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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and Granite Ridge Resources, Inc. (GRNT). Click either name above to swap in a different company.
Granite Ridge Resources, Inc. is the larger business by last-quarter revenue ($128.3M vs $59.7M, roughly 2.1× Cipher Mining Inc.). Granite Ridge Resources, Inc. runs the higher net margin — -36.7% vs -1229.6%, a 1192.9% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs 4.3%). Over the past eight quarters, Granite Ridge Resources, Inc.'s revenue compounded faster (18.9% CAGR vs 11.4%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Granite Ridge Resources, Inc. is an independent upstream energy company focused on the exploration, development, and production of oil, natural gas, and natural gas liquids. It operates low-cost, high-yield onshore hydrocarbon assets across key U.S. basins, primarily serving North American energy markets.
CIFR vs GRNT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $128.3M |
| Net Profit | $-734.2M | $-47.0M |
| Gross Margin | 59.4% | — |
| Operating Margin | -503.4% | — |
| Net Margin | -1229.6% | -36.7% |
| Revenue YoY | 41.4% | 4.3% |
| Net Profit YoY | -4293.1% | — |
| EPS (diluted) | $-1.91 | $-0.36 |
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.
| Q1 26 | — | $128.3M | ||
| Q4 25 | $59.7M | $105.5M | ||
| Q3 25 | $71.7M | $112.7M | ||
| Q2 25 | $43.6M | $109.2M | ||
| Q1 25 | $49.0M | $122.9M | ||
| Q4 24 | $42.2M | $106.3M | ||
| Q3 24 | $24.1M | $94.1M | ||
| Q2 24 | $36.8M | $90.7M |
| Q1 26 | — | $-47.0M | ||
| Q4 25 | $-734.2M | — | ||
| Q3 25 | $-3.3M | $14.5M | ||
| Q2 25 | $-45.8M | $25.1M | ||
| Q1 25 | $-39.0M | $9.8M | ||
| Q4 24 | $17.5M | — | ||
| Q3 24 | $-86.8M | $9.1M | ||
| Q2 24 | $-15.3M | $5.1M |
| Q1 26 | — | — | ||
| Q4 25 | 59.4% | — | ||
| Q3 25 | 62.7% | — | ||
| Q2 25 | 64.8% | — | ||
| Q1 25 | 69.6% | — | ||
| Q4 24 | 56.9% | — | ||
| Q3 24 | 37.5% | — | ||
| Q2 24 | 61.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | -503.4% | -34.5% | ||
| Q3 25 | -52.5% | 17.4% | ||
| Q2 25 | -103.9% | 19.0% | ||
| Q1 25 | -77.8% | 34.6% | ||
| Q4 24 | 40.5% | -6.5% | ||
| Q3 24 | -379.2% | 26.2% | ||
| Q2 24 | -43.9% | 24.1% |
| Q1 26 | — | -36.7% | ||
| Q4 25 | -1229.6% | — | ||
| Q3 25 | -4.6% | 12.9% | ||
| Q2 25 | -105.1% | 23.0% | ||
| Q1 25 | -79.6% | 8.0% | ||
| Q4 24 | 41.5% | — | ||
| Q3 24 | -359.9% | 9.6% | ||
| Q2 24 | -41.5% | 5.6% |
| Q1 26 | — | $-0.36 | ||
| Q4 25 | $-1.91 | $-0.19 | ||
| Q3 25 | $-0.01 | $0.11 | ||
| Q2 25 | $-0.12 | $0.19 | ||
| Q1 25 | $-0.11 | $0.07 | ||
| Q4 24 | $0.04 | $-0.09 | ||
| Q3 24 | $-0.26 | $0.07 | ||
| Q2 24 | $-0.05 | $0.04 |
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 | — |
