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Side-by-side financial comparison of CBAK Energy Technology, Inc. (CBAT) 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 $58.8M, roughly 1.0× CBAK Energy Technology, Inc.). CBAK Energy Technology, Inc. runs the higher net margin — -12.5% vs -1229.6%, a 1217.1% gap on every dollar of revenue. On growth, CBAK Energy Technology, Inc. posted the faster year-over-year revenue change (131.8% vs 41.4%). CBAK Energy Technology, Inc. produced more free cash flow last quarter ($16.1M vs $-695.9M). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs -0.0%).
CBAK Energy Technology, Inc. is a global supplier of lithium-ion battery products including high-performance cells, modules and battery packs. It serves key segments such as electric vehicles, stationary energy storage systems and consumer electronics, with core operations in China and a worldwide customer base.
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
CBAT vs CIFR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.8M | $59.7M |
| Net Profit | $-7.4M | $-734.2M |
| Gross Margin | 7.3% | 59.4% |
| Operating Margin | -13.6% | -503.4% |
| Net Margin | -12.5% | -1229.6% |
| Revenue YoY | 131.8% | 41.4% |
| Net Profit YoY | -63.6% | -4293.1% |
| EPS (diluted) | $-0.08 | $-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 | $58.8M | $59.7M | ||
| Q3 25 | $60.9M | $71.7M | ||
| Q2 25 | $40.5M | $43.6M | ||
| Q1 25 | $34.9M | $49.0M | ||
| Q4 24 | $25.4M | $42.2M | ||
| Q3 24 | $44.6M | $24.1M | ||
| Q2 24 | $47.8M | $36.8M | ||
| Q1 24 | $58.8M | $48.1M |
| Q4 25 | $-7.4M | $-734.2M | ||
| Q3 25 | $2.7M | $-3.3M | ||
| Q2 25 | $-3.1M | $-45.8M | ||
| Q1 25 | $-1.6M | $-39.0M | ||
| Q4 24 | $-4.5M | $17.5M | ||
| Q3 24 | $17.6K | $-86.8M | ||
| Q2 24 | $6.4M | $-15.3M | ||
| Q1 24 | $9.8M | $39.9M |
| Q4 25 | 7.3% | 59.4% | ||
| Q3 25 | 8.0% | 62.7% | ||
| Q2 25 | 11.0% | 64.8% | ||
| Q1 25 | 13.7% | 69.6% | ||
| Q4 24 | 13.1% | 56.9% | ||
| Q3 24 | 15.6% | 37.5% | ||
| Q2 24 | 26.6% | 61.2% | ||
| Q1 24 | 31.9% | 69.2% |
| Q4 25 | -13.6% | -503.4% | ||
| Q3 25 | -6.6% | -52.5% | ||
| Q2 25 | -8.7% | -103.9% | ||
| Q1 25 | -8.2% | -77.8% | ||
| Q4 24 | -26.0% | 40.5% | ||
| Q3 24 | -1.9% | -379.2% | ||
| Q2 24 | 12.4% | -43.9% | ||
| Q1 24 | 17.4% | 97.2% |
| Q4 25 | -12.5% | -1229.6% | ||
| Q3 25 | 4.4% | -4.6% | ||
| Q2 25 | -7.6% | -105.1% | ||
| Q1 25 | -4.5% | -79.6% | ||
| Q4 24 | -17.8% | 41.5% | ||
| Q3 24 | 0.0% | -359.9% | ||
| Q2 24 | 13.5% | -41.5% | ||
| Q1 24 | 16.7% | 82.9% |
| Q4 25 | $-0.08 | $-1.91 | ||
| Q3 25 | $0.03 | $-0.01 | ||
| Q2 25 | $-0.03 | $-0.12 | ||
| Q1 25 | $-0.02 | $-0.11 | ||
| Q4 24 | $-0.05 | $0.04 | ||
| Q3 24 | $0.00 | $-0.26 | ||
| Q2 24 | $0.07 | $-0.05 | ||
| Q1 24 | $0.11 | $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 | $8.3M | $628.3M |
| Total DebtLower is stronger | $4.1M | $2.7B |
| Stockholders' EquityBook value | $112.7M | $805.5M |
