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Side-by-side financial comparison of BillionToOne, Inc. (BLLN) and Cipher Mining Inc. (CIFR). Click either name above to swap in a different company.
BillionToOne, Inc. is the larger business by last-quarter revenue ($83.5M vs $59.7M, roughly 1.4× Cipher Mining Inc.). BillionToOne, Inc. runs the higher net margin — 6.8% vs -1229.6%, a 1236.4% gap on every dollar of revenue. On growth, BillionToOne, Inc. posted the faster year-over-year revenue change (117.4% vs 41.4%). BillionToOne, Inc. produced more free cash flow last quarter ($6.5M vs $-695.9M).
BillionToOne, Inc. is a life sciences and molecular diagnostics firm developing high-precision genetic testing solutions. Its core offerings include non-invasive prenatal tests, oncology diagnostics, and rare disease screening, serving clinical providers and patients mainly in North America.
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
BLLN vs CIFR — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $83.5M | $59.7M |
| Net Profit | $5.7M | $-734.2M |
| Gross Margin | 69.9% | 59.4% |
| Operating Margin | 11.5% | -503.4% |
| Net Margin | 6.8% | -1229.6% |
| Revenue YoY | 117.4% | 41.4% |
| Net Profit YoY | 138.3% | -4293.1% |
| EPS (diluted) | $0.10 | $-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 | — | $59.7M | ||
| Q3 25 | $83.5M | $71.7M | ||
| Q2 25 | — | $43.6M | ||
| Q1 25 | — | $49.0M | ||
| Q4 24 | — | $42.2M | ||
| Q3 24 | $38.4M | $24.1M | ||
| Q2 24 | — | $36.8M | ||
| Q1 24 | — | $48.1M |
| Q4 25 | — | $-734.2M | ||
| Q3 25 | $5.7M | $-3.3M | ||
| Q2 25 | — | $-45.8M | ||
| Q1 25 | — | $-39.0M | ||
| Q4 24 | — | $17.5M | ||
| Q3 24 | $-14.9M | $-86.8M | ||
| Q2 24 | — | $-15.3M | ||
| Q1 24 | — | $39.9M |
| Q4 25 | — | 59.4% | ||
| Q3 25 | 69.9% | 62.7% | ||
| Q2 25 | — | 64.8% | ||
| Q1 25 | — | 69.6% | ||
| Q4 24 | — | 56.9% | ||
| Q3 24 | 52.6% | 37.5% | ||
| Q2 24 | — | 61.2% | ||
| Q1 24 | — | 69.2% |
| Q4 25 | — | -503.4% | ||
| Q3 25 | 11.5% | -52.5% | ||
| Q2 25 | — | -103.9% | ||
| Q1 25 | — | -77.8% | ||
| Q4 24 | — | 40.5% | ||
| Q3 24 | -32.9% | -379.2% | ||
| Q2 24 | — | -43.9% | ||
| Q1 24 | — | 97.2% |
| Q4 25 | — | -1229.6% | ||
| Q3 25 | 6.8% | -4.6% | ||
| Q2 25 | — | -105.1% | ||
| Q1 25 | — | -79.6% | ||
| Q4 24 | — | 41.5% | ||
| Q3 24 | -38.8% | -359.9% | ||
| Q2 24 | — | -41.5% | ||
| Q1 24 | — | 82.9% |
| Q4 25 | — | $-1.91 | ||
| Q3 25 | $0.10 | $-0.01 | ||
| Q2 25 | — | $-0.12 | ||
| Q1 25 | — | $-0.11 | ||
| Q4 24 | — | $0.04 | ||
| Q3 24 | $-1.47 | $-0.26 | ||
| Q2 24 | — | $-0.05 | ||
| Q1 24 | — | $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 | $195.2M | $628.3M |
| Total DebtLower is stronger | $55.0M | $2.7B |
| Stockholders' EquityBook value | $-239.5M | $805.5M |
| Total Assets | $327.5M | $4.3B |
| Debt / EquityLower = less leverage | — | 3.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $628.3M | ||
| Q3 25 | $195.2M | $1.2B | ||
| Q2 25 | — | $62.7M | ||
| Q1 25 | — | $23.2M | ||
| Q4 24 | — | $5.6M | ||
| Q3 24 | — | $25.3M | ||
| Q2 24 | — | $122.6M | ||
| Q1 24 | — | $88.7M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | $55.0M | $1.0B | ||
| Q2 25 | — | $167.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $805.5M | ||
| Q3 25 | $-239.5M | $783.2M | ||
| Q2 25 | — | $748.9M | ||
| Q1 25 | — | $734.8M | ||
| Q4 24 | — | $682.0M | ||
| Q3 24 | $-242.9M | $672.0M | ||
| Q2 24 | — | $690.8M | ||
| Q1 24 | — | $600.9M |
| Q4 25 | — | $4.3B | ||
| Q3 25 | $327.5M | $2.8B | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $913.8M | ||
| Q4 24 | — | $855.4M | ||
| Q3 24 | — | $775.4M | ||
| Q2 24 | — | $775.6M | ||
| Q1 24 | — | $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 | $13.8M | $-207.9M |
| Free Cash FlowOCF − Capex | $6.5M | $-695.9M |
| FCF MarginFCF / Revenue | 7.7% | -1165.4% |
| Capex IntensityCapex / Revenue | 8.8% | 817.1% |
| Cash ConversionOCF / Net Profit | 2.42× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-207.9M | ||
| Q3 25 | $13.8M | $-50.1M | ||
| Q2 25 | — | $-56.2M | ||
| Q1 25 | — | $-47.2M | ||
| Q4 24 | — | $-87.5M | ||
| Q3 24 | — | $-6.5M | ||
| Q2 24 | — | $-25.4M | ||
| Q1 24 | — | $-26.6M |
| Q4 25 | — | $-695.9M | ||
| Q3 25 | $6.5M | $-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 | 7.7% | -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 | 8.8% | 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 | 2.42× | — | ||
| 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
BLLN
| Prenatal | $74.1M | 89% |
| Oncology | $8.7M | 10% |
CIFR
Segment breakdown not available.
