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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and SmartRent, Inc. (SMRT). Click either name above to swap in a different company.
Cipher Mining Inc. is the larger business by last-quarter revenue ($59.7M vs $36.5M, roughly 1.6× SmartRent, Inc.). SmartRent, Inc. runs the higher net margin — -8.9% vs -1229.6%, a 1220.7% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs 3.1%). SmartRent, Inc. produced more free cash flow last quarter ($7.7M vs $-695.9M). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs -15.0%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Budget Rent a Car System, Inc. is an American car rental company that was founded in 1958 in Los Angeles, California by Morris Mirkin. Budget is a subsidiary of the Avis Budget Group, with its operations headquartered in Parsippany, New Jersey.
CIFR vs SMRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $36.5M |
| Net Profit | $-734.2M | $-3.2M |
| Gross Margin | 59.4% | 38.6% |
| Operating Margin | -503.4% | -10.9% |
| Net Margin | -1229.6% | -8.9% |
| Revenue YoY | 41.4% | 3.1% |
| Net Profit YoY | -4293.1% | 71.6% |
| EPS (diluted) | $-1.91 | $-0.02 |
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 | $36.5M | ||
| Q3 25 | $71.7M | $36.2M | ||
| Q2 25 | $43.6M | $38.3M | ||
| Q1 25 | $49.0M | $41.3M | ||
| Q4 24 | $42.2M | $35.4M | ||
| Q3 24 | $24.1M | $40.5M | ||
| Q2 24 | $36.8M | $48.5M | ||
| Q1 24 | $48.1M | $50.5M |
| Q4 25 | $-734.2M | $-3.2M | ||
| Q3 25 | $-3.3M | $-6.3M | ||
| Q2 25 | $-45.8M | $-10.9M | ||
| Q1 25 | $-39.0M | $-40.2M | ||
| Q4 24 | $17.5M | $-11.4M | ||
| Q3 24 | $-86.8M | $-9.9M | ||
| Q2 24 | $-15.3M | $-4.6M | ||
| Q1 24 | $39.9M | $-7.7M |
| Q4 25 | 59.4% | 38.6% | ||
| Q3 25 | 62.7% | 26.4% | ||
| Q2 25 | 64.8% | 33.1% | ||
| Q1 25 | 69.6% | 32.8% | ||
| Q4 24 | 56.9% | 28.7% | ||
| Q3 24 | 37.5% | 33.2% | ||
| Q2 24 | 61.2% | 35.7% | ||
| Q1 24 | 69.2% | 38.5% |
| Q4 25 | -503.4% | -10.9% | ||
| Q3 25 | -52.5% | -19.4% | ||
| Q2 25 | -103.9% | -30.5% | ||
| Q1 25 | -77.8% | -99.9% | ||
| Q4 24 | 40.5% | -36.6% | ||
| Q3 24 | -379.2% | -29.0% | ||
| Q2 24 | -43.9% | -14.3% | ||
| Q1 24 | 97.2% | -20.1% |
| Q4 25 | -1229.6% | -8.9% | ||
| Q3 25 | -4.6% | -17.3% | ||
| Q2 25 | -105.1% | -28.3% | ||
| Q1 25 | -79.6% | -97.2% | ||
| Q4 24 | 41.5% | -32.3% | ||
| Q3 24 | -359.9% | -24.5% | ||
| Q2 24 | -41.5% | -9.5% | ||
| Q1 24 | 82.9% | -15.2% |
| Q4 25 | $-1.91 | $-0.02 | ||
| Q3 25 | $-0.01 | $-0.03 | ||
| Q2 25 | $-0.12 | $-0.06 | ||
| Q1 25 | $-0.11 | $-0.21 | ||
| Q4 24 | $0.04 | $-0.06 | ||
| Q3 24 | $-0.26 | $-0.05 | ||
