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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and FTC Solar, Inc. (FTCI). Click either name above to swap in a different company.
Cipher Mining Inc. is the larger business by last-quarter revenue ($59.7M vs $32.9M, roughly 1.8× FTC Solar, Inc.). FTC Solar, Inc. runs the higher net margin — -110.7% vs -1229.6%, a 1118.9% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs 41.4%). FTC Solar, Inc. produced more free cash flow last quarter ($-8.4M vs $-695.9M). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs 11.4%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
FTC Solar, Inc. is a leading global provider of advanced solar tracker systems, associated components, and supporting software for solar projects. It serves utility-scale, commercial, and industrial solar segments across key global markets, helping customers boost energy generation efficiency and lower overall project costs.
CIFR vs FTCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $32.9M |
| Net Profit | $-734.2M | $-36.4M |
| Gross Margin | 59.4% | 14.9% |
| Operating Margin | -503.4% | -17.2% |
| Net Margin | -1229.6% | -110.7% |
| Revenue YoY | 41.4% | 148.9% |
| Net Profit YoY | -4293.1% | -197.4% |
| EPS (diluted) | $-1.91 | $-2.31 |
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 | $32.9M | ||
| Q3 25 | $71.7M | $26.0M | ||
| Q2 25 | $43.6M | $20.0M | ||
| Q1 25 | $49.0M | $20.8M | ||
| Q4 24 | $42.2M | $13.2M | ||
| Q3 24 | $24.1M | $10.1M | ||
| Q2 24 | $36.8M | $11.4M | ||
| Q1 24 | $48.1M | $12.6M |
| Q4 25 | $-734.2M | $-36.4M | ||
| Q3 25 | $-3.3M | $-23.9M | ||
| Q2 25 | $-45.8M | $-15.4M | ||
| Q1 25 | $-39.0M | $-3.8M | ||
| Q4 24 | $17.5M | $-12.2M | ||
| Q3 24 | $-86.8M | $-15.4M | ||
| Q2 24 | $-15.3M | $-12.2M | ||
| Q1 24 | $39.9M | $-8.8M |
| Q4 25 | 59.4% | 14.9% | ||
| Q3 25 | 62.7% | 6.1% | ||
| Q2 25 | 64.8% | -19.6% | ||
| Q1 25 | 69.6% | -16.6% | ||
| Q4 24 | 56.9% | -29.1% | ||
| Q3 24 | 37.5% | -42.5% | ||
| Q2 24 | 61.2% | -20.5% | ||
| Q1 24 | 69.2% | -16.7% |
| Q4 25 | -503.4% | -17.2% | ||
| Q3 25 | -52.5% | -29.6% | ||
| Q2 25 | -103.9% | -57.5% | ||
| Q1 25 | -77.8% | -50.8% | ||
| Q4 24 | 40.5% | -101.7% | ||
| Q3 24 | -379.2% | -147.8% | ||
| Q2 24 | -43.9% | -104.3% | ||
| Q1 24 | 97.2% | -99.3% |
| Q4 25 | -1229.6% | -110.7% | ||
| Q3 25 | -4.6% | -92.0% | ||
| Q2 25 | -105.1% | -77.2% | ||
| Q1 25 | -79.6% | -18.4% | ||
| Q4 24 | 41.5% | -92.7% | ||
| Q3 24 | -359.9% | -151.5% | ||
| Q2 24 | -41.5% | -107.1% | ||
| Q1 24 | 82.9% | -69.7% |
| Q4 25 | $-1.91 | $-2.31 | ||
| Q3 25 | $-0.01 | $-1.61 | ||
| Q2 25 | $-0.12 | $-1.18 | ||
| Q1 25 | $-0.11 | $-0.58 | ||
| Q4 24 | $0.04 | $-0.95 | ||
| Q3 24 | $-0.26 | $-1.21 | ||
| Q2 24 | $-0.05 | $-0.97 | ||
