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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and TSS, Inc. (TSSI). Click either name above to swap in a different company.
TSS, Inc. is the larger business by last-quarter revenue ($60.9M vs $59.7M, roughly 1.0× Cipher Mining Inc.). TSS, Inc. runs the higher net margin — 20.0% vs -1229.6%, a 1249.6% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs 21.8%). TSS, Inc. produced more free cash flow last quarter ($15.8M vs $-695.9M). Over the past eight quarters, TSS, Inc.'s revenue compounded faster (95.8% CAGR vs 11.4%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
CIFR vs TSSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $60.9M |
| Net Profit | $-734.2M | $12.2M |
| Gross Margin | 59.4% | 17.6% |
| Operating Margin | -503.4% | 1.5% |
| Net Margin | -1229.6% | 20.0% |
| Revenue YoY | 41.4% | 21.8% |
| Net Profit YoY | -4293.1% | 535.7% |
| EPS (diluted) | $-1.91 | $0.44 |
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 | $60.9M | ||
| Q3 25 | $71.7M | $41.9M | ||
| Q2 25 | $43.6M | $44.0M | ||
| Q1 25 | $49.0M | $99.0M | ||
| Q4 24 | $42.2M | $50.0M | ||
| Q3 24 | $24.1M | $70.1M | ||
| Q2 24 | $36.8M | $12.2M | ||
| Q1 24 | $48.1M | $15.9M |
| Q4 25 | $-734.2M | $12.2M | ||
| Q3 25 | $-3.3M | $-1.5M | ||
| Q2 25 | $-45.8M | $1.5M | ||
| Q1 25 | $-39.0M | $3.0M | ||
| Q4 24 | $17.5M | $1.9M | ||
| Q3 24 | $-86.8M | $2.6M | ||
| Q2 24 | $-15.3M | $1.4M | ||
| Q1 24 | $39.9M | $15.0K |
| Q4 25 | 59.4% | 17.6% | ||
| Q3 25 | 62.7% | 11.1% | ||
| Q2 25 | 64.8% | 17.8% | ||
| Q1 25 | 69.6% | 9.3% | ||
| Q4 24 | 56.9% | 14.4% | ||
| Q3 24 | 37.5% | 11.3% | ||
| Q2 24 | 61.2% | 37.3% | ||
| Q1 24 | 69.2% | 17.1% |
| Q4 25 | -503.4% | 1.5% | ||
| Q3 25 | -52.5% | -2.2% | ||
| Q2 25 | -103.9% | 5.1% | ||
| Q1 25 | -77.8% | 4.2% | ||
| Q4 24 | 40.5% | 0.0% | ||
| Q3 24 | -379.2% | 5.4% | ||
| Q2 24 | -43.9% | 14.0% | ||
| Q1 24 | 97.2% | 1.6% |
| Q4 25 | -1229.6% | 20.0% | ||
| Q3 25 | -4.6% | -3.6% | ||
| Q2 25 | -105.1% | 3.4% | ||
| Q1 25 | -79.6% | 3.0% | ||
| Q4 24 | 41.5% | 3.8% | ||
| Q3 24 | -359.9% | 3.8% | ||
| Q2 24 | -41.5% | 11.5% | ||
| Q1 24 | 82.9% | 0.1% |
| Q4 25 | $-1.91 | $0.44 | ||
| Q3 25 | $-0.01 | $-0.06 | ||
| Q2 25 | $-0.12 | $0.06 | ||
| Q1 25 | $-0.11 | $0.12 | ||
| Q4 24 | $0.04 | $0.08 | ||
| Q3 24 | $-0.26 | $0.10 | ||
| Q2 24 | $-0.05 | $0.06 | ||
| Q1 24 | $0.13 | $0.00 |
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 | $85.5M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $805.5M | $76.6M |
