CIFR Cipher Digital Inc.
FY2025 10-K
Cipher Digital Inc. (CIFR) filed its fiscal year 2025 10-K annual report with the SEC on Feb 24, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
Business Overview
- • Core business model: Industrial-scale bitcoin mining and high-performance compute hosting at data centers in Texas
- • New emphasis on HPC hosting with retrofit of 300 MW Black Pearl Facility planned for mid-2026 tenant commencement
Management Discussion & Analysis
- • Revenue details and YoY change not disclosed in provided text
- • No profitability or margin % figures mentioned for 2025 vs 2024
Risk Factors
- • Regulatory risk: Texas Senate Bill 6 (2025) imposes new interconnection and security payment requirements for loads ≥75 MW on ERCOT, potentially increasing costs and delaying projects
- • Macroeconomic exposure: Bitcoin price volatility caused $41.6 million unrealized loss on bitcoin fair value in 2025, impacting operating results amid bitcoin mining-to-HPC transition
Financial SummaryXBRL
Revenue
$224M
Net Income
-$822M
Operating Margin
-188.2%
Net Margin
-367.2%
ROE
-102.1%
Total Assets
$4.3B
EPS (Diluted)
$-2.15
Operating Cash Flow
-$208M
Source: XBRL data from Cipher Digital Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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