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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and indie Semiconductor, Inc. (INDI). Click either name above to swap in a different company.
Cipher Mining Inc. is the larger business by last-quarter revenue ($59.7M vs $58.0M, roughly 1.0× indie Semiconductor, Inc.). indie Semiconductor, Inc. runs the higher net margin — -53.8% vs -1229.6%, a 1175.8% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs -0.0%). indie Semiconductor, Inc. produced more free cash flow last quarter ($-16.1M vs $-695.9M). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs 5.3%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
indie Semiconductor is a fabless semiconductor manufacturer focused on designing high-performance mixed-signal and embedded system-on-chip solutions for the automotive industry. Its products support advanced driver assistance systems, in-vehicle infotainment, connected car, and electric vehicle applications, serving global auto OEMs and tier 1 suppliers across major global markets.
CIFR vs INDI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $58.0M |
| Net Profit | $-734.2M | $-31.2M |
| Gross Margin | 59.4% | 37.3% |
| Operating Margin | -503.4% | -58.5% |
| Net Margin | -1229.6% | -53.8% |
| Revenue YoY | 41.4% | -0.0% |
| Net Profit YoY | -4293.1% | 9.1% |
| EPS (diluted) | $-1.91 | $-0.16 |
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 | $58.0M | ||
| Q3 25 | $71.7M | $53.7M | ||
| Q2 25 | $43.6M | $51.6M | ||
| Q1 25 | $49.0M | $54.1M | ||
| Q4 24 | $42.2M | $58.0M | ||
| Q3 24 | $24.1M | $54.0M | ||
| Q2 24 | $36.8M | $52.4M | ||
| Q1 24 | $48.1M | $52.4M |
| Q4 25 | $-734.2M | $-31.2M | ||
| Q3 25 | $-3.3M | $-38.3M | ||
| Q2 25 | $-45.8M | $-39.0M | ||
| Q1 25 | $-39.0M | $-34.5M | ||
| Q4 24 | $17.5M | $-34.4M | ||
| Q3 24 | $-86.8M | $-49.7M | ||
| Q2 24 | $-15.3M | $-19.2M | ||
| Q1 24 | $39.9M | $-31.2M |
| Q4 25 | 59.4% | 37.3% | ||
| Q3 25 | 62.7% | 40.1% | ||
| Q2 25 | 64.8% | 40.6% | ||
| Q1 25 | 69.6% | 41.7% | ||
| Q4 24 | 56.9% | 42.6% | ||
| Q3 24 | 37.5% | 39.3% | ||
| Q2 24 | 61.2% | 42.2% | ||
| Q1 24 | 69.2% | 42.5% |
| Q4 25 | -503.4% | -58.5% | ||
| Q3 25 | -52.5% | -71.4% | ||
| Q2 25 | -103.9% | -83.3% | ||
| Q1 25 | -77.8% | -72.0% | ||
| Q4 24 | 40.5% | -58.4% | ||
| Q3 24 | -379.2% | -92.5% | ||
| Q2 24 | -43.9% | -70.0% | ||
| Q1 24 | 97.2% | -94.8% |
| Q4 25 | -1229.6% | -53.8% | ||
| Q3 25 | -4.6% | -71.3% | ||
| Q2 25 | -105.1% | -75.6% | ||
| Q1 25 | -79.6% | -63.9% | ||
| Q4 24 | 41.5% | -59.2% | ||
| Q3 24 | -359.9% | -92.1% | ||
| Q2 24 | -41.5% | -36.6% | ||
| Q1 24 | 82.9% | -59.6% |
| Q4 25 | $-1.91 | $-0.16 | ||
| Q3 25 | $-0.01 | $-0.19 | ||
| Q2 25 | $-0.12 | $-0.20 | ||
| Q1 25 | $-0.11 | $-0.18 | ||
| Q4 24 | $0.04 | $-0.18 | ||
| Q3 24 | $-0.26 | $-0.28 | ||
| Q2 24 | $-0.05 | $-0.11 | ||
