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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and FUELCELL ENERGY INC (FCEL). Click either name above to swap in a different company.
Cipher Mining Inc. is the larger business by last-quarter revenue ($59.7M vs $55.0M, roughly 1.1× FUELCELL ENERGY INC). FUELCELL ENERGY INC runs the higher net margin — -54.3% vs -1229.6%, a 1175.3% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs 11.5%). FUELCELL ENERGY INC produced more free cash flow last quarter ($-23.9M vs $-695.9M). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs 11.4%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
FuelCell Energy, Inc. is a publicly traded fuel cell company headquartered in Danbury, Connecticut. It designs, manufactures, operates and services power plants based on molten carbonate fuel cells.
CIFR vs FCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $55.0M |
| Net Profit | $-734.2M | $-29.9M |
| Gross Margin | 59.4% | -12.1% |
| Operating Margin | -503.4% | -51.5% |
| Net Margin | -1229.6% | -54.3% |
| Revenue YoY | 41.4% | 11.5% |
| Net Profit YoY | -4293.1% | 27.9% |
| EPS (diluted) | $-1.91 | $-0.43 |
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 | $55.0M | ||
| Q3 25 | $71.7M | $46.7M | ||
| Q2 25 | $43.6M | $37.4M | ||
| Q1 25 | $49.0M | $19.0M | ||
| Q4 24 | $42.2M | $49.3M | ||
| Q3 24 | $24.1M | $23.7M | ||
| Q2 24 | $36.8M | $22.4M | ||
| Q1 24 | $48.1M | $16.7M |
| Q4 25 | $-734.2M | $-29.9M | ||
| Q3 25 | $-3.3M | $-91.7M | ||
| Q2 25 | $-45.8M | $-38.0M | ||
| Q1 25 | $-39.0M | $-28.3M | ||
| Q4 24 | $17.5M | $-41.4M | ||
| Q3 24 | $-86.8M | $-32.7M | ||
| Q2 24 | $-15.3M | $-32.1M | ||
| Q1 24 | $39.9M | $-19.8M |
| Q4 25 | 59.4% | -12.1% | ||
| Q3 25 | 62.7% | -11.0% | ||
| Q2 25 | 64.8% | -25.2% | ||
| Q1 25 | 69.6% | -27.4% | ||
| Q4 24 | 56.9% | -22.1% | ||
| Q3 24 | 37.5% | -26.2% | ||
| Q2 24 | 61.2% | -31.6% | ||
| Q1 24 | 69.2% | -70.2% |
| Q4 25 | -503.4% | -51.5% | ||
| Q3 25 | -52.5% | -204.0% | ||
| Q2 25 | -103.9% | -95.7% | ||
| Q1 25 | -77.8% | -172.9% | ||
| Q4 24 | 40.5% | -83.2% | ||
| Q3 24 | -379.2% | -141.9% | ||
| Q2 24 | -43.9% | -184.5% | ||
| Q1 24 | 97.2% | -254.5% |
| Q4 25 | -1229.6% | -54.3% | ||
| Q3 25 | -4.6% | -196.1% | ||
| Q2 25 | -105.1% | -101.7% | ||
| Q1 25 | -79.6% | -149.1% | ||
| Q4 24 | 41.5% | -84.0% | ||
| Q3 24 | -359.9% | -137.8% | ||
| Q2 24 | -41.5% | -143.4% | ||
| Q1 24 | 82.9% | -118.6% |
| Q4 25 | $-1.91 | $-0.43 | ||
| Q3 25 | $-0.01 | $-3.78 | ||
| Q2 25 | $-0.12 | $-1.79 | ||
| Q1 25 | $-0.11 | $-1.42 | ||
| Q4 24 | $0.04 | $-2.29 | ||
| Q3 24 | $-0.26 | $-1.99 | ||
| Q2 24 | $-0.05 | $-2.18 | ||
| Q1 24 | $0.13 | $-1.37 |
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 | $278.1M |
| Total DebtLower is stronger | $2.7B | $103.8M |
| Stockholders' EquityBook value | $805.5M | $662.2M |
