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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and System1, Inc. (SST). Click either name above to swap in a different company.
Cipher Mining Inc. is the larger business by last-quarter revenue ($59.7M vs $51.9M, roughly 1.1× System1, Inc.). System1, Inc. runs the higher net margin — -26.0% vs -1229.6%, a 1203.6% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs -31.3%). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs -21.8%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
CIFR vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $51.9M |
| Net Profit | $-734.2M | $-13.5M |
| Gross Margin | 59.4% | 41.0% |
| Operating Margin | -503.4% | -33.6% |
| Net Margin | -1229.6% | -26.0% |
| Revenue YoY | 41.4% | -31.3% |
| Net Profit YoY | -4293.1% | 4.8% |
| EPS (diluted) | $-1.91 | $-3.58 |
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 | $51.9M | ||
| Q3 25 | $71.7M | $61.6M | ||
| Q2 25 | $43.6M | $78.1M | ||
| Q1 25 | $49.0M | $74.5M | ||
| Q4 24 | $42.2M | $75.6M | ||
| Q3 24 | $24.1M | $88.8M | ||
| Q2 24 | $36.8M | $94.6M | ||
| Q1 24 | $48.1M | $84.9M |
| Q4 25 | $-734.2M | $-13.5M | ||
| Q3 25 | $-3.3M | $-18.5M | ||
| Q2 25 | $-45.8M | $-17.5M | ||
| Q1 25 | $-39.0M | $-15.9M | ||
| Q4 24 | $17.5M | $-14.2M | ||
| Q3 24 | $-86.8M | $-23.6M | ||
| Q2 24 | $-15.3M | $-26.4M | ||
| Q1 24 | $39.9M | $-10.5M |
| Q4 25 | 59.4% | 41.0% | ||
| Q3 25 | 62.7% | 36.9% | ||
| Q2 25 | 64.8% | 35.7% | ||
| Q1 25 | 69.6% | 38.2% | ||
| Q4 24 | 56.9% | 42.1% | ||
| Q3 24 | 37.5% | 28.0% | ||
| Q2 24 | 61.2% | 27.6% | ||
| Q1 24 | 69.2% | 21.9% |
| Q4 25 | -503.4% | -33.6% | ||
| Q3 25 | -52.5% | -25.3% | ||
| Q2 25 | -103.9% | -20.4% | ||
| Q1 25 | -77.8% | -17.6% | ||
| Q4 24 | 40.5% | -15.7% | ||
| Q3 24 | -379.2% | -24.6% | ||
| Q2 24 | -43.9% | -30.8% | ||
| Q1 24 | 97.2% | -30.4% |
| Q4 25 | -1229.6% | -26.0% | ||
| Q3 25 | -4.6% | -30.1% | ||
| Q2 25 | -105.1% | -22.4% | ||
| Q1 25 | -79.6% | -21.3% | ||
| Q4 24 | 41.5% | -18.7% | ||
| Q3 24 | -359.9% | -26.6% | ||
| Q2 24 | -41.5% | -27.9% | ||
| Q1 24 | 82.9% | -12.4% |
| Q4 25 | $-1.91 | $-3.58 | ||
| Q3 25 | $-0.01 | $-2.30 | ||
| Q2 25 | $-0.12 | $-2.23 | ||
| Q1 25 | $-0.11 | $-0.21 | ||
| Q4 24 | $0.04 | $-3.41 | ||
| Q3 24 | $-0.26 | $-3.37 | ||
| Q2 24 | $-0.05 | $-3.80 | ||
| Q1 24 | $0.13 | $-0.16 |
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 | $86.9M |
| Total DebtLower is stronger | $2.7B | $305.1M |
| Stockholders' EquityBook value | $805.5M | $30.5M |
