CIFRCipher Digital Inc.
Finance Services
- Revenue
- $224M
- 48% YoY
- Operating margin
- -188.2%
- 552% YoY
- EBITDA
- −$223M
- 479% YoY
- Market cap
- $3.0B
- Employees
- —
- Net debt / EBITDA
- —
- $4.8B net debt
- AI in 10-K
- 8.0
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 3 years3+ of last 5 years
- High CEO pay despite TSRNo$15M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes24% of revenueOver 10% of revenue
- Payouts exceed cash flowNo-43% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo84% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo8.0 per 10K words · 90th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$3.0B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$97M netNet sales over $10M in 12 months
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
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 7, 2026 | Bitfury Top HoldCo B.V. | SCHEDULE 13D/A | 6.2% | Passive |
| Jun 4, 2026 | Bitfury Top HoldCo B.V. | SCHEDULE 13D/A | 7.0% | Passive |
| May 18, 2026 | Bitfury Top HoldCo B.V. | SCHEDULE 13D/A | 7.4% | Passive |
| May 13, 2026 | Bitfury Top HoldCo B.V. | SCHEDULE 13D/A | 7.4% | Passive |
| Nov 18, 2025 | Bitfury Top HoldCo B.V. | SCHEDULE 13D/A | 14.0% | Passive |
| Nov 5, 2025 | Bitfury Top HoldCo B.V. | SCHEDULE 13D/A | 7.7% | Passive |
| Oct 16, 2025 | Bitfury Top HoldCo B.V. | SCHEDULE 13D/A | 7.7% | Passive |
| Oct 2, 2025 | Bitfury Top HoldCo B.V. | SCHEDULE 13D/A | 7.7% | Passive |
| Sep 25, 2025 | Bitfury Top HoldCo B.V. | SCHEDULE 13D/A | 9.2% | Passive |
| Sep 17, 2025 | Bitfury Top HoldCo B.V. | SCHEDULE 13D/A | 28.8% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $97M · 29
- Net
- −$97M
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 |