| Total DebtLower is stronger | $2.7B | $26.3M |
| Stockholders' EquityBook value | $805.5M | $545.6M |
| Total Assets | $4.3B | $1.2B |
| Debt / EquityLower = less leverage | 3.37× | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $628.3M | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $62.7M | — | ||
| Q1 25 | $23.2M | — | ||
| Q4 24 | $5.6M | — | ||
| Q3 24 | $25.3M | — | ||
| Q2 24 | $122.6M | — |
| Q1 26 | — | $26.3M | ||
| Q4 25 | $2.7B | $367.8M | ||
| Q3 25 | $1.0B | $300.0M | ||
| Q2 25 | $167.1M | $275.0M | ||
| Q1 25 | — | $250.0M | ||
| Q4 24 | $0 | $205.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $545.6M | ||
| Q4 25 | $805.5M | $605.8M | ||
| Q3 25 | $783.2M | $643.9M | ||
| Q2 25 | $748.9M | $642.5M | ||
| Q1 25 | $734.8M | $631.4M | ||
| Q4 24 | $682.0M | $635.4M | ||
| Q3 24 | $672.0M | $660.6M | ||
| Q2 24 | $690.8M | $665.3M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $4.3B | $1.2B | ||
| Q3 25 | $2.8B | $1.1B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $913.8M | $1.1B | ||
| Q4 24 | $855.4M | $1.0B | ||
| Q3 24 | $775.4M | $1.0B | ||
| Q2 24 | $775.6M | $990.5M |
| Q1 26 | — | 0.05× | ||
| Q4 25 | 3.37× | 0.61× | ||
| Q3 25 | 1.31× | 0.47× | ||
| Q2 25 | 0.22× | 0.43× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | 0.00× | 0.32× | ||
| Q3 24 | — | — | ||
| Q2 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 | $58.3M |
| Free Cash FlowOCF − Capex | $-695.9M | — |
| FCF MarginFCF / Revenue | -1165.4% | — |
| Capex IntensityCapex / Revenue | 817.1% | 47.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $58.3M | ||
| Q4 25 | $-207.9M | $64.5M | ||
| Q3 25 | $-50.1M | $77.8M | ||
| Q2 25 | $-56.2M | $78.0M | ||
| Q1 25 | $-47.2M | $76.1M | ||
| Q4 24 | $-87.5M | $68.2M | ||
| Q3 24 | $-6.5M | $74.7M | ||
| Q2 24 | $-25.4M | $64.2M |
| Q1 26 | — | — | ||
| Q4 25 | $-695.9M | — | ||
| Q3 25 | $-256.2M | — | ||
| Q2 25 | $-87.5M | — | ||
| Q1 25 | $-71.8M | — | ||
| Q4 24 | $-227.0M | — | ||
| Q3 24 | $-83.2M | — | ||
| Q2 24 | $-33.2M | — |
| Q1 26 | — | — | ||
| Q4 25 | -1165.4% | — | ||
| Q3 25 | -357.3% | — | ||
| Q2 25 | -200.9% | — | ||
| Q1 25 | -146.7% | — | ||
| Q4 24 | -537.6% | — | ||
| Q3 24 | -345.0% | — | ||
| Q2 24 | -90.2% | — |
| Q1 26 | — | 47.1% | ||
| Q4 25 | 817.1% | — | ||
| Q3 25 | 287.5% | — | ||
| Q2 25 | 71.8% | — | ||
| Q1 25 | 50.2% | — | ||
| Q4 24 | 330.4% | — | ||
| Q3 24 | 317.8% | — | ||
| Q2 24 | 21.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 5.36× | ||
| Q2 25 | — | 3.11× | ||
| Q1 25 | — | 7.75× | ||
| Q4 24 | -5.00× | — | ||
| Q3 24 | — | 8.25× | ||
| Q2 24 | — | 12.58× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CIFR
Segment breakdown not available.
GRNT
| Oil sales | $103.4M | 81% |
| Natural gas and related product sales | $24.8M | 19% |
