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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and IOVANCE BIOTHERAPEUTICS, INC. (IOVA). Click either name above to swap in a different company.
IOVANCE BIOTHERAPEUTICS, INC. is the larger business by last-quarter revenue ($86.8M vs $59.7M, roughly 1.5× Cipher Mining Inc.). On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs 17.7%). IOVANCE BIOTHERAPEUTICS, INC. produced more free cash flow last quarter ($-61.9M vs $-695.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs 11.4%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
CIFR vs IOVA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $86.8M |
| Net Profit | $-734.2M | — |
| Gross Margin | 59.4% | 67.4% |
| Operating Margin | -503.4% | -84.7% |
| Net Margin | -1229.6% | — |
| Revenue YoY | 41.4% | 17.7% |
| Net Profit YoY | -4293.1% | — |
| EPS (diluted) | $-1.91 | — |
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 | $86.8M | ||
| Q3 25 | $71.7M | $67.5M | ||
| Q2 25 | $43.6M | $60.0M | ||
| Q1 25 | $49.0M | $49.3M | ||
| Q4 24 | $42.2M | $73.7M | ||
| Q3 24 | $24.1M | $58.6M | ||
| Q2 24 | $36.8M | $31.1M | ||
| Q1 24 | $48.1M | $715.0K |
| Q4 25 | $-734.2M | — | ||
| Q3 25 | $-3.3M | $-91.3M | ||
| Q2 25 | $-45.8M | $-111.7M | ||
| Q1 25 | $-39.0M | $-116.2M | ||
| Q4 24 | $17.5M | — | ||
| Q3 24 | $-86.8M | $-83.5M | ||
| Q2 24 | $-15.3M | $-97.1M | ||
| Q1 24 | $39.9M | $-113.0M |
| Q4 25 | 59.4% | 67.4% | ||
| Q3 25 | 62.7% | 43.0% | ||
| Q2 25 | 64.8% | 5.5% | ||
| Q1 25 | 69.6% | -0.8% | ||
| Q4 24 | 56.9% | 68.7% | ||
| Q3 24 | 37.5% | 46.2% | ||
| Q2 24 | 61.2% | -0.8% | ||
| Q1 24 | 69.2% | — |
| Q4 25 | -503.4% | -84.7% | ||
| Q3 25 | -52.5% | -140.7% | ||
| Q2 25 | -103.9% | -189.8% | ||
| Q1 25 | -77.8% | -245.8% | ||
| Q4 24 | 40.5% | -117.5% | ||
| Q3 24 | -379.2% | -152.1% | ||
| Q2 24 | -43.9% | -327.6% | ||
| Q1 24 | 97.2% | -16464.6% |
| Q4 25 | -1229.6% | — | ||
| Q3 25 | -4.6% | -135.3% | ||
| Q2 25 | -105.1% | -186.2% | ||
| Q1 25 | -79.6% | -235.5% | ||
| Q4 24 | 41.5% | — | ||
| Q3 24 | -359.9% | -142.7% | ||
| Q2 24 | -41.5% | -312.2% | ||
| Q1 24 | 82.9% | -15800.8% |
| Q4 25 | $-1.91 | — | ||
| Q3 25 | $-0.01 | — | ||
| Q2 25 | $-0.12 | $-0.33 | ||
| Q1 25 | $-0.11 | $-0.36 | ||
| Q4 24 | $0.04 | $-0.24 | ||
| Q3 24 | $-0.26 | $-0.28 | ||
| Q2 24 | $-0.05 | $-0.34 | ||
| Q1 24 | $0.13 | $-0.42 |
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 | $297.0M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $805.5M | $698.6M |
| Total Assets | $4.3B | $913.2M |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $297.0M | ||
| Q3 25 | $1.2B | $300.8M | ||
| Q2 25 | $62.7M | $301.2M | ||
| Q1 25 | $23.2M | $359.7M | ||
| Q4 24 | $5.6M | $323.8M | ||
| Q3 24 | $25.3M | $397.5M | ||
| Q2 24 | $122.6M | $412.5M | ||
| Q1 24 | $88.7M | $356.2M |
| 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 | $698.6M | ||
| Q3 25 | $783.2M | $702.3M | ||
| Q2 25 | $748.9M | $698.5M | ||
| Q1 25 | $734.8M | $767.9M | ||
| Q4 24 | $682.0M | $710.4M | ||
| Q3 24 | $672.0M | $773.5M | ||
| Q2 24 | $690.8M | $768.5M | ||
| Q1 24 | $600.9M | $680.0M |
| Q4 25 | $4.3B | $913.2M | ||
| Q3 25 | $2.8B | $904.9M | ||
| Q2 25 | $1.0B | $907.4M | ||
| Q1 25 | $913.8M | $966.7M | ||
| Q4 24 | $855.4M | $910.4M | ||
| Q3 24 | $775.4M | $991.1M | ||
| Q2 24 | $775.6M | $964.3M | ||
| Q1 24 | $677.1M | $869.8M |
| 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 | $-52.6M |
| Free Cash FlowOCF − Capex | $-695.9M | $-61.9M |
| FCF MarginFCF / Revenue | -1165.4% | -71.3% |
| Capex IntensityCapex / Revenue | 817.1% | 10.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $-336.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $-52.6M | ||
| Q3 25 | $-50.1M | $-78.7M | ||
| Q2 25 | $-56.2M | $-67.4M | ||
| Q1 25 | $-47.2M | $-103.7M | ||
| Q4 24 | $-87.5M | $-73.3M | ||
| Q3 24 | $-6.5M | $-59.0M | ||
| Q2 24 | $-25.4M | $-98.4M | ||
| Q1 24 | $-26.6M | $-122.3M |
| Q4 25 | $-695.9M | $-61.9M | ||
| Q3 25 | $-256.2M | $-89.5M | ||
| Q2 25 | $-87.5M | $-74.9M | ||
| Q1 25 | $-71.8M | $-109.9M | ||
| Q4 24 | $-227.0M | $-77.5M | ||
| Q3 24 | $-83.2M | $-61.3M | ||
| Q2 24 | $-33.2M | $-98.9M | ||
| Q1 24 | $-34.5M | $-126.5M |
| Q4 25 | -1165.4% | -71.3% | ||
| Q3 25 | -357.3% | -132.7% | ||
| Q2 25 | -200.9% | -124.9% | ||
| Q1 25 | -146.7% | -222.8% | ||
| Q4 24 | -537.6% | -105.1% | ||
| Q3 24 | -345.0% | -104.6% | ||
| Q2 24 | -90.2% | -317.9% | ||
| Q1 24 | -71.7% | -17685.3% |
| Q4 25 | 817.1% | 10.7% | ||
| Q3 25 | 287.5% | 16.1% | ||
| Q2 25 | 71.8% | 12.4% | ||
| Q1 25 | 50.2% | 12.6% | ||
| Q4 24 | 330.4% | 5.7% | ||
| Q3 24 | 317.8% | 3.9% | ||
| Q2 24 | 21.4% | 1.4% | ||
| Q1 24 | 16.4% | 583.4% |
| 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.
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