| Q1 24 | $0.13 | $-0.70 |
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 | $21.1M |
| Total DebtLower is stronger | $2.7B | $9.9M |
| Stockholders' EquityBook value | $805.5M | $-43.0M |
| Total Assets | $4.3B | $111.8M |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $21.1M | ||
| Q3 25 | $1.2B | $24.4M | ||
| Q2 25 | $62.7M | $3.5M | ||
| Q1 25 | $23.2M | $5.9M | ||
| Q4 24 | $5.6M | $11.2M | ||
| Q3 24 | $25.3M | $8.3M | ||
| Q2 24 | $122.6M | $10.8M | ||
| Q1 24 | $88.7M | $14.0M |
| Q4 25 | $2.7B | $9.9M | ||
| Q3 25 | $1.0B | $16.6M | ||
| Q2 25 | $167.1M | $10.9M | ||
| Q1 25 | — | $10.2M | ||
| Q4 24 | $0 | $9.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $805.5M | $-43.0M | ||
| Q3 25 | $783.2M | $-13.7M | ||
| Q2 25 | $748.9M | $9.0M | ||
| Q1 25 | $734.8M | $15.5M | ||
| Q4 24 | $682.0M | $19.0M | ||
| Q3 24 | $672.0M | $30.4M | ||
| Q2 24 | $690.8M | $44.2M | ||
| Q1 24 | $600.9M | $55.2M |
| Q4 25 | $4.3B | $111.8M | ||
| Q3 25 | $2.8B | $111.5M | ||
| Q2 25 | $1.0B | $83.0M | ||
| Q1 25 | $913.8M | $84.1M | ||
| Q4 24 | $855.4M | $89.9M | ||
| Q3 24 | $775.4M | $91.7M | ||
| Q2 24 | $775.6M | $100.3M | ||
| Q1 24 | $677.1M | $115.0M |
| Q4 25 | 3.37× | — | ||
| Q3 25 | 1.31× | — | ||
| Q2 25 | 0.22× | 1.20× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | 0.00× | 0.50× | ||
| 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 | $-8.0M |
| Free Cash FlowOCF − Capex | $-695.9M | $-8.4M |
| FCF MarginFCF / Revenue | -1165.4% | -25.7% |
| Capex IntensityCapex / Revenue | 817.1% | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $-34.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $-8.0M | ||
| Q3 25 | $-50.1M | $-14.6M | ||
| Q2 25 | $-56.2M | $-2.3M | ||
| Q1 25 | $-47.2M | $-8.5M | ||
| Q4 24 | $-87.5M | $-16.7M | ||
| Q3 24 | $-6.5M | $-2.4M | ||
| Q2 24 | $-25.4M | $-3.8M | ||
| Q1 24 | $-26.6M | $-11.9M |
| Q4 25 | $-695.9M | $-8.4M | ||
| Q3 25 | $-256.2M | $-15.1M | ||
| Q2 25 | $-87.5M | $-2.5M | ||
| Q1 25 | $-71.8M | $-8.6M | ||
| Q4 24 | $-227.0M | $-17.0M | ||
| Q3 24 | $-83.2M | $-2.6M | ||
| Q2 24 | $-33.2M | $-4.5M | ||
| Q1 24 | $-34.5M | $-12.3M |
| Q4 25 | -1165.4% | -25.7% | ||
| Q3 25 | -357.3% | -57.9% | ||
| Q2 25 | -200.9% | -12.4% | ||
| Q1 25 | -146.7% | -41.2% | ||
| Q4 24 | -537.6% | -128.6% | ||
| Q3 24 | -345.0% | -25.6% | ||
| Q2 24 | -90.2% | -39.2% | ||
| Q1 24 | -71.7% | -97.6% |
| Q4 25 | 817.1% | 1.3% | ||
| Q3 25 | 287.5% | 1.7% | ||
| Q2 25 | 71.8% | 0.9% | ||
| Q1 25 | 50.2% | 0.4% | ||
| Q4 24 | 330.4% | 2.2% | ||
| Q3 24 | 317.8% | 2.2% | ||
| Q2 24 | 21.4% | 6.1% | ||
| Q1 24 | 16.4% | 3.4% |
| 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
CIFR
Segment breakdown not available.
FTCI
| Products | $26.2M | 80% |
| Services | $6.7M | 20% |
