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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and Core Scientific, Inc. (CORZ). Click either name above to swap in a different company.
Core Scientific, Inc. is the larger business by last-quarter revenue ($79.8M vs $59.7M, roughly 1.3× Cipher Mining Inc.). Core Scientific, Inc. runs the higher net margin — 268.5% vs -1229.6%, a 1498.1% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs -16.0%). Core Scientific, Inc. produced more free cash flow last quarter ($-450.8M vs $-695.9M). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs -33.3%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Core Scientific is a leading digital asset and high-performance computing infrastructure provider. It operates large energy-efficient data centers across North America, offering cryptocurrency mining services, colocation hosting for blockchain and AI clients, and custom high-performance computing solutions for enterprise tech segments.
CIFR vs CORZ — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $79.8M |
| Net Profit | $-734.2M | $214.2M |
| Gross Margin | 59.4% | 26.0% |
| Operating Margin | -503.4% | -149.5% |
| Net Margin | -1229.6% | 268.5% |
| Revenue YoY | 41.4% | -16.0% |
| Net Profit YoY | -4293.1% | 180.6% |
| EPS (diluted) | $-1.91 | $-1.63 |
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 | $79.8M | ||
| Q3 25 | $71.7M | $81.1M | ||
| Q2 25 | $43.6M | $78.6M | ||
| Q1 25 | $49.0M | $79.5M | ||
| Q4 24 | $42.2M | $94.9M | ||
| Q3 24 | $24.1M | $95.4M | ||
| Q2 24 | $36.8M | $141.1M | ||
| Q1 24 | $48.1M | $179.3M |
| Q4 25 | $-734.2M | $214.2M | ||
| Q3 25 | $-3.3M | $-144.0M | ||
| Q2 25 | $-45.8M | $-936.8M | ||
| Q1 25 | $-39.0M | $576.3M | ||
| Q4 24 | $17.5M | $-265.5M | ||
| Q3 24 | $-86.8M | $-455.3M | ||
| Q2 24 | $-15.3M | $-902.2M | ||
| Q1 24 | $39.9M | $210.7M |
| Q4 25 | 59.4% | 26.0% | ||
| Q3 25 | 62.7% | 4.8% | ||
| Q2 25 | 64.8% | 6.4% | ||
| Q1 25 | 69.6% | 10.3% | ||
| Q4 24 | 56.9% | 5.0% | ||
| Q3 24 | 37.5% | -0.2% | ||
| Q2 24 | 61.2% | 27.5% | ||
| Q1 24 | 69.2% | 43.3% |
| Q4 25 | -503.4% | -149.5% | ||
| Q3 25 | -52.5% | -67.6% | ||
| Q2 25 | -103.9% | -33.4% | ||
| Q1 25 | -77.8% | -59.1% | ||
| Q4 24 | 40.5% | -41.9% | ||
| Q3 24 | -379.2% | -43.2% | ||
| Q2 24 | -43.9% | -64.3% | ||
| Q1 24 | 97.2% | 30.8% |
| Q4 25 | -1229.6% | 268.5% | ||
| Q3 25 | -4.6% | -177.6% | ||
| Q2 25 | -105.1% | -1191.4% | ||
| Q1 25 | -79.6% | 724.6% | ||
| Q4 24 | 41.5% | -279.7% | ||
| Q3 24 | -359.9% | -477.4% | ||
| Q2 24 | -41.5% | -639.4% | ||
| Q1 24 | 82.9% | 117.5% |
| Q4 25 | $-1.91 | $-1.63 | ||
| Q3 25 | $-0.01 | $-0.45 | ||
| Q2 25 | $-0.12 | $-0.04 | ||
| Q1 25 | $-0.11 | $1.24 | ||
| Q4 24 | $0.04 | $0.51 | ||
| Q3 24 | $-0.26 | $-1.17 | ||
