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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
Cipher Mining Inc. is the larger business by last-quarter revenue ($59.7M vs $33.9M, roughly 1.8× Spok Holdings, Inc). Spok Holdings, Inc runs the higher net margin — 8.7% vs -1229.6%, a 1238.3% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs -0.1%). Spok Holdings, Inc produced more free cash flow last quarter ($10.1M vs $-695.9M). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs -1.5%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Spok Holdings, Inc. is a global provider of critical communication solutions primarily serving the healthcare industry. It offers unified clinical communication platforms, secure messaging tools, alerting systems, and on-call scheduling software that help care teams coordinate efficiently, cut response times, and boost patient safety across medical facilities.
CIFR vs SPOK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $33.9M |
| Net Profit | $-734.2M | $2.9M |
| Gross Margin | 59.4% | 76.7% |
| Operating Margin | -503.4% | 11.6% |
| Net Margin | -1229.6% | 8.7% |
| Revenue YoY | 41.4% | -0.1% |
| Net Profit YoY | -4293.1% | -19.6% |
| EPS (diluted) | $-1.91 | $0.13 |
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 | $33.9M | ||
| Q3 25 | $71.7M | $33.9M | ||
| Q2 25 | $43.6M | $35.7M | ||
| Q1 25 | $49.0M | $36.3M | ||
| Q4 24 | $42.2M | $33.9M | ||
| Q3 24 | $24.1M | $34.9M | ||
| Q2 24 | $36.8M | $34.0M | ||
| Q1 24 | $48.1M | $34.9M |
| Q4 25 | $-734.2M | $2.9M | ||
| Q3 25 | $-3.3M | $3.2M | ||
| Q2 25 | $-45.8M | $4.6M | ||
| Q1 25 | $-39.0M | $5.2M | ||
| Q4 24 | $17.5M | $3.6M | ||
| Q3 24 | $-86.8M | $3.7M | ||
| Q2 24 | $-15.3M | $3.4M | ||
| Q1 24 | $39.9M | $4.2M |
| Q4 25 | 59.4% | 76.7% | ||
| Q3 25 | 62.7% | 78.3% | ||
| Q2 25 | 64.8% | 79.5% | ||
| Q1 25 | 69.6% | 80.1% | ||
| Q4 24 | 56.9% | 78.5% | ||
| Q3 24 | 37.5% | 79.5% | ||
| Q2 24 | 61.2% | 78.9% | ||
| Q1 24 | 69.2% | 79.5% |
| Q4 25 | -503.4% | 11.6% | ||
| Q3 25 | -52.5% | 12.9% | ||
| Q2 25 | -103.9% | 15.1% | ||
| Q1 25 | -77.8% | 16.6% | ||
| Q4 24 | 40.5% | 13.7% | ||
| Q3 24 | -379.2% | 14.2% | ||
| Q2 24 | -43.9% | 13.2% | ||
| Q1 24 | 97.2% | 14.0% |
| Q4 25 | -1229.6% | 8.7% | ||
| Q3 25 | -4.6% | 9.5% | ||
| Q2 25 | -105.1% | 12.8% | ||
| Q1 25 | -79.6% | 14.3% | ||
| Q4 24 | 41.5% | 10.8% | ||
| Q3 24 | -359.9% | 10.5% | ||
| Q2 24 | -41.5% | 10.1% | ||
| Q1 24 | 82.9% | 12.1% |
| Q4 25 | $-1.91 | $0.13 | ||
| Q3 25 | $-0.01 | $0.15 | ||
| Q2 25 | $-0.12 | $0.22 | ||
| Q1 25 | $-0.11 | $0.25 | ||
| Q4 24 | $0.04 | $0.17 | ||
| Q3 24 | $-0.26 | $0.18 | ||
