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Side-by-side financial comparison of Canopy Growth Corp (CGC) 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 $54.4M, roughly 1.1× Canopy Growth Corp). Canopy Growth Corp runs the higher net margin — -84.0% vs -1229.6%, a 1145.6% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs -0.3%). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs 1.2%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
CGC vs CIFR — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $59.7M |
| Net Profit | $-45.7M | $-734.2M |
| Gross Margin | 28.8% | 59.4% |
| Operating Margin | -35.3% | -503.4% |
| Net Margin | -84.0% | -1229.6% |
| Revenue YoY | -0.3% | 41.4% |
| Net Profit YoY | 48.6% | -4293.1% |
| EPS (diluted) | — | $-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 | $54.4M | $59.7M | ||
| Q3 25 | $48.7M | $71.7M | ||
| Q2 25 | $52.7M | $43.6M | ||
| Q1 25 | $47.5M | $49.0M | ||
| Q4 24 | $54.6M | $42.2M | ||
| Q3 24 | $46.0M | $24.1M | ||
| Q2 24 | $48.3M | $36.8M | ||
| Q1 24 | $53.1M | $48.1M |
| Q4 25 | $-45.7M | $-734.2M | ||
| Q3 25 | $-1.2M | $-3.3M | ||
| Q2 25 | $-30.3M | $-45.8M | ||
| Q1 25 | — | $-39.0M | ||
| Q4 24 | $-89.0M | $17.5M | ||
| Q3 24 | $-93.7M | $-86.8M | ||
| Q2 24 | $-92.8M | $-15.3M | ||
| Q1 24 | — | $39.9M |
| Q4 25 | 28.8% | 59.4% | ||
| Q3 25 | 32.8% | 62.7% | ||
| Q2 25 | 25.0% | 64.8% | ||
| Q1 25 | 16.2% | 69.6% | ||
| Q4 24 | 32.2% | 56.9% | ||
| Q3 24 | 34.7% | 37.5% | ||
| Q2 24 | 34.8% | 61.2% | ||
| Q1 24 | 21.3% | 69.2% |
| Q4 25 | -35.3% | -503.4% | ||
| Q3 25 | -25.3% | -52.5% | ||
| Q2 25 | -31.4% | -103.9% | ||
| Q1 25 | — | -77.8% | ||
| Q4 24 | -31.9% | 40.5% | ||
| Q3 24 | -72.9% | -379.2% | ||
| Q2 24 | -44.0% | -43.9% | ||
| Q1 24 | — | 97.2% |
| Q4 25 | -84.0% | -1229.6% | ||
| Q3 25 | -2.5% | -4.6% | ||
| Q2 25 | -57.6% | -105.1% | ||
| Q1 25 | — | -79.6% | ||
| Q4 24 | -163.0% | 41.5% | ||
| Q3 24 | -203.7% | -359.9% | ||
| Q2 24 | -192.0% | -41.5% | ||
| Q1 24 | — | 82.9% |
| Q4 25 | — | $-1.91 | ||
| Q3 25 | — | $-0.01 | ||
| Q2 25 | — | $-0.12 | ||
| Q1 25 | — | $-0.11 | ||
| Q4 24 | — | $0.04 | ||
| Q3 24 | — | $-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 | $271.1M | $628.3M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $553.5M | $805.5M |
| Total Assets | $807.5M | $4.3B |
| Debt / EquityLower = less leverage | — | 3.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $628.3M | ||
| Q3 25 | $217.6M | $1.2B | ||
| Q2 25 | $104.8M | $62.7M | ||
| Q1 25 | $96.0M | $23.2M | ||
| Q4 24 | $130.2M | $5.6M | ||
| Q3 24 | $168.8M | $25.3M | ||
| Q2 24 | $142.3M | $122.6M | ||
| Q1 24 | $148.5M | $88.7M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $167.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $553.5M | $805.5M | ||
| Q3 25 | $537.3M | $783.2M | ||
| Q2 25 | $357.0M | $748.9M | ||
| Q1 25 | $355.7M | $734.8M | ||
| Q4 24 | $431.8M | $682.0M | ||
| Q3 24 | $372.1M | $672.0M | ||
| Q2 24 | $389.0M | $690.8M | ||
| Q1 24 | $365.3M | $600.9M |
| Q4 25 | $807.5M | $4.3B | ||
| Q3 25 | $781.0M | $2.8B | ||
| Q2 25 | $660.4M | $1.0B | ||
| Q1 25 | $669.9M | $913.8M | ||
| Q4 24 | $849.9M | $855.4M | ||
| Q3 24 | $899.6M | $775.4M | ||
| Q2 24 | $938.9M | $775.6M | ||
| Q1 24 | $949.2M | $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 | — | $-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 | — | $-207.9M | ||
| Q3 25 | — | $-50.1M | ||
| Q2 25 | $-7.5M | $-56.2M | ||
| Q1 25 | $-121.0M | $-47.2M | ||
| Q4 24 | — | $-87.5M | ||
| Q3 24 | — | $-6.5M | ||
| Q2 24 | $-37.8M | $-25.4M | ||
| Q1 24 | $-205.8M | $-26.6M |
| Q4 25 | — | $-695.9M | ||
| Q3 25 | — | $-256.2M | ||
| Q2 25 | $-8.5M | $-87.5M | ||
| Q1 25 | $-128.9M | $-71.8M | ||
| Q4 24 | — | $-227.0M | ||
| Q3 24 | — | $-83.2M | ||
| Q2 24 | $-40.7M | $-33.2M | ||
| Q1 24 | $-208.3M | $-34.5M |
| Q4 25 | — | -1165.4% | ||
| Q3 25 | — | -357.3% | ||
| Q2 25 | -16.1% | -200.9% | ||
| Q1 25 | -271.5% | -146.7% | ||
| Q4 24 | — | -537.6% | ||
| Q3 24 | — | -345.0% | ||
| Q2 24 | -84.1% | -90.2% | ||
| Q1 24 | -392.1% | -71.7% |
| Q4 25 | — | 817.1% | ||
| Q3 25 | — | 287.5% | ||
| Q2 25 | 1.8% | 71.8% | ||
| Q1 25 | 16.6% | 50.2% | ||
| Q4 24 | — | 330.4% | ||
| Q3 24 | — | 317.8% | ||
| Q2 24 | 5.9% | 21.4% | ||
| Q1 24 | 4.7% | 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
CGC
| Other | $24.0M | 44% |
| Canadian Adult Use Cannabis | $22.9M | 42% |
| International Markets Cannabis | $6.2M | 11% |
| Other Geographical Area | $1.2M | 2% |
CIFR
Segment breakdown not available.
