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Side-by-side financial comparison of BlackSky Technology Inc. (BKSY) 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 $35.2M, roughly 1.7× BlackSky Technology Inc.). BlackSky Technology Inc. runs the higher net margin — -2.5% vs -1229.6%, a 1227.1% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs 15.9%). Over the past eight quarters, BlackSky Technology Inc.'s revenue compounded faster (20.5% CAGR vs 11.4%).
BlackSky Technology Inc. is a leading geospatial intelligence provider operating a constellation of high-revisit small Earth observation satellites. It delivers real-time satellite imagery, advanced data analytics, and dynamic monitoring solutions to government, defense, critical infrastructure, and commercial clients globally to support data-driven operational decision-making.
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
BKSY vs CIFR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $59.7M |
| Net Profit | $-868.0K | $-734.2M |
| Gross Margin | — | 59.4% |
| Operating Margin | -11.8% | -503.4% |
| Net Margin | -2.5% | -1229.6% |
| Revenue YoY | 15.9% | 41.4% |
| Net Profit YoY | 95.5% | -4293.1% |
| EPS (diluted) | $0.04 | $-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 | $35.2M | $59.7M | ||
| Q3 25 | $19.6M | $71.7M | ||
| Q2 25 | $22.2M | $43.6M | ||
| Q1 25 | $29.5M | $49.0M | ||
| Q4 24 | $30.4M | $42.2M | ||
| Q3 24 | $22.5M | $24.1M | ||
| Q2 24 | $24.9M | $36.8M | ||
| Q1 24 | $24.2M | $48.1M |
| Q4 25 | $-868.0K | $-734.2M | ||
| Q3 25 | $-15.3M | $-3.3M | ||
| Q2 25 | $-41.2M | $-45.8M | ||
| Q1 25 | $-12.8M | $-39.0M | ||
| Q4 24 | $-19.4M | $17.5M | ||
| Q3 24 | $-12.6M | $-86.8M | ||
| Q2 24 | $-9.4M | $-15.3M | ||
| Q1 24 | $-15.8M | $39.9M |
| Q4 25 | — | 59.4% | ||
| Q3 25 | — | 62.7% | ||
| Q2 25 | — | 64.8% | ||
| Q1 25 | — | 69.6% | ||
| Q4 24 | — | 56.9% | ||
| Q3 24 | — | 37.5% | ||
| Q2 24 | — | 61.2% | ||
| Q1 24 | — | 69.2% |
| Q4 25 | -11.8% | -503.4% | ||
| Q3 25 | -85.8% | -52.5% | ||
| Q2 25 | -62.8% | -103.9% | ||
| Q1 25 | -40.5% | -77.8% | ||
| Q4 24 | -20.0% | 40.5% | ||
| Q3 24 | -58.7% | -379.2% | ||
| Q2 24 | -47.0% | -43.9% | ||
| Q1 24 | -54.7% | 97.2% |
| Q4 25 | -2.5% | -1229.6% | ||
| Q3 25 | -78.2% | -4.6% | ||
| Q2 25 | -185.8% | -105.1% | ||
| Q1 25 | -43.4% | -79.6% | ||
| Q4 24 | -63.9% | 41.5% | ||
| Q3 24 | -55.8% | -359.9% | ||
| Q2 24 | -37.7% | -41.5% | ||
| Q1 24 | -65.2% | 82.9% |
| Q4 25 | $0.04 | $-1.91 | ||
| Q3 25 | $-0.44 | $-0.01 | ||
| Q2 25 | $-1.27 | $-0.12 | ||
| Q1 25 | $-0.42 | $-0.11 | ||
| Q4 24 | $-0.61 | $0.04 | ||
| Q3 24 | $-0.66 | $-0.26 | ||
| Q2 24 | $-0.52 | $-0.05 | ||
