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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and i3 Verticals, Inc. (IIIV). Click either name above to swap in a different company.
Cipher Mining Inc. is the larger business by last-quarter revenue ($59.7M vs $52.7M, roughly 1.1× i3 Verticals, Inc.). i3 Verticals, Inc. runs the higher net margin — 0.9% vs -1229.6%, a 1230.5% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs -14.6%). i3 Verticals, Inc. produced more free cash flow last quarter ($13.8M vs $-695.9M). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs -4.7%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
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CIFR vs IIIV — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $52.7M |
| Net Profit | $-734.2M | $484.0K |
| Gross Margin | 59.4% | — |
| Operating Margin | -503.4% | 3.1% |
| Net Margin | -1229.6% | 0.9% |
| Revenue YoY | 41.4% | -14.6% |
| Net Profit YoY | -4293.1% | -76.5% |
| EPS (diluted) | $-1.91 | $0.02 |
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 | $52.7M | ||
| Q3 25 | $71.7M | $46.0M | ||
| Q2 25 | $43.6M | $51.9M | ||
| Q1 25 | $49.0M | $63.1M | ||
| Q4 24 | $42.2M | $52.2M | ||
| Q3 24 | $24.1M | $32.0M | ||
| Q2 24 | $36.8M | $46.2M | ||
| Q1 24 | $48.1M | $58.0M |
| Q4 25 | $-734.2M | $484.0K | ||
| Q3 25 | $-3.3M | $3.1M | ||
| Q2 25 | $-45.8M | $12.9M | ||
| Q1 25 | $-39.0M | $-154.0K | ||
| Q4 24 | $17.5M | $2.1M | ||
| Q3 24 | $-86.8M | $117.9M | ||
| Q2 24 | $-15.3M | $-7.5M | ||
| Q1 24 | $39.9M | $1.9M |
| 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 24 | 69.2% | — |
| Q4 25 | -503.4% | 3.1% | ||
| Q3 25 | -52.5% | 3.2% | ||
| Q2 25 | -103.9% | -9.3% | ||
| Q1 25 | -77.8% | 8.0% | ||
| Q4 24 | 40.5% | 3.9% | ||
| Q3 24 | -379.2% | 10.6% | ||
| Q2 24 | -43.9% | -2.8% | ||
| Q1 24 | 97.2% | 3.4% |
| Q4 25 | -1229.6% | 0.9% | ||
| Q3 25 | -4.6% | 6.7% | ||
| Q2 25 | -105.1% | 24.8% | ||
| Q1 25 | -79.6% | -0.2% | ||
| Q4 24 | 41.5% | 3.9% | ||
| Q3 24 | -359.9% | 368.2% | ||
| Q2 24 | -41.5% | -16.3% | ||
| Q1 24 | 82.9% | 3.2% |
| Q4 25 | $-1.91 | $0.02 | ||
| Q3 25 | $-0.01 | $0.14 | ||
| Q2 25 | $-0.12 | $0.50 | ||
| Q1 25 | $-0.11 | $0.00 | ||
| Q4 24 | $0.04 | $0.08 | ||
| Q3 24 | $-0.26 | $4.93 | ||
| Q2 24 | $-0.05 | $-0.32 | ||
| Q1 24 | $0.13 | $0.08 |
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 | $37.5M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $805.5M | $358.5M |
| Total Assets | $4.3B | $595.9M |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $37.5M | ||
| Q3 25 | $1.2B | $66.7M | ||
| Q2 25 | $62.7M | $55.5M | ||
| Q1 25 | $23.2M | $7.7M | ||
| Q4 24 | $5.6M | $85.6M | ||
| Q3 24 | $25.3M | $86.5M | ||
| Q2 24 | $122.6M | $9.7M | ||
