| Q4 25 | -5.7% | -503.4% | ||
| Q3 25 | -14.4% | -52.5% | ||
| Q2 25 | -20.4% | -103.9% | ||
| Q1 25 | -36.3% | -77.8% | ||
| Q4 24 | -28.7% | 40.5% | ||
| Q3 24 | -4.8% | -379.2% | ||
| Q2 24 | -20.4% | -43.9% | ||
| Q1 24 | -13.0% | 97.2% |
| Q4 25 | — | -1229.6% | ||
| Q3 25 | -40.1% | -4.6% | ||
| Q2 25 | -44.8% | -105.1% | ||
| Q1 25 | -57.2% | -79.6% | ||
| Q4 24 | — | 41.5% | ||
| Q3 24 | -22.0% | -359.9% | ||
| Q2 24 | -43.8% | -41.5% | ||
| Q1 24 | -33.4% | 82.9% |
| Q4 25 | $-0.03 | $-1.91 | ||
| Q3 25 | $-0.37 | $-0.01 | ||
| Q2 25 | $-0.41 | $-0.12 | ||
| Q1 25 | $-0.47 | $-0.11 | ||
| Q4 24 | $-0.29 | $0.04 | ||
| Q3 24 | $-0.38 | $-0.26 | ||
| Q2 24 | $-0.66 | $-0.05 | ||
| Q1 24 | $-0.58 | $0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.9M | $628.3M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $-306.8M | $805.5M |
| Total Assets | $259.8M | $4.3B |
| Debt / EquityLower = less leverage | — | 3.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $628.3M | ||
| Q3 25 | $5.6M | $1.2B | ||
| Q2 25 | $1.6M | $62.7M | ||
| Q1 25 | $499.0K | $23.2M | ||
| Q4 24 | $898.0K | $5.6M | ||
| Q3 24 | $296.0K | $25.3M | ||
| Q2 24 | $234.0K | $122.6M | ||
| Q1 24 | $1.6M | $88.7M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $167.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | $338.1M | $0 | ||
| Q3 24 | $322.2M | — | ||
| Q2 24 | $309.0M | — | ||
| Q1 24 | $307.2M | — |
| Q4 25 | $-306.8M | $805.5M | ||
| Q3 25 | $-304.9M | $783.2M | ||
| Q2 25 | $-289.3M | $748.9M | ||
| Q1 25 | $-280.7M | $734.8M | ||
| Q4 24 | $-263.9M | $682.0M | ||
| Q3 24 | $-258.9M | $672.0M | ||
| Q2 24 | $-249.0M | $690.8M | ||
| Q1 24 | $-232.1M | $600.9M |
| Q4 25 | $259.8M | $4.3B | ||
| Q3 25 | $241.1M | $2.8B | ||
| Q2 25 | $240.0M | $1.0B | ||
| Q1 25 | $242.5M | $913.8M | ||
| Q4 24 | $259.3M | $855.4M | ||
| Q3 24 | $259.3M | $775.4M | ||
| Q2 24 | $259.3M | $775.6M | ||
| Q1 24 | $259.3M | $677.1M |
| Q4 25 | — | 3.37× | ||
| Q3 25 | — | 1.31× | ||
| Q2 25 | — | 0.22× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $5.8M | $-207.9M |
| Free Cash FlowOCF − Capex | $-10.8M | $-695.9M |
| FCF MarginFCF / Revenue | -24.9% | -1165.4% |
| Capex IntensityCapex / Revenue | 38.2% | 817.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-22.7M | $-1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.8M | $-207.9M | ||
| Q3 25 | $3.1M | $-50.1M | ||
| Q2 25 | $-5.7M | $-56.2M | ||
| Q1 25 | $160.0K | $-47.2M | ||
| Q4 24 | $-12.6M | $-87.5M | ||
| Q3 24 | $-5.0M | $-6.5M | ||
| Q2 24 | $-5.1M | $-25.4M | ||
| Q1 24 | $-10.3M | $-26.6M |
| Q4 25 | $-10.8M | $-695.9M | ||
| Q3 25 | $-1.0M | $-256.2M | ||
| Q2 25 | $-9.3M | $-87.5M | ||
| Q1 25 | $-1.7M | $-71.8M | ||
| Q4 24 | $-19.4M | $-227.0M | ||
| Q3 24 | $-9.5M | $-83.2M | ||
| Q2 24 | $-10.5M | $-33.2M | ||
| Q1 24 | $-13.9M | $-34.5M |
| Q4 25 | -24.9% | -1165.4% | ||
| Q3 25 | -1.7% | -357.3% | ||
| Q2 25 | -17.7% | -200.9% | ||
| Q1 25 | -3.9% | -146.7% | ||
| Q4 24 | -41.2% | -537.6% | ||
| Q3 24 | -11.6% | -345.0% | ||
| Q2 24 | -15.8% | -90.2% | ||
| Q1 24 | -19.1% | -71.7% |
| Q4 25 | 38.2% | 817.1% | ||
| Q3 25 | 6.9% | 287.5% | ||
| Q2 25 | 6.7% | 71.8% | ||
| Q1 25 | 4.3% | 50.2% | ||
| Q4 24 | 14.4% | 330.4% | ||
| Q3 24 | 5.5% | 317.8% | ||
| Q2 24 | 8.1% | 21.4% | ||
| Q1 24 | 4.9% | 16.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -5.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.67× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMTX
| Ethanol Sales | $28.8M | 66% |
| Wet Distillers Grains | $6.8M | 16% |
| California Dairy Renewable Natural Gas | $5.2M | 12% |
| Other | $1.8M | 4% |
CIFR
Segment breakdown not available.