| Q1 24 | $-0.88 | $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 | $124.5M | $628.3M |
| Total DebtLower is stronger | $201.1M | $2.7B |
| Stockholders' EquityBook value | $94.9M | $805.5M |
| Total Assets | $386.2M | $4.3B |
| Debt / EquityLower = less leverage | 2.12× | 3.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $124.5M | $628.3M | ||
| Q3 25 | $146.5M | $1.2B | ||
| Q2 25 | $93.8M | $62.7M | ||
| Q1 25 | $75.8M | $23.2M | ||
| Q4 24 | $52.5M | $5.6M | ||
| Q3 24 | $63.2M | $25.3M | ||
| Q2 24 | $41.2M | $122.6M | ||
| Q1 24 | $35.4M | $88.7M |
| Q4 25 | $201.1M | $2.7B | ||
| Q3 25 | $195.1M | $1.0B | ||
| Q2 25 | $122.5M | $167.1M | ||
| Q1 25 | $115.3M | — | ||
| Q4 24 | $107.7M | $0 | ||
| Q3 24 | $98.8M | — | ||
| Q2 24 | $108.6M | — | ||
| Q1 24 | $85.0M | — |
| Q4 25 | $94.9M | $805.5M | ||
| Q3 25 | $91.1M | $783.2M | ||
| Q2 25 | $86.6M | $748.9M | ||
| Q1 25 | $88.8M | $734.8M | ||
| Q4 24 | $94.0M | $682.0M | ||
| Q3 24 | $110.3M | $672.0M | ||
| Q2 24 | $76.5M | $690.8M | ||
| Q1 24 | $81.7M | $600.9M |
| Q4 25 | $386.2M | $4.3B | ||
| Q3 25 | $380.9M | $2.8B | ||
| Q2 25 | $310.8M | $1.0B | ||
| Q1 25 | $284.9M | $913.8M | ||
| Q4 24 | $254.1M | $855.4M | ||
| Q3 24 | $245.5M | $775.4M | ||
| Q2 24 | $224.3M | $775.6M | ||
| Q1 24 | $210.1M | $677.1M |
| Q4 25 | 2.12× | 3.37× | ||
| Q3 25 | 2.14× | 1.31× | ||
| Q2 25 | 1.41× | 0.22× | ||
| Q1 25 | 1.30× | — | ||
| Q4 24 | 1.15× | 0.00× | ||
| Q3 24 | 0.90× | — | ||
| Q2 24 | 1.42× | — | ||
| Q1 24 | 1.04× | — |
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 | $-9.3M | $-207.9M |
| Free Cash FlowOCF − Capex | — | $-695.9M |
| FCF MarginFCF / Revenue | — | -1165.4% |
| Capex IntensityCapex / Revenue | — | 817.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.3M | $-207.9M | ||
| Q3 25 | $-39.0M | $-50.1M | ||
| Q2 25 | $-7.3M | $-56.2M | ||
| Q1 25 | $27.2M | $-47.2M | ||
| Q4 24 | $-1.8M | $-87.5M | ||
| Q3 24 | $1.0M | $-6.5M | ||
| Q2 24 | $-1.8M | $-25.4M | ||
| Q1 24 | $-3.8M | $-26.6M |
| Q4 25 | — | $-695.9M | ||
| Q3 25 | — | $-256.2M | ||
| Q2 25 | — | $-87.5M | ||
| Q1 25 | — | $-71.8M | ||
| Q4 24 | — | $-227.0M | ||
| Q3 24 | — | $-83.2M | ||
| Q2 24 | — | $-33.2M | ||
| Q1 24 | — | $-34.5M |
| Q4 25 | — | -1165.4% | ||
| Q3 25 | — | -357.3% | ||
| Q2 25 | — | -200.9% | ||
| Q1 25 | — | -146.7% | ||
| Q4 24 | — | -537.6% | ||
| Q3 24 | — | -345.0% | ||
| Q2 24 | — | -90.2% | ||
| Q1 24 | — | -71.7% |
| Q4 25 | — | 817.1% | ||
| Q3 25 | — | 287.5% | ||
| Q2 25 | — | 71.8% | ||
| Q1 25 | — | 50.2% | ||
| Q4 24 | — | 330.4% | ||
| Q3 24 | — | 317.8% | ||
| Q2 24 | — | 21.4% | ||
| Q1 24 | — | 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.