| Total Assets | $426.2M | $4.3B |
| Debt / EquityLower = less leverage | 0.04× | 3.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.3M | $628.3M | ||
| Q3 25 | $10.5M | $1.2B | ||
| Q2 25 | $45.7M | $62.7M | ||
| Q1 25 | $9.6M | $23.2M | ||
| Q4 24 | $11.0M | $5.6M | ||
| Q3 24 | $24.2M | $25.3M | ||
| Q2 24 | $44.1M | $122.6M | ||
| Q1 24 | $23.8M | $88.7M |
| Q4 25 | $4.1M | $2.7B | ||
| Q3 25 | $4.8M | $1.0B | ||
| Q2 25 | $4.9M | $167.1M | ||
| Q1 25 | $4.1M | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $112.7M | $805.5M | ||
| Q3 25 | $121.4M | $783.2M | ||
| Q2 25 | $118.2M | $748.9M | ||
| Q1 25 | $120.8M | $734.8M | ||
| Q4 24 | $121.7M | $682.0M | ||
| Q3 24 | $131.2M | $672.0M | ||
| Q2 24 | $126.6M | $690.8M | ||
| Q1 24 | $120.9M | $600.9M |
| Q4 25 | $426.2M | $4.3B | ||
| Q3 25 | $363.9M | $2.8B | ||
| Q2 25 | $333.1M | $1.0B | ||
| Q1 25 | $311.5M | $913.8M | ||
| Q4 24 | $302.2M | $855.4M | ||
| Q3 24 | $293.5M | $775.4M | ||
| Q2 24 | $279.6M | $775.6M | ||
| Q1 24 | $286.5M | $677.1M |
| Q4 25 | 0.04× | 3.37× | ||
| Q3 25 | 0.04× | 1.31× | ||
| Q2 25 | 0.04× | 0.22× | ||
| Q1 25 | 0.03× | — | ||
| 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 | $29.8M | $-207.9M |
| Free Cash FlowOCF − Capex | $16.1M | $-695.9M |
| FCF MarginFCF / Revenue | 27.3% | -1165.4% |
| Capex IntensityCapex / Revenue | 23.4% | 817.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $3.9M | $-1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.8M | $-207.9M | ||
| Q3 25 | $14.6M | $-50.1M | ||
| Q2 25 | $13.8M | $-56.2M | ||
| Q1 25 | $-9.6M | $-47.2M | ||
| Q4 24 | $9.6M | $-87.5M | ||
| Q3 24 | $19.7M | $-6.5M | ||
| Q2 24 | $2.9M | $-25.4M | ||
| Q1 24 | $7.4M | $-26.6M |
| Q4 25 | $16.1M | $-695.9M | ||
| Q3 25 | $6.0M | $-256.2M | ||
| Q2 25 | $4.1M | $-87.5M | ||
| Q1 25 | $-22.3M | $-71.8M | ||
| Q4 24 | $3.9M | $-227.0M | ||
| Q3 24 | $16.5M | $-83.2M | ||
| Q2 24 | $2.5M | $-33.2M | ||
| Q1 24 | $-454.0K | $-34.5M |
| Q4 25 | 27.3% | -1165.4% | ||
| Q3 25 | 9.9% | -357.3% | ||
| Q2 25 | 10.2% | -200.9% | ||
| Q1 25 | -63.9% | -146.7% | ||
| Q4 24 | 15.5% | -537.6% | ||
| Q3 24 | 37.1% | -345.0% | ||
| Q2 24 | 5.2% | -90.2% | ||
| Q1 24 | -0.8% | -71.7% |
| Q4 25 | 23.4% | 817.1% | ||
| Q3 25 | 14.1% | 287.5% | ||
| Q2 25 | 23.8% | 71.8% | ||
| Q1 25 | 36.3% | 50.2% | ||
| Q4 24 | 22.5% | 330.4% | ||
| Q3 24 | 7.0% | 317.8% | ||
| Q2 24 | 0.9% | 21.4% | ||
| Q1 24 | 13.4% | 16.4% |
| Q4 25 | — | — | ||
| Q3 25 | 5.51× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -5.00× | ||
| Q3 24 | 1115.72× | — | ||
| Q2 24 | 0.46× | — | ||
| Q1 24 | 0.76× | -0.67× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CBAT
| Manufacturing Lithium Batteries | $28.0M | 48% |
| Residential Energy Supply And Uninterruptable Supplies | $17.8M | 30% |
| Light Electric Vehicles | $12.9M | 22% |
| Precursor | $108.0K | 0% |
CIFR
Segment breakdown not available.