| Q2 24 | $-0.05 | $-0.02 | ||
| Q1 24 | $0.13 | $-0.04 |
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 | $104.5M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $805.5M | $232.1M |
| Total Assets | $4.3B | $320.9M |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $104.5M | ||
| Q3 25 | $1.2B | $100.0M | ||
| Q2 25 | $62.7M | $105.0M | ||
| Q1 25 | $23.2M | $125.6M | ||
| Q4 24 | $5.6M | $142.5M | ||
| Q3 24 | $25.3M | $163.4M | ||
| Q2 24 | $122.6M | $187.4M | ||
| Q1 24 | $88.7M | $204.7M |
| 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 | $232.1M | ||
| Q3 25 | $783.2M | $234.4M | ||
| Q2 25 | $748.9M | $238.8M | ||
| Q1 25 | $734.8M | $250.7M | ||
| Q4 24 | $682.0M | $289.4M | ||
| Q3 24 | $672.0M | $305.1M | ||
| Q2 24 | $690.8M | $329.4M | ||
| Q1 24 | $600.9M | $333.1M |
| Q4 25 | $4.3B | $320.9M | ||
| Q3 25 | $2.8B | $335.8M | ||
| Q2 25 | $1.0B | $354.0M | ||
| Q1 25 | $913.8M | $366.1M | ||
| Q4 24 | $855.4M | $420.2M | ||
| Q3 24 | $775.4M | $448.6M | ||
| Q2 24 | $775.6M | $475.3M | ||
| Q1 24 | $677.1M | $485.5M |
| 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 | $7.7M |
| Free Cash FlowOCF − Capex | $-695.9M | $7.7M |
| FCF MarginFCF / Revenue | -1165.4% | 21.0% |
| Capex IntensityCapex / Revenue | 817.1% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $-25.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $7.7M | ||
| Q3 25 | $-50.1M | $-2.1M | ||
| Q2 25 | $-56.2M | $-14.9M | ||
| Q1 25 | $-47.2M | $-12.2M | ||
| Q4 24 | $-87.5M | $-12.0M | ||
| Q3 24 | $-6.5M | $-3.7M | ||
| Q2 24 | $-25.4M | $-13.9M | ||
| Q1 24 | $-26.6M | $-3.3M |
| Q4 25 | $-695.9M | $7.7M | ||
| Q3 25 | $-256.2M | $-2.2M | ||
| Q2 25 | $-87.5M | $-16.2M | ||
| Q1 25 | $-71.8M | $-14.3M | ||
| Q4 24 | $-227.0M | $-13.3M | ||
| Q3 24 | $-83.2M | $-3.9M | ||
| Q2 24 | $-33.2M | $-14.1M | ||
| Q1 24 | $-34.5M | $-3.4M |
| Q4 25 | -1165.4% | 21.0% | ||
| Q3 25 | -357.3% | -6.1% | ||
| Q2 25 | -200.9% | -42.3% | ||
| Q1 25 | -146.7% | -34.7% | ||
| Q4 24 | -537.6% | -37.5% | ||
| Q3 24 | -345.0% | -9.7% | ||
| Q2 24 | -90.2% | -29.1% | ||
| Q1 24 | -71.7% | -6.7% |
| Q4 25 | 817.1% | 0.0% | ||
| Q3 25 | 287.5% | 0.2% | ||
| Q2 25 | 71.8% | 3.3% | ||
| Q1 25 | 50.2% | 5.3% | ||
| Q4 24 | 330.4% | 3.5% | ||
| Q3 24 | 317.8% | 0.6% | ||
| Q2 24 | 21.4% | 0.5% | ||
| Q1 24 | 16.4% | 0.1% |
| 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.
SMRT
| Hosted Services | $18.1M | 50% |
| Hardware Service | $12.5M | 34% |
| Smart Operations Solutions | $2.6M | 7% |
| Access Control | $2.0M | 5% |
| Other Smart Communities Solutions | $1.3M | 3% |