| Q2 24 | $-0.05 | $-5.05 | ||
| Q1 24 | $0.13 | $0.78 |
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 | $311.4M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $805.5M | $-962.7M |
| Total Assets | $4.3B | $2.3B |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $311.4M | ||
| Q3 25 | $1.2B | $453.4M | ||
| Q2 25 | $62.7M | $581.3M | ||
| Q1 25 | $23.2M | $697.9M | ||
| Q4 24 | $5.6M | $836.2M | ||
| Q3 24 | $25.3M | $253.0M | ||
| Q2 24 | $122.6M | $96.1M | ||
| Q1 24 | $88.7M | $98.1M |
| 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 | $805.5M | $-962.7M | ||
| Q3 25 | $783.2M | $-1.3B | ||
| Q2 25 | $748.9M | $-1.2B | ||
| Q1 25 | $734.8M | $-308.8M | ||
| Q4 24 | $682.0M | $-943.0M | ||
| Q3 24 | $672.0M | $-826.7M | ||
| Q2 24 | $690.8M | $-1.2B | ||
| Q1 24 | $600.9M | $-318.5M |
| Q4 25 | $4.3B | $2.3B | ||
| Q3 25 | $2.8B | $2.2B | ||
| Q2 25 | $1.0B | $1.9B | ||
| Q1 25 | $913.8M | $1.5B | ||
| Q4 24 | $855.4M | $1.5B | ||
| Q3 24 | $775.4M | $824.6M | ||
| Q2 24 | $775.6M | $664.2M | ||
| Q1 24 | $677.1M | $814.0M |
| 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 | $278.3M |
| Free Cash FlowOCF − Capex | $-695.9M | $-450.8M |
| FCF MarginFCF / Revenue | -1165.4% | -565.1% |
| Capex IntensityCapex / Revenue | 817.1% | 914.0% |
| Cash ConversionOCF / Net Profit | — | 1.30× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $-779.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $278.3M | ||
| Q3 25 | $-50.1M | $131.8M | ||
| Q2 25 | $-56.2M | $34.0M | ||
| Q1 25 | $-47.2M | $-45.0M | ||
| Q4 24 | $-87.5M | $42.9M | ||
| Q3 24 | $-6.5M | $5.7M | ||
| Q2 24 | $-25.4M | $1.2M | ||
| Q1 24 | $-26.6M | $22.2M |
| Q4 25 | $-695.9M | $-450.8M | ||
| Q3 25 | $-256.2M | $-112.7M | ||
| Q2 25 | $-87.5M | $-87.3M | ||
| Q1 25 | $-71.8M | $-129.0M | ||
| Q4 24 | $-227.0M | $-52.1M | ||
| Q3 24 | $-83.2M | $-25.5M | ||
| Q2 24 | $-33.2M | $-1.9M | ||
| Q1 24 | $-34.5M | $-9.7M |
| Q4 25 | -1165.4% | -565.1% | ||
| Q3 25 | -357.3% | -139.0% | ||
| Q2 25 | -200.9% | -111.0% | ||
| Q1 25 | -146.7% | -162.2% | ||
| Q4 24 | -537.6% | -54.8% | ||
| Q3 24 | -345.0% | -26.7% | ||
| Q2 24 | -90.2% | -1.4% | ||
| Q1 24 | -71.7% | -5.4% |
| Q4 25 | 817.1% | 914.0% | ||
| Q3 25 | 287.5% | 301.5% | ||
| Q2 25 | 71.8% | 154.2% | ||
| Q1 25 | 50.2% | 105.6% | ||
| Q4 24 | 330.4% | 100.0% | ||
| Q3 24 | 317.8% | 32.7% | ||
| Q2 24 | 21.4% | 2.2% | ||
| Q1 24 | 16.4% | 17.8% |
| Q4 25 | — | 1.30× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.08× | ||
| Q4 24 | -5.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.67× | 0.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CIFR
Segment breakdown not available.
CORZ
| Other | $36.3M | 46% |
| Digital Asset Self Mining Service | $31.8M | 40% |
| Colocation Service | $11.6M | 15% |
