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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $59.7M, roughly 2.6× Cipher Mining Inc.). Riot Platforms, Inc. runs the higher net margin — -452.0% vs -1229.6%, a 777.6% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs 7.2%). Cipher Mining Inc. produced more free cash flow last quarter ($-695.9M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 11.4%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
CIFR vs RIOT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $152.8M |
| Net Profit | $-734.2M | $-690.7M |
| Gross Margin | 59.4% | — |
| Operating Margin | -503.4% | -447.9% |
| Net Margin | -1229.6% | -452.0% |
| Revenue YoY | 41.4% | 7.2% |
| Net Profit YoY | -4293.1% | -606.3% |
| EPS (diluted) | $-1.91 | $-1.89 |
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 | $152.8M | ||
| Q3 25 | $71.7M | $180.2M | ||
| Q2 25 | $43.6M | $153.0M | ||
| Q1 25 | $49.0M | $161.4M | ||
| Q4 24 | $42.2M | $142.6M | ||
| Q3 24 | $24.1M | $84.8M | ||
| Q2 24 | $36.8M | $70.0M | ||
| Q1 24 | $48.1M | $79.3M |
| Q4 25 | $-734.2M | $-690.7M | ||
| Q3 25 | $-3.3M | $104.5M | ||
| Q2 25 | $-45.8M | $219.5M | ||
| Q1 25 | $-39.0M | $-296.4M | ||
| Q4 24 | $17.5M | $136.4M | ||
| Q3 24 | $-86.8M | $-154.4M | ||
| Q2 24 | $-15.3M | $-84.4M | ||
| Q1 24 | $39.9M | $211.8M |
| 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% | -447.9% | ||
| Q3 25 | -52.5% | 44.4% | ||
| Q2 25 | -103.9% | — | ||
| Q1 25 | -77.8% | -144.9% | ||
| Q4 24 | 40.5% | — | ||
| Q3 24 | -379.2% | -143.3% | ||
| Q2 24 | -43.9% | -167.2% | ||
| Q1 24 | 97.2% | — |
| Q4 25 | -1229.6% | -452.0% | ||
| Q3 25 | -4.6% | 58.0% | ||
| Q2 25 | -105.1% | 143.4% | ||
| Q1 25 | -79.6% | -183.6% | ||
| Q4 24 | 41.5% | 95.7% | ||
| Q3 24 | -359.9% | -182.1% | ||
| Q2 24 | -41.5% | -120.6% | ||
| Q1 24 | 82.9% | 267.1% |
| Q4 25 | $-1.91 | $-1.89 | ||
| Q3 25 | $-0.01 | $0.26 | ||
| Q2 25 | $-0.12 | $0.58 | ||
| Q1 25 | $-0.11 | $-0.90 | ||
| Q4 24 | $0.04 | $0.39 | ||
| Q3 24 | $-0.26 | $-0.54 | ||
| Q2 24 | $-0.05 | $-0.32 | ||
| Q1 24 | $0.13 | $0.51 |
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 | $233.5M |
| Total DebtLower is stronger | $2.7B | $840.8M |
| Stockholders' EquityBook value | $805.5M | $2.9B |
| Total Assets | $4.3B | $3.9B |
| Debt / EquityLower = less leverage | 3.37× | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $233.5M | ||
| Q3 25 | $1.2B | $330.7M | ||
| Q2 25 | $62.7M | $255.4M | ||
| Q1 25 | $23.2M | $163.7M | ||
| Q4 24 | $5.6M | $277.9M | ||
| Q3 24 | $25.3M | $355.7M | ||
| Q2 24 | $122.6M | $481.2M | ||
| Q1 24 | $88.7M | $688.5M |
| Q4 25 | $2.7B | $840.8M | ||
| Q3 25 | $1.0B | $5.3M | ||
| Q2 25 | $167.1M | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | $0 | $584.6M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $805.5M | $2.9B | ||
| Q3 25 | $783.2M | $3.5B | ||
| Q2 25 | $748.9M | $3.3B | ||
| Q1 25 | $734.8M | $2.9B | ||
| Q4 24 | $682.0M | $3.1B | ||
| Q3 24 | $672.0M | $2.7B | ||
| Q2 24 | $690.8M | $2.6B | ||
| Q1 24 | $600.9M | $2.5B |
| Q4 25 | $4.3B | $3.9B | ||
| Q3 25 | $2.8B | $4.5B | ||
| Q2 25 | $1.0B | $4.3B | ||
| Q1 25 | $913.8M | $3.7B | ||
| Q4 24 | $855.4M | $3.9B | ||
| Q3 24 | $775.4M | $2.9B | ||
| Q2 24 | $775.6M | $2.7B | ||
| Q1 24 | $677.1M | $2.6B |
| Q4 25 | 3.37× | 0.29× | ||
| Q3 25 | 1.31× | 0.00× | ||
| Q2 25 | 0.22× | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | 0.00× | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| 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 | $-572.9M |
| Free Cash FlowOCF − Capex | $-695.9M | $-774.3M |
| FCF MarginFCF / Revenue | -1165.4% | -506.6% |
| Capex IntensityCapex / Revenue | 817.1% | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $-572.9M | ||
| Q3 25 | $-50.1M | $-114.0M | ||
| Q2 25 | $-56.2M | $-231.3M | ||
| Q1 25 | $-47.2M | $-122.1M | ||
| Q4 24 | $-87.5M | $-255.1M | ||
| Q3 24 | $-6.5M | $-56.3M | ||
| Q2 24 | $-25.4M | $-42.5M | ||
| Q1 24 | $-26.6M | $-57.9M |
| Q4 25 | $-695.9M | $-774.3M | ||
| Q3 25 | $-256.2M | $-139.7M | ||
| Q2 25 | $-87.5M | $-291.7M | ||
| Q1 25 | $-71.8M | $-154.9M | ||
| Q4 24 | $-227.0M | $-495.4M | ||
| Q3 24 | $-83.2M | $-127.6M | ||
| Q2 24 | $-33.2M | $-96.1M | ||
| Q1 24 | $-34.5M | $-115.2M |
| Q4 25 | -1165.4% | -506.6% | ||
| Q3 25 | -357.3% | -77.5% | ||
| Q2 25 | -200.9% | -190.7% | ||
| Q1 25 | -146.7% | -96.0% | ||
| Q4 24 | -537.6% | -347.5% | ||
| Q3 24 | -345.0% | -150.5% | ||
| Q2 24 | -90.2% | -137.2% | ||
| Q1 24 | -71.7% | -145.2% |
| Q4 25 | 817.1% | 131.8% | ||
| Q3 25 | 287.5% | 14.3% | ||
| Q2 25 | 71.8% | 39.5% | ||
| Q1 25 | 50.2% | 20.4% | ||
| Q4 24 | 330.4% | 168.6% | ||
| Q3 24 | 317.8% | 84.1% | ||
| Q2 24 | 21.4% | 76.5% | ||
| Q1 24 | 16.4% | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | -5.00× | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.67× | -0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CIFR
Segment breakdown not available.
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
