CIFRCipher Digital Inc.
Finance Services
- Revenue
- $224M
- 48% YoY
- Operating margin
- -188.2%
- 552% YoY
- EBITDA
- −$223M
- 479% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- $4.6B net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired24% of revenueOver 10% of revenue
- Payouts exceed cash flowClear-43% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|
| Revenue | $3M | $127M | $151M | $224M | 48% |
| Operating income | −$37M | −$20M | −$44M | −$422M | 865% |
| Net income | −$39M | −$26M | −$45M | −$822M | 1742% |
| Operating cash flow | −$21M | −$94M | −$88M | −$208M | 138% |
| Capex | $39M | $20M | $139M | $488M | 250% |
| Stock-based comp | $42M | $38M | $42M | $53M | 25% |
| Buybacks | $3M | $4M | $28M | $90M | 224% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $15M | $156M | 2636 | 149 |
| FY2024 | $17M | $29M | 829 | 160 |
| FY2023 | $6M | $14M | 738 | 133 |