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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and Commerce.com, Inc. (CMRC). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $59.7M, roughly 1.5× Cipher Mining Inc.). Commerce.com, Inc. runs the higher net margin — -9.3% vs -1229.6%, a 1220.3% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs 2.9%). Commerce.com, Inc. produced more free cash flow last quarter ($-2.2M vs $-695.9M). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs 5.5%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
CIFR vs CMRC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $89.5M |
| Net Profit | $-734.2M | $-8.4M |
| Gross Margin | 59.4% | 78.3% |
| Operating Margin | -503.4% | -7.4% |
| Net Margin | -1229.6% | -9.3% |
| Revenue YoY | 41.4% | 2.9% |
| Net Profit YoY | -4293.1% | -250.0% |
| EPS (diluted) | $-1.91 | $-0.11 |
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 | $89.5M | ||
| Q3 25 | $71.7M | $86.0M | ||
| Q2 25 | $43.6M | $84.4M | ||
| Q1 25 | $49.0M | $82.4M | ||
| Q4 24 | $42.2M | $87.0M | ||
| Q3 24 | $24.1M | $83.7M | ||
| Q2 24 | $36.8M | $81.8M | ||
| Q1 24 | $48.1M | $80.4M |
| Q4 25 | $-734.2M | $-8.4M | ||
| Q3 25 | $-3.3M | $-2.2M | ||
| Q2 25 | $-45.8M | $-8.4M | ||
| Q1 25 | $-39.0M | $-353.0K | ||
| Q4 24 | $17.5M | $-2.4M | ||
| Q3 24 | $-86.8M | $-7.0M | ||
| Q2 24 | $-15.3M | $-11.3M | ||
| Q1 24 | $39.9M | $-6.4M |
| Q4 25 | 59.4% | 78.3% | ||
| Q3 25 | 62.7% | 78.4% | ||
| Q2 25 | 64.8% | 79.0% | ||
| Q1 25 | 69.6% | 79.4% | ||
| Q4 24 | 56.9% | 77.6% | ||
| Q3 24 | 37.5% | 76.3% | ||
| Q2 24 | 61.2% | 75.8% | ||
| Q1 24 | 69.2% | 77.1% |
| Q4 25 | -503.4% | -7.4% | ||
| Q3 25 | -52.5% | -0.5% | ||
| Q2 25 | -103.9% | -8.0% | ||
| Q1 25 | -77.8% | -2.9% | ||
| Q4 24 | 40.5% | -0.9% | ||
| Q3 24 | -379.2% | -23.0% | ||
| Q2 24 | -43.9% | -16.5% | ||
| Q1 24 | 97.2% | -10.2% |
| Q4 25 | -1229.6% | -9.3% | ||
| Q3 25 | -4.6% | -2.6% | ||
| Q2 25 | -105.1% | -9.9% | ||
| Q1 25 | -79.6% | -0.4% | ||
| Q4 24 | 41.5% | -2.7% | ||
| Q3 24 | -359.9% | -8.4% | ||
| Q2 24 | -41.5% | -13.8% | ||
| Q1 24 | 82.9% | -8.0% |
| Q4 25 | $-1.91 | $-0.11 | ||
| Q3 25 | $-0.01 | $-0.03 | ||
| Q2 25 | $-0.12 | $-0.10 | ||
| Q1 25 | $-0.11 | $0.00 | ||
| Q4 24 | $0.04 | $-0.03 | ||
| Q3 24 | $-0.26 | $-0.09 | ||
| Q2 24 | $-0.05 | $-0.15 | ||
| Q1 24 | $0.13 | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $628.3M | $141.1M |
| Total DebtLower is stronger | $2.7B | $157.0M |
| Stockholders' EquityBook value | $805.5M | $39.4M |
| Total Assets | $4.3B | $308.8M |
| Debt / EquityLower = less leverage | 3.37× | 3.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $141.1M | ||