| Q1 24 | $88.7M | $3.1M |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $1.0B | $0 | ||
| Q2 25 | $167.1M | $0 | ||
| Q1 25 | — | $12.0M | ||
| Q4 24 | $0 | $26.2M | ||
| Q3 24 | — | $26.2M | ||
| Q2 24 | — | $374.1M | ||
| Q1 24 | — | $369.6M |
| Q4 25 | $805.5M | $358.5M | ||
| Q3 25 | $783.2M | $389.6M | ||
| Q2 25 | $748.9M | $383.3M | ||
| Q1 25 | $734.8M | $385.2M | ||
| Q4 24 | $682.0M | $375.0M | ||
| Q3 24 | $672.0M | $379.7M | ||
| Q2 24 | $690.8M | $249.7M | ||
| Q1 24 | $600.9M | $249.3M |
| Q4 25 | $4.3B | $595.9M | ||
| Q3 25 | $2.8B | $638.4M | ||
| Q2 25 | $1.0B | $623.3M | ||
| Q1 25 | $913.8M | $646.4M | ||
| Q4 24 | $855.4M | $726.2M | ||
| Q3 24 | $775.4M | $730.7M | ||
| Q2 24 | $775.6M | $861.7M | ||
| Q1 24 | $677.1M | $625.8M |
| Q4 25 | 3.37× | — | ||
| Q3 25 | 1.31× | 0.00× | ||
| Q2 25 | 0.22× | 0.00× | ||
| Q1 25 | — | 0.03× | ||
| Q4 24 | 0.00× | 0.07× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 1.50× | ||
| Q1 24 | — | 1.48× |
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 | $14.1M |
| Free Cash FlowOCF − Capex | $-695.9M | $13.8M |
| FCF MarginFCF / Revenue | -1165.4% | 26.2% |
| Capex IntensityCapex / Revenue | 817.1% | 0.6% |
| Cash ConversionOCF / Net Profit | — | 29.18× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $6.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $14.1M | ||
| Q3 25 | $-50.1M | $14.0M | ||
| Q2 25 | $-56.2M | $7.4M | ||
| Q1 25 | $-47.2M | $-27.1M | ||
| Q4 24 | $-87.5M | $11.5M | ||
| Q3 24 | $-6.5M | $15.1M | ||
| Q2 24 | $-25.4M | $8.1M | ||
| Q1 24 | $-26.6M | $10.7M |
| Q4 25 | $-695.9M | $13.8M | ||
| Q3 25 | $-256.2M | $13.5M | ||
| Q2 25 | $-87.5M | $6.8M | ||
| Q1 25 | $-71.8M | $-27.6M | ||
| Q4 24 | $-227.0M | $11.0M | ||
| Q3 24 | $-83.2M | $14.6M | ||
| Q2 24 | $-33.2M | $7.2M | ||
| Q1 24 | $-34.5M | $9.9M |
| Q4 25 | -1165.4% | 26.2% | ||
| Q3 25 | -357.3% | 29.5% | ||
| Q2 25 | -200.9% | 13.1% | ||
| Q1 25 | -146.7% | -43.8% | ||
| Q4 24 | -537.6% | 21.1% | ||
| Q3 24 | -345.0% | 45.6% | ||
| Q2 24 | -90.2% | 15.6% | ||
| Q1 24 | -71.7% | 17.1% |
| Q4 25 | 817.1% | 0.6% | ||
| Q3 25 | 287.5% | 0.9% | ||
| Q2 25 | 71.8% | 1.0% | ||
| Q1 25 | 50.2% | 0.8% | ||
| Q4 24 | 330.4% | 0.9% | ||
| Q3 24 | 317.8% | 1.7% | ||
| Q2 24 | 21.4% | 1.9% | ||
| Q1 24 | 16.4% | 1.4% |
| Q4 25 | — | 29.18× | ||
| Q3 25 | — | 4.52× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | — | ||
| Q4 24 | -5.00× | 5.59× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.67× | 5.72× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CIFR
Segment breakdown not available.
IIIV
| License And Service | $35.7M | 68% |
| Proprietary Payments Revenue | $14.5M | 27% |
| Other Revenue | $2.5M | 5% |