| Q2 24 | $-0.05 | $0.17 | ||
| Q1 24 | $0.13 | $0.21 |
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 | $25.3M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $805.5M | $146.4M |
| Total Assets | $4.3B | $206.1M |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $25.3M | ||
| Q3 25 | $1.2B | $21.4M | ||
| Q2 25 | $62.7M | $20.2M | ||
| Q1 25 | $23.2M | $19.9M | ||
| Q4 24 | $5.6M | $29.1M | ||
| Q3 24 | $25.3M | $27.8M | ||
| Q2 24 | $122.6M | $23.9M | ||
| Q1 24 | $88.7M | $23.3M |
| 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 | $146.4M | ||
| Q3 25 | $783.2M | $148.7M | ||
| Q2 25 | $748.9M | $150.9M | ||
| Q1 25 | $734.8M | $151.7M | ||
| Q4 24 | $682.0M | $154.7M | ||
| Q3 24 | $672.0M | $156.3M | ||
| Q2 24 | $690.8M | $158.2M | ||
| Q1 24 | $600.9M | $160.2M |
| Q4 25 | $4.3B | $206.1M | ||
| Q3 25 | $2.8B | $209.7M | ||
| Q2 25 | $1.0B | $208.7M | ||
| Q1 25 | $913.8M | $204.5M | ||
| Q4 24 | $855.4M | $217.1M | ||
| Q3 24 | $775.4M | $216.8M | ||
| Q2 24 | $775.6M | $216.4M | ||
| Q1 24 | $677.1M | $215.0M |
| 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 | $11.5M |
| Free Cash FlowOCF − Capex | $-695.9M | $10.1M |
| FCF MarginFCF / Revenue | -1165.4% | 29.9% |
| Capex IntensityCapex / Revenue | 817.1% | 4.1% |
| Cash ConversionOCF / Net Profit | — | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $11.5M | ||
| Q3 25 | $-50.1M | $8.1M | ||
| Q2 25 | $-56.2M | $7.0M | ||
| Q1 25 | $-47.2M | $2.3M | ||
| Q4 24 | $-87.5M | $8.4M | ||
| Q3 24 | $-6.5M | $11.1M | ||
| Q2 24 | $-25.4M | $7.4M | ||
| Q1 24 | $-26.6M | $2.0M |
| Q4 25 | $-695.9M | $10.1M | ||
| Q3 25 | $-256.2M | $7.6M | ||
| Q2 25 | $-87.5M | $6.0M | ||
| Q1 25 | $-71.8M | $1.5M | ||
| Q4 24 | $-227.0M | $7.5M | ||
| Q3 24 | $-83.2M | $10.3M | ||
| Q2 24 | $-33.2M | $6.8M | ||
| Q1 24 | $-34.5M | $1.1M |
| Q4 25 | -1165.4% | 29.9% | ||
| Q3 25 | -357.3% | 22.4% | ||
| Q2 25 | -200.9% | 16.8% | ||
| Q1 25 | -146.7% | 4.2% | ||
| Q4 24 | -537.6% | 22.3% | ||
| Q3 24 | -345.0% | 29.4% | ||
| Q2 24 | -90.2% | 20.0% | ||
| Q1 24 | -71.7% | 3.2% |
| Q4 25 | 817.1% | 4.1% | ||
| Q3 25 | 287.5% | 1.6% | ||
| Q2 25 | 71.8% | 2.9% | ||
| Q1 25 | 50.2% | 2.1% | ||
| Q4 24 | 330.4% | 2.5% | ||
| Q3 24 | 317.8% | 2.4% | ||
| Q2 24 | 21.4% | 1.9% | ||
| Q1 24 | 16.4% | 2.5% |
| Q4 25 | — | 3.93× | ||
| Q3 25 | — | 2.54× | ||
| Q2 25 | — | 1.55× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | -5.00× | 2.31× | ||
| Q3 24 | — | 3.03× | ||
| Q2 24 | — | 2.17× | ||
| Q1 24 | -0.67× | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CIFR
Segment breakdown not available.
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
