Cipher Mining (CIFR) AI Stock Analysis

• Market Cap: $1.36B
• Dividend Yield: N/A
• Average Volume (3M): 19.89M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.80
• Revenue Growth: -0.65%
• EPS Growth: -808.88%
• Country: US
• Employees: 43
• Sector: Financial
• Sector Strength: 79
• Industry: Financial - Capital Markets
• EPS (TTM): -0.11
• Shares Outstanding: 335,271,940
• 10 Day Avg. Volume: 23,905,061
• 30 Day Avg. Volume: 19,892,475
• PEG Ratio: -0.84
• Price to Book (P/B): 2.20
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -6.60
• Enterprise Value/Market Cap: 0.72
• Enterprise Value/Revenue: 1.59
• Enterprise Value/Gross Profit: 133.32
• Enterprise Value/Ebitda: 4.75
• 1Y Price Target: $6.53
• Price Target Upside: 60.84% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10

• Rating: 51 Neutral
• Price Target: $4.00 ▼(-1.48%Downside)

Cipher Mining faces significant profitability and cash flow challenges despite strong revenue growth and positive technical indicators. The stock's valuation is hindered by financial losses. Positive corporate events and earnings call guidance provide some optimism, but financial performance remains a critical concern.

Positive Factors

Expansion and Growth

Cipher is ahead of schedule with its Phase 1 – 150 MW expansion at Black Pearl and expects to bring an additional 2.5 EH/s online, increasing total BTC mining capacity.

Financial Performance

CIFR reported strong 1Q25 results with revenues of $49M and estimated proforma Adj. EBITDA of $26M, in line with previous estimates.

Strategic Partnerships

Cipher's newly formed partnership with Fortress is seen as a significant development that should accelerate the company's timeline to sign an HPC/AI tenant.

Negative Factors

Capital Expenditures

The partnership with Fortress Credit Advisors as a JV financing partner for Barber Lake could free Cipher Mining from significant capex requirements, enhancing its capacity for AI hosting.

Market Competition

Cipher Mining's superior site acquisition strategy and execution reputation have led to significant growth in hashrate capacity.

Cipher Mining Business Overview & Revenue Model

Company Description

Cipher Mining Inc. (CIFR) is a U.S.-based technology company specializing in cryptocurrency mining, primarily focusing on Bitcoin. Operating within the blockchain and digital currency sectors, Cipher Mining aims to establish and manage large-scale, energy-efficient Bitcoin mining facilities. The company leverages advanced technologies and strategic geographic locations to optimize its mining operations and contribute to the Bitcoin network's infrastructure.

How the Company Makes Money

Cipher Mining generates revenue by mining Bitcoin, which involves solving complex mathematical problems to validate transactions on the Bitcoin network. In return for their computational work, Cipher Mining earns Bitcoin as a reward, which can then be held as an asset or sold on the open market. The company's revenue model is significantly influenced by the market price of Bitcoin, mining difficulty, and operational efficiency. Key revenue streams include the Bitcoin rewards and transaction fees obtained from successfully mined blocks. Significant partnerships with technology providers, energy suppliers, and financial institutions help Cipher Mining reduce costs and improve operational efficiency, contributing to its earnings.

Cipher Mining Financial Statement Overview

Summary

Cipher Mining shows strong revenue growth, but profitability remains a concern with negative net profit margins. The balance sheet is strong due to high equity, yet cash flow challenges persist with negative free cash flow and reliance on external funding.

Income Statement

Cipher Mining's revenue has shown significant growth from $3.04M in 2022 to $152.09M in TTM. However, the net profit margin remains negative due to high operating losses, with a TTM net income of -$123.51M. The gross profit margin has improved slightly but remains low due to high costs. Overall, despite revenue growth, profitability challenges persist.

Balance Sheet

The company's balance sheet shows a strong equity position with an equity ratio of approximately 80.4% in TTM, indicating low leverage. However, the debt-to-equity ratio has increased slightly, and the company has a history of net losses, impacting ROE negatively. The increase in assets and equity is a positive signal of potential growth.

