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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and Ouster, Inc. (OUST). Click either name above to swap in a different company.
Ouster, Inc. is the larger business by last-quarter revenue ($62.2M vs $59.7M, roughly 1.0× Cipher Mining Inc.). Ouster, Inc. runs the higher net margin — 6.4% vs -1229.6%, a 1236.0% gap on every dollar of revenue. On growth, Ouster, Inc. posted the faster year-over-year revenue change (106.6% vs 41.4%). Over the past eight quarters, Ouster, Inc.'s revenue compounded faster (51.8% CAGR vs 11.4%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Ouster, Inc. is an American lidar technology company headquartered in San Francisco, California. It builds high-resolution, digital 3D lidar sensors for use in autonomous vehicles, industrial, robotics, drones, mapping, defense, and security systems.
CIFR vs OUST — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $62.2M |
| Net Profit | $-734.2M | $4.0M |
| Gross Margin | 59.4% | 60.2% |
| Operating Margin | -503.4% | 41.2% |
| Net Margin | -1229.6% | 6.4% |
| Revenue YoY | 41.4% | 106.6% |
| Net Profit YoY | -4293.1% | — |
| 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.
| Q1 26 | — | $62.2M | ||
| Q4 25 | $59.7M | $62.2M | ||
| Q3 25 | $71.7M | $39.5M | ||
| Q2 25 | $43.6M | $35.0M | ||
| Q1 25 | $49.0M | $32.6M | ||
| Q4 24 | $42.2M | $30.1M | ||
| Q3 24 | $24.1M | $28.1M | ||
| Q2 24 | $36.8M | $27.0M |
| Q1 26 | — | $4.0M | ||
| Q4 25 | $-734.2M | — | ||
| Q3 25 | $-3.3M | $-21.7M | ||
| Q2 25 | $-45.8M | $-20.6M | ||
| Q1 25 | $-39.0M | $-22.0M | ||
| Q4 24 | $17.5M | — | ||
| Q3 24 | $-86.8M | $-25.6M | ||
| Q2 24 | $-15.3M | $-23.9M |
| Q1 26 | — | 60.2% | ||
| Q4 25 | 59.4% | 60.2% | ||
| Q3 25 | 62.7% | 42.1% | ||
| Q2 25 | 64.8% | 45.2% | ||
| Q1 25 | 69.6% | 41.3% | ||
| Q4 24 | 56.9% | 43.8% | ||
| Q3 24 | 37.5% | 38.3% | ||
| Q2 24 | 61.2% | 33.7% |
| Q1 26 | — | 41.2% | ||
| Q4 25 | -503.4% | 1.5% | ||
| Q3 25 | -52.5% | -61.4% | ||
| Q2 25 | -103.9% | -76.5% | ||
| Q1 25 | -77.8% | -73.0% | ||
| Q4 24 | 40.5% | -85.1% | ||
| Q3 24 | -379.2% | -98.0% | ||
| Q2 24 | -43.9% | -93.6% |
| Q1 26 | — | 6.4% | ||
| Q4 25 | -1229.6% | — | ||
| Q3 25 | -4.6% | -55.0% | ||
| Q2 25 | -105.1% | -58.8% | ||
| Q1 25 | -79.6% | -67.5% | ||
| Q4 24 | 41.5% | — | ||
| Q3 24 | -359.9% | -91.1% | ||
| Q2 24 | -41.5% | -88.4% |
| Q1 26 | — | $0.06 | ||
| Q4 25 | $-1.91 | $0.10 | ||
| Q3 25 | $-0.01 | $-0.37 | ||
| Q2 25 | $-0.12 | $-0.38 | ||
| Q1 25 | $-0.11 | $-0.42 | ||
| Q4 24 | $0.04 | $-0.46 | ||
| Q3 24 | $-0.26 | $-0.54 | ||
| Q2 24 | $-0.05 | $-0.53 |
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 | $208.6M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $805.5M | $261.7M |
| Total Assets | $4.3B | $349.5M |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $208.6M | ||
| Q4 25 | $628.3M | $208.6M | ||
| Q3 25 | $1.2B | $244.5M | ||
| Q2 25 | $62.7M | $226.5M | ||
| Q1 25 | $23.2M | $168.2M | ||
| Q4 24 | $5.6M | $172.0M | ||
| Q3 24 | $25.3M | $151.4M | ||
| Q2 24 | $122.6M | $184.2M |
| 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 | — | $261.7M | ||
| Q4 25 | $805.5M | $261.7M | ||
| Q3 25 | $783.2M | $247.4M | ||
| Q2 25 | $748.9M | $221.0M | ||
| Q1 25 | $734.8M | $167.9M | ||
| Q4 24 | $682.0M | $180.9M | ||
| Q3 24 | $672.0M | $171.7M | ||
| Q2 24 | $690.8M | $170.6M |
| Q1 26 | — | $349.5M | ||
| Q4 25 | $4.3B | $349.5M | ||
| Q3 25 | $2.8B | $353.8M | ||
| Q2 25 | $1.0B | $321.8M | ||
| Q1 25 | $913.8M | $268.6M | ||
| Q4 24 | $855.4M | $276.1M | ||
| Q3 24 | $775.4M | $255.2M | ||
| Q2 24 | $775.6M | $309.9M |
| 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 | — |
| Free Cash FlowOCF − Capex | $-695.9M | — |
| FCF MarginFCF / Revenue | -1165.4% | — |
| Capex IntensityCapex / Revenue | 817.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-207.9M | $-15.4M | ||
| Q3 25 | $-50.1M | $-18.3M | ||
| Q2 25 | $-56.2M | $-1.3M | ||
| Q1 25 | $-47.2M | $-4.9M | ||
| Q4 24 | $-87.5M | $-2.6M | ||
| Q3 24 | $-6.5M | $-3.8M | ||
| Q2 24 | $-25.4M | $-21.6M |
| Q1 26 | — | — | ||
| Q4 25 | $-695.9M | $-37.2M | ||
| Q3 25 | $-256.2M | $-20.0M | ||
| Q2 25 | $-87.5M | $-2.2M | ||
| Q1 25 | $-71.8M | $-5.4M | ||
| Q4 24 | $-227.0M | $-4.0M | ||
| Q3 24 | $-83.2M | $-4.3M | ||
| Q2 24 | $-33.2M | $-22.0M |
| Q1 26 | — | — | ||
| Q4 25 | -1165.4% | -59.8% | ||
| Q3 25 | -357.3% | -50.7% | ||
| Q2 25 | -200.9% | -6.3% | ||
| Q1 25 | -146.7% | -16.6% | ||
| Q4 24 | -537.6% | -13.3% | ||
| Q3 24 | -345.0% | -15.4% | ||
| Q2 24 | -90.2% | -81.5% |
| Q1 26 | — | — | ||
| Q4 25 | 817.1% | 35.0% | ||
| Q3 25 | 287.5% | 4.3% | ||
| Q2 25 | 71.8% | 2.5% | ||
| Q1 25 | 50.2% | 1.7% | ||
| Q4 24 | 330.4% | 4.8% | ||
| Q3 24 | 317.8% | 2.0% | ||
| Q2 24 | 21.4% | 1.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -5.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CIFR
Segment breakdown not available.
OUST
| Product revenue | $41.0M | 66% |
| Royalties | $21.2M | 34% |
