Cipher Mining (CIFR) AI Stock Analysis

• Market Cap: $1.31B
• Dividend Yield: N/A
• Average Volume (3M): 19.49M
• 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: 82
• Industry: Financial - Capital Markets
• EPS (TTM): -0.11
• Shares Outstanding: 335,271,940
• 10 Day Avg. Volume: 21,301,974
• 30 Day Avg. Volume: 19,488,308
• PEG Ratio: -1.63
• Price to Book (P/B): 1.52
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.11
• Enterprise Value/Market Cap: 0.88
• Enterprise Value/Revenue: 1.88
• Enterprise Value/Gross Profit: -123.27
• Enterprise Value/Ebitda: 3.86
• 1Y Price Target: $6.53
• Price Target Upside: 67.44% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10

• Rating: 51 Neutral
• Price Target: $4.00 ▲(2.56%Upside)

Cipher Mining's stock score is influenced by strong revenue growth and positive technical indicators, yet hindered by profitability issues and an unattractive valuation. The earnings call provided promising expansion guidance, but financial performance remains a key area of 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's financial health is challenged by declining revenue, persistent losses, and negative cash flows. While the balance sheet shows strong equity, the increasing debt levels and negative free cash flow highlight potential risks. The company needs to address its profitability and cash flow issues to improve its financial stability.

Income Statement

Cipher Mining has experienced inconsistent revenue performance with periods of zero revenue. The recent decline from $126.84M in 2023 to zero in 2024 significantly impacts the income statement. The company has negative net income and EBIT, indicating challenges in profitability. The net profit margin is negative, reflecting ongoing losses.

Balance Sheet

The balance sheet reveals a strong equity position with a substantial stockholders' equity of $682M in 2024. However, the debt-to-equity ratio has increased, suggesting a rise in leverage. The company maintains a healthy cash position, yet the negative equity in earlier years highlights historical financial instability.

Cash Flow

Operating cash flow remains negative, indicating cash outflows from operations, which is a concern. Free cash flow has deteriorated from -$149.26M in 2023 to -$227M in 2024, highlighting cash management challenges. Despite positive financing cash flow, the reliance on external funding could pose long-term risks.

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

Cipher Mining Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.90
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 3.9 is above the 20-day moving average (MA) of 3.46, above the 50-day MA of 2.96, and below the 200-day MA of 4.38, indicating a neutral trend. The MACD of 0.14 indicates Negative momentum. The RSI at 61.37 is Neutral, neither overbought nor oversold. The STOCH value of 77.93 is Neutral, 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	$12.87B	9.81	7.76%	16985.65%	12.28%	-7.83%
BTBT	64 Neutral	$550.62M	8.82	-23.29%	―	53.68%	-265.12%
IREN	62 Neutral	$2.35B	―	-3.39%	―	130.86%	-22.83%
FUFU	54 Neutral	$574.14M	322.94	1.33%	―	174.88%	-97.01%
CIFR	51 Neutral	$1.31B	―	-18.49%	―	-0.65%	-808.88%
WULF	51 Neutral	$1.67B	―	-56.12%	―	31.85%	-34.27%
ARBK	37 Underperform	$27.95M	―	242.25%	―	―	―

Cipher Mining Corporate Events

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.