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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and ImmunityBio, Inc. (IBRX). Click either name above to swap in a different company.
Cipher Mining Inc. is the larger business by last-quarter revenue ($59.7M vs $38.3M, roughly 1.6× ImmunityBio, Inc.). ImmunityBio, Inc. runs the higher net margin — -161.8% vs -1229.6%, a 1067.8% gap on every dollar of revenue. On growth, ImmunityBio, Inc. posted the faster year-over-year revenue change (407.0% vs 41.4%). ImmunityBio, Inc. produced more free cash flow last quarter ($-71.3M vs $-695.9M).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
ImmunityBio, Inc. is a clinical-stage biotechnology company focused on developing next-generation immunotherapies and vaccine candidates targeting multiple cancer types and infectious diseases. It operates mainly in the U.S. market, with core R&D segments including cell therapy, antibody therapeutics, and targeted vaccine platforms designed to enhance patient treatment outcomes.
CIFR vs IBRX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $38.3M |
| Net Profit | $-734.2M | $-61.9M |
| Gross Margin | 59.4% | 99.0% |
| Operating Margin | -503.4% | -169.0% |
| Net Margin | -1229.6% | -161.8% |
| Revenue YoY | 41.4% | 407.0% |
| Net Profit YoY | -4293.1% | -4.7% |
| EPS (diluted) | $-1.91 | $-0.06 |
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 | $38.3M | ||
| Q3 25 | $71.7M | $32.1M | ||
| Q2 25 | $43.6M | $26.4M | ||
| Q1 25 | $49.0M | $16.5M | ||
| Q4 24 | $42.2M | $7.6M | ||
| Q3 24 | $24.1M | $6.1M | ||
| Q2 24 | $36.8M | — | ||
| Q1 24 | $48.1M | — |
| Q4 25 | $-734.2M | $-61.9M | ||
| Q3 25 | $-3.3M | $-67.3M | ||
| Q2 25 | $-45.8M | $-92.6M | ||
| Q1 25 | $-39.0M | $-129.6M | ||
| Q4 24 | $17.5M | $-59.2M | ||
| Q3 24 | $-86.8M | $-85.7M | ||
| Q2 24 | $-15.3M | — | ||
| Q1 24 | $39.9M | — |
| Q4 25 | 59.4% | 99.0% | ||
| Q3 25 | 62.7% | 99.4% | ||
| Q2 25 | 64.8% | 99.5% | ||
| Q1 25 | 69.6% | 99.6% | ||
| Q4 24 | 56.9% | — | ||
| Q3 24 | 37.5% | — | ||
| Q2 24 | 61.2% | — | ||
| Q1 24 | 69.2% | — |
| Q4 25 | -503.4% | -169.0% | ||
| Q3 25 | -52.5% | -173.5% | ||
| Q2 25 | -103.9% | -269.8% | ||
| Q1 25 | -77.8% | -390.1% | ||
| Q4 24 | 40.5% | -919.0% | ||
| Q3 24 | -379.2% | -1314.3% | ||
| Q2 24 | -43.9% | — | ||
| Q1 24 | 97.2% | — |
| Q4 25 | -1229.6% | -161.8% | ||
| Q3 25 | -4.6% | -209.8% | ||
| Q2 25 | -105.1% | -350.3% | ||
| Q1 25 | -79.6% | -784.9% | ||
| Q4 24 | 41.5% | -783.4% | ||
| Q3 24 | -359.9% | -1404.0% | ||
| Q2 24 | -41.5% | — | ||
| Q1 24 | 82.9% | — |
| Q4 25 | $-1.91 | $-0.06 | ||
| Q3 25 | $-0.01 | $-0.07 | ||
| Q2 25 | $-0.12 | $-0.10 | ||
| Q1 25 | $-0.11 | $-0.15 | ||
| Q4 24 | $0.04 | $-0.08 | ||
| Q3 24 | $-0.26 | $-0.14 | ||
| Q2 24 | $-0.05 | — | ||
| Q1 24 | $0.13 | — |
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 | $242.8M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $805.5M | $-500.5M |
| Total Assets | $4.3B | $501.9M |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $242.8M | ||
| Q3 25 | $1.2B | $257.8M | ||
| Q2 25 | $62.7M | $153.7M | ||
| Q1 25 | $23.2M | $61.6M | ||
| Q4 24 | $5.6M | $149.8M | ||
| Q3 24 | $25.3M | $130.4M | ||
| Q2 24 | $122.6M | — | ||
| Q1 24 | $88.7M | — |
| 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 | $-500.5M | ||
| Q3 25 | $783.2M | $-524.3M | ||
| Q2 25 | $748.9M | $-570.7M | ||
| Q1 25 | $734.8M | $-591.4M | ||
| Q4 24 | $682.0M | $-489.1M | ||
| Q3 24 | $672.0M | $-745.1M | ||
| Q2 24 | $690.8M | — | ||
| Q1 24 | $600.9M | — |
| Q4 25 | $4.3B | $501.9M | ||
| Q3 25 | $2.8B | $519.0M | ||
| Q2 25 | $1.0B | $402.1M | ||
| Q1 25 | $913.8M | $303.8M | ||
| Q4 24 | $855.4M | $382.9M | ||
| Q3 24 | $775.4M | $364.6M | ||
| Q2 24 | $775.6M | — | ||
| Q1 24 | $677.1M | — |
| 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 | $-70.4M |
| Free Cash FlowOCF − Capex | $-695.9M | $-71.3M |
| FCF MarginFCF / Revenue | -1165.4% | -186.2% |
| Capex IntensityCapex / Revenue | 817.1% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $-308.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $-70.4M | ||
| Q3 25 | $-50.1M | $-68.9M | ||
| Q2 25 | $-56.2M | $-79.7M | ||
| Q1 25 | $-47.2M | $-85.9M | ||
| Q4 24 | $-87.5M | $-85.1M | ||
| Q3 24 | $-6.5M | $-98.8M | ||
| Q2 24 | $-25.4M | — | ||
| Q1 24 | $-26.6M | — |
| Q4 25 | $-695.9M | $-71.3M | ||
| Q3 25 | $-256.2M | $-69.6M | ||
| Q2 25 | $-87.5M | $-80.8M | ||
| Q1 25 | $-71.8M | $-87.0M | ||
| Q4 24 | $-227.0M | $-87.3M | ||
| Q3 24 | $-83.2M | $-101.6M | ||
| Q2 24 | $-33.2M | — | ||
| Q1 24 | $-34.5M | — |
| Q4 25 | -1165.4% | -186.2% | ||
| Q3 25 | -357.3% | -217.2% | ||
| Q2 25 | -200.9% | -305.9% | ||
| Q1 25 | -146.7% | -526.9% | ||
| Q4 24 | -537.6% | -1155.4% | ||
| Q3 24 | -345.0% | -1663.2% | ||
| Q2 24 | -90.2% | — | ||
| Q1 24 | -71.7% | — |
| Q4 25 | 817.1% | 2.4% | ||
| Q3 25 | 287.5% | 2.3% | ||
| Q2 25 | 71.8% | 4.1% | ||
| Q1 25 | 50.2% | 6.8% | ||
| Q4 24 | 330.4% | 28.0% | ||
| Q3 24 | 317.8% | 45.7% | ||
| Q2 24 | 21.4% | — | ||
| Q1 24 | 16.4% | — |
| 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.
