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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and GRID DYNAMICS HOLDINGS, INC. (GDYN). Click either name above to swap in a different company.
GRID DYNAMICS HOLDINGS, INC. is the larger business by last-quarter revenue ($106.2M vs $59.7M, roughly 1.8× Cipher Mining Inc.). GRID DYNAMICS HOLDINGS, INC. runs the higher net margin — 0.3% vs -1229.6%, a 1229.9% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs 5.9%). GRID DYNAMICS HOLDINGS, INC. produced more free cash flow last quarter ($6.1M vs $-695.9M). Over the past eight quarters, GRID DYNAMICS HOLDINGS, INC.'s revenue compounded faster (15.3% CAGR vs 11.4%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Escape Dynamics, Inc. was a Colorado-based technology company that operated 2010–2015 focused on bringing to market single-stage-to-orbit reusable electromagnetically powered spaceplanes.
CIFR vs GDYN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $106.2M |
| Net Profit | $-734.2M | $306.0K |
| Gross Margin | 59.4% | 34.0% |
| Operating Margin | -503.4% | 0.5% |
| Net Margin | -1229.6% | 0.3% |
| Revenue YoY | 41.4% | 5.9% |
| Net Profit YoY | -4293.1% | -93.2% |
| EPS (diluted) | $-1.91 | $0.01 |
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 | $106.2M | ||
| Q3 25 | $71.7M | $104.2M | ||
| Q2 25 | $43.6M | $101.1M | ||
| Q1 25 | $49.0M | $100.4M | ||
| Q4 24 | $42.2M | $100.3M | ||
| Q3 24 | $24.1M | $87.4M | ||
| Q2 24 | $36.8M | $83.0M | ||
| Q1 24 | $48.1M | $79.8M |
| Q4 25 | $-734.2M | $306.0K | ||
| Q3 25 | $-3.3M | $1.2M | ||
| Q2 25 | $-45.8M | $5.3M | ||
| Q1 25 | $-39.0M | $2.9M | ||
| Q4 24 | $17.5M | $4.5M | ||
| Q3 24 | $-86.8M | $4.3M | ||
| Q2 24 | $-15.3M | $-817.0K | ||
| Q1 24 | $39.9M | $-3.9M |
| Q4 25 | 59.4% | 34.0% | ||
| Q3 25 | 62.7% | 33.3% | ||
| Q2 25 | 64.8% | 34.1% | ||
| Q1 25 | 69.6% | 36.8% | ||
| Q4 24 | 56.9% | 36.9% | ||
| Q3 24 | 37.5% | 37.4% | ||
| Q2 24 | 61.2% | 35.6% | ||
| Q1 24 | 69.2% | 34.7% |
| Q4 25 | -503.4% | 0.5% | ||
| Q3 25 | -52.5% | -0.2% | ||
| Q2 25 | -103.9% | -0.1% | ||
| Q1 25 | -77.8% | -2.0% | ||
| Q4 24 | 40.5% | 1.3% | ||
| Q3 24 | -379.2% | 2.4% | ||
| Q2 24 | -43.9% | 0.0% | ||
| Q1 24 | 97.2% | -6.9% |
| Q4 25 | -1229.6% | 0.3% | ||
| Q3 25 | -4.6% | 1.1% | ||
| Q2 25 | -105.1% | 5.2% | ||
| Q1 25 | -79.6% | 2.9% | ||
| Q4 24 | 41.5% | 4.5% | ||
| Q3 24 | -359.9% | 4.9% | ||
| Q2 24 | -41.5% | -1.0% | ||
| Q1 24 | 82.9% | -4.9% |
| Q4 25 | $-1.91 | $0.01 | ||
| Q3 25 | $-0.01 | $0.01 | ||
| Q2 25 | $-0.12 | $0.06 | ||
| Q1 25 | $-0.11 | $0.03 | ||
| Q4 24 | $0.04 | $0.06 | ||
| Q3 24 | $-0.26 | $0.05 | ||
| Q2 24 | $-0.05 | $-0.01 | ||
| Q1 24 | $0.13 | $-0.05 |
