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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Vericel Corp is the larger business by last-quarter revenue ($92.9M vs $59.7M, roughly 1.6× Cipher Mining Inc.). Vericel Corp runs the higher net margin — 25.0% vs -1229.6%, a 1254.6% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs 23.3%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-695.9M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 11.4%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
CIFR vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $92.9M |
| Net Profit | $-734.2M | $23.2M |
| Gross Margin | 59.4% | 78.7% |
| Operating Margin | -503.4% | 24.1% |
| Net Margin | -1229.6% | 25.0% |
| Revenue YoY | 41.4% | 23.3% |
| Net Profit YoY | -4293.1% | 17.3% |
| EPS (diluted) | $-1.91 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $71.7M | $67.5M | ||
| Q2 25 | $43.6M | $63.2M | ||
| Q1 25 | $49.0M | $52.6M | ||
| Q4 24 | $42.2M | $75.4M | ||
| Q3 24 | $24.1M | $57.9M | ||
| Q2 24 | $36.8M | $52.7M | ||
| Q1 24 | $48.1M | $51.3M |
| Q4 25 | $-734.2M | $23.2M | ||
| Q3 25 | $-3.3M | $5.1M | ||
| Q2 25 | $-45.8M | $-553.0K | ||
| Q1 25 | $-39.0M | $-11.2M | ||
| Q4 24 | $17.5M | $19.8M | ||
| Q3 24 | $-86.8M | $-901.0K | ||
| Q2 24 | $-15.3M | $-4.7M | ||
| Q1 24 | $39.9M | $-3.9M |
| Q4 25 | 59.4% | 78.7% | ||
| Q3 25 | 62.7% | 73.5% | ||
| Q2 25 | 64.8% | 73.7% | ||
| Q1 25 | 69.6% | 69.0% | ||
| Q4 24 | 56.9% | 77.6% | ||
| Q3 24 | 37.5% | 71.9% | ||
| Q2 24 | 61.2% | 69.5% | ||
| Q1 24 | 69.2% | 68.9% |
| Q4 25 | -503.4% | 24.1% | ||
| Q3 25 | -52.5% | 5.1% | ||
| Q2 25 | -103.9% | -3.2% | ||
| Q1 25 | -77.8% | -24.3% | ||
| Q4 24 | 40.5% | 24.5% | ||
| Q3 24 | -379.2% | -4.3% | ||
| Q2 24 | -43.9% | -11.5% | ||
| Q1 24 | 97.2% | -10.7% |
| Q4 25 | -1229.6% | 25.0% | ||
| Q3 25 | -4.6% | 7.5% | ||
| Q2 25 | -105.1% | -0.9% | ||
| Q1 25 | -79.6% | -21.4% | ||
| Q4 24 | 41.5% | 26.3% | ||
| Q3 24 | -359.9% | -1.6% | ||
| Q2 24 | -41.5% | -8.9% | ||
| Q1 24 | 82.9% | -7.5% |
| Q4 25 | $-1.91 | $0.46 | ||
| Q3 25 | $-0.01 | $0.10 | ||
| Q2 25 | $-0.12 | $-0.01 | ||
| Q1 25 | $-0.11 | $-0.23 | ||
| Q4 24 | $0.04 | $0.40 | ||
| Q3 24 | $-0.26 | $-0.02 | ||
| Q2 24 | $-0.05 | $-0.10 | ||
| Q1 24 | $0.13 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $805.5M | $354.6M |
| Total Assets | $4.3B | $488.0M |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $137.5M | ||
| Q3 25 | $1.2B | $135.4M | ||
| Q2 25 | $62.7M | $116.9M | ||
| Q1 25 | $23.2M | $112.9M | ||
| Q4 24 | $5.6M | $116.2M | ||
| Q3 24 | $25.3M | $101.7M | ||
| Q2 24 | $122.6M | $102.5M | ||
| Q1 24 | $88.7M | $110.6M |
| 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 | $354.6M | ||
| Q3 25 | $783.2M | $321.9M | ||
| Q2 25 | $748.9M | $306.8M | ||
| Q1 25 | $734.8M | $295.5M | ||
| Q4 24 | $682.0M | $292.0M | ||
| Q3 24 | $672.0M | $257.5M | ||
| Q2 24 | $690.8M | $243.0M | ||
| Q1 24 | $600.9M | $233.9M |
| Q4 25 | $4.3B | $488.0M | ||
| Q3 25 | $2.8B | $453.3M | ||
| Q2 25 | $1.0B | $435.6M | ||
| Q1 25 | $913.8M | $424.6M | ||
| Q4 24 | $855.4M | $432.7M | ||
| Q3 24 | $775.4M | $390.4M | ||
| Q2 24 | $775.6M | $376.8M | ||
| Q1 24 | $677.1M | $356.7M |
| 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 | $15.0M |
| Free Cash FlowOCF − Capex | $-695.9M | $12.8M |
| FCF MarginFCF / Revenue | -1165.4% | 13.8% |
| Capex IntensityCapex / Revenue | 817.1% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $15.0M | ||
| Q3 25 | $-50.1M | $22.1M | ||
| Q2 25 | $-56.2M | $8.2M | ||
| Q1 25 | $-47.2M | $6.6M | ||
| Q4 24 | $-87.5M | $22.2M | ||
| Q3 24 | $-6.5M | $10.2M | ||
| Q2 24 | $-25.4M | $18.5M | ||
| Q1 24 | $-26.6M | $7.2M |
| Q4 25 | $-695.9M | $12.8M | ||
| Q3 25 | $-256.2M | $19.5M | ||
| Q2 25 | $-87.5M | $81.0K | ||
| Q1 25 | $-71.8M | $-7.6M | ||
| Q4 24 | $-227.0M | $8.5M | ||
| Q3 24 | $-83.2M | $-9.2M | ||
| Q2 24 | $-33.2M | $1.8M | ||
| Q1 24 | $-34.5M | $-6.8M |
| Q4 25 | -1165.4% | 13.8% | ||
| Q3 25 | -357.3% | 28.8% | ||
| Q2 25 | -200.9% | 0.1% | ||
| Q1 25 | -146.7% | -14.5% | ||
| Q4 24 | -537.6% | 11.2% | ||
| Q3 24 | -345.0% | -15.9% | ||
| Q2 24 | -90.2% | 3.4% | ||
| Q1 24 | -71.7% | -13.3% |
| Q4 25 | 817.1% | 2.4% | ||
| Q3 25 | 287.5% | 3.9% | ||
| Q2 25 | 71.8% | 12.9% | ||
| Q1 25 | 50.2% | 27.0% | ||
| Q4 24 | 330.4% | 18.3% | ||
| Q3 24 | 317.8% | 33.5% | ||
| Q2 24 | 21.4% | 31.8% | ||
| Q1 24 | 16.4% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -5.00× | 1.12× | ||
| 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.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