| Total Assets | $4.3B | $932.1M |
| Debt / EquityLower = less leverage | 3.37× | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $278.1M | ||
| Q3 25 | $1.2B | $174.7M | ||
| Q2 25 | $62.7M | $177.0M | ||
| Q1 25 | $23.2M | $208.4M | ||
| Q4 24 | $5.6M | $257.3M | ||
| Q3 24 | $25.3M | $267.2M | ||
| Q2 24 | $122.6M | $260.1M | ||
| Q1 24 | $88.7M | $297.5M |
| Q4 25 | $2.7B | $103.8M | ||
| Q3 25 | $1.0B | $106.4M | ||
| Q2 25 | $167.1M | $109.4M | ||
| Q1 25 | — | $112.3M | ||
| Q4 24 | $0 | $115.7M | ||
| Q3 24 | — | $112.7M | ||
| Q2 24 | — | $116.2M | ||
| Q1 24 | — | $107.2M |
| Q4 25 | $805.5M | $662.2M | ||
| Q3 25 | $783.2M | $556.2M | ||
| Q2 25 | $748.9M | $609.2M | ||
| Q1 25 | $734.8M | $635.2M | ||
| Q4 24 | $682.0M | $656.9M | ||
| Q3 24 | $672.0M | $675.8M | ||
| Q2 24 | $690.8M | $639.8M | ||
| Q1 24 | $600.9M | $663.9M |
| Q4 25 | $4.3B | $932.1M | ||
| Q3 25 | $2.8B | $830.5M | ||
| Q2 25 | $1.0B | $883.8M | ||
| Q1 25 | $913.8M | $907.5M | ||
| Q4 24 | $855.4M | $944.1M | ||
| Q3 24 | $775.4M | $948.9M | ||
| Q2 24 | $775.6M | $916.8M | ||
| Q1 24 | $677.1M | $923.2M |
| Q4 25 | 3.37× | 0.16× | ||
| Q3 25 | 1.31× | 0.19× | ||
| Q2 25 | 0.22× | 0.18× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | 0.00× | 0.18× | ||
| Q3 24 | — | 0.17× | ||
| Q2 24 | — | 0.18× | ||
| Q1 24 | — | 0.16× |
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 | $-22.9M |
| Free Cash FlowOCF − Capex | $-695.9M | $-23.9M |
| FCF MarginFCF / Revenue | -1165.4% | -43.4% |
| Capex IntensityCapex / Revenue | 817.1% | 1.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $-143.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $-22.9M | ||
| Q3 25 | $-50.1M | $-26.8M | ||
| Q2 25 | $-56.2M | $-29.9M | ||
| Q1 25 | $-47.2M | $-45.7M | ||
| Q4 24 | $-87.5M | $5.8M | ||
| Q3 24 | $-6.5M | $-63.4M | ||
| Q2 24 | $-25.4M | $-37.1M | ||
| Q1 24 | $-26.6M | $-58.3M |
| Q4 25 | $-695.9M | $-23.9M | ||
| Q3 25 | $-256.2M | $-32.1M | ||
| Q2 25 | $-87.5M | $-35.2M | ||
| Q1 25 | $-71.8M | $-52.8M | ||
| Q4 24 | $-227.0M | $-4.7M | ||
| Q3 24 | $-83.2M | $-76.8M | ||
| Q2 24 | $-33.2M | $-50.3M | ||
| Q1 24 | $-34.5M | $-68.8M |
| Q4 25 | -1165.4% | -43.4% | ||
| Q3 25 | -357.3% | -68.6% | ||
| Q2 25 | -200.9% | -94.0% | ||
| Q1 25 | -146.7% | -277.8% | ||
| Q4 24 | -537.6% | -9.5% | ||
| Q3 24 | -345.0% | -324.0% | ||
| Q2 24 | -90.2% | -224.5% | ||
| Q1 24 | -71.7% | -412.4% |
| Q4 25 | 817.1% | 1.8% | ||
| Q3 25 | 287.5% | 11.2% | ||
| Q2 25 | 71.8% | 14.1% | ||
| Q1 25 | 50.2% | 37.2% | ||
| Q4 24 | 330.4% | 21.4% | ||
| Q3 24 | 317.8% | 56.6% | ||
| Q2 24 | 21.4% | 58.9% | ||
| Q1 24 | 16.4% | 63.3% |
| 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.
FCEL
| Other | $30.0M | 55% |
| Electricity Generation | $12.2M | 22% |
| Services | $7.3M | 13% |
| Advanced Technologies | $5.5M | 10% |
