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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and OneSpan Inc. (OSPN). Click either name above to swap in a different company.
OneSpan Inc. is the larger business by last-quarter revenue ($65.9M vs $59.7M, roughly 1.1× Cipher Mining Inc.). OneSpan Inc. runs the higher net margin — 17.5% vs -1229.6%, a 1247.1% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs 4.1%). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs 4.0%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
OneSpan Inc. is an information security company based in Boston, Massachusetts. Services include an internet fraud prevention platform, multi-factor authentication tools and electronic signature software.
CIFR vs OSPN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $65.9M |
| Net Profit | $-734.2M | $11.6M |
| Gross Margin | 59.4% | 73.6% |
| Operating Margin | -503.4% | 22.5% |
| Net Margin | -1229.6% | 17.5% |
| Revenue YoY | 41.4% | 4.1% |
| Net Profit YoY | -4293.1% | — |
| EPS (diluted) | $-1.91 | $0.39 |
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 | — | $65.9M | ||
| Q4 25 | $59.7M | $62.9M | ||
| Q3 25 | $71.7M | $57.1M | ||
| Q2 25 | $43.6M | $59.8M | ||
| Q1 25 | $49.0M | $63.4M | ||
| Q4 24 | $42.2M | $61.2M | ||
| Q3 24 | $24.1M | $56.2M | ||
| Q2 24 | $36.8M | $60.9M |
| Q1 26 | — | $11.6M | ||
| Q4 25 | $-734.2M | $43.5M | ||
| Q3 25 | $-3.3M | $6.5M | ||
| Q2 25 | $-45.8M | $8.3M | ||
| Q1 25 | $-39.0M | $14.5M | ||
| Q4 24 | $17.5M | $28.8M | ||
| Q3 24 | $-86.8M | $8.3M | ||
| Q2 24 | $-15.3M | $6.6M |
| Q1 26 | — | 73.6% | ||
| Q4 25 | 59.4% | 73.6% | ||
| Q3 25 | 62.7% | 73.6% | ||
| Q2 25 | 64.8% | 73.5% | ||
| Q1 25 | 69.6% | 74.3% | ||
| Q4 24 | 56.9% | 74.0% | ||
| Q3 24 | 37.5% | 73.9% | ||
| Q2 24 | 61.2% | 66.2% |
| Q1 26 | — | 22.5% | ||
| Q4 25 | -503.4% | 19.9% | ||
| Q3 25 | -52.5% | 14.4% | ||
| Q2 25 | -103.9% | 17.6% | ||
| Q1 25 | -77.8% | 27.1% | ||
| Q4 24 | 40.5% | 19.3% | ||
| Q3 24 | -379.2% | 20.0% | ||
| Q2 24 | -43.9% | 12.5% |
| Q1 26 | — | 17.5% | ||
| Q4 25 | -1229.6% | 69.2% | ||
| Q3 25 | -4.6% | 11.4% | ||
| Q2 25 | -105.1% | 13.9% | ||
| Q1 25 | -79.6% | 22.9% | ||
| Q4 24 | 41.5% | 47.1% | ||
| Q3 24 | -359.9% | 14.7% | ||
| Q2 24 | -41.5% | 10.8% |
| Q1 26 | — | $0.39 | ||
| Q4 25 | $-1.91 | $1.13 | ||
| Q3 25 | $-0.01 | $0.17 | ||
| Q2 25 | $-0.12 | $0.21 | ||
| Q1 25 | $-0.11 | $0.37 | ||
| Q4 24 | $0.04 | $0.73 | ||
| Q3 24 | $-0.26 | $0.21 | ||
| Q2 24 | $-0.05 | $0.17 |
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 | $49.8M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $805.5M | $272.0M |
| Total Assets | $4.3B | $383.1M |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $49.8M | ||
| Q4 25 | $628.3M | $70.5M | ||
| Q3 25 | $1.2B | $85.6M | ||
| Q2 25 | $62.7M | $92.9M | ||
| Q1 25 | $23.2M | $105.2M | ||
| Q4 24 | $5.6M | $83.2M | ||
| Q3 24 | $25.3M | $77.5M | ||
| Q2 24 | $122.6M | $63.8M |
| Q1 26 | — | — | ||
| Q4 25 | $2.7B | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $167.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $272.0M | ||
| Q4 25 | $805.5M | $271.8M | ||
| Q3 25 | $783.2M | $238.3M | ||
| Q2 25 | $748.9M | $242.5M | ||
| Q1 25 | $734.8M | $231.1M | ||
| Q4 24 | $682.0M | $212.5M | ||
| Q3 24 | $672.0M | $194.6M | ||
| Q2 24 | $690.8M | $178.6M |
| Q1 26 | — | $383.1M | ||
| Q4 25 | $4.3B | $397.7M | ||
| Q3 25 | $2.8B | $343.5M | ||
| Q2 25 | $1.0B | $357.1M | ||
| Q1 25 | $913.8M | $333.8M | ||
| Q4 24 | $855.4M | $338.7M | ||
| Q3 24 | $775.4M | $289.3M | ||
| Q2 24 | $775.6M | $286.9M |
| Q1 26 | — | — | ||
| Q4 25 | 3.37× | — | ||
| Q3 25 | 1.31× | — | ||
| Q2 25 | 0.22× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| 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 | $28.2M |
| Free Cash FlowOCF − Capex | $-695.9M | — |
| FCF MarginFCF / Revenue | -1165.4% | — |
| Capex IntensityCapex / Revenue | 817.1% | — |
| Cash ConversionOCF / Net Profit | — | 2.44× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $28.2M | ||
| Q4 25 | $-207.9M | $12.6M | ||
| Q3 25 | $-50.1M | $11.3M | ||
| Q2 25 | $-56.2M | $6.2M | ||
| Q1 25 | $-47.2M | $29.4M | ||
| Q4 24 | $-87.5M | $12.4M | ||
| Q3 24 | $-6.5M | $14.0M | ||
| Q2 24 | $-25.4M | $2.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-695.9M | $9.6M | ||
| Q3 25 | $-256.2M | $8.8M | ||
| Q2 25 | $-87.5M | $4.4M | ||
| Q1 25 | $-71.8M | $27.7M | ||
| Q4 24 | $-227.0M | $10.5M | ||
| Q3 24 | $-83.2M | $12.0M | ||
| Q2 24 | $-33.2M | $26.0K |
| Q1 26 | — | — | ||
| Q4 25 | -1165.4% | 15.3% | ||
| Q3 25 | -357.3% | 15.4% | ||
| Q2 25 | -200.9% | 7.3% | ||
| Q1 25 | -146.7% | 43.8% | ||
| Q4 24 | -537.6% | 17.1% | ||
| Q3 24 | -345.0% | 21.4% | ||
| Q2 24 | -90.2% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 817.1% | 4.7% | ||
| Q3 25 | 287.5% | 4.4% | ||
| Q2 25 | 71.8% | 3.1% | ||
| Q1 25 | 50.2% | 2.6% | ||
| Q4 24 | 330.4% | 3.2% | ||
| Q3 24 | 317.8% | 3.5% | ||
| Q2 24 | 21.4% | 3.7% |
| Q1 26 | — | 2.44× | ||
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 1.74× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | — | 2.02× | ||
| Q4 24 | -5.00× | 0.43× | ||
| Q3 24 | — | 1.69× | ||
| Q2 24 | — | 0.35× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CIFR
Segment breakdown not available.
OSPN
| Product and license | $35.5M | 54% |
| Services and other | $30.4M | 46% |
