vs
Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and Cipher Mining Inc. (CIFR). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $59.7M, roughly 1.9× Cipher Mining Inc.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -1229.6%, a 1234.7% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $-695.9M). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs 0.3%).
Aviat Networks, Inc. is a global provider of microwave transport and backhaul solutions, providing public and private operators with communications infrastructure to serve telecommunications operators and enterprise customers.
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
AVNW vs CIFR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $59.7M |
| Net Profit | $5.7M | $-734.2M |
| Gross Margin | 32.4% | 59.4% |
| Operating Margin | 6.5% | -503.4% |
| Net Margin | 5.1% | -1229.6% |
| Revenue YoY | -5.7% | 41.4% |
| Net Profit YoY | 27.2% | -4293.1% |
| EPS (diluted) | $0.44 | $-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 | $111.5M | $59.7M | ||
| Q3 25 | $107.3M | $71.7M | ||
| Q2 25 | $115.3M | $43.6M | ||
| Q1 25 | $112.6M | $49.0M | ||
| Q4 24 | $118.2M | $42.2M | ||
| Q3 24 | $88.4M | $24.1M | ||
| Q2 24 | $116.7M | $36.8M | ||
| Q1 24 | $110.8M | $48.1M |
| Q4 25 | $5.7M | $-734.2M | ||
| Q3 25 | $162.0K | $-3.3M | ||
| Q2 25 | $5.2M | $-45.8M | ||
| Q1 25 | $3.5M | $-39.0M | ||
| Q4 24 | $4.5M | $17.5M | ||
| Q3 24 | $-11.9M | $-86.8M | ||
| Q2 24 | $1.5M | $-15.3M | ||
| Q1 24 | $3.9M | $39.9M |
| Q4 25 | 32.4% | 59.4% | ||
| Q3 25 | 33.2% | 62.7% | ||
| Q2 25 | 34.2% | 64.8% | ||
| Q1 25 | 34.9% | 69.6% | ||
| Q4 24 | 34.6% | 56.9% | ||
| Q3 24 | 22.4% | 37.5% | ||
| Q2 24 | 35.3% | 61.2% | ||
| Q1 24 | 32.5% | 69.2% |
| Q4 25 | 6.5% | -503.4% | ||
| Q3 25 | 4.8% | -52.5% | ||
| Q2 25 | 7.7% | -103.9% | ||
| Q1 25 | 8.3% | -77.8% | ||
| Q4 24 | 6.7% | 40.5% | ||
| Q3 24 | -17.6% | -379.2% | ||
| Q2 24 | 4.7% | -43.9% | ||
| Q1 24 | 5.1% | 97.2% |
| Q4 25 | 5.1% | -1229.6% | ||
| Q3 25 | 0.2% | -4.6% | ||
| Q2 25 | 4.5% | -105.1% | ||
| Q1 25 | 3.1% | -79.6% | ||
| Q4 24 | 3.8% | 41.5% | ||
| Q3 24 | -13.4% | -359.9% | ||
| Q2 24 | 1.3% | -41.5% | ||
| Q1 24 | 3.5% | 82.9% |
| Q4 25 | $0.44 | $-1.91 | ||
| Q3 25 | $0.01 | $-0.01 | ||
| Q2 25 | $0.42 | $-0.12 | ||
| Q1 25 | $0.27 | $-0.11 | ||
| Q4 24 | $0.35 | $0.04 | ||
| Q3 24 | $-0.94 | $-0.26 | ||
| Q2 24 | $0.11 | $-0.05 | ||
| Q1 24 | $0.30 | $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 | $86.5M | $628.3M |
| Total DebtLower is stronger | $105.4M | $2.7B |
| Stockholders' EquityBook value | $271.6M | $805.5M |
| Total Assets | $659.4M | $4.3B |
| Debt / EquityLower = less leverage | 0.39× | 3.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $628.3M | ||