| Total Assets | $4.3B | $184.9M |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $85.5M | ||
| Q3 25 | $1.2B | $70.7M | ||
| Q2 25 | $62.7M | — | ||
| Q1 25 | $23.2M | — | ||
| Q4 24 | $5.6M | $23.2M | ||
| Q3 24 | $25.3M | $46.4M | ||
| Q2 24 | $122.6M | $8.3M | ||
| Q1 24 | $88.7M | $14.4M |
| 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 | $76.6M | ||
| Q3 25 | $783.2M | $63.4M | ||
| Q2 25 | $748.9M | $9.5M | ||
| Q1 25 | $734.8M | $9.4M | ||
| Q4 24 | $682.0M | $7.1M | ||
| Q3 24 | $672.0M | $7.7M | ||
| Q2 24 | $690.8M | $5.2M | ||
| Q1 24 | $600.9M | $3.7M |
| Q4 25 | $4.3B | $184.9M | ||
| Q3 25 | $2.8B | $165.4M | ||
| Q2 25 | $1.0B | $139.5M | ||
| Q1 25 | $913.8M | $113.5M | ||
| Q4 24 | $855.4M | $96.6M | ||
| Q3 24 | $775.4M | $67.3M | ||
| Q2 24 | $775.6M | $28.9M | ||
| Q1 24 | $677.1M | $26.8M |
| 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 | $16.3M |
| Free Cash FlowOCF − Capex | $-695.9M | $15.8M |
| FCF MarginFCF / Revenue | -1165.4% | 25.9% |
| Capex IntensityCapex / Revenue | 817.1% | 0.9% |
| Cash ConversionOCF / Net Profit | — | 1.34× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $2.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $16.3M | ||
| Q3 25 | $-50.1M | $-18.4M | ||
| Q2 25 | $-56.2M | $16.3M | ||
| Q1 25 | $-47.2M | $20.6M | ||
| Q4 24 | $-87.5M | $-21.6M | ||
| Q3 24 | $-6.5M | $38.6M | ||
| Q2 24 | $-25.4M | $-4.3M | ||
| Q1 24 | $-26.6M | $2.6M |
| Q4 25 | $-695.9M | $15.8M | ||
| Q3 25 | $-256.2M | $-24.9M | ||
| Q2 25 | $-87.5M | $5.4M | ||
| Q1 25 | $-71.8M | $5.8M | ||
| Q4 24 | $-227.0M | $-28.4M | ||
| Q3 24 | $-83.2M | $38.6M | ||
| Q2 24 | $-33.2M | $-6.0M | ||
| Q1 24 | $-34.5M | $2.6M |
| Q4 25 | -1165.4% | 25.9% | ||
| Q3 25 | -357.3% | -59.3% | ||
| Q2 25 | -200.9% | 12.3% | ||
| Q1 25 | -146.7% | 5.8% | ||
| Q4 24 | -537.6% | -56.7% | ||
| Q3 24 | -345.0% | 55.1% | ||
| Q2 24 | -90.2% | -49.4% | ||
| Q1 24 | -71.7% | 16.4% |
| Q4 25 | 817.1% | 0.9% | ||
| Q3 25 | 287.5% | 15.3% | ||
| Q2 25 | 71.8% | 24.8% | ||
| Q1 25 | 50.2% | 15.0% | ||
| Q4 24 | 330.4% | 13.4% | ||
| Q3 24 | 317.8% | 0.1% | ||
| Q2 24 | 21.4% | 13.8% | ||
| Q1 24 | 16.4% | 0.2% |
| Q4 25 | — | 1.34× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 11.02× | ||
| Q1 25 | — | 6.93× | ||
| Q4 24 | -5.00× | -11.32× | ||
| Q3 24 | — | 14.60× | ||
| Q2 24 | — | -3.09× | ||
| Q1 24 | -0.67× | 176.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CIFR
Segment breakdown not available.
TSSI
| Procurement Revenues Segment | $43.2M | 71% |
| System Integration Services Segment | $14.2M | 23% |
| Facilities Segment | $3.5M | 6% |