Cash Flow

Operating cash flow is negative, reflecting ongoing operational challenges. Free cash flow has worsened in TTM, indicating significant capital expenditures. Cash flow from financing activities has been positive, suggesting reliance on external funding. Overall, cash flow management remains a concern, with negative free cash flow growth.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
152.09M	151.27M	126.84M	3.04M	0.00	0.00
	Gross Profit
7.34M	28.11M	76.53M	2.29M	-4.87K	0.00
	EBIT
-134.78M	-43.70M	-20.11M	-74.39M	-78.71M	-153.66K
	EBITDA
3.51M	61.09M	39.70M	-31.93M	-72.12M	-107.03K
	Net Income Common Stockholders
-123.51M	-44.63M	-25.78M	-39.05M	-78.71M	-107.03K
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
11.93M	5.58M	86.11M	11.93M	209.84M	1.28M
	Total Assets
418.46M	855.45M	566.14M	418.46M	354.17M	173.09K
	Total Debt
20.66M	56.42M	21.98M	20.32M	0.00	0.00
	Net Debt
8.73M	50.83M	-64.13M	8.39M	-209.84M	-1.28M
	Total Liabilities
75.57M	173.49M	74.80M	75.57M	636.05K	176.57K
	Stockholders Equity
342.89M	681.95M	491.34M	342.89M	353.53M	-3.48K
Cash Flow		Free Cash Flow
-468.17M	-227.01M	-149.26M	-248.83M	-36.78M	-321.64K
	Operating Cash Flow
-108.11M	-87.51M	-94.24M	-20.91M	-31.67M	-321.64K
	Investing Cash Flow
-178.47M	-192.13M	52.76M	-173.91M	-120.14M	-170.00M
	Financing Cash Flow
235.47M	213.51M	115.66M	-3.09M	361.65M	171.60M

Cipher Mining Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4.06
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CIFR, the sentiment is Positive. The current price of 4.06 is above the 20-day moving average (MA) of 3.60, above the 50-day MA of 3.07, and below the 200-day MA of 4.38, indicating a neutral trend. The MACD of 0.22 indicates Negative momentum. The RSI at 63.16 is Neutral, neither overbought nor oversold. The STOCH value of 88.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CIFR.

Cipher Mining Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	64 Neutral	$12.83B	9.78	7.78%	16985.64%	12.26%	-7.81%
BTBT	63 Neutral	$558.93M	8.82	-23.29%	―	53.68%	-265.12%
IREN	59 Neutral	$2.53B	―	-3.39%	―	130.86%	-22.83%
FUFU	54 Neutral	$574.14M	319.27	1.33%	―	174.88%	-97.01%
CIFR	51 Neutral	$1.36B	―	-18.49%	―	-0.65%	-808.88%
WULF	51 Neutral	$1.74B	―	-56.12%	―	31.85%	-34.27%
ARBK	37 Underperform	$27.79M	―	242.25%	―	―	―

Cipher Mining Corporate Events

Cipher Mining Holds Annual Stockholders Meeting

On June 3, 2025, Cipher Mining Inc. held its Annual Meeting of Stockholders, where 71.38% of the company’s common stock was represented. During the meeting, stockholders elected directors for terms expiring in 2028, ratified the appointment of CBIZ CPAs P.C. as the independent registered public accounting firm, and approved executive compensation and its advisory vote frequency, indicating continued shareholder support for the company’s governance and financial strategies.

The most recent analyst rating on (CIFR) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Cipher Mining stock, see the CIFR Stock Forecast page.

Cipher Mining Enhances Compliance with Form S-3 Filing

Cipher Mining has incorporated the Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939 into its Registration Statement on Form S-3. This move is part of the company’s regulatory compliance efforts, which may impact its operational transparency and stakeholder trust.

The most recent analyst rating on (CIFR) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Cipher Mining stock, see the CIFR Stock Forecast page.

Cipher Mining Plans $150M Convertible Notes Offering

Cipher Mining announced plans to offer $150 million in convertible senior notes due 2030, with Morgan Stanley managing the offering. The proceeds will fund the completion of Phase 1 of the Black Pearl data center project, including purchasing mining rigs at a discount and covering tariffs and shipping costs. The offering is contingent on a concurrent delta offering of borrowed common stock to facilitate hedging transactions. The company aims to reduce capital expenditure overhang and accelerate its rig deployment timeline, with the data center expected to be energized in June 2025 and rigs arriving in July 2025.

The most recent analyst rating on (CIFR) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Cipher Mining stock, see the CIFR Stock Forecast page.

Cipher Mining Reports Q1 2025 Financial Results

On May 6, 2025, Cipher Mining announced its first quarter 2025 financial results, highlighting a revenue increase of 16% quarter over quarter to $49 million, despite a GAAP net loss of $39 million. The company signed a term sheet with Fortress Credit Advisors for a joint venture at Barber Lake and is nearing completion of the Black Pearl Data Center’s Phase I infrastructure. Cipher plans to deploy rigs from inventory at Black Pearl ahead of schedule, aiming to reach 16.0 EH/s by the end of the second quarter and 23.1 EH/s by the third quarter, reflecting strategic growth and operational efficiency.