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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and TELOS CORP (TLS). Click either name above to swap in a different company.
Cipher Mining Inc. is the larger business by last-quarter revenue ($59.7M vs $46.8M, roughly 1.3× TELOS CORP). TELOS CORP runs the higher net margin — -34.9% vs -1229.6%, a 1194.7% gap on every dollar of revenue. On growth, TELOS CORP posted the faster year-over-year revenue change (77.4% vs 41.4%). TELOS CORP produced more free cash flow last quarter ($8.0M vs $-695.9M). Over the past eight quarters, TELOS CORP's revenue compounded faster (25.7% CAGR vs 11.4%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Telos Corporation is an information technology and cybersecurity company located in Ashburn, Virginia. Telos primarily serves government and enterprise clients, receiving a large number of its contracts from the United States Department of Defense. Customers are primarily military, intelligence and civilian agencies of the US government and NATO allies.
CIFR vs TLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $46.8M |
| Net Profit | $-734.2M | $-16.3M |
| Gross Margin | 59.4% | 35.0% |
| Operating Margin | -503.4% | -39.6% |
| Net Margin | -1229.6% | -34.9% |
| Revenue YoY | 41.4% | 77.4% |
| Net Profit YoY | -4293.1% | -74.8% |
| EPS (diluted) | $-1.91 | $-0.22 |
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 | $46.8M | ||
| Q3 25 | $71.7M | $51.4M | ||
| Q2 25 | $43.6M | $36.0M | ||
| Q1 25 | $49.0M | $30.6M | ||
| Q4 24 | $42.2M | $26.4M | ||
| Q3 24 | $24.1M | $23.8M | ||
| Q2 24 | $36.8M | $28.5M | ||
| Q1 24 | $48.1M | $29.6M |
| Q4 25 | $-734.2M | $-16.3M | ||
| Q3 25 | $-3.3M | $-2.1M | ||
| Q2 25 | $-45.8M | $-9.5M | ||
| Q1 25 | $-39.0M | $-8.6M | ||
| Q4 24 | $17.5M | $-9.3M | ||
| Q3 24 | $-86.8M | $-28.1M | ||
| Q2 24 | $-15.3M | $-7.8M | ||
| Q1 24 | $39.9M | $-7.4M |
| Q4 25 | 59.4% | 35.0% | ||
| Q3 25 | 62.7% | 39.9% | ||
| Q2 25 | 64.8% | 33.2% | ||
| Q1 25 | 69.6% | 39.8% | ||
| Q4 24 | 56.9% | 40.3% | ||
| Q3 24 | 37.5% | 13.2% | ||
| Q2 24 | 61.2% | 34.1% | ||
| Q1 24 | 69.2% | 37.0% |
| Q4 25 | -503.4% | -39.6% | ||
| Q3 25 | -52.5% | -4.8% | ||
| Q2 25 | -103.9% | -27.5% | ||
| Q1 25 | -77.8% | -29.5% | ||
| Q4 24 | 40.5% | -37.6% | ||
| Q3 24 | -379.2% | -121.4% | ||
| Q2 24 | -43.9% | -30.3% | ||
| Q1 24 | 97.2% | -28.5% |
| Q4 25 | -1229.6% | -34.9% | ||
| Q3 25 | -4.6% | -4.1% | ||
| Q2 25 | -105.1% | -26.5% | ||
| Q1 25 | -79.6% | -28.1% | ||
| Q4 24 | 41.5% | -35.4% | ||
| Q3 24 | -359.9% | -118.0% | ||
| Q2 24 | -41.5% | -27.2% | ||
| Q1 24 | 82.9% | -24.9% |
| Q4 25 | $-1.91 | $-0.22 | ||
| Q3 25 | $-0.01 | $-0.03 | ||
| Q2 25 | $-0.12 | $-0.13 | ||
| Q1 25 | $-0.11 | $-0.12 | ||
| Q4 24 | $0.04 | $-0.13 | ||
| Q3 24 | $-0.26 | $-0.39 | ||
| Q2 24 | $-0.05 | $-0.11 | ||
| Q1 24 | $0.13 | $-0.10 |
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 | $53.2M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $805.5M | $96.0M |
| Total Assets | $4.3B | $139.9M |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $53.2M | ||
| Q3 25 | $1.2B | $59.0M | ||
| Q2 25 | $62.7M | $57.0M | ||
| Q1 25 | $23.2M | $57.8M | ||
| Q4 24 | $5.6M | $54.6M | ||
| Q3 24 | $25.3M | $69.8M | ||
| Q2 24 | $122.6M | $80.1M | ||
| Q1 24 | $88.7M | $93.9M |
| 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 | $96.0M | ||
| Q3 25 | $783.2M | $119.7M | ||
| Q2 25 | $748.9M | $118.4M | ||
| Q1 25 | $734.8M | $126.1M | ||
| Q4 24 | $682.0M | $127.1M | ||
| Q3 24 | $672.0M | $129.5M | ||
| Q2 24 | $690.8M | $149.1M | ||
| Q1 24 | $600.9M | $154.4M |
| Q4 25 | $4.3B | $139.9M | ||
| Q3 25 | $2.8B | $164.3M | ||
| Q2 25 | $1.0B | $165.0M | ||
| Q1 25 | $913.8M | $158.1M | ||
| Q4 24 | $855.4M | $158.2M | ||
| Q3 24 | $775.4M | $166.3M | ||
| Q2 24 | $775.6M | $182.4M | ||
| Q1 24 | $677.1M | $195.4M |
| 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 | $8.0M |
| Free Cash FlowOCF − Capex | $-695.9M | $8.0M |
| FCF MarginFCF / Revenue | -1165.4% | 17.0% |
| Capex IntensityCapex / Revenue | 817.1% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $29.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $8.0M | ||
| Q3 25 | $-50.1M | $9.1M | ||
| Q2 25 | $-56.2M | $7.0M | ||
| Q1 25 | $-47.2M | $6.1M | ||
| Q4 24 | $-87.5M | $-10.5M | ||
| Q3 24 | $-6.5M | $-7.1M | ||
| Q2 24 | $-25.4M | $-8.0M | ||
| Q1 24 | $-26.6M | $-350.0K |
| Q4 25 | $-695.9M | $8.0M | ||
| Q3 25 | $-256.2M | $8.7M | ||
| Q2 25 | $-87.5M | $6.8M | ||
| Q1 25 | $-71.8M | $6.0M | ||
| Q4 24 | $-227.0M | $-12.4M | ||
| Q3 24 | $-83.2M | $-7.1M | ||
| Q2 24 | $-33.2M | $-8.2M | ||
| Q1 24 | $-34.5M | $-447.0K |
| Q4 25 | -1165.4% | 17.0% | ||
| Q3 25 | -357.3% | 16.9% | ||
| Q2 25 | -200.9% | 19.0% | ||
| Q1 25 | -146.7% | 19.5% | ||
| Q4 24 | -537.6% | -47.0% | ||
| Q3 24 | -345.0% | -30.0% | ||
| Q2 24 | -90.2% | -28.9% | ||
| Q1 24 | -71.7% | -1.5% |
| Q4 25 | 817.1% | 0.1% | ||
| Q3 25 | 287.5% | 0.9% | ||
| Q2 25 | 71.8% | 0.4% | ||
| Q1 25 | 50.2% | 0.4% | ||
| Q4 24 | 330.4% | 7.1% | ||
| Q3 24 | 317.8% | 0.2% | ||
| Q2 24 | 21.4% | 0.8% | ||
| Q1 24 | 16.4% | 0.3% |
| 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.
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