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 | $342.1M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $805.5M | $542.1M |
| Total Assets | $4.3B | $612.9M |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $342.1M | ||
| Q3 25 | $1.2B | $338.6M | ||
| Q2 25 | $62.7M | $336.8M | ||
| Q1 25 | $23.2M | $325.5M | ||
| Q4 24 | $5.6M | $334.7M | ||
| Q3 24 | $25.3M | $231.3M | ||
| Q2 24 | $122.6M | $256.0M | ||
| Q1 24 | $88.7M | $249.4M |
| 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 | $542.1M | ||
| Q3 25 | $783.2M | $537.7M | ||
| Q2 25 | $748.9M | $532.2M | ||
| Q1 25 | $734.8M | $517.4M | ||
| Q4 24 | $682.0M | $517.8M | ||
| Q3 24 | $672.0M | $400.2M | ||
| Q2 24 | $690.8M | $388.4M | ||
| Q1 24 | $600.9M | $382.8M |
| Q4 25 | $4.3B | $612.9M | ||
| Q3 25 | $2.8B | $613.2M | ||
| Q2 25 | $1.0B | $608.9M | ||
| Q1 25 | $913.8M | $590.9M | ||
| Q4 24 | $855.4M | $592.2M | ||
| Q3 24 | $775.4M | $477.3M | ||
| Q2 24 | $775.6M | $443.6M | ||
| Q1 24 | $677.1M | $435.3M |
| 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 | $9.9M |
| Free Cash FlowOCF − Capex | $-695.9M | $6.1M |
| FCF MarginFCF / Revenue | -1165.4% | 5.7% |
| Capex IntensityCapex / Revenue | 817.1% | 3.6% |
| Cash ConversionOCF / Net Profit | — | 32.34× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $25.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $9.9M | ||
| Q3 25 | $-50.1M | $7.0M | ||
| Q2 25 | $-56.2M | $14.4M | ||
| Q1 25 | $-47.2M | $9.4M | ||
| Q4 24 | $-87.5M | $7.1M | ||
| Q3 24 | $-6.5M | $9.2M | ||
| Q2 24 | $-25.4M | $10.7M | ||
| Q1 24 | $-26.6M | $3.2M |
| Q4 25 | $-695.9M | $6.1M | ||
| Q3 25 | $-256.2M | $2.9M | ||
| Q2 25 | $-87.5M | $10.2M | ||
| Q1 25 | $-71.8M | $6.0M | ||
| Q4 24 | $-227.0M | $4.4M | ||
| Q3 24 | $-83.2M | $5.9M | ||
| Q2 24 | $-33.2M | $8.0M | ||
| Q1 24 | $-34.5M | $43.0K |
| Q4 25 | -1165.4% | 5.7% | ||
| Q3 25 | -357.3% | 2.8% | ||
| Q2 25 | -200.9% | 10.1% | ||
| Q1 25 | -146.7% | 6.0% | ||
| Q4 24 | -537.6% | 4.4% | ||
| Q3 24 | -345.0% | 6.8% | ||
| Q2 24 | -90.2% | 9.7% | ||
| Q1 24 | -71.7% | 0.1% |
| Q4 25 | 817.1% | 3.6% | ||
| Q3 25 | 287.5% | 3.9% | ||
| Q2 25 | 71.8% | 4.1% | ||
| Q1 25 | 50.2% | 3.3% | ||
| Q4 24 | 330.4% | 2.6% | ||
| Q3 24 | 317.8% | 3.7% | ||
| Q2 24 | 21.4% | 3.2% | ||
| Q1 24 | 16.4% | 4.0% |
| Q4 25 | — | 32.34× | ||
| Q3 25 | — | 5.92× | ||
| Q2 25 | — | 2.73× | ||
| Q1 25 | — | 3.21× | ||
| Q4 24 | -5.00× | 1.56× | ||
| Q3 24 | — | 2.15× | ||
| 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.
GDYN
| Other | $30.6M | 29% |
| Technology Media And Telecom | $30.1M | 28% |
| Financial Service | $24.3M | 23% |
| Manufactured Product Other | $10.8M | 10% |
| Related Party | $7.6M | 7% |
| Health Care | $2.8M | 3% |