| Total Assets | $4.3B | $405.0M |
| Debt / EquityLower = less leverage | 3.37× | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $86.9M | ||
| Q3 25 | $1.2B | $54.6M | ||
| Q2 25 | $62.7M | $63.6M | ||
| Q1 25 | $23.2M | $43.9M | ||
| Q4 24 | $5.6M | $63.6M | ||
| Q3 24 | $25.3M | $69.1M | ||
| Q2 24 | $122.6M | $75.7M | ||
| Q1 24 | $88.7M | $69.9M |
| Q4 25 | $2.7B | $305.1M | ||
| Q3 25 | $1.0B | $259.2M | ||
| Q2 25 | $167.1M | $263.3M | ||
| Q1 25 | — | $267.4M | ||
| Q4 24 | $0 | $255.1M | ||
| Q3 24 | — | $259.2M | ||
| Q2 24 | — | $263.3M | ||
| Q1 24 | — | $268.6M |
| Q4 25 | $805.5M | $30.5M | ||
| Q3 25 | $783.2M | $42.7M | ||
| Q2 25 | $748.9M | $58.2M | ||
| Q1 25 | $734.8M | $67.2M | ||
| Q4 24 | $682.0M | $80.3M | ||
| Q3 24 | $672.0M | $90.3M | ||
| Q2 24 | $690.8M | $109.4M | ||
| Q1 24 | $600.9M | $131.7M |
| Q4 25 | $4.3B | $405.0M | ||
| Q3 25 | $2.8B | $385.2M | ||
| Q2 25 | $1.0B | $429.2M | ||
| Q1 25 | $913.8M | $419.2M | ||
| Q4 24 | $855.4M | $459.1M | ||
| Q3 24 | $775.4M | $479.3M | ||
| Q2 24 | $775.6M | $511.3M | ||
| Q1 24 | $677.1M | $521.1M |
| Q4 25 | 3.37× | 10.01× | ||
| Q3 25 | 1.31× | 6.07× | ||
| Q2 25 | 0.22× | 4.53× | ||
| Q1 25 | — | 3.98× | ||
| Q4 24 | 0.00× | 3.18× | ||
| Q3 24 | — | 2.87× | ||
| Q2 24 | — | 2.41× | ||
| Q1 24 | — | 2.04× |
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 | $-10.6M |
| Free Cash FlowOCF − Capex | $-695.9M | — |
| FCF MarginFCF / Revenue | -1165.4% | — |
| Capex IntensityCapex / Revenue | 817.1% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $-10.6M | ||
| Q3 25 | $-50.1M | $-2.1M | ||
| Q2 25 | $-56.2M | $24.5M | ||
| Q1 25 | $-47.2M | $-15.9M | ||
| Q4 24 | $-87.5M | $772.0K | ||
| Q3 24 | $-6.5M | $-5.0K | ||
| Q2 24 | $-25.4M | $10.0M | ||
| Q1 24 | $-26.6M | $-16.0M |
| Q4 25 | $-695.9M | — | ||
| Q3 25 | $-256.2M | — | ||
| Q2 25 | $-87.5M | — | ||
| Q1 25 | $-71.8M | $-16.0M | ||
| Q4 24 | $-227.0M | — | ||
| Q3 24 | $-83.2M | $-36.0K | ||
| Q2 24 | $-33.2M | — | ||
| Q1 24 | $-34.5M | — |
| Q4 25 | -1165.4% | — | ||
| Q3 25 | -357.3% | — | ||
| Q2 25 | -200.9% | — | ||
| Q1 25 | -146.7% | -21.5% | ||
| Q4 24 | -537.6% | — | ||
| Q3 24 | -345.0% | -0.0% | ||
| Q2 24 | -90.2% | — | ||
| Q1 24 | -71.7% | — |
| Q4 25 | 817.1% | 0.0% | ||
| Q3 25 | 287.5% | 0.0% | ||
| Q2 25 | 71.8% | 0.0% | ||
| Q1 25 | 50.2% | 0.1% | ||
| Q4 24 | 330.4% | 0.0% | ||
| Q3 24 | 317.8% | 0.0% | ||
| Q2 24 | 21.4% | 0.0% | ||
| Q1 24 | 16.4% | 0.0% |
| 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.
