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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and DULUTH HOLDINGS INC. (DLTH). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $59.7M, roughly 1.9× Cipher Mining Inc.). DULUTH HOLDINGS INC. runs the higher net margin — -8.8% vs -1229.6%, a 1220.8% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs -9.6%). DULUTH HOLDINGS INC. produced more free cash flow last quarter ($-8.9M vs $-695.9M). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs -31.6%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
CIFR vs DLTH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $114.9M |
| Net Profit | $-734.2M | $-10.1M |
| Gross Margin | 59.4% | 53.8% |
| Operating Margin | -503.4% | -7.7% |
| Net Margin | -1229.6% | -8.8% |
| Revenue YoY | 41.4% | -9.6% |
| Net Profit YoY | -4293.1% | 64.6% |
| EPS (diluted) | $-1.91 | $-0.29 |
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 | $114.9M | ||
| Q3 25 | $71.7M | $131.7M | ||
| Q2 25 | $43.6M | $102.7M | ||
| Q1 25 | $49.0M | $241.3M | ||
| Q4 24 | $42.2M | $127.1M | ||
| Q3 24 | $24.1M | $141.6M | ||
| Q2 24 | $36.8M | $116.7M | ||
| Q1 24 | $48.1M | $245.6M |
| Q4 25 | $-734.2M | $-10.1M | ||
| Q3 25 | $-3.3M | $1.3M | ||
| Q2 25 | $-45.8M | $-15.3M | ||
| Q1 25 | $-39.0M | $-5.6M | ||
| Q4 24 | $17.5M | $-28.2M | ||
| Q3 24 | $-86.8M | $-2.0M | ||
| Q2 24 | $-15.3M | $-7.9M | ||
| Q1 24 | $39.9M | $6.4M |
| Q4 25 | 59.4% | 53.8% | ||
| Q3 25 | 62.7% | 54.7% | ||
| Q2 25 | 64.8% | 52.0% | ||
| Q1 25 | 69.6% | 44.1% | ||
| Q4 24 | 56.9% | 52.3% | ||
| Q3 24 | 37.5% | 52.3% | ||
| Q2 24 | 61.2% | 52.8% | ||
| Q1 24 | 69.2% | 48.2% |
| Q4 25 | -503.4% | -7.7% | ||
| Q3 25 | -52.5% | 1.8% | ||
| Q2 25 | -103.9% | -12.0% | ||
| Q1 25 | -77.8% | -1.8% | ||
| Q4 24 | 40.5% | -17.4% | ||
| Q3 24 | -379.2% | -1.1% | ||
| Q2 24 | -43.9% | -7.7% | ||
| Q1 24 | 97.2% | 3.6% |
| Q4 25 | -1229.6% | -8.8% | ||
| Q3 25 | -4.6% | 1.0% | ||
| Q2 25 | -105.1% | -14.9% | ||
| Q1 25 | -79.6% | -2.3% | ||
| Q4 24 | 41.5% | -22.2% | ||
| Q3 24 | -359.9% | -1.4% | ||
| Q2 24 | -41.5% | -6.7% | ||
| Q1 24 | 82.9% | 2.6% |
| Q4 25 | $-1.91 | $-0.29 | ||
| Q3 25 | $-0.01 | $0.04 | ||
| Q2 25 | $-0.12 | $-0.45 | ||
| Q1 25 | $-0.11 | $-0.17 | ||
| Q4 24 | $0.04 | $-0.84 | ||
| Q3 24 | $-0.26 | $-0.06 | ||
| Q2 24 | $-0.05 | $-0.24 | ||
| Q1 24 | $0.13 | $0.20 |
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 | $8.2M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $805.5M | $160.6M |
| Total Assets | $4.3B | $468.0M |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $8.2M | ||
| Q3 25 | $1.2B | $5.7M | ||
| Q2 25 | $62.7M | $8.6M | ||
| Q1 25 | $23.2M | $3.3M | ||
| Q4 24 | $5.6M | $9.3M | ||
| Q3 24 | $25.3M | $9.8M | ||
| Q2 24 | $122.6M | $6.8M | ||
| Q1 24 | $88.7M | $32.2M |
| 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 | $160.6M | ||
| Q3 25 | $783.2M | $170.0M | ||
| Q2 25 | $748.9M | $167.9M | ||
| Q1 25 | $734.8M | $182.7M | ||
| Q4 24 | $682.0M | $188.1M | ||
| Q3 24 | $672.0M | $215.7M | ||
| Q2 24 | $690.8M | $218.4M | ||
| Q1 24 | $600.9M | $222.8M |
| Q4 25 | $4.3B | $468.0M | ||
| Q3 25 | $2.8B | $433.8M | ||
| Q2 25 | $1.0B | $463.7M | ||
| Q1 25 | $913.8M | $452.4M | ||
| Q4 24 | $855.4M | $533.1M | ||
| Q3 24 | $775.4M | $488.6M | ||
| Q2 24 | $775.6M | $471.4M | ||
| Q1 24 | $677.1M | $491.2M |
| 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 | $-6.7M |
| Free Cash FlowOCF − Capex | $-695.9M | $-8.9M |
| FCF MarginFCF / Revenue | -1165.4% | -7.8% |
| Capex IntensityCapex / Revenue | 817.1% | 2.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $1.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $-6.7M | ||
| Q3 25 | $-50.1M | $32.0M | ||
| Q2 25 | $-56.2M | $-56.5M | ||
| Q1 25 | $-47.2M | $41.2M | ||
| Q4 24 | $-87.5M | $-41.1M | ||
| Q3 24 | $-6.5M | $16.6M | ||
| Q2 24 | $-25.4M | $-33.7M | ||
| Q1 24 | $-26.6M | $69.7M |
| Q4 25 | $-695.9M | $-8.9M | ||
| Q3 25 | $-256.2M | $29.8M | ||
| Q2 25 | $-87.5M | $-57.8M | ||
| Q1 25 | $-71.8M | $38.7M | ||
| Q4 24 | $-227.0M | $-43.7M | ||
| Q3 24 | $-83.2M | $15.0M | ||
| Q2 24 | $-33.2M | $-35.2M | ||
| Q1 24 | $-34.5M | $60.6M |
| Q4 25 | -1165.4% | -7.8% | ||
| Q3 25 | -357.3% | 22.6% | ||
| Q2 25 | -200.9% | -56.3% | ||
| Q1 25 | -146.7% | 16.0% | ||
| Q4 24 | -537.6% | -34.4% | ||
| Q3 24 | -345.0% | 10.6% | ||
| Q2 24 | -90.2% | -30.2% | ||
| Q1 24 | -71.7% | 24.7% |
| Q4 25 | 817.1% | 2.0% | ||
| Q3 25 | 287.5% | 1.7% | ||
| Q2 25 | 71.8% | 1.3% | ||
| Q1 25 | 50.2% | 1.0% | ||
| Q4 24 | 330.4% | 2.1% | ||
| Q3 24 | 317.8% | 1.2% | ||
| Q2 24 | 21.4% | 1.3% | ||
| Q1 24 | 16.4% | 3.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | 25.40× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -5.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.67× | 10.86× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CIFR
Segment breakdown not available.
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