| Q3 25 | $64.8M | $1.2B | ||
| Q2 25 | $59.7M | $62.7M | ||
| Q1 25 | $49.4M | $23.2M | ||
| Q4 24 | $52.6M | $5.6M | ||
| Q3 24 | $51.0M | $25.3M | ||
| Q2 24 | $64.6M | $122.6M | ||
| Q1 24 | $59.2M | $88.7M |
| Q4 25 | $105.4M | $2.7B | ||
| Q3 25 | $106.5M | $1.0B | ||
| Q2 25 | $87.6M | $167.1M | ||
| Q1 25 | $73.9M | — | ||
| Q4 24 | $74.9M | $0 | ||
| Q3 24 | $83.4M | — | ||
| Q2 24 | $48.4M | — | ||
| Q1 24 | $48.9M | — |
| Q4 25 | $271.6M | $805.5M | ||
| Q3 25 | $263.6M | $783.2M | ||
| Q2 25 | $263.2M | $748.9M | ||
| Q1 25 | $256.1M | $734.8M | ||
| Q4 24 | $249.6M | $682.0M | ||
| Q3 24 | $247.1M | $672.0M | ||
| Q2 24 | $255.9M | $690.8M | ||
| Q1 24 | $256.0M | $600.9M |
| Q4 25 | $659.4M | $4.3B | ||
| Q3 25 | $643.3M | $2.8B | ||
| Q2 25 | $633.3M | $1.0B | ||
| Q1 25 | $628.3M | $913.8M | ||
| Q4 24 | $594.1M | $855.4M | ||
| Q3 24 | $590.9M | $775.4M | ||
| Q2 24 | $535.2M | $775.6M | ||
| Q1 24 | $490.3M | $677.1M |
| Q4 25 | 0.39× | 3.37× | ||
| Q3 25 | 0.40× | 1.31× | ||
| Q2 25 | 0.33× | 0.22× | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.30× | 0.00× | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.19× | — | ||
| Q1 24 | 0.19× | — |
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 | $23.9M | $-207.9M |
| Free Cash FlowOCF − Capex | $22.5M | $-695.9M |
| FCF MarginFCF / Revenue | 20.2% | -1165.4% |
| Capex IntensityCapex / Revenue | 1.3% | 817.1% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $-1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $-207.9M | ||
| Q3 25 | $-11.7M | $-50.1M | ||
| Q2 25 | $10.5M | $-56.2M | ||
| Q1 25 | $1.6M | $-47.2M | ||
| Q4 24 | $20.8M | $-87.5M | ||
| Q3 24 | $-27.2M | $-6.5M | ||
| Q2 24 | $8.3M | $-25.4M | ||
| Q1 24 | $15.3M | $-26.6M |
| Q4 25 | $22.5M | $-695.9M | ||
| Q3 25 | $-13.5M | $-256.2M | ||
| Q2 25 | $8.2M | $-87.5M | ||
| Q1 25 | $-1.2M | $-71.8M | ||
| Q4 24 | $18.3M | $-227.0M | ||
| Q3 24 | $-32.6M | $-83.2M | ||
| Q2 24 | $7.5M | $-33.2M | ||
| Q1 24 | $14.8M | $-34.5M |
| Q4 25 | 20.2% | -1165.4% | ||
| Q3 25 | -12.6% | -357.3% | ||
| Q2 25 | 7.1% | -200.9% | ||
| Q1 25 | -1.0% | -146.7% | ||
| Q4 24 | 15.5% | -537.6% | ||
| Q3 24 | -36.8% | -345.0% | ||
| Q2 24 | 6.4% | -90.2% | ||
| Q1 24 | 13.4% | -71.7% |
| Q4 25 | 1.3% | 817.1% | ||
| Q3 25 | 1.6% | 287.5% | ||
| Q2 25 | 2.0% | 71.8% | ||
| Q1 25 | 2.5% | 50.2% | ||
| Q4 24 | 2.1% | 330.4% | ||
| Q3 24 | 6.1% | 317.8% | ||
| Q2 24 | 0.7% | 21.4% | ||
| Q1 24 | 0.4% | 16.4% |
| Q4 25 | 4.18× | — | ||
| Q3 25 | -72.48× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 4.62× | -5.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.37× | — | ||
| Q1 24 | 3.96× | -0.67× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
CIFR
Segment breakdown not available.
