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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and Repay Holdings Corp (RPAY). Click either name above to swap in a different company.
Repay Holdings Corp is the larger business by last-quarter revenue ($78.6M vs $59.7M, roughly 1.3× Cipher Mining Inc.). Repay Holdings Corp runs the higher net margin — -178.3% vs -1229.6%, a 1051.3% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs 0.4%). Repay Holdings Corp produced more free cash flow last quarter ($23.2M vs $-695.9M). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs -1.3%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
CIFR vs RPAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $78.6M |
| Net Profit | $-734.2M | $-140.1M |
| Gross Margin | 59.4% | 74.2% |
| Operating Margin | -503.4% | -182.2% |
| Net Margin | -1229.6% | -178.3% |
| Revenue YoY | 41.4% | 0.4% |
| Net Profit YoY | -4293.1% | -3304.1% |
| EPS (diluted) | $-1.91 | $-1.68 |
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 | $78.6M | ||
| Q3 25 | $71.7M | $77.7M | ||
| Q2 25 | $43.6M | $75.6M | ||
| Q1 25 | $49.0M | $77.3M | ||
| Q4 24 | $42.2M | $78.3M | ||
| Q3 24 | $24.1M | $79.1M | ||
| Q2 24 | $36.8M | $74.9M | ||
| Q1 24 | $48.1M | $80.7M |
| Q4 25 | $-734.2M | $-140.1M | ||
| Q3 25 | $-3.3M | $-6.4M | ||
| Q2 25 | $-45.8M | $-102.3M | ||
| Q1 25 | $-39.0M | $-7.9M | ||
| Q4 24 | $17.5M | $-4.1M | ||
| Q3 24 | $-86.8M | $3.2M | ||
| Q2 24 | $-15.3M | $-4.1M | ||
| Q1 24 | $39.9M | $-5.2M |
| Q4 25 | 59.4% | 74.2% | ||
| Q3 25 | 62.7% | 74.4% | ||
| Q2 25 | 64.8% | 75.7% | ||
| Q1 25 | 69.6% | 75.9% | ||
| Q4 24 | 56.9% | 76.3% | ||
| Q3 24 | 37.5% | 77.8% | ||
| Q2 24 | 61.2% | 78.2% | ||
| Q1 24 | 69.2% | 76.2% |
| Q4 25 | -503.4% | -182.2% | ||
| Q3 25 | -52.5% | -3.9% | ||
| Q2 25 | -103.9% | -138.7% | ||
| Q1 25 | -77.8% | -4.7% | ||
| Q4 24 | 40.5% | -1.5% | ||
| Q3 24 | -379.2% | -0.9% | ||
| Q2 24 | -43.9% | -4.6% | ||
| Q1 24 | 97.2% | -3.1% |
| Q4 25 | -1229.6% | -178.3% | ||
| Q3 25 | -4.6% | -8.3% | ||
| Q2 25 | -105.1% | -135.2% | ||
| Q1 25 | -79.6% | -10.3% | ||
| Q4 24 | 41.5% | -5.3% | ||
| Q3 24 | -359.9% | 4.1% | ||
| Q2 24 | -41.5% | -5.4% | ||
| Q1 24 | 82.9% | -6.5% |
| Q4 25 | $-1.91 | $-1.68 | ||
| Q3 25 | $-0.01 | $-0.08 | ||
| Q2 25 | $-0.12 | $-1.15 | ||
| Q1 25 | $-0.11 | $-0.09 | ||
| Q4 24 | $0.04 | $-0.04 | ||
| Q3 24 | $-0.26 | $0.03 | ||
| Q2 24 | $-0.05 | $-0.04 | ||
| Q1 24 | $0.13 | $-0.06 |
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 | $115.7M |
| Total DebtLower is stronger | $2.7B | $280.1M |
| Stockholders' EquityBook value | $805.5M | $484.4M |
