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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $59.7M, roughly 1.2× Cipher Mining Inc.). Target Hospitality Corp. runs the higher net margin — -20.3% vs -1229.6%, a 1209.3% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs 22.0%). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs 0.7%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
CIFR vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $73.5M |
| Net Profit | $-734.2M | $-14.9M |
| Gross Margin | 59.4% | 9.6% |
| Operating Margin | -503.4% | -22.9% |
| Net Margin | -1229.6% | -20.3% |
| Revenue YoY | 41.4% | 22.0% |
| Net Profit YoY | -4293.1% | -219.1% |
| EPS (diluted) | $-1.91 | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $71.7M | $91.6M | ||
| Q2 25 | $43.6M | $54.9M | ||
| Q1 25 | $49.0M | $54.9M | ||
| Q4 24 | $42.2M | $60.2M | ||
| Q3 24 | $24.1M | $65.8M | ||
| Q2 24 | $36.8M | $67.5M | ||
| Q1 24 | $48.1M | $72.4M |
| Q4 25 | $-734.2M | $-14.9M | ||
| Q3 25 | $-3.3M | $-795.0K | ||
| Q2 25 | $-45.8M | $-14.9M | ||
| Q1 25 | $-39.0M | $-6.5M | ||
| Q4 24 | $17.5M | $12.5M | ||
| Q3 24 | $-86.8M | $20.0M | ||
| Q2 24 | $-15.3M | $18.4M | ||
| Q1 24 | $39.9M | $20.4M |
| Q4 25 | 59.4% | 9.6% | ||
| Q3 25 | 62.7% | 19.6% | ||
| Q2 25 | 64.8% | -0.6% | ||
| Q1 25 | 69.6% | 32.7% | ||
| Q4 24 | 56.9% | 61.5% | ||
| Q3 24 | 37.5% | 68.7% | ||
| Q2 24 | 61.2% | 69.4% | ||
| Q1 24 | 69.2% | 67.8% |
| Q4 25 | -503.4% | -22.9% | ||
| Q3 25 | -52.5% | 0.1% | ||
| Q2 25 | -103.9% | -30.8% | ||
| Q1 25 | -77.8% | -2.0% | ||
| Q4 24 | 40.5% | 34.5% | ||
| Q3 24 | -379.2% | 42.5% | ||
| Q2 24 | -43.9% | 43.8% | ||
| Q1 24 | 97.2% | 42.0% |
| Q4 25 | -1229.6% | -20.3% | ||
| Q3 25 | -4.6% | -0.9% | ||
| Q2 25 | -105.1% | -27.2% | ||
| Q1 25 | -79.6% | -11.8% | ||
| Q4 24 | 41.5% | 20.8% | ||
| Q3 24 | -359.9% | 30.4% | ||
| Q2 24 | -41.5% | 27.2% | ||
| Q1 24 | 82.9% | 28.2% |
| Q4 25 | $-1.91 | $-0.14 | ||
| Q3 25 | $-0.01 | $-0.01 | ||
| Q2 25 | $-0.12 | $-0.15 | ||
| Q1 25 | $-0.11 | $-0.07 | ||
| Q4 24 | $0.04 | $0.12 | ||
| Q3 24 | $-0.26 | $0.20 | ||
| Q2 24 | $-0.05 | $0.18 | ||
| Q1 24 | $0.13 | $0.20 |
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 | $8.3M |
| Total DebtLower is stronger | $2.7B | $1.7M |
| Stockholders' EquityBook value | $805.5M | $389.3M |
| Total Assets | $4.3B | $530.2M |
| Debt / EquityLower = less leverage | 3.37× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $8.3M | ||
| Q3 25 | $1.2B | $30.4M | ||
| Q2 25 | $62.7M | $19.2M | ||
| Q1 25 | $23.2M | $34.5M | ||
| Q4 24 | $5.6M | $190.7M | ||
| Q3 24 | $25.3M | $177.7M | ||
| Q2 24 | $122.6M | $154.3M | ||
| Q1 24 | $88.7M | $124.3M |
| Q4 25 | $2.7B | $1.7M | ||
| Q3 25 | $1.0B | $2.0M | ||
| Q2 25 | $167.1M | $26.3M | ||
| Q1 25 | — | $42.9M | ||
| Q4 24 | $0 | $1.5M | ||
| Q3 24 | — | $994.0K | ||
| Q2 24 | — | $1.1M | ||
| Q1 24 | — | $179.9M |
| Q4 25 | $805.5M | $389.3M | ||
| Q3 25 | $783.2M | $402.4M | ||
| Q2 25 | $748.9M | $401.3M | ||
| Q1 25 | $734.8M | $415.3M | ||
| Q4 24 | $682.0M | $421.1M | ||
| Q3 24 | $672.0M | $417.6M | ||
| Q2 24 | $690.8M | $397.2M | ||
| Q1 24 | $600.9M | $375.5M |
| Q4 25 | $4.3B | $530.2M | ||
| Q3 25 | $2.8B | $541.2M | ||
| Q2 25 | $1.0B | $533.7M | ||
| Q1 25 | $913.8M | $562.5M | ||
| Q4 24 | $855.4M | $725.8M | ||
| Q3 24 | $775.4M | $709.8M | ||
| Q2 24 | $775.6M | $697.0M | ||
| Q1 24 | $677.1M | $687.2M |
| Q4 25 | 3.37× | 0.00× | ||
| Q3 25 | 1.31× | 0.01× | ||
| Q2 25 | 0.22× | 0.07× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | 0.00× | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.48× |
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 | $5.7M |
| Free Cash FlowOCF − Capex | $-695.9M | — |
| FCF MarginFCF / Revenue | -1165.4% | — |
| Capex IntensityCapex / Revenue | 817.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $5.7M | ||
| Q3 25 | $-50.1M | $53.4M | ||
| Q2 25 | $-56.2M | $11.1M | ||
| Q1 25 | $-47.2M | $3.9M | ||
| Q4 24 | $-87.5M | $30.6M | ||
| Q3 24 | $-6.5M | $31.4M | ||
| Q2 24 | $-25.4M | $39.1M | ||
| Q1 24 | $-26.6M | $50.6M |
| Q4 25 | $-695.9M | — | ||
| Q3 25 | $-256.2M | — | ||
| Q2 25 | $-87.5M | — | ||
| Q1 25 | $-71.8M | $-11.6M | ||
| Q4 24 | $-227.0M | — | ||
| Q3 24 | $-83.2M | — | ||
| Q2 24 | $-33.2M | — | ||
| Q1 24 | $-34.5M | — |
| Q4 25 | -1165.4% | — | ||
| Q3 25 | -357.3% | — | ||
| Q2 25 | -200.9% | — | ||
| Q1 25 | -146.7% | -21.1% | ||
| Q4 24 | -537.6% | — | ||
| Q3 24 | -345.0% | — | ||
| Q2 24 | -90.2% | — | ||
| Q1 24 | -71.7% | — |
| Q4 25 | 817.1% | — | ||
| Q3 25 | 287.5% | — | ||
| Q2 25 | 71.8% | — | ||
| Q1 25 | 50.2% | 28.2% | ||
| Q4 24 | 330.4% | — | ||
| Q3 24 | 317.8% | — | ||
| Q2 24 | 21.4% | — | ||
| Q1 24 | 16.4% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -5.00× | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | -0.67× | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CIFR
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