| Q3 25 | $1.2B | $142.0M | ||
| Q2 25 | $62.7M | $134.5M | ||
| Q1 25 | $23.2M | $120.7M | ||
| Q4 24 | $5.6M | $178.2M | ||
| Q3 24 | $25.3M | $168.4M | ||
| Q2 24 | $122.6M | $275.8M | ||
| Q1 24 | $88.7M | $265.2M |
| Q4 25 | $2.7B | $157.0M | ||
| Q3 25 | $1.0B | $157.3M | ||
| Q2 25 | $167.1M | $157.5M | ||
| Q1 25 | — | $157.8M | ||
| Q4 24 | $0 | $216.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $340.9M | ||
| Q1 24 | — | $340.5M |
| Q4 25 | $805.5M | $39.4M | ||
| Q3 25 | $783.2M | $42.8M | ||
| Q2 25 | $748.9M | $38.8M | ||
| Q1 25 | $734.8M | $38.1M | ||
| Q4 24 | $682.0M | $33.4M | ||
| Q3 24 | $672.0M | $29.0M | ||
| Q2 24 | $690.8M | $26.1M | ||
| Q1 24 | $600.9M | $26.9M |
| Q4 25 | $4.3B | $308.8M | ||
| Q3 25 | $2.8B | $309.5M | ||
| Q2 25 | $1.0B | $302.5M | ||
| Q1 25 | $913.8M | $286.3M | ||
| Q4 24 | $855.4M | $340.3M | ||
| Q3 24 | $775.4M | $335.1M | ||
| Q2 24 | $775.6M | $452.5M | ||
| Q1 24 | $677.1M | $442.5M |
| Q4 25 | 3.37× | 3.99× | ||
| Q3 25 | 1.31× | 3.67× | ||
| Q2 25 | 0.22× | 4.06× | ||
| Q1 25 | — | 4.14× | ||
| Q4 24 | 0.00× | 6.49× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 13.06× | ||
| Q1 24 | — | 12.65× |
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 | $980.0K |
| Free Cash FlowOCF − Capex | $-695.9M | $-2.2M |
| FCF MarginFCF / Revenue | -1165.4% | -2.4% |
| Capex IntensityCapex / Revenue | 817.1% | 3.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $16.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $980.0K | ||
| Q3 25 | $-50.1M | $10.6M | ||
| Q2 25 | $-56.2M | $13.6M | ||
| Q1 25 | $-47.2M | $401.0K | ||
| Q4 24 | $-87.5M | $12.4M | ||
| Q3 24 | $-6.5M | $5.6M | ||
| Q2 24 | $-25.4M | $11.7M | ||
| Q1 24 | $-26.6M | $-3.4M |
| Q4 25 | $-695.9M | $-2.2M | ||
| Q3 25 | $-256.2M | $7.6M | ||
| Q2 25 | $-87.5M | $11.9M | ||
| Q1 25 | $-71.8M | $-424.0K | ||
| Q4 24 | $-227.0M | $11.6M | ||
| Q3 24 | $-83.2M | $4.5M | ||
| Q2 24 | $-33.2M | $10.7M | ||
| Q1 24 | $-34.5M | $-4.2M |
| Q4 25 | -1165.4% | -2.4% | ||
| Q3 25 | -357.3% | 8.8% | ||
| Q2 25 | -200.9% | 14.1% | ||
| Q1 25 | -146.7% | -0.5% | ||
| Q4 24 | -537.6% | 13.3% | ||
| Q3 24 | -345.0% | 5.4% | ||
| Q2 24 | -90.2% | 13.0% | ||
| Q1 24 | -71.7% | -5.3% |
| Q4 25 | 817.1% | 3.5% | ||
| Q3 25 | 287.5% | 3.4% | ||
| Q2 25 | 71.8% | 2.0% | ||
| Q1 25 | 50.2% | 1.0% | ||
| Q4 24 | 330.4% | 0.9% | ||
| Q3 24 | 317.8% | 1.3% | ||
| Q2 24 | 21.4% | 1.3% | ||
| Q1 24 | 16.4% | 1.0% |
| 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
CIFR
Segment breakdown not available.
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