| Total Assets | $4.3B | $1.2B |
| Debt / EquityLower = less leverage | 3.37× | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $115.7M | ||
| Q3 25 | $1.2B | $95.7M | ||
| Q2 25 | $62.7M | $162.6M | ||
| Q1 25 | $23.2M | $165.5M | ||
| Q4 24 | $5.6M | $189.5M | ||
| Q3 24 | $25.3M | $168.7M | ||
| Q2 24 | $122.6M | $147.1M | ||
| Q1 24 | $88.7M | $128.3M |
| Q4 25 | $2.7B | $280.1M | ||
| Q3 25 | $1.0B | $279.5M | ||
| Q2 25 | $167.1M | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | $0 | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
| Q4 25 | $805.5M | $484.4M | ||
| Q3 25 | $783.2M | $616.9M | ||
| Q2 25 | $748.9M | $633.7M | ||
| Q1 25 | $734.8M | $755.7M | ||
| Q4 24 | $682.0M | $761.3M | ||
| Q3 24 | $672.0M | $754.7M | ||
| Q2 24 | $690.8M | $815.4M | ||
| Q1 24 | $600.9M | $813.8M |
| Q4 25 | $4.3B | $1.2B | ||
| Q3 25 | $2.8B | $1.3B | ||
| Q2 25 | $1.0B | $1.4B | ||
| Q1 25 | $913.8M | $1.5B | ||
| Q4 24 | $855.4M | $1.6B | ||
| Q3 24 | $775.4M | $1.6B | ||
| Q2 24 | $775.6M | $1.5B | ||
| Q1 24 | $677.1M | $1.5B |
| Q4 25 | 3.37× | 0.58× | ||
| Q3 25 | 1.31× | 0.45× | ||
| Q2 25 | 0.22× | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | 0.00× | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-695.9M | $23.2M |
| FCF MarginFCF / Revenue | -1165.4% | 29.6% |
| Capex IntensityCapex / Revenue | 817.1% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $90.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $23.3M | ||
| Q3 25 | $-50.1M | $32.2M | ||
| Q2 25 | $-56.2M | $33.1M | ||
| Q1 25 | $-47.2M | $2.5M | ||
| Q4 24 | $-87.5M | $34.3M | ||
| Q3 24 | $-6.5M | $60.1M | ||
| Q2 24 | $-25.4M | $31.0M | ||
| Q1 24 | $-26.6M | $24.8M |
| Q4 25 | $-695.9M | $23.2M | ||
| Q3 25 | $-256.2M | $32.1M | ||
| Q2 25 | $-87.5M | $33.0M | ||
| Q1 25 | $-71.8M | $2.4M | ||
| Q4 24 | $-227.0M | $34.0M | ||
| Q3 24 | $-83.2M | $59.8M | ||
| Q2 24 | $-33.2M | $30.5M | ||
| Q1 24 | $-34.5M | $24.7M |
| Q4 25 | -1165.4% | 29.6% | ||
| Q3 25 | -357.3% | 41.3% | ||
| Q2 25 | -200.9% | 43.6% | ||
| Q1 25 | -146.7% | 3.0% | ||
| Q4 24 | -537.6% | 43.5% | ||
| Q3 24 | -345.0% | 75.6% | ||
| Q2 24 | -90.2% | 40.7% | ||
| Q1 24 | -71.7% | 30.6% |
| Q4 25 | 817.1% | 0.1% | ||
| Q3 25 | 287.5% | 0.2% | ||
| Q2 25 | 71.8% | 0.1% | ||
| Q1 25 | 50.2% | 0.2% | ||
| Q4 24 | 330.4% | 0.3% | ||
| Q3 24 | 317.8% | 0.3% | ||
| Q2 24 | 21.4% | 0.6% | ||
| Q1 24 | 16.4% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -5.00× | — | ||
| Q3 24 | — | 18.52× | ||
| 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.
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