| Q1 24 | $0.13 | $-0.19 |
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 | $145.5M |
| Total DebtLower is stronger | $2.7B | $353.4M |
| Stockholders' EquityBook value | $805.5M | $358.0M |
| Total Assets | $4.3B | $840.8M |
| Debt / EquityLower = less leverage | 3.37× | 0.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $145.5M | ||
| Q3 25 | $1.2B | $160.9M | ||
| Q2 25 | $62.7M | $192.6M | ||
| Q1 25 | $23.2M | $236.6M | ||
| Q4 24 | $5.6M | $274.2M | ||
| Q3 24 | $25.3M | $96.9M | ||
| Q2 24 | $122.6M | $112.3M | ||
| Q1 24 | $88.7M | $138.2M |
| Q4 25 | $2.7B | $353.4M | ||
| Q3 25 | $1.0B | $353.5M | ||
| Q2 25 | $167.1M | $352.5M | ||
| Q1 25 | — | $379.0M | ||
| Q4 24 | $0 | $381.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $805.5M | $358.0M | ||
| Q3 25 | $783.2M | $369.2M | ||
| Q2 25 | $748.9M | $390.4M | ||
| Q1 25 | $734.8M | $405.6M | ||
| Q4 24 | $682.0M | $417.9M | ||
| Q3 24 | $672.0M | $458.6M | ||
| Q2 24 | $690.8M | $470.7M | ||
| Q1 24 | $600.9M | $432.9M |
| Q4 25 | $4.3B | $840.8M | ||
| Q3 25 | $2.8B | $855.1M | ||
| Q2 25 | $1.0B | $867.6M | ||
| Q1 25 | $913.8M | $909.0M | ||
| Q4 24 | $855.4M | $941.4M | ||
| Q3 24 | $775.4M | $797.5M | ||
| Q2 24 | $775.6M | $797.3M | ||
| Q1 24 | $677.1M | $803.6M |
| Q4 25 | 3.37× | 0.99× | ||
| Q3 25 | 1.31× | 0.96× | ||
| Q2 25 | 0.22× | 0.90× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | 0.00× | 0.91× | ||
| 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 | $-14.4M |
| Free Cash FlowOCF − Capex | $-695.9M | $-16.1M |
| FCF MarginFCF / Revenue | -1165.4% | -27.8% |
| Capex IntensityCapex / Revenue | 817.1% | 3.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $-71.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $-14.4M | ||
| Q3 25 | $-50.1M | $-6.2M | ||
| Q2 25 | $-56.2M | $-7.6M | ||
| Q1 25 | $-47.2M | $-29.0M | ||
| Q4 24 | $-87.5M | $-6.7M | ||
| Q3 24 | $-6.5M | $-22.8M | ||
| Q2 24 | $-25.4M | $-19.7M | ||
| Q1 24 | $-26.6M | $-9.3M |
| Q4 25 | $-695.9M | $-16.1M | ||
| Q3 25 | $-256.2M | $-10.3M | ||
| Q2 25 | $-87.5M | $-13.6M | ||
| Q1 25 | $-71.8M | $-31.4M | ||
| Q4 24 | $-227.0M | $-8.6M | ||
| Q3 24 | $-83.2M | $-29.3M | ||
| Q2 24 | $-33.2M | $-23.4M | ||
| Q1 24 | $-34.5M | $-11.7M |
| Q4 25 | -1165.4% | -27.8% | ||
| Q3 25 | -357.3% | -19.2% | ||
| Q2 25 | -200.9% | -26.4% | ||
| Q1 25 | -146.7% | -58.0% | ||
| Q4 24 | -537.6% | -14.8% | ||
| Q3 24 | -345.0% | -54.3% | ||
| Q2 24 | -90.2% | -44.7% | ||
| Q1 24 | -71.7% | -22.3% |
| Q4 25 | 817.1% | 3.0% | ||
| Q3 25 | 287.5% | 7.8% | ||
| Q2 25 | 71.8% | 11.6% | ||
| Q1 25 | 50.2% | 4.4% | ||
| Q4 24 | 330.4% | 3.2% | ||
| Q3 24 | 317.8% | 12.1% | ||
| Q2 24 | 21.4% | 7.0% | ||
| Q1 24 | 16.4% | 4.4% |
| 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.
INDI
| Products | $55.7M | 96% |
| Services | $2.3M | 4% |
