vs
Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
Smart Sand, Inc. is the larger business by last-quarter revenue ($86.0M vs $59.7M, roughly 1.4× Cipher Mining Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -1229.6%, a 1231.0% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $-695.9M). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs 1.8%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
CIFR vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $86.0M |
| Net Profit | $-734.2M | $1.2M |
| Gross Margin | 59.4% | 13.0% |
| Operating Margin | -503.4% | -3.1% |
| Net Margin | -1229.6% | 1.4% |
| Revenue YoY | 41.4% | -5.8% |
| Net Profit YoY | -4293.1% | -68.5% |
| EPS (diluted) | $-1.91 | $0.03 |
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 | $86.0M | ||
| Q3 25 | $71.7M | $92.8M | ||
| Q2 25 | $43.6M | $85.8M | ||
| Q1 25 | $49.0M | $65.6M | ||
| Q4 24 | $42.2M | $91.4M | ||
| Q3 24 | $24.1M | $63.2M | ||
| Q2 24 | $36.8M | $73.8M | ||
| Q1 24 | $48.1M | $83.1M |
| Q4 25 | $-734.2M | $1.2M | ||
| Q3 25 | $-3.3M | $3.0M | ||
| Q2 25 | $-45.8M | $21.4M | ||
| Q1 25 | $-39.0M | $-24.2M | ||
| Q4 24 | $17.5M | $3.7M | ||
| Q3 24 | $-86.8M | $-98.0K | ||
| Q2 24 | $-15.3M | $-430.0K | ||
| Q1 24 | $39.9M | $-216.0K |
| Q4 25 | 59.4% | 13.0% | ||
| Q3 25 | 62.7% | 16.1% | ||
| Q2 25 | 64.8% | 10.4% | ||
| Q1 25 | 69.6% | 4.2% | ||
| Q4 24 | 56.9% | 14.7% | ||
| Q3 24 | 37.5% | 10.3% | ||
| Q2 24 | 61.2% | 17.7% | ||
| Q1 24 | 69.2% | 14.2% |
| Q4 25 | -503.4% | -3.1% | ||
| Q3 25 | -52.5% | 5.8% | ||
| Q2 25 | -103.9% | -0.1% | ||
| Q1 25 | -77.8% | -10.8% | ||
| Q4 24 | 40.5% | 3.9% | ||
| Q3 24 | -379.2% | -7.8% | ||
| Q2 24 | -43.9% | 4.8% | ||
| Q1 24 | 97.2% | 0.9% |
| Q4 25 | -1229.6% | 1.4% | ||
| Q3 25 | -4.6% | 3.2% | ||
| Q2 25 | -105.1% | 24.9% | ||
| Q1 25 | -79.6% | -37.0% | ||
| Q4 24 | 41.5% | 4.1% | ||
| Q3 24 | -359.9% | -0.2% | ||
| Q2 24 | -41.5% | -0.6% | ||
| Q1 24 | 82.9% | -0.3% |
| Q4 25 | $-1.91 | $0.03 | ||
| Q3 25 | $-0.01 | $0.08 | ||
| Q2 25 | $-0.12 | $0.54 | ||
| Q1 25 | $-0.11 | $-0.62 | ||
| Q4 24 | $0.04 | $0.10 | ||
| Q3 24 | $-0.26 | $0.00 | ||
| Q2 24 | $-0.05 | $-0.01 | ||
| Q1 24 | $0.13 | $-0.01 |
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 | $22.6M |
| Total DebtLower is stronger | $2.7B | $15.0M |
| Stockholders' EquityBook value | $805.5M | $239.7M |
| Total Assets | $4.3B | $340.0M |
| Debt / EquityLower = less leverage | 3.37× | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $22.6M | ||
| Q3 25 | $1.2B | $5.1M | ||
| Q2 25 | $62.7M | $4.3M | ||
| Q1 25 | $23.2M | $5.1M | ||
| Q4 24 | $5.6M | $1.6M | ||
| Q3 24 | $25.3M | $7.2M | ||
| Q2 24 | $122.6M | $6.3M | ||
| Q1 24 | $88.7M | $4.6M |
| Q4 25 | $2.7B | $15.0M | ||
| Q3 25 | $1.0B | $14.3M | ||
| Q2 25 | $167.1M | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | $0 | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | $805.5M | $239.7M | ||
| Q3 25 | $783.2M | $239.9M | ||
| Q2 25 | $748.9M | $240.5M | ||
| Q1 25 | $734.8M | $219.9M | ||
| Q4 24 | $682.0M | $243.8M | ||
| Q3 24 | $672.0M | $243.6M | ||
| Q2 24 | $690.8M | $242.9M | ||
| Q1 24 | $600.9M | $242.5M |
| Q4 25 | $4.3B | $340.0M | ||
| Q3 25 | $2.8B | $343.1M | ||
| Q2 25 | $1.0B | $345.8M | ||
| Q1 25 | $913.8M | $326.9M | ||
| Q4 24 | $855.4M | $341.5M | ||
| Q3 24 | $775.4M | $335.8M | ||
| Q2 24 | $775.6M | $341.8M | ||
| Q1 24 | $677.1M | $349.3M |
| Q4 25 | 3.37× | 0.06× | ||
| Q3 25 | 1.31× | 0.06× | ||
| Q2 25 | 0.22× | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | 0.00× | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | $-695.9M | $20.4M |
| FCF MarginFCF / Revenue | -1165.4% | 23.7% |
| Capex IntensityCapex / Revenue | 817.1% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $22.4M | ||
| Q3 25 | $-50.1M | $18.2M | ||
| Q2 25 | $-56.2M | $-5.1M | ||
| Q1 25 | $-47.2M | $8.7M | ||
| Q4 24 | $-87.5M | $1.0M | ||
| Q3 24 | $-6.5M | $5.8M | ||
| Q2 24 | $-25.4M | $14.9M | ||
| Q1 24 | $-26.6M | $-3.9M |
| Q4 25 | $-695.9M | $20.4M | ||
| Q3 25 | $-256.2M | $14.8M | ||
| Q2 25 | $-87.5M | $-7.8M | ||
| Q1 25 | $-71.8M | $5.2M | ||
| Q4 24 | $-227.0M | $-840.0K | ||
| Q3 24 | $-83.2M | $3.7M | ||
| Q2 24 | $-33.2M | $13.5M | ||
| Q1 24 | $-34.5M | $-5.5M |
| Q4 25 | -1165.4% | 23.7% | ||
| Q3 25 | -357.3% | 15.9% | ||
| Q2 25 | -200.9% | -9.1% | ||
| Q1 25 | -146.7% | 7.9% | ||
| Q4 24 | -537.6% | -0.9% | ||
| Q3 24 | -345.0% | 5.8% | ||
| Q2 24 | -90.2% | 18.3% | ||
| Q1 24 | -71.7% | -6.6% |
| Q4 25 | 817.1% | 2.3% | ||
| Q3 25 | 287.5% | 3.6% | ||
| Q2 25 | 71.8% | 3.1% | ||
| Q1 25 | 50.2% | 5.4% | ||
| Q4 24 | 330.4% | 2.1% | ||
| Q3 24 | 317.8% | 3.4% | ||
| Q2 24 | 21.4% | 1.8% | ||
| Q1 24 | 16.4% | 2.0% |
| Q4 25 | — | 18.99× | ||
| Q3 25 | — | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | -5.00× | 0.28× | ||
| 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.
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